Rebuilding my credit & refinancing after bankruptcy

[weathergirl77]

I filed bankruptcy May 2013. Just checked my credit and FICO score and I have a 30 and 90 day late on credit union credit card, then a charge off. No other late payments showing. My current FICO scores are Equifax- 696, Experian- 663. I noticed on my credit report that my mortgage loan was not reafirmed alhough it says it on the bankuptcy papers and for that reason it has not been reported on my credit report I have been making on time mortgage payments since 2013.  I was to be able to refinance in a couple of years. My current rate is 5.5%. If the rates are not good at that time I won't refinance of course. I have a credit card from Merrick I have had for the past 4 months and have been paying off the card each month with at least $250 each month. I just got approved from Syncrony Bank to get a new matteress at Metro Mattress for 12 interest free payments with a $3,000 credit line and I took out $1,150. I have the following questions I need answered:

1. Should I send Chase the bankruptcy paper that states I am retaining the property and want to reaffrim so my credit report will reflect I have been making on time payments the past couple of years, so they can start reporting my on time mortage payments?  Oh I have had the mortgage since 2010 and have never been late.

2. For credit purposes when making the 12 month interest free payments for the mattress does it matter if I pay it off early or it is best to make the 12 payments? 

I know my FICO score should be at least 740 when refinancing and I am hoping in a couple of years it will be at that point but I don't know at this point. I really want to make sure I am rebuilding my credit as best as I can. Thank you all for reading this and for your advice. 

[Anonymous]

I would pay the mattress off as quickly as possible as that is a revolving account.

Is the 30, 90 and CO on the credit union card a post BK event?

I'm not certain whether Chase can resume reporting of an account after BK, even if it is affirmed - I would ask that specific question in the BK forum.

A 740 post BK may be tough to acheive. Most BK filers find themselves limited at the top end to around 725. A 740 is not necessarily "needed" for a refi, it just lets you access the top tier rates. At 700-720 you'll still get second tier rates which are not going to be much different.

Now actually GETTING to 720 is another matter. You may need to get a coulpe more credit cards and maybe even a small secured personal loan to push your scores up as much as possible. Go read Soulmasters "BK to 700 in 24 months" thread for more guidance on rebuilding after BK.

[weathergirl77]

Thank you for your reponse NormanFH. The late payments and CO on the credit union credit card. was before the bankruptcy because I had to stop paying on the card while going through the bankruptcy process. I will take your advice and read soulmasters BK to 700 in 24 months. Will also pay off the mattress as fast as I can too. I know I might not get to even 720 in two years but as long as I know I am doing all I can to help rebuild my credit. One step at at time!