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Posts: 18
Registered: ‎04-19-2011
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Where Should I Go From Here???

In a nutshell, I filed for Chapter 7 8/2009 & was discharged 1/2010. Unfortunately my rebuild took a hit when I was laid off right before my discharge and once I got rolling I was tasked with caring for a very ill loved one and needed to use my credit and hurt my utilization.

During the past two years or so my credit score has hovered around 650 mainly due to all my old great accounts ( school loans, car loans, old credit cards) falling off my credit reports and basically leaving me with my bankruptcy, the associated derogatory credit card accounts, my auto lease and present credit card accounts.

More recently I bought out my lease about a year ago and have 3/4 of the loan remaining. I transferred the balance of one credit card to a 0% (59%utilization) but it will be paid off by March 2018. I am planning to pay the auto off early as well to save money. I haven't opened any revolving credit in two years with Capitol One for $11,000. That said my AAoA went from 20 plus years to about 5 in a short period.

Today I checked my Fico score and it's been sitting at 713. The big question is what do I do next? I only have three revolving cards with a total line of $18000 and a store card from pre bankruptcy at $5000 I don't use. Please keep in mind my bankruptcy baddies fall off this summer. I'd also like to purchase a home within the next five years. Thanks for the Feedback.
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Posts: 29,578
Registered: ‎03-19-2007
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Re: Where Should I Go From Here???

What are the payment history derogs, such as monthly delinquencies, charge-offs, and collections, that remain in your report, and when do they become excluded?

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Posts: 18
Registered: ‎04-19-2011
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Re: Where Should I Go From Here???

Robert thanks for the response. In a nutshell I have no derogatories except for the actual bankruptcy itself that drops off at the end of 2019. The accounts from the bankruptcy have dropped off except the AMEX that now reports positive on my Experian report as closed paid in full closed by credit grantor with no late payments. I had no late payments pre bankruptcy and none post. I did burn AMEX, BOA, Chase and Citi.

Currently I have $26,300 in revolving cards broken down as $10,000 Cap One Venture, $5,000 Cap One Quicksilver, $7,500 Barclaycard Platinum, $3,000 Talbot/Comenity (my oldest card from pre bankruptcy used once a year to keep it open) and $800 Wawa/Citi store card that I just opened. I'm pleased Citi approved me after burning them. I have $3,181 on the Barclaycard from a 0% transfer that will be $2,781 next week. I expect to have that paid to zero within 8 months. The utilization on the Barclaycard is 42% and overall 12%. I recently had a CLI on the Barclaycard and Quicksilver. I also have a car loan with Cap One with $10,000 (77%) remaining. I have started to make extra payments on that to save money.

There is nothing else going on, no late payments, no collections, no charge offs. The only comment I get on my credit reports is the bankruptcy and high utilization on my car loan.

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