I completed a chapter 13 Debt repayment plan and was discharged 7 months ago. My FICO score is 552 and I am trying to determine the best way to increase it in a timely fashion. Since my discharge i have obtained a secured Mastercard with a 500.00 limit and use it frequently and pay at least 100.00 on it each month. I also just bought a nearly new car hoping that a stable payment history on such a purchase will help. am i doing the right type of things to better my score? Just before my chapter 13 discharge my score was 560 and for some reason has dropped to the above mentioned 552.. thanks in advance for any suggestions or advise.
Paying $100 every month is ok, but the objective is to have the utilization down below 10% when they report to the cb every month. That installment was a good thing also, but it doesn't help score wise until 6-12 months of consecutive payments. I have learned that revolving accounts that are kept with a low balance help credit scores the most. For "now" try "Unsecured Orchard", "Crown Jewlers", "Hooters Mastercard", Just my two cents though. Good luck!