topic Re: 4 years since BK need some advice in Bankruptcy

4 years since BK need some advice

Anonymous — Tue, 26 Apr 2016 00:45:57 GMT

I was discharged four years ago. I have my transunion score from my walmart credit card it is 652 I also have one from my capitalone card but that one says 697 the walmart card is the fico score. (both are transunion) I was thinking of purchasing a home but I was told that waiting for the bankruptcy to leave my credit would be best. I have a capitalone card ($5250 credit line) an amazon card that I just opened in Oct 2015 ($1700 credit line up from $1200 since opening it) walmart card ($300) I used it once in 2012 student loan $500 left and my wife just added me as an authorized user to her chase cc I think it has $2500 credit line.

Chase, Discover, American Express, Barclay were some of the cards I had when I filed bankruptcy I want to get my score higher I know having more credit will help out. Should I get a personal loan apply for another credit card or just get credit line increases from the cards I have? (Instead of getting more cards in the future)

I was thinking of gettting a car (leasing) with my wife I don't know who's credit scores are higher is it worth checking my score (paying) or apply for a card that gives your score monthly for free? I already have the walmart card that does that I can go for another card that offers equifax or Experian or pay for my scores.

I have saved money to purchase a home but since I think the bankruptcy will affect my chances I was planing on waiting the 6 years and just leasing a car to help my credit. Any thoughts on that?

Re: 4 years since BK need some advice

CH-7-Mission-Accomplished — Tue, 26 Apr 2016 01:37:32 GMT

@Anonymous wrote:
I was discharged four years ago. I have my transunion score from my walmart credit card it is 652 I also have one from my capitalone card but that one says 697 the walmart card is the fico score. (both are transunion) I was thinking of purchasing a home but I was told that waiting for the bankruptcy to leave my credit would be best. I have a capitalone card ($5250 credit line) an amazon card that I just opened in Oct 2015 ($1700 credit line up from $1200 since opening it) walmart card ($300) I used it once in 2012 student loan $500 left and my wife just added me as an authorized user to her chase cc I think it has $2500 credit line.

Chase, Discover, American Express, Barclay were some of the cards I had when I filed bankruptcy I want to get my score higher I know having more credit will help out. Should I get a personal loan apply for another credit card or just get credit line increases from the cards I have? (Instead of getting more cards in the future)
I was thinking of gettting a car (leasing) with my wife I don't know who's credit scores are higher is it worth checking my score (paying) or apply for a card that gives your score monthly for free? I already have the walmart card that does that I can go for another card that offers equifax or Experian or pay for my scores.

I have saved money to purchase a home but since I think the bankruptcy will affect my chances I was planing on waiting the 6 years and just leasing a car to help my credit. Any thoughts on that?

If you are trying to raise your scores, please don't open any more cards! Three is all you need and you have more than that. No inquiries and new accounts will only lower your score.

You should call Credit Solutions (Synchrony back door number) and ask for credit limit increases on your Wal-Mart and Amazon cards. Ask them to raise your limits to $5000 and they will likely counter offer.

You have the student loan, so as long as it is still reporting, you don't need another installment loan. However, with a balance that low, it may pay off soon, in which case your scores will take a hit.

Research the share secured loan metho on this site, using Alliant Credit Union to take out a cash secured loan, and then immediately prepaying almost all of it. You need to understand how to do this correctly.

Your scores should be higher than they are by this point. My scores are mostly higher than yours 2 years post discharge. You should read the BK 7 to 700 FICO score in 24 months thread.

What is your utilization on your various cards? This may be what is holding you down. Have you had any new late payments or collections since discharge? Are your bankruptcy accounts reporting as included in bankruptcy and showing a zero balance?

These are the steps you should be taking, but please read a lot on here before doing anything, aside from hitting up Synchrony for credit limit increases. They do not do hard pulls so it costs you nothing in terms of points. You can ask them for a credit limit increase every four months.

Good luck. No more cards if raising your score for a mortgage is your priority. Oh, and do not lease a car for your credit score. It will likely drop your score. Only get a car loan or lease if you need a car. Share secured loans work just as well for a fraction of the cost in interest.

Re: 4 years since BK need some advice

Anonymous — Tue, 26 Apr 2016 14:36:35 GMT

Thanks for your reply I will read more on the topics you've mentioned. As for the shared security method is this the page http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secure-technique/m-p/4506756/highlight/true#M106741
My score has been going up by two or three points. A few times it went up by ten but it did drop by ten a few times when I had high balances. Right now I pay it off completely never leaving a balance. I think the problem was having high balances I guess it dorant matter if you pay it off every month if you get high balances. All my accounts are showing zero and show included in bankruptcy. I will do more research thanks

Re: 4 years since BK need some advice

Anonymous — Tue, 26 Apr 2016 20:38:38 GMT

Should I get a one time credit score report or monthly report? I would only need two credit scores since I get one free every month.

Re: 4 years since BK need some advice

CH-7-Mission-Accomplished — Tue, 26 Apr 2016 21:06:01 GMT

@Anonymous wrote:
Should I get a one time credit score report or monthly report? I would only need two credit scores since I get one free every month.

You should sign up for Credit Check Total for $1 for seven days. It will give you all three real FICO reports and scores. Then before the 7 days is up, you call in to cancel. You just have to press a certain button -- not talk to anybody. They will offer you the the monthly service for half off if you stay, so $15/month instead of $30/month.

With CCT, you can update your reports and scores daily with Experian and once a month for Transunion and Equifax.

Even if you decide you do not want the monthly service, by all means do the $1 deal. You can't beat that and you will know what FICO scores you are starting with.

Re: 4 years since BK need some advice

Anonymous — Tue, 26 Apr 2016 21:54:20 GMT

Ok thanks I am checking my credit report now (not score) now. I have "Accounts in good standing" that are marked as closed. I guess this is due to the bankruptcy. The others fell into the category "Potentially negative items" which also said Chapter 7 bankruptcy discharged. Should I dispute accounts that are showing but says closed? of course they say zero balance or not reported. Found out Equifax still had a tax lien listed I disputed it.

I've noticed in transunion some accounts say they will be removed dates ranging from 2018 to 2019 I guess they remove old accounts and the other credit bureaus don't.

I have an amazon card that I have a balance on because I have been buying things and paying it back within six months with no interest. This is what has cause my limit to go up twice. Should I still pay it off at once is this hurting my score? Also from your other response I am going to assume I should continue paying off my student loans monthly do not pay it off. I am paying $38 a month.

Since I have a student loan will opening a Share Secure loan benefit me? I didn't see it listed as not benefiting when reading the thread.

Re: 4 years since BK need some advice

Anonymous — Tue, 26 Apr 2016 22:38:11 GMT

Just checked my credit scores from credit check total Transunion 652 Equifax and Experian 670 but have to dispute transunion so maybe thats why it is lower.

Re: 4 years since BK need some advice

Anonymous — Wed, 27 Apr 2016 22:33:56 GMT

Canceled credit check total their information for the most part was incorrect. I will try myfico.

Re: 4 years since BK need some advice

Anonymous — Thu, 28 Apr 2016 17:09:13 GMT

@Anonymous wrote:
I was discharged four years ago. I have my transunion score from my walmart credit card it is 652 I also have one from my capitalone card but that one says 697 the walmart card is the fico score. (both are transunion) I was thinking of purchasing a home but I was told that waiting for the bankruptcy to leave my credit would be best. I have a capitalone card ($5250 credit line) an amazon card that I just opened in Oct 2015 ($1700 credit line up from $1200 since opening it) walmart card ($300) I used it once in 2012 student loan $500 left and my wife just added me as an authorized user to her chase cc I think it has $2500 credit line.

Chase, Discover, American Express, Barclay were some of the cards I had when I filed bankruptcy I want to get my score higher I know having more credit will help out. Should I get a personal loan apply for another credit card or just get credit line increases from the cards I have? (Instead of getting more cards in the future)
I was thinking of gettting a car (leasing) with my wife I don't know who's credit scores are higher is it worth checking my score (paying) or apply for a card that gives your score monthly for free? I already have the walmart card that does that I can go for another card that offers equifax or Experian or pay for my scores.

I have saved money to purchase a home but since I think the bankruptcy will affect my chances I was planing on waiting the 6 years and just leasing a car to help my credit. Any thoughts on that?

I bought a house exactly 2 years post chapter 7 and my score was around 640. It is an FHA loan which probably made a difference. My interest rate then was 4.3 and I just refinanced last year and it is now 3.5. I'm 5 years post bk now.

Re: 4 years since BK need some advice

Anonymous — Thu, 28 Apr 2016 17:54:37 GMT

@Anonymous wrote:

@Anonymous wrote:
I was discharged four years ago. I have my transunion score from my walmart credit card it is 652 I also have one from my capitalone card but that one says 697 the walmart card is the fico score. (both are transunion) I was thinking of purchasing a home but I was told that waiting for the bankruptcy to leave my credit would be best. I have a capitalone card ($5250 credit line) an amazon card that I just opened in Oct 2015 ($1700 credit line up from $1200 since opening it) walmart card ($300) I used it once in 2012 student loan $500 left and my wife just added me as an authorized user to her chase cc I think it has $2500 credit line.

Chase, Discover, American Express, Barclay were some of the cards I had when I filed bankruptcy I want to get my score higher I know having more credit will help out. Should I get a personal loan apply for another credit card or just get credit line increases from the cards I have? (Instead of getting more cards in the future)
I was thinking of gettting a car (leasing) with my wife I don't know who's credit scores are higher is it worth checking my score (paying) or apply for a card that gives your score monthly for free? I already have the walmart card that does that I can go for another card that offers equifax or Experian or pay for my scores.

I have saved money to purchase a home but since I think the bankruptcy will affect my chances I was planing on waiting the 6 years and just leasing a car to help my credit. Any thoughts on that?
I bought a house exactly 2 years post chapter 7 and my score was around 640. It is an FHA loan which probably made a difference. My interest rate then was 4.3 and I just refinanced last year and it is now 3.5. I'm 5 years post bk now.

Wow thats great what state? Did you put down the 3.5% or more? Did you get first time home buyers program to help with downpayment? Thanks

Re: 4 years since BK need some advice

Anonymous — Thu, 28 Apr 2016 23:07:48 GMT

A couple of things. CCT is accurate, myfico reports will show the same thing. The issue would be with what your current and past creditors are reporting to each bureau.

Pull all 3 of your reports for free from annualcreditreport. Any account that was IIB should be reporting as closed and will note in the comments that it was included in your bk. You can't "dispute TU because it's lower". You can only dispute inaccurate information.

Positive accounts will remain on your credit report up to 10 years. Negative accounts and/or payment history will fall off approximately 7 years after the DOFD.

As for a mortgage, head on over to the mortgage boards for assistance. I just closed on a 15 year, 3.375% FHA at the 25 month mark. Mid-score was 671 or 681, can't remember, 3.5% down.

FHA is 2 years post discharge and conventional is 4 years. However, if you included a mortgage or had a foreclosure, the rules are different. Go over to the mortgage board and they can steer you in the right direction.

Re: 4 years since BK need some advice

Anonymous — Fri, 29 Apr 2016 00:34:30 GMT

@Anonymous wrote:
@Anonymous wrote:

@Anonymous wrote:
I was discharged four years ago. I have my transunion score from my walmart credit card it is 652 I also have one from my capitalone card but that one says 697 the walmart card is the fico score. (both are transunion) I was thinking of purchasing a home but I was told that waiting for the bankruptcy to leave my credit would be best. I have a capitalone card ($5250 credit line) an amazon card that I just opened in Oct 2015 ($1700 credit line up from $1200 since opening it) walmart card ($300) I used it once in 2012 student loan $500 left and my wife just added me as an authorized user to her chase cc I think it has $2500 credit line.

Chase, Discover, American Express, Barclay were some of the cards I had when I filed bankruptcy I want to get my score higher I know having more credit will help out. Should I get a personal loan apply for another credit card or just get credit line increases from the cards I have? (Instead of getting more cards in the future)
I was thinking of gettting a car (leasing) with my wife I don't know who's credit scores are higher is it worth checking my score (paying) or apply for a card that gives your score monthly for free? I already have the walmart card that does that I can go for another card that offers equifax or Experian or pay for my scores.

I have saved money to purchase a home but since I think the bankruptcy will affect my chances I was planing on waiting the 6 years and just leasing a car to help my credit. Any thoughts on that?
I bought a house exactly 2 years post chapter 7 and my score was around 640. It is an FHA loan which probably made a difference. My interest rate then was 4.3 and I just refinanced last year and it is now 3.5. I'm 5 years post bk now.
Wow thats great what state? Did you put down the 3.5% or more? Did you get first time home buyers program to help with downpayment? Thanks

I live in Illinois and only did the 3.5% but ended up getting some credits so actually came out of pocket with even less. No specail programs, just went through FHA. I would highly recommend getting in touch with loan officer. I'm sure you won't have a problem getting an FHA loan.

Good luck!

Re: 4 years since BK need some advice

Anonymous — Fri, 29 Apr 2016 13:18:57 GMT

@Anonymous wrote:
A couple of things. CCT is accurate, myfico reports will show the same thing. The issue would be with what your current and past creditors are reporting to each bureau.

Pull all 3 of your reports for free from annualcreditreport. Any account that was IIB should be reporting as closed and will note in the comments that it was included in your bk. You can't "dispute TU because it's lower". You can only dispute inaccurate information.

Positive accounts will remain on your credit report up to 10 years. Negative accounts and/or payment history will fall off approximately 7 years after the DOFD.

As for a mortgage, head on over to the mortgage boards for assistance. I just closed on a 15 year, 3.375% FHA at the 25 month mark. Mid-score was 671 or 681, can't remember, 3.5% down.

FHA is 2 years post discharge and conventional is 4 years. However, if you included a mortgage or had a foreclosure, the rules are different. Go over to the mortgage board and they can steer you in the right direction.

Lin my case they were not accurate I have my reports from annualcreditreport it doesn't match CCT and I've called the bureaus to verify they have told me the information they have isn't the same. I was all clear on their end. CCT isn't accurate. I love lo head over to the mortgage boards thanks

Re: 4 years since BK need some advice

Guyatthebeach — Wed, 04 May 2016 03:37:27 GMT

Artist,

I am a few months past the four year anniversary mark of my bankruptcy discharge. I used and still review SoulMaster's 720 in 24 months plan. I would pay close attention to the unsecured loans. My score got up to 710 before I bought a new car. It's now floating around 695. From what I read about your story, I honestly think you got the credit card piece of your credit rebuilding under control. I wouldn't add anymore new cards since your thinking of buying a house in a few years.

Something I did notice is that you don't have a lot of loans. Here are a couple of suggestions I have that have worked for me:

1. Get an overdraft or line of credit that is tied to your checking acount. This was you will never have a bounced check and you now have an extra line of credit reporting on your CR.

2. Talk to a loan officer at your bank or credit union about getting an secured loan. You're 4 years out of your bankruptcy, so you should be able to an unsecured loan with minimal effort. I would get see about a credit builder loan or just borrow a $1000 for 6 months. The sole purpose of this is to have a loan on your CR to show a solid fixed payment history. Another reason this loan will help improve your credit mix.

3. I would not go out and buy a car until you absolutely need it. The longer you wait, the better rate you will get.

4. You said you plan on buying a house in 6 years. Go to your bank/credit union and talk to a loan officer about your goals. Let that loan officer look at your CR and see what they suggest. They may have some suggestions that could be tailored for your credit history. Plus you can see what homeowner programs they offer.

My credit union has a few programs where if you buy a foreclosed property from them and let them finance it, they pay the closing costs. Also if you buy a home in an area of town that is being redeveloped there be some incentiatives.

Again these are just suggestions not absolute things you must do.

Remember it's 4 years now and you're still going to recover from the aftershock of your bankruptcy. Please message me if there is anything I can do to help you.

Life's a beach!

Guyatthebeach

Re: 4 years since BK need some advice

Anonymous — Wed, 04 May 2016 10:12:24 GMT

@Guyatthebeach wrote:
Artist,

I am a few months past the four year anniversary mark of my bankruptcy discharge. I used and still review SoulMaster's 720 in 24 months plan. I would pay close attention to the unsecured loans. My score got up to 710 before I bought a new car. It's now floating around 695. From what I read about your story, I honestly think you got the credit card piece of your credit rebuilding under control. I wouldn't add anymore new cards since your thinking of buying a house in a few years.

Something I did notice is that you don't have a lot of loans. Here are a couple of suggestions I have that have worked for me:

1. Get an overdraft or line of credit that is tied to your checking acount. This was you will never have a bounced check and you now have an extra line of credit reporting on your CR.

2. Talk to a loan officer at your bank or credit union about getting an secured loan. You're 4 years out of your bankruptcy, so you should be able to an unsecured loan with minimal effort. I would get see about a credit builder loan or just borrow a $1000 for 6 months. The sole purpose of this is to have a loan on your CR to show a solid fixed payment history. Another reason this loan will help improve your credit mix.

3. I would not go out and buy a car until you absolutely need it. The longer you wait, the better rate you will get.

4. You said you plan on buying a house in 6 years. Go to your bank/credit union and talk to a loan officer about your goals. Let that loan officer look at your CR and see what they suggest. They may have some suggestions that could be tailored for your credit history. Plus you can see what homeowner programs they offer.
My credit union has a few programs where if you buy a foreclosed property from them and let them finance it, they pay the closing costs. Also if you buy a home in an area of town that is being redeveloped there be some incentiatives.

Again these are just suggestions not absolute things you must do.

Remember it's 4 years now and you're still going to recover from the aftershock of your bankruptcy. Please message me if there is anything I can do to help you.

Life's a beach!

Guyatthebeach

Thanks for your help. I signed up for myfico monthly my mortgage scores are much better than I thought they would be (didn't even know there were so many scores) equifax 696 transunion 722 experian 728 and my scores generated on the 3rd of the month fico 8 score went up by 8 points.

I am thinking of moving forward from what I've read I think the next step is to get pre approved to see how much they would let me finance. Does it matter who I go to for this step?

I am going to check the programs SONYMA FHA and another one for first time buyers here in NYC

i spoke with a broker but he seemed like he wanted me to go in blindly I want to go step by step with people on this forum so I don't make any mistakes.

Re: 4 years since BK need some advice

aussiesareforever — Sun, 15 May 2016 12:29:50 GMT

I bought a condo 5 years after filing chapter 7. Was able to get a great rate (3.25%), left 5% down and my underwriting was uneventful.

My advice is to spend a lot of time reading through the mortgage boards. It helped me a lot and I was really prepared for the homebuying process.

Good luck!

Re: 4 years since BK need some advice

Anonymous — Sun, 15 May 2016 13:17:10 GMT

@aussiesareforever wrote:
I bought a condo 5 years after filing chapter 7. Was able to get a great rate (3.25%), left 5% down and my underwriting was uneventful.

My advice is to spend a lot of time reading through the mortgage boards. It helped me a lot and I was really prepared for the homebuying process.

Good luck!

I have been reading through the mortgage boards. Right now I am in the process of getting pre qualified. I had an application sent to me but I did not fill it out yet, I was looking into finding someone closer to me. The loan officer that sent me the package works for a bank that is blocks away from me so I might just go to the bank and do it.

Re: 4 years since BK need some advice

Scupra — Mon, 16 May 2016 20:08:26 GMT

@Anonymous wrote:
@Guyatthebeach wrote:
Artist,

I am a few months past the four year anniversary mark of my bankruptcy discharge. I used and still review SoulMaster's 720 in 24 months plan. I would pay close attention to the unsecured loans. My score got up to 710 before I bought a new car. It's now floating around 695. From what I read about your story, I honestly think you got the credit card piece of your credit rebuilding under control. I wouldn't add anymore new cards since your thinking of buying a house in a few years.

Something I did notice is that you don't have a lot of loans. Here are a couple of suggestions I have that have worked for me:

1. Get an overdraft or line of credit that is tied to your checking acount. This was you will never have a bounced check and you now have an extra line of credit reporting on your CR.

2. Talk to a loan officer at your bank or credit union about getting an secured loan. You're 4 years out of your bankruptcy, so you should be able to an unsecured loan with minimal effort. I would get see about a credit builder loan or just borrow a $1000 for 6 months. The sole purpose of this is to have a loan on your CR to show a solid fixed payment history. Another reason this loan will help improve your credit mix.

3. I would not go out and buy a car until you absolutely need it. The longer you wait, the better rate you will get.

4. You said you plan on buying a house in 6 years. Go to your bank/credit union and talk to a loan officer about your goals. Let that loan officer look at your CR and see what they suggest. They may have some suggestions that could be tailored for your credit history. Plus you can see what homeowner programs they offer.
My credit union has a few programs where if you buy a foreclosed property from them and let them finance it, they pay the closing costs. Also if you buy a home in an area of town that is being redeveloped there be some incentiatives.

Again these are just suggestions not absolute things you must do.

Remember it's 4 years now and you're still going to recover from the aftershock of your bankruptcy. Please message me if there is anything I can do to help you.

Life's a beach!

Guyatthebeach
Thanks for your help. I signed up for myfico monthly my mortgage scores are much better than I thought they would be (didn't even know there were so many scores) equifax 696 transunion 722 experian 728 and my scores generated on the 3rd of the month fico 8 score went up by 8 points.
I am thinking of moving forward from what I've read I think the next step is to get pre approved to see how much they would let me finance. Does it matter who I go to for this step?
I am going to check the programs SONYMA FHA and another one for first time buyers here in NYC
i spoke with a broker but he seemed like he wanted me to go in blindly I want to go step by step with people on this forum so I don't make any mistakes.

Find a broker that you get along with and understand. It makes ALL the difference in the world.