topic Help with increasing scores in Bankruptcy

Help with increasing scores

Jamzgyal — Wed, 07 Jun 2023 19:06:34 GMT

Hello all,

This is my first post, but I'm a long time lurker of the forums. I filed chapter 13 in July 2018 and I have a little less than two months left. I'm counting the days before submitting my final payment and for discharge. I started rebuilding about halfway through my bankruptcy (with permission) and have decent scores. My balances on my CCs were very high as I was going through some things and using my credit cards almost up to their limits. I've since, pulled myself together and paid most of my cards down between 1-6%, but I haven't received any point increase from EQ, EX or TU. I'm waiting for two more CCs statements to cut showing a zero balance. Right now, usage on both are at 95-98%. My thought was once they report, I might see a score increase.

My scorecard, besides the bankruptcy, isn't too bad. I've had 100% payment history and averaged age of CCs was 4.5 years. I have late payments from before I filed bankruptcy. There are two on TU, Three on EX and I think 5 on EQ.

I have 35,000 in total credit and as of today it shows I'm using about 9,000. I'm hoping by the weekend, that number will drop to about 3,000, and hopefully give me some kind of bump.

I'm in the garden. No car loans, but I have an installment loan reporting with a perfect payment history.

My hopes is to get a home next year or in 2025 and a new car by the end of the year. Is there anything else I can do to bump up my score?

P.S. I know this was a long post. Thank you for reading it 😁

current fico scores:

TU - 665

EX - 665

EQ - 685

Re: Help with increasing scores

FireMedic1 — Wed, 07 Jun 2023 19:50:24 GMT

Welcome @Jamzgyal to the forums. Your doing what it takes by having lower util % report each month. Never have them all report a $0 balance. As you get them down that will help. I filed a 7. I'll ping @GZG whos been thru a 13 for more help.

Re: Help with increasing scores

GZG — Wed, 07 Jun 2023 20:21:23 GMT

@FireMedic1 wrote:
I'll ping @GZG whos been thru a 13 for more help.

no bk for me

agree with getitng those balances down though

Re: Help with increasing scores

FireMedic1 — Wed, 07 Jun 2023 20:49:52 GMT

Got you @GZG mixed up with @Horseshoez . Thanks anyway!

Re: Help with increasing scores

Horseshoez — Thu, 08 Jun 2023 02:53:09 GMT

@FireMedic1, indirect ping successful!

@Jamzgyal, not sure how much help I can provide, unlike you, I was in credit jail for nearly 7 years (about 20 months before filing and then 60 months for my Chapter 13), so my experience isn't apples to apples compared to yours. That said, my gut tells me you scores may eek their way up into the low 700s once you get your discharge, but they really won't climb much more than that until the public records fall off your reports.

Re: Help with increasing scores

Jamzgyal — Thu, 08 Jun 2023 05:08:08 GMT

Thank you so much @FireMedic1. I am trying to stay the course and be patient. The forum have been very helpful with the wealth of knowledge available.

Re: Help with increasing scores

Jamzgyal — Thu, 08 Jun 2023 05:09:55 GMT

Thank you so much @Horseshoez. I'll be happy if I can crack the 700s across all profiles by the end of the year.

Re: Help with increasing scores

Jamzgyal — Thu, 08 Jun 2023 05:11:02 GMT

My EQ score went up 5 points and sitting at 690. So close....

Re: Help with increasing scores

Lurker22 — Thu, 08 Jun 2023 20:02:11 GMT

@Jamzgyal wrote:
Hello all,

This is my first post, but I'm a long time lurker of the forums. I filed chapter 13 in July 2018 and I have a little less than two months left. I'm counting the days before submitting my final payment and for discharge. I started rebuilding about halfway through my bankruptcy (with permission) and have decent scores. My balances on my CCs were very high as I was going through some things and using my credit cards almost up to their limits. I've since, pulled myself together and paid most of my cards down between 1-6%, but I haven't received any point increase from EQ, EX or TU. I'm waiting for two more CCs statements to cut showing a zero balance. Right now, usage on both are at 95-98%. My thought was once they report, I might see a score increase.

My scorecard, besides the bankruptcy, isn't too bad. I've had 100% payment history and averaged age of CCs was 4.5 years. I have late payments from before I filed bankruptcy. There are two on TU, Three on EX and I think 5 on EQ.

I have 35,000 in total credit and as of today it shows I'm using about 9,000. I'm hoping by the weekend, that number will drop to about 3,000, and hopefully give me some kind of bump.

I'm in the garden. No car loans, but I have an installment loan reporting with a perfect payment history.

My hopes is to get a home next year or in 2025 and a new car by the end of the year. Is there anything else I can do to bump up my score?

P.S. I know this was a long post. Thank you for reading it 😁

current fico scores:
TU - 665
EX - 665
EQ - 685

Similar background to yourself

Discharged 12/22

No Auto Loan

Mortgage reporting once again

Obtained the following secured during the 13: NFCU 2/22, USB C+ 10/21, USB Alt Go 2/22 (NFCU graduated according to the common datapoints)

Credit Cards unsecured (Jan) WF AC, CO QS, (Feb) Ally Everyday, Sync Verizon, (Mar) Sync Amazon Store, Target Store

Credit Utilization 14% across all lines (most report near $0 except WF and CO which have 0% interest so taking advantage of that - WF at 95%, CO at 50%)

As of this morning

TU 726

EX 713

EQ not sure

I was sitting at 699 until this week - I'm guessing the increase is a result of the accounts aging

Re: Help with increasing scores

Jamzgyal — Sat, 10 Jun 2023 02:29:58 GMT

Wow, that gives me some hope. The two cards I am waiting for the statement to cut are comenity cards:

Good Sam/Camping World - 6/10
Caesars Rewards - 6/11

These two are reporting at 95-98% percent but I paid them to a zero balance. That should significantly lower aggregation to 10% or just under 10% according to my math. I have about three cards above 30% that I will pay down by July or early August.

Transunion dropped my score by 1 point to 664 for a new account reporting: PenFed Power Card.

I just want to see all scores in yellow and break free of the fair range.

Re: Help with increasing scores

Jamzgyal — Wed, 14 Jun 2023 21:32:07 GMT

Hi all,

I came back with very positive news. After watching my credit scores like a hawk since making this post, I am proud to share that all of my scores are yellow and in the good range.

Current Scores as of 6/14:

EQ: 694

TU: 670 (finally, TU showed me some love)

EX: 672

aggregate credit util: 7.72%

I make my second to last payment for my chapter 13 tomorrow and will make my last payment July 1st (two weeks early).

I appreciate all your help and guidance on the forums. I'm truly grateful.

-JW