topic Next steps in General Credit Topics

Next steps

Anonymous — Fri, 31 May 2019 17:03:42 GMT

Hello,

My Ch 7 BK discharged in September 2018. Since then, I have got a CC through Credit One bank w/ a 450$ limit, had my fiancee add me as an authorized user on her AMEX CC and also got a used car loan (added my old car into my BK).

Score before filing : 480

Score after filing : 500ish (don't remember the exact amount)

Score as of 5/31/2019 : Transunion : 626, Equifax : 632, Experian : 613

Car loan through CPS : opened August 29,18

C1 CC : opened Aug 19,18

AMEX Authorized User : Added Aug 01,18

I haven't filled out anymore applications since then and am now looking at what to do next. Do I have my fiancee add me as an authorized user on another card, do I apply for another CC? I do want to refinance my current auto loan (it is at 15.59%), she had cosigned on the loan. Do you guys think I will need her to cosign again when I refinance?

Companies added in BK :

Capital One CC

BOA CC

Citi CC

USAA CC

Toyota Financial (Car loan)

I appreciate the advice, thank you.

Re: Next steps

dynamicvb — Fri, 31 May 2019 16:57:49 GMT

Check the prequal sites for Discover and CapOne and see what they offer you. Assuming you did not burn either one of them in the BK. You may be able to qualify for one better than the CeditOne now.

Re: Next steps

DollyLama — Sat, 01 Jun 2019 18:09:09 GMT

If it were me only, my approach would be wait till my youngest accounts age to 1 yr and the inquiries drop from FICO 8 and no longer scoreable. Then I would try for a Discover, as you would eventually down the road do not want the Credit One a subprime, to gain years as your oldest revolver and will eventually want to rid of subprimes and annual fees. I would let the Discover age a year, so you have 2 yr history on auto, 2 CCs (these as they tend to stay open for years, will down the road be your oldest accounts, as paid off loans eventually age off). Then I would try for a refinance after, at the 2 yr mark on auto and Credit One.

Right now, everything individual, is under a year, 1 CC with low CL also under a year. I'd think they most likely would require a co-signer again.