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4 years since BK need some advice

artist
Contributor

4 years since BK need some advice

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? 

Message 1 of 18
17 REPLIES 17
CH-7-Rebuilding
Valued Contributor

Re: 4 years since BK need some advice


@artist 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.

Message 2 of 18
artist
Contributor

Re: 4 years since BK need some advice

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-Secu...
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
Message 3 of 18
artist
Contributor

Re: 4 years since BK need some advice

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. 

Message 4 of 18
CH-7-Rebuilding
Valued Contributor

Re: 4 years since BK need some advice


@artist 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.

Message 5 of 18
artist
Contributor

Re: 4 years since BK need some advice

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. 

 

 

Message 6 of 18
artist
Contributor

Re: 4 years since BK need some advice

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. 

Message 7 of 18
artist
Contributor

Re: 4 years since BK need some advice

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

Message 8 of 18
antqui
New Member

Re: 4 years since BK need some advice

 


@artist 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. 

Message 9 of 18
artist
Contributor

Re: 4 years since BK need some advice


@antqui wrote:

 


@artist 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

Message 10 of 18
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