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Closing Cards 1 year 8 months post ch 7

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Closing Cards 1 year 8 months post ch 7

I am 4 months away from 2 years post Ch 7 and my scores are not moving. I have 0 inquiries for months, very low utilization reporting, barely 10%. I removed myself as authorized user on my family members card because of high utilization, 100% payment history, and I’m still barely 615. I have no clue whats going on. In fact, I have my utilization decrease to 0 on my Merrick card and my score dropped 20 points. When I check my score on my nRewards it has it at 555 with Equifax?!? Discover has it at 617 with Transunion and Merrick has it at 611 with Transunion?!?

I have a 0 Balance with Discover (750 CL) , 0 Balance with Merrick (700CL) , and I left a small 120 Balance with NF nRewards. My secured card with Navy is like 15 months old and I’m wanting to close it. At this point I’m like it won’t change much since my scores are still low 600. I don’t know what I’m doing wrong. I even want to close my store cards I don’t use. I have 5 store cards all over a year old, but I only use Express for work and Victoria Secret. Abercrombie, Children’s Place, and NYC all have 0 balances. My Express decreased my limit from 1400 to like 600, but I got it back to 1300 limit and the balance is only 160. My Victoria Secret has 650 CL and I’ve used 90 balance. The other 3 are stuck at 250 so I don’t use them at all.

I want to buy a house, I’m saving for a down payment, but at this point with such low scores I’m just done with credit all together. I’ve seen people on this forum getting approved for cards with low scores, I’ve seen people with such great rebuilds and I’m following all the steps and nowhere near 700. I’m extremely frustrated to a point I’m willing to just pay someone to remove my BK7 off my credit so that I can buy a house.

Help! What am I doing wrong? Should I close my cards?!?
3 REPLIES 3
Super Contributor

Re: Closing Cards 1 year 8 months post ch 7

Appears your doing ok with the cards. Now list the derogs. Any charge offs, lates ect before filing for BK?  There lies the problem. Pre-BK.





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC at 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game. Pay it Forward!
Message 2 of 4
New Contributor

Re: Closing Cards 1 year 8 months post ch 7

What about installment loans, do you have any? I think you need at least 1 reporting to have a good credit mix.
10/12/18: Discharged from BK7
10/15/18: EX 541 | TU 490 | EQ 555
6/7/19: EX 625 | TU 624 | EQ 655

Message 3 of 4
Community Leader
Super Contributor

Re: Closing Cards 1 year 8 months post ch 7

First, you only want ONE cc reporting a balance to the CRA's for optimal scoring purposes, and that balance needs to be between 1-9% util on that ONE cc. Leave like a $15 balance.

Second, do you have any loans reporting at all? School? Car?

Third, what negatives do you still have reporting besides the BK in PR section? Lates? IIB acts? Any new negatives since your DC?

My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 4 of 4
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