@CreditGuy03 wrote:
@CH-7-Mission-Accomplished wrote:
@CreditGuy03 wrote:
During bk i disputed everything on my report and got everything changed to iib and zero balance. This shot my score up 150 pts as my cards were no longer at 100% amd collections were now 0.
Upon discharge should I expect any more increases once the discharge notation is on the report? All balances will be at zero as they are now. Does fico take into account an active bk vs a discharge?
I can only speak to what happened to me. I did exactly what you did and disputed everything prior to discharge and got everything to show IIB and zero balance. My score also rose from about 525 to about 620. I was hoping discharge would provide an additional boost but in my case the discharge didn't move the needle even a single point. Others can chime in with their own experience.
Congrats on your progress so far!
Thank you as this is what I should expect.
So when did your score start to rise?
It's been nearly 6 years so I don't exactly remember. I know getting to 620 was way easier than getting to 680. My Experian score has never passed 700 on FICO 08. My FICO 09's have been up to 780, which is amazing. What helped me most was getting my first secured card and a share secured loan from my local credit union. I didn't do anything else for a full year, which was kind of stupid. When I opened my second and third cards my scores rose further. I prefer secured cards to the predatory subprime ones (Credit One, First Premier, etc.), but those subprime cards are easy to get. I would probably let the one card report for four months and then apply for a Capital One (unsecured) card. You could also start with the Discover secured which graduates quickly (like 6 months). If you can get into Navy, they are the best of all. Open a secured credit card for the minimum amount -- I forget what it is -- and you will go from like $500 to $2500 when it unsecures to 25K or more within a couple of years. I'm at 50K now on one card with a 15K line of credit. Feel free to ask any other questions. You are doing great so far.
One word of caution: I would seriously try to avoid store/retail cards. Most people go crazy getting them and wind up shutting them down within a year. Some people OD on them. Look for store cards that you can imagine using for 20 years or more -- like Amazon, Wal-Mart, Lowes -- as opposed to cards that might cater to young people's fashion tastes or whatever -- cards/stores you will outgrow. I would not do any Comenity cards (they finance 100s of stores -- go to their site and you can see).
Again, you are doing great. I do think it's best to wait at least 4 months between new apps and at those 4 month points open at most 2 cards. In the interim read up about different cards and figure out what the best cards you can get will be. Do not waste your time with Chase, AMEX, BofA (unsecured), Citibank (unsecured). Credit unions are your best friend.
