Discharged Ch.7 Sept 2004. Whats my next move?

[Rick471]

I filed BK in 2004 was discharged 9/2007.  Obtained a mortgage a year later (2005 -subprime).  Kept one vehicle, still has a lien.

Refinanced my home last year and was able to get a 6.75% conventional loan (30 yr fixed).  Bought another vehicle for my wife.

So as it stands I have a conventional mortgage, 2 car loans, and I was just approved for a WAMU Visa 1K limit.

No Lates on anything since my Ch7.  I want to raise my FICO scores to the upper 700s, what should I do next??

I am in the mid 600's right now.  Thanks all!!

[rizeninme]

I'm not sure there is much else you can do except continue to pay your bills on time and wait. Your BK is going to affect your credit score for the next seven years- I have read on this board not to expect scores in the 700's with a BK on your credit file, but I guess only time will tell.

[Baybreeze]

Just wanted to say it is possible to get to the 700's after BK. My BK was discharged in 08/03 and as of last month (4 yrs later) my scores were up to 695, 707, and 707!! This happened gradually of course...after having my credit reports corrected to reflect all my past accounts as IIB instead of still past due; I got 2   $300.00 limit cr cards in the past year and 1/2 and a new car loan last yr. This combined with never having a baddie/late since my BK, never late again on my student loans..has gradually increased my FICO's. And just last month when I saw where my scores were, I decided to apply for some other cards. I applied & was approved for Cap One Rewards Points Visa, Target Visa, and Hooters MC. SO I'm goign to cancel my $300 Orchard card. I am even paid ahead on my car loan and 1 student loan. Of course my scores dropped a bit after my credit card inquiries, but they are still in the higher 600's and I expect they will jump again soon since my available credit has jumped so much and I have very low to no utiliztion. So dont give up...make sure your reports are accurate and just let time and good payment history work for itself.

[Rick471]

Thats great! If you dont mind me asking.  How many revolving accounts do you have?  I am considering having 3. 

Also, if I am the primary card holder and my wife is an authorized user, will her score improve?  I know about being just an AU, but my state is a community state where she is automatically a responsible party.

Any thoughts?

[Baybreeze]

I now have a total of 5 revolving accounts, 3 of which I just recently got approved for. I am actually going to close my puny Orchard card, so that will leave me with 4. Plus I have a an auto loan and 2 student loans.

Sorry, I don't know anything about AU's or how they report, etc...

[cabledude27]

I am very curious about this too, CH7 discharged 9/1999 and currently am sitting at OK scores. I am wondering what will happen in 9/2009 when this bad boy comes off.

I currently have balances only on a Credit Union consolidation loan of 11k, then Sallie Mae school loans at around 5k. The cards I paid off I kept open for the utilization factor and my scores jumped almost 50 pts after the consolidation was reflected on my CR's.

I have 2 lates on record so I am assuming that's what's holding me back other than the obvious BK.

I am curious exactly how much I should see in points after that goes off but on the other hand I am thinking, I am at year 8.5 with this on my record so will it really be that big of a jump?

TransUnion
697
Date: 10/16/2007

Equifax
695
Date: 10/16/2007

Experian
714

[Creditaddict]

my friend has 730's 2 years out of Chapter 7.  I think the trick for him was he carried his house through so that was always good, then got a few credit cards, Capital One, Juniper, Wamu and some store cards that he always had and didn't ever apply for anything after getting those visa's

New credit and TIME is what brings scores up out of BK.

I would suggest you get another 2-3 cards though, 1 is not enough.  I keep seeing on this board people that have 5-8 cards have better credit now then when they had 2-3.  guess it would depend how you use them too though!