HOW TO: From BK7 discharge to 700 in 24 months or less!

[keepontrucking]

I received my Ch7 discharge in June 2013.  My FICO was at 687 as of the end of August 2013.   My primary financial goal is to refinance my home's mortgage, which is currently at 5.875%.  I have a Capital One credit card with a maximum available credit of $300 and I have no other open credit cards or debt.  Are there any other steps that folks would recommend that we take in order to refinance at the earliest possible timeframe?  The home loan is backed by Fannie/Freddie.

[SoulMaster]

Credit Builder loan.

Go back and read the plan from post 1 again.  You're on the right path, but may want to open a Credit One card just to have a 2nd revolving tradeline that can start aging (should have done that first).

-SM

[shols44]

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@keepontrucking wrote:

I received my Ch7 discharge in June 2013.  My FICO was at 687 as of the end of August 2013.   My primary financial goal is to refinance my home's mortgage, which is currently at 5.875%.  I have a Capital One credit card with a maximum available credit of $300 and I have no other open credit cards or debt.  Are there any other steps that folks would recommend that we take in order to refinance at the earliest possible timeframe?  The home loan is backed by Fannie/Freddie.

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I may be wrong on this, but I don't know that it is worth refinancing 5.875% if you have a fixed rate/30. If you are already doing "pay and stay" I would simply ride that horse as far as it goes. 

[FootballChick208]

I have to say,  I am extremely grateful to you and your set by step things to help. I discharged back in April and have been told by different people wait a year and then apply for a secured card and go  from there. I was so lost. I will be starting to follow this. And if anybody is in the treasure valley area in Idaho, I think I found Les Bois Credit union that offers the credit builder loan, I will be calling them soon.

[Scupra]

Got a TU quarterly report and a nice bump to 660 11 months post discharge

[ChistineNJ]

Nice work scupra

[Guyatthebeach]

Supra,

Great job on the FICO score!!!!

[Scupra]

Thank you Christine and Guy!!!!

[chubbs3]

Anyone have info on where to get a credit builder loan in AZ?

Secured loans abound but I've been able to find very little in the way of actual credit builder loans in this state. The one bank that did it got sucked in by a bigger bank and they no longer offer the product.

[mxman47]

Footballchick208. Try pioneer federal Credit Union. I know they do a credit builder loan.