I am 3 years into a 4 year Chapter 13 Plan. I have approx. 12 months left till discharge. I am needing guidance on improving my credit scores. No matter what I do, I just cant seem to get over the 560 Credit Score Mark. Currently I have 2 Credit Cards that have low limits with balances about 1/2 used, I was able to obtain approval to purchase a car through my trustee at a 18% interest rate through my local credit union. For some reason I have very substantial amount of inquiries (24) on each report. Need to know how to gain about 100 points in a year so that when I get discharged out of BK, I can pursue purchasing a home?
Well with 2 cards at 50% util there's 1 problem. Only have 1 card report less than 8.99% each month. Then PIF after staement cuts. And PIF each month on the other card before statement cuts and keep it at 0% reporting. When your DC'd you'll gain more points. The newer car loan took a bite out of your score for a while depending on when it was purchased. So you have the installment side done with the car. Need to get the 50% on the cards down and keep them down for a while. Time is your best friend for now. A year will fly by fast. Just get the cards under control.
You’re on the right track, you just need to fine tune your credit card usuage. You need to make sure that your credit card balances are at 10% or less when the statement cuts. Then you need to make sure you pay in full.
Once you you have some solid on time payment history on your new car loan, you will see you a decent increase. Those inquiries will fall off in due time. I would not apply for additional credit unless it is absolutely needed.
Keep on doing the good things you are.