Need help rebuilding credit after erroneous bankruptcy ruined me...any advice is appreciated

[Anonymous]

Hello All,

New to the forum and would like to first say that the information found here is invaluable and helps so many people.  Thanks to all who contribute with honesty and factual information.

Bankruptcy was dismissed in 1/2015.  My goals is to get back to 750 credit score and be able to invest in real estate in a couple of years.  My TU is 668 and EQ is 684 as of yesterday.  I have car loan with $5500 left on it and will be paid off this year. $2500 Visa from credit union/0 bal. $3500 Visa from Cap One/ $2300 bal. I also have a $1000 LOC with credit union/0 balance.  I am AU on my wife's Amex $10k/0 bal. and I am AU on her Cap One $7k/$100 bal.  What should be my next steps to achieve a 750 credit score??  Any advise is greatly appreciated.

[Anonymous]

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@Anonymous wrote:

Hello All,

New to the forum and would like to first say that the information found here is invaluable and helps so many people.  Thanks to all who contribute with honesty and factual information.

Bankruptcy was dismissed in 1/2015.  My goals is to get back to 750 credit score and be able to invest in real estate in a couple of years.  My TU is 668 and EQ is 684 as of yesterday.  I have car loan with $5500 left on it and will be paid off this year. $2500 Visa from credit union/0 bal. $3500 Visa from Cap One/ $2300 bal. I also have a $1000 LOC with credit union/0 balance.  I am AU on my wife's Amex $10k/0 bal. and I am AU on her Cap One $7k/$100 bal.  What should be my next steps to achieve a 750 credit score??  Any advise is greatly appreciated.

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You'd probably get closer to 700 if you got your utilization under control. (all cards reporting $0 except for one that reports a balance of <9%)

Also you will need to replace the installment component of your credit mix when the car is paid off. Do a small shared secure loan (can find out more info on these boards) and pay almost all of it off immediately and then drag out the remaining repayment for the rest of the loan term to keep it reporting while minimizing interest cost.

[Anonymous]

What's your AAoA?

If your AAoA is low, just getting that into the 3-4 year range should help majorly.  If your AAoA is very low, opening new accounts might blow that goal.

Your 66% utilization on ONE CARD is a score issue.  Pay down ALL your credit lines to $0 except for one that you pay down to under 9% but not zero.  66% is hurting your scores right now.

[Anonymous]

Thanks SteelerNYC ... I appreciate the input

[Anonymous]

ABCD2199 thanks for you input.  However, what is AAoA? 

[Anonymous]

AAoA means "average age of accounts" -- how old your credit profile is, on average.

[Anonymous]

@ABCD2199 Thanks for the description....I will make sure that I am <9% utilization by June on the Cap One

[Anonymous]

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@Anonymous wrote:

@Anonymous Thanks for the description....I will make sure that I am <9% utilization by June on the Cap One

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If you're new to credit rebuilding, make sure that you pay attention to your statement date not just your payment due date.  Many creditors report the statement balance, so if you pay a card off on the due date but charge it up before the statement date, your reports will show a balance.

[Anonymous]

@ABDC2199 ... i have all my cards paid to $0 balance and am waiting for my next cycle to check.  How often should I ask for CLI?  How many cards is the "sweet" spot to accumulate?

[medicgrrl]

Did you leave 1 card with a small balance?