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One Year POST BK Discharge......

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One Year POST BK Discharge......

I am now, officially, one year (and a couple of days) post Ch7 discharge date (10/11/18).  My FICO's are: EX-647, TU-617 and EQ-656.  Much better than they used to be.  I have a Cap One QS ($3K) card, Merrick Bank ($750) card and a Self Lender($250) loan.  My student loans($45K) have been consolidated into one payment and it is on autopay, along with all other bills: cell phone, mortgage ($45K), utilities, etc.   I have no car payment (so far).  It seems my FICO's are just kinda sittin' there, no real upward movement.  I am keeping my utilization below 10%, I PIF every month what I do put on them.  Should I try and open another card just to fatten up my revolving accounts?  I only ask because it seems that all other folks have 5-6 cards and a fatter cc portfolio. BUT at same time, a couple weeks back I did prequal for Discover and it came back "preapproved" and I applied and was denied, so it gave me a hard inquiry on my report Smiley Sad  I did burn Discover in the BK.  I was thinking if I got another card, perhaps something like a Target or Kohls card? 

Any thoughts ya'll?  Especially about the thin cc portfolio and option of trying for another card? 

Thanks for the input.  You all have held my hand since before, during and now after the BK.  I appreciate your opinions and suggestions.

 

Bucky

Chap 7 BK discharge date 10/15/18
FICO's as of 2/13/20:
Experian - 663 TransUnion - 633 Equifax - 667
Credit cards: Kohls $300
Merrick card $1400
Cap One Quiksilver $6K
OLLO $1.5K
Self Lender Loan
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Super Contributor

Re: One Year POST BK Discharge......

Congrats. Since you already have student loans. The self lender is only helping with payment history. The util on your loans combined may be holding you back a tad. So the self lender can go bye bye. Yes you need a 3rd card to hit the rebuild FICO bonus and follow AZEO. So if you want another revovlver. The choice is yours. Kohls,Target, or another Cap1. The 3rd card can help raise your scores some. But remember without knowing. Any lates from the past before BK still hurt of you have some until they age. But yes a third card is needed. Good Luck!





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
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Established Contributor

Re: One Year POST BK Discharge......


@texbucky wrote:

I am now, officially, one year (and a couple of days) post Ch7 discharge date (10/11/18).  My FICO's are: EX-647, TU-617 and EQ-656.  Much better than they used to be.  I have a Cap One QS ($3K) card, Merrick Bank ($750) card and a Self Lender($250) loan.  My student loans($45K) have been consolidated into one payment and it is on autopay, along with all other bills: cell phone, mortgage ($45K), utilities, etc.   I have no car payment (so far).  It seems my FICO's are just kinda sittin' there, no real upward movement.  I am keeping my utilization below 10%, I PIF every month what I do put on them.  Should I try and open another card just to fatten up my revolving accounts?  I only ask because it seems that all other folks have 5-6 cards and a fatter cc portfolio. BUT at same time, a couple weeks back I did prequal for Discover and it came back "preapproved" and I applied and was denied, so it gave me a hard inquiry on my report Smiley Sad  I did burn Discover in the BK.  I was thinking if I got another card, perhaps something like a Target or Kohls card? 

Any thoughts ya'll?  Especially about the thin cc portfolio and option of trying for another card? 

Thanks for the input.  You all have held my hand since before, during and now after the BK.  I appreciate your opinions and suggestions.

 

Bucky


When did you consolidate?  I agree with Firemedic1 that, as you pay down your SL, it will help.  if it was recently consolidated, the utilization is probably still kind of high.  On the other hand, the tradelines that were consolidated into this one SL should still be reporting too and if there were any derogatoies (late payments, etc) recent to filing/consolidation, those could be hurting too.  If so, they will hurt less and less as they get older!



Chapter 7 Discharged & Closed Jan 2020
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