@Anonymous wrote:Thanks for the feedback everyone.
Start collections over again?
Isn't that illegal after a bankruptcy has been declared? Each creditor is banned from attempting to collect.
Please explain further....
So the Experian credit watch product is crap?
Today I have a 743(Eq) 772(T) 792(Ex)
Despite a good score and nothing negative... I stil l have some things holding me back.
1) "No recent non-mortage balance information."
2) "Too few accounts currently paid as agreed."
3) "Lack of recent retail account information."
4) "Length of time revolving accounts have been established."
How do I mitigate these?
I have a 10k personal LOC, a $1500 secured card, a $6500 unsecured card. ZERO balances.
Should I buy some stuff?
Perhaps give myself a small loan and pay it back over a few months?
I don't think carrying a balance over to prove payment should be part of the "solution"
Nor should getting a "retail" card of any kind.
Thanks for the info on the credit cards. I agree. Just have to wait for each so I can hit the spend.
1) Not carrying a balance counts against you. You want 1 card reporting a 1-9% balance with the rest at $0 for optimum FICO scoring. Speaking of that, do you know your FICO scores... not the FAKO scores from EX?
2) Do you have any old IIB accounts reporting late payments? Is your report free and clear? Do you have any lates now?
3) You don't have a store CC account? 3 revolving CC accounts would help your scores.
4) Your non-secured accounts are new. You need to let them age.
Credit rebuilding is a marathon... not a race. 18 months ago I started with a single $1000 CapOne card... and now I have $40k in cards.
I don't know the specifics of BK, but it seems likely if they tried to close that box you don't want to go prying off the lid. Thus, no paying AMEX is good advice.
You may like Delta SkyMiles, so just maintain a Delta SkyMiles account. The AMEX Delta card is not necessary to do that.
As for next steps, you have two decent cards, PenFed in particular, so just work with that, put regular groceries and gas spend on it and PIF. Time is your friend. And "Carrying A Balance" can mean just letting the monthly statement print with the current month charges, then PIF by the statement date.
A CU LOC is a possibility. I opened one a few months ago for no other reason than to get a 'Term Loan" on my CR. I have a mortgage already, this just rounds out the types of credit. Paying it back from the cash draw.
Good luck!
1) Not carrying a balance counts against you. You want 1 card reporting a 1-9% balance with the rest at $0 for optimum FICO scoring. Speaking of that, do you know your FICO scores... not the FAKO scores from EX?
2) Do you have any old IIB accounts reporting late payments? Is your report free and clear? Do you have any lates now?
3) You don't have a store CC account? 3 revolving CC accounts would help your scores.
4) Your non-secured accounts are new. You need to let them age.
Credit rebuilding is a marathon... not a race. 18 months ago I started with a single $1000 CapOne card... and now I have $40k in cards.
@Anonymous wrote:1) Not carrying a balance counts against you. You want 1 card reporting a 1-9% balance with the rest at $0 for optimum FICO scoring. Speaking of that, do you know your FICO scores... not the FAKO scores from EX?
1-9% with one of them. interesting. Which? The CC or LOC? Does it matter? The CC.
Would giving myself a small loan help (revolving or installment)? Having an installment loan helps your profile.
I've been considering a CC that give scores. Is getting a MyFICO product better than the Experian monitoring product? IMHO yes.
What's the best way to monitor true scores nowadays? I use MyFICO 3 Bureau monitoring.. $19.95 a month.
2) Do you have any old IIB accounts reporting late payments? Is your report free and clear? Do you have any lates now?
Nope, Clear, Nope. Not sure why you would get that denial then.
3) You don't have a store CC account? 3 revolving CC accounts would help your scores.
No retail credit cards. Got any suggestions? I was going to AVOID those as the rewards are tied to just the store.
I've read (way in the past) where retail cards hurt more than (visa/mastercard) would because they are retail. Yes that's true... which is why I avoid toy limit store cards like Target, Gap, Buckle... etc.. etc.. etc... I have 3 store cards, Nordstrom, Best Buy, Walmart. I shop regularly at the first 2, rarely at Walmart. Still, I have them because they can be upgraded to MC/VISA down the road.
4) Your non-secured accounts are new. You need to let them age.
Right...Figured.
Credit rebuilding is a marathon... not a race. 18 months ago I started with a single $1000 CapOne card... and now I have $40k in cards.
Marathon. Agreed.
Thanks for the feedback!
Good luck.