@AverageJoesCredit wrote:
@firemartinez1980 wrote:I bought a home in November 2020, Bought a Truck in April 2021......Those 2 things are my only Debt. I paid off about $4000 in credit cards over the last 2 years and currently, my FICO Scores are around 670. Average income is around $65,000 per year.
I have a Bankruptcy set to fall off my credit around December of this year, but other than that, I have no negative items.
With all of this said, I CANNOT get a Loan or a Credit Increase with anyone it seems. I would like to get about $8000 for home improvements but have been denied by USAA, Wells Fargo, AMEX, Discover, etc..
Absolutely Insane!
A home and a truck are two of the biggest debts one can accrue and couple that with a 670 credit score it might not be as shocking as one would think. Maybe get into a local CU or even a National one where they may be more willing to give you the credit.
+1. Your DTI is probably a bit high with those 2 payments, and with a BK still showing, it's tough. I agree with AJC. Try to get into a CU, and if that still doesn't work, you may just have to wait it out until your BK falls off.
@firemartinez1980 wrote:Any estimate on how much my scores could change once the BK is gone in 6-7 months?
I've seen people get substantial gains. As in 40+ points. Also be sure to look into EE (early exclusion), which TU has the most generous policy; they allow EE of negative items as early as 6 months before the normal drop off date. EQ is 1 month, and EX is 3 months early, but 2 of those are already included in the "on record until" date, so you can ask 1 month in advance of that date.
@OmarGB9 wrote:
@firemartinez1980 wrote:Any estimate on how much my scores could change once the BK is gone in 6-7 months?
I've seen people get substantial gains. As in 40+ points. Also be sure to look into EE (early exclusion), which TU has the most generous policy; they allow EE of negative items as early as 6 months before the normal drop off date. EQ is 1 month, and EX is 3 months early, but 2 of those are already included in the "on record until" date, so you can ask 1 month in advance of that date.
Really? I never knew this. Do you call the CRAs directly to ask for this or should you send a letter?
@firemartinez1980 wrote:I bought a home in November 2020, Bought a Truck in April 2021......Those 2 things are my only Debt. I paid off about $4000 in credit cards over the last 2 years and currently, my FICO Scores are around 670. Average income is around $65,000 per year.
I have a Bankruptcy set to fall off my credit around December of this year, but other than that, I have no negative items.
With all of this said, I CANNOT get a Loan or a Credit Increase with anyone it seems. I would like to get about $8000 for home improvements but have been denied by USAA, Wells Fargo, AMEX, Discover, etc..
Absolutely Insane!
Your credit applications themselves are depressing your score and hurting your applications. You need to just stop and give it some time.
I agree with @AverageJoesCredit and @OmarGB9 that you would probably do well to get in with a credit union, but make sure it's one that doesn't give you a hard pull for membership.
@firemartinez1980 wrote:Any estimate on how much my scores could change once the BK is gone in 6-7 months?
You will get a very big gain.