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Easiest Way to Rebuild?

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Easiest Way to Rebuild?

Hello! I need advice on the best, "easist" way to build up my credit after filing BK7. It was discharged in July 2019. I have read so much of this forum my eyes hurt and now it's all jumbled together. And the people here have so much information to share! My scores are right about 605 right now and I know it's way too soon to apply for anything. What is the first step, or best card to try and get? And when do I try? Thank you for your help!

Message 1 of 14
13 REPLIES 13
Established Contributor

Re: Easiest Way to Rebuild?


@ShariB wrote:

Hello! I need advice on the best, "easist" way to build up my credit after filing BK7. It was discharged in July 2019. I have read so much of this forum my eyes hurt and now it's all jumbled together. And the people here have so much information to share! My scores are right about 605 right now and I know it's way too soon to apply for anything. What is the first step, or best card to try and get? And when do I try? Thank you for your help!


 

Good luck on your credit repair journey and welcome!  The spot you are starting from is quite managaeable, and if you approach this as a lifelong effort, you can pur your credit health in good shape for consistent, measured improvement.

 

As to your question, what is the "easiest way to rebuild", I won't spend time answering that one.  It's not a question I would recommend one even ask.

 

 

050719:     
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Message 2 of 14
Community Leader
Mega Contributor

Re: Easiest Way to Rebuild?


@ShariB wrote:

Hello! I need advice on the best, "easist" way to build up my credit after filing BK7. It was discharged in July 2019. I have read so much of this forum my eyes hurt and now it's all jumbled together. And the people here have so much information to share! My scores are right about 605 right now and I know it's way too soon to apply for anything. What is the first step, or best card to try and get? And when do I try? Thank you for your help!


Hi and welcome to the forums 

 

There are no easy way to rebuild, it's somewhat slow process and it will depend on which lenders got burned. 

 

Maybe if you list lenders included, it will give others a better idea on what's possible and what's not possible right now. Regardless, if you're ready to start rebuliding, it will be with secured cards and perhaps an installment loan down the road. 

 

 

Message 3 of 14
New Contributor

Re: Easiest Way to Rebuild?

The easiest way is to first clear your credit reports. I called them and disputed everything on the list.

When the smoke cleared there was nothing left. The ones I think I may have owed didnt bother to fight it, I think.

I then got an easy credit card  with a low limit and went nuts. Used it for EVERY purchase then paid it off a few times a month.

My credit was jumping very quickly over the months. Was in the mid 700s in no time and hit 800 probably within 18 months.

My credit basically consists of credit cards. Despite what naysayers claim, if you USE credit cards constantly thru the month, then pay the ENTIRE balance every month, you end up with a zero interest credit builder that I know factually thru personal experience is a VERY quick way to rebuild your credit.

BUT...it requires that you USE it AND PAY it off every month.

If one is the sort who cant handle a credit card due to temptation, this isnt probably the best idea.

Currently my FICO stays in the  820-825 range pretty much every month just using credit cards.

TU FICO average 819
Message 4 of 14
Established Contributor

Re: Easiest Way to Rebuild?

 


@mrgoattoo wrote:

The easiest way is to first clear your credit reports. I called them and disputed everything on the list.

When the smoke cleared there was nothing left. The ones I think I may have owed didnt bother to fight it, I think.

I then got an easy credit card  with a low limit and went nuts. Used it for EVERY purchase then paid it off a few times a month.

My credit was jumping very quickly over the months. Was in the mid 700s in no time and hit 800 probably within 18 months.

My credit basically consists of credit cards. Despite what naysayers claim, if you USE credit cards constantly thru the month, then pay the ENTIRE balance every month, you end up with a zero interest credit builder that I know factually thru personal experience is a VERY quick way to rebuild your credit.

BUT...it requires that you USE it AND PAY it off every month.

If one is the sort who cant handle a credit card due to temptation, this isnt probably the best idea.

Currently my FICO stays in the  820-825 range pretty much every month just using credit cards.


Your FICO score itself does not care if you use and pay off your card 50 times a month.   That is a fact which is not disputable.

 

Advising someone exiting bankruptcy that heavy credit card use is the "easy" answer seems dubious, but that is certainly just my opinion on the subject.

 

I would encourage the OP to ask what is the prudent and long lasting approach, not the easy one.

050719:     
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Message 5 of 14
Super Contributor

Re: Easiest Way to Rebuild?

OP> Like @Remedios said. Please list who got burned first. Then we can go from there. There's many of us that can help you start your rebuild the right way and slowly get back to a pretty decent credit profile. You have to start somewhere and this is the place that can do that for you. So fire away. Lets get to rebuilding.





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 at 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game. Pay it Forward!
Message 6 of 14
Super Contributor

Re: Easiest Way to Rebuild?


@mrgoattoo wrote:

The easiest way is to first clear your credit reports. I called them and disputed everything on the list.

When the smoke cleared there was nothing left. The ones I think I may have owed didnt bother to fight it, I think.

I then got an easy credit card  with a low limit and went nuts. Used it for EVERY purchase then paid it off a few times a month.

My credit was jumping very quickly over the months. Was in the mid 700s in no time and hit 800 probably within 18 months.

My credit basically consists of credit cards. Despite what naysayers claim, if you USE credit cards constantly thru the month, then pay the ENTIRE balance every month, you end up with a zero interest credit builder that I know factually thru personal experience is a VERY quick way to rebuild your credit.

BUT...it requires that you USE it AND PAY it off every month.

If one is the sort who cant handle a credit card due to temptation, this isnt probably the best idea.

Currently my FICO stays in the  820-825 range pretty much every month just using credit cards.


You hit 800? Never seen that here. And how far out are you from BK?





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 at 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game. Pay it Forward!
Message 7 of 14
New Visitor

Re: Easiest Way to Rebuild?

Thank you! Here is who got burned: Capitol 1, Quicksilver and Platinum?. There were two of them equaling around 3 grand. Old Navy, Kohls, Vickies, Credit One, Carecredit, Merrick Bank. None had high credit limits. I know I asked my question wrong, I know it's not easy. I just want to know where to start.
Message 8 of 14
Super Contributor

Re: Easiest Way to Rebuild?

You know your FICO scores possibly?





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 at 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game. Pay it Forward!
Message 9 of 14
Super Contributor

Re: Easiest Way to Rebuild?

Ok. To start with. Its going to be secured to start. Grab a OpenSky. No HP. Everyones approved. In 3-4 months after responsible use. Start hitting up Disco's secured card pre-qual page. It will graduate. Any loans at all?





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 at 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game. Pay it Forward!
Message 10 of 14
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