cancel
Showing results for 
Search instead for 
Did you mean: 

Next Steps for the most effective rebuilt strategy

rebuilder101
New Member

Next Steps for the most effective rebuilt strategy

In 2015 due to joint accounts and my partner putting us underwater, I went into Ch. 11.

I have 5 more months of payments and the case should be over. A month ago, my attorney advised to get a secured $300 credit card, which I did and now my score went up to:

 

Equifax: 679 (+52)

TransUnion: 611 (+70)

Experian: 611 (+62)

 

What next steps will be most effective to take in order to increase my credit score to 800 in next 2 years? I am responsible with credit on my own, I make decent money and will have 0 debt once BK is discharged. I do not plan to buy a home or a car anytime soon, but would a small car loan boost my credit? Also, this is my 2nd BK as we tried to last under Chapter 7 in 2011, when could the BK be removed from the record permanently? My credit does not have any negative remarks except 1 colleciton for $91 and 1 BK from 2011.


Thank you!

 

Message 1 of 6
5 REPLIES 5
AllZero
Mega Contributor

Re: Next Steps for the most effective rebuilt strategy

3 open revolving accounts and 1 open installment loan (SSL shared secured loan) that's is all you need.

I would recommend a 5 year SSL that pushes out the due date with prepayment. You'll gain points when paid down to < 8.9% utilization.

Then, wait. You need time.

Message 2 of 6
JAG73
Moderator Emerita

Re: Next Steps for the most effective rebuilt strategy

Curious...does chapter 11 show on your credit report or only the chapter 7? 

Got some pruning to do... No more new cards!
Message 3 of 6
rebuilder101
New Member

Re: Next Steps for the most effective rebuilt strategy

Both do on TransUnion, only 1 showing up on Equifax/Experian.

Message 4 of 6
rebuilder101
New Member

Re: Next Steps for the most effective rebuilt strategy

Any difference as to where to obtain an SSL? I am a part of a credit union, would they offer it for sure?

Message 5 of 6
AllZero
Mega Contributor

Re: Next Steps for the most effective rebuilt strategy

^ See link below. Read the first 3 post.

I do not know your CU. It's not possible to answer with limited details.

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Sec...
Message 6 of 6
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.