Hi,
I have been trying to increase my scores over the last 3 years since my BK 7 was discharged to a 700 but it hasn't worked.
One of my biggest problems, I think, is utilization which is approximately 41%. Hence, I am paying the balances down on the cards and will have a modest utilization of 5-7%, if not less, within the next 6-9 months. However, even by paying these balances down my scores will only be at around 675-680 per the simulation. This would only be a jump of approximately 25 points on EX, but a whopping 50-70 points on EQ & TU. I still can't figure out why my EQ is so low, but maybe you all can help me understand this in time. FICO scores are: 600 (EQ), 626 (TU), and 651 (EX).
To date I have the following credit & store cards:
- Cap One Platinum MC - $2,000 / $1,470.06 balance
- Cap one Platinum VISA - $1,750 / $724.82 balance
- Cap One Venture - $2,000 / $0 balance
- Cap One Quicksilver One - $2,150 / $1,676 balance
- Cap One Spark Business - $1,500 / $831.98 balance
- Cabelas VISA - $1,000 / $0 balance
- Walmart - $600 / $0 balance
- NY&Company - $300 / $0 balance
- Express Next Card - $250 / $125 balance - Paying off next bill - Only had 1 month so I will be paying balance off monthly.
- Forever 21 Card - $500 / $42 balance Paying off next bill - Only had 2 weeks so I will be paying balance off monthly.
Additionally, I'm guessing that since my BK 7 discharge is only 3 years old that I'm still being penalized since the accounts that were included in the BK are still showing on the report. Sadly, it will be tough for me to get some of the better cards because they were burned in my BK: Chase, NFCU, & Barclays.
I have one installment loan, my vehicle, plus several student loans totaling approximately $70k. I'm guessing I need a ton more revolving accounts to offset these to some degree. Correct?
,
My only baddies are 2 collections that popped up on my TU report. I've already started the DV process and will negotiate a PFD as soon as I get this information, if necessary. In the meantime, I have disputed them on the report.
Finally, all of my inquires for the last 2 years, a total of 5, will drop off in October and November. The remaining inquires for my new credit will of course remain on record for the next 2 years.
At this point I am in the garden as my goal is to buy a home in 2 years and afterwards apply for the following cards:
- Marvel MC
- Costco Anywhere VISA
- Gulf VISA
- Total Rewards VISA
With the above information, I'm hoping to get some additional information on what I can do to increase my scores and suggestions on how on a better mix of credit, if any.
THANK YOU IN ADVANCE 
@adamseve wrote:Hi,
I have been trying to increase my scores over the last 3 years since my BK 7 was discharged to a 700 but it hasn't worked.
One of my biggest problems, I think, is utilization which is approximately 41%. Hence, I am paying the balances down on the cards and will have a modest utilization of 5-7%, if not less, within the next 6-9 months. However, even by paying these balances down my scores will only be at around 675-680 per the simulation. This would only be a jump of approximately 25 points on EX, but a whopping 50-70 points on EQ & TU. I still can't figure out why my EQ is so low, but maybe you all can help me understand this in time. FICO scores are: 600 (EQ), 626 (TU), and 651 (EX).
To date I have the following credit & store cards:
- Cap One Platinum MC - $2,000 / $1,470.06 balance
- Cap one Platinum VISA - $1,750 / $724.82 balance
- Cap One Venture - $2,000 / $0 balance
- Cap One Quicksilver One - $2,150 / $1,676 balance
- Cap One Spark Business - $1,500 / $831.98 balance
- Cabelas VISA - $1,000 / $0 balance
- Walmart - $600 / $0 balance
- NY&Company - $300 / $0 balance
- Express Next Card - $250 / $125 balance - Paying off next bill - Only had 1 month so I will be paying balance off monthly.
- Forever 21 Card - $500 / $42 balance Paying off next bill - Only had 2 weeks so I will be paying balance off monthly.
Additionally, I'm guessing that since my BK 7 discharge is only 3 years old that I'm still being penalized since the accounts that were included in the BK are still showing on the report. Sadly, it will be tough for me to get some of the better cards because they were burned in my BK: Chase, NFCU, & Barclays.
I have one installment loan, my vehicle, plus several student loans totaling approximately $70k. I'm guessing I need a ton more revolving accounts to offset these to some degree. Correct? No you dont need any more revolving accounts to offset your installment loans. Right now you have the recommended number of at least 3 accounts. Why not try to combine a few of your Capital One accounts to get at least one account with at least a $5,000.00 credit line. Im not sure how old your accounts are but you should definitely focus on gardening, increasing current CL via SP CLI, and reducing your utilization to at least 30% or less. Capital One allows for CLI every 6 months. If you can combine, request CLI first and then do the combination. The combination will reset the 6 month period for a CLI. I think the store cards will allow a CLI every 4-6 months.
,
My only baddies are 2 collections that popped up on my TU report. I've already started the DV process and will negotiate a PFD as soon as I get this information, if necessary. In the meantime, I have disputed them on the report. Did the collections result from accounts that were IIB? If so, i dont think you should be paying those. If they were after your BK, then definitely figure out how to get them removed.
Finally, all of my inquires for the last 2 years, a total of 5, will drop off in October and November. The remaining inquires for my new credit will of course remain on record for the next 2 years. How many inquiries do you have right now?
At this point I am in the garden as my goal is to buy a home in 2 years and afterwards apply for the following cards:
- Marvel MC
- Costco Anywhere VISA
- Gulf VISA
- Total Rewards VISA
With the above information, I'm hoping to get some additional information on what I can do to increase my scores and suggestions on how on a better mix of credit, if any. Please read the following forums if you have not already done so. They have a wealth of information.
http://ficoforums.myfico.com/t5/Bankruptcy/Bankruptcy-Friendly-Credit-Cards-Pt-2/td-p/3999737
THANK YOU IN ADVANCE
THANK YOU VERY MUCH! Yes, I'm shouting lol
@srloring13 wrote:
@adamseve wrote:Hi,
I have been trying to increase my scores over the last 3 years since my BK 7 was discharged to a 700 but it hasn't worked.
One of my biggest problems, I think, is utilization which is approximately 41%. Hence, I am paying the balances down on the cards and will have a modest utilization of 5-7%, if not less, within the next 6-9 months. However, even by paying these balances down my scores will only be at around 675-680 per the simulation. This would only be a jump of approximately 25 points on EX, but a whopping 50-70 points on EQ & TU. I still can't figure out why my EQ is so low, but maybe you all can help me understand this in time. FICO scores are: 600 (EQ), 626 (TU), and 651 (EX).
To date I have the following credit & store cards:
- Cap One Platinum MC - $2,000 / $1,470.06 balance
- Cap one Platinum VISA - $1,750 / $724.82 balance
- Cap One Venture - $2,000 / $0 balance
- Cap One Quicksilver One - $2,150 / $1,676 balance
- Cap One Spark Business - $1,500 / $831.98 balance
- Cabelas VISA - $1,000 / $0 balance
- Walmart - $600 / $0 balance
- NY&Company - $300 / $0 balance
- Express Next Card - $250 / $125 balance - Paying off next bill - Only had 1 month so I will be paying balance off monthly.
- Forever 21 Card - $500 / $42 balance Paying off next bill - Only had 2 weeks so I will be paying balance off monthly.
Additionally, I'm guessing that since my BK 7 discharge is only 3 years old that I'm still being penalized since the accounts that were included in the BK are still showing on the report. Sadly, it will be tough for me to get some of the better cards because they were burned in my BK: Chase, NFCU, & Barclays.
I have one installment loan, my vehicle, plus several student loans totaling approximately $70k. I'm guessing I need a ton more revolving accounts to offset these to some degree. Correct? No you dont need any more revolving accounts to offset your installment loans. Right now you have the recommended number of at least 3 accounts. Why not try to combine a few of your Capital One accounts to get at least one account with at least a $5,000.00 credit line. Im not sure how old your accounts are but you should definitely focus on gardening, increasing current CL via SP CLI, and reducing your utilization to at least 30% or less. Capital One allows for CLI every 6 months. If you can combine, request CLI first and then do the combination. The combination will reset the 6 month period for a CLI. I think the store cards will allow a CLI every 4-6 months.
I just got CLI on all of these cards about a month ago so I will do as you've suggested at the end of the year.
My only baddies are 2 collections that popped up on my TU report. I've already started the DV process and will negotiate a PFD as soon as I get this information, if necessary. In the meantime, I have disputed them on the report. Did the collections result from accounts that were IIB? If so, i dont think you should be paying those. If they were after your BK, then definitely figure out how to get them removed.
No, these are new collections that I was not aware of...they came out of the woodwork for a student loan that I wasn't even aware of with my college. I spoke with my college and they were able to take them back from collections and I'm paying them directly. Hopefully these will be removed from my report in the next 30-60 days and my score will rise at least 5-10 points on TU (2) and EX (1). They are NOT reporting on EQ.
Finally, all of my inquires for the last 2 years, a total of 5, will drop off in October and November. The remaining inquires for my new credit will of course remain on record for the next 2 years. How many inquiries do you have right now?
10 Transunion - App spree last month...I was approved for all except 1,the Marvel MC. Of the 10 inquiries, 4 will be falling off in November/December 2016.
15 Equifax - App spree last month...I was approved for all and one was for membership & checking with PenFed. Of the 15, 4 will be falling off in November/December 2016 and 3 more in 12 months...Since I'm gardening for the next 2 years I should see a small improvement when these drop off.
5 Experian -All should be dropping off except 1 by November / December 2016. The remaining inquiry will drop off in 2018.
At this point I am in the garden as my goal is to buy a home in 2 years and afterwards apply for the following cards:
- Marvel MC
- Costco Anywhere VISA
- Gulf VISA
- Total Rewards VISA
With the above information, I'm hoping to get some additional information on what I can do to increase my scores and suggestions on how on a better mix of credit, if any. Please read the following forums if you have not already done so. They have a wealth of information.
http://ficoforums.myfico.com/t5/Bankruptcy/Bankruptcy-Friendly-Credit-Cards-Pt-2/td-p/3999737
I most definitely will read these over the next few days.
THANK YOU IN ADVANCE
@adamseve wrote:Hi,
I have been trying to increase my scores over the last 3 years since my BK 7 was discharged to a 700 but it hasn't worked.
One of my biggest problems, I think, is utilization which is approximately 41%. Hence, I am paying the balances down on the cards and will have a modest utilization of 5-7%, if not less, within the next 6-9 months. However, even by paying these balances down my scores will only be at around 675-680 per the simulation.
Forget the simulation. If you get your utilization down from 41% to 5% you'll see a big gain.
This would only be a jump of approximately 25 points on EX, but a whopping 50-70 points on EQ & TU. I still can't figure out why my EQ is so low, but maybe you all can help me understand this in time.
Don't worry about EQ; it's often out of step lately. Just concentrate on improving the overall picture.
FICO scores are: 600 (EQ), 626 (TU), and 651 (EX).
To date I have the following credit & store cards:
- Cap One Platinum MC - $2,000 / $1,470.06 balance
- Cap one Platinum VISA - $1,750 / $724.82 balance
- Cap One Venture - $2,000 / $0 balance
- Cap One Quicksilver One - $2,150 / $1,676 balance
- Cap One Spark Business - $1,500 / $831.98 balance
- Cabelas VISA - $1,000 / $0 balance
- Walmart - $600 / $0 balance
- NY&Company - $300 / $0 balance
- Express Next Card - $250 / $125 balance - Paying off next bill - Only had 1 month so I will be paying balance off monthly.
- Forever 21 Card - $500 / $42 balance Paying off next bill - Only had 2 weeks so I will be paying balance off monthly.
Additionally, I'm guessing that since my BK 7 discharge is only 3 years old that I'm still being penalized since the accounts that were included in the BK are still showing on the report.
If I were you I would be running an active campaign to get rid of all those negatives other than the Bankruptcy itself. If you can't do it yourself, hire a company to send out verification letters to the bureaus.
Sadly, it will be tough for me to get some of the better cards because they were burned in my BK: Chase, NFCU, & Barclays.
I have one installment loan, my vehicle, plus several student loans totaling approximately $70k.
The more you pay those down the higher your scores will go. Once you get them down to below 10% keep them around, don't pay them to zero.
I'm guessing I need a ton more revolving accounts to offset these to some degree. Correct?
You're apparently operating under some kind of misconception. You should not be adding any new accounts. Period.
,
My only baddies are 2 collections that popped up on my TU report. I've already started the DV process and will negotiate a PFD as soon as I get this information, if necessary. In the meantime, I have disputed them on the report.
Finally, all of my inquires for the last 2 years, a total of 5, will drop off in October and November. The remaining inquires for my new credit will of course remain on record for the next 2 years.
At this point I am in the garden as my goal is to buy a home in 2 years and afterwards apply for the following cards:
- Marvel MC
- Costco Anywhere VISA
- Gulf VISA
- Total Rewards VISA
You don't know what kind of cards if any you will want to add in 2 years.
With the above information, I'm hoping to get some additional information on what I can do to increase my scores and suggestions on how on a better mix of credit, if any.
Do not do anything about your 'mix of credit'. Your mix of credit is just fine.
THANK YOU IN ADVANCE
