Im so new to improving credit - please help

[Tryinghardtoimprove]

This is great info. Thank you all

[Anonymous]

The bankruptcy is keeping you in a dirty scorecard, so actually there is no new account penalty for getting new cards. All it costs you is the inquiry and the effect to average ages.

With that said, as @Anonymous said, having more than one loan is redundant. That actually hurt you by lowering your average ages and offered you no benefit. Considering the loan size is so small, I don’t think paying it is gonna affect your installment utilization much though. But it will lower DTI.

Likewise I agree that I would forgo the rental reporting unless you’re trying to app with an institution that you know uses version 9. Otherwise it’s useless and as stated an invasion of your privacy.

Also great advice to file a complaint with the CFPB. Also agree that anything paid is better than unpaid unless it’s soon to fall off.

You’re gonna have to wait for that 30 day late to hit 24 months before you get the majority the points back that you will get.

Based on the above I don’t think you’re going to be in a great position to get property in one year.

I would definitely advise two more non-retail revolvers. When you get them is up to you but there won’t be a new account penalty since you’re in a bankruptcy scorecard. my concern would be when I could get which cards I want based on score. As soon as I thought I was able I would add the two and allow them to begin aging.

From my understanding the best thing you can do with a bankruptcy is get several accounts giving positive payment history as soon as possible. That one 30 day late hurt you decent. I hope you’re able to get it overturned at the CFPB.

Per myFICO: “ As long as the bankruptcy is listed on your credit report, it will be factored into your score. However, as time passes, the negative impact of the bankruptcy will lessen.“

https://www.myfico.com/credit-education/faq/negative-reasons/bankruptcy-types

So actually the scoring penalty for bankruptcies is reduced over time, whenever you go from the recent PR scorecard to the non-recent PR scorecard. I have no idea how much of a gain that is and it would depend on your profile in any event.

Good luck to you.

[Tryinghardtoimprove]

Thanks for the knowledge. I appreciate it. I just got approved for $1000 NFCU Visa but was denied for Amazon Store Card. Any suggestions on the second card to get or should I wait for 2 months payments on the NFCU? My credit utilization reported at 4% which I will continue. I'm still going to try in a year for the mortgage in July so I want to garden for at least 8 months prior if not

[Anonymous]

Congratulations, an excellent institution to get the card with.

It’s really hard for me to recommend which card because I’m not really familiar with the lenders that are bankruptcy friendly. That would be a question posed in the rebuilding forum to get the best answer.

If you hurry up and get it before that one reports, I’d say go ahead and get it now. If you allow it to report, then you may need to wait three or six months so you don’t appear credit seeking to who you apply to. So you may want to move quickly before it reports.

[Anonymous]

I know who to ask. Are you in the BBVA foot print? Now that I think about it I know they are and you can get a rewards card.

@AnonymousWhich lenders are bankruptcy friendly?

[Anonymous]

---

@Anonymous wrote:

I know who to ask. Are you in the BBVA foot print? Now that I think about it I know they are and you can get a rewards card.

@AnonymousWhich lenders are bankruptcy friendly?

---

All of the ones in my signature apparently 😂 

Capital One, Disco, BBVA, and NFCU are the most friendly, Citi is the least. AMEX is in the middle as are most CUs. 

I skimmed and I see OP was denied by Synchrony so I left them out. 

[Anonymous]

Thanks @Anonymous ! I wanted them to be able to see your signature and see all the ones that you got with bankruptcy but I think BBVA may be a good choice due to the rewards.

I would avoid capital one due to bucketing though. Discover may be a good idea as well as you suggested.

[Anonymous]

Yeah I would consider BBVA and or Discover

[Anonymous]

---

@Anonymous wrote:

Thanks @Anonymous ! I wanted them to be able to see your signature and see all the ones that you got with bankruptcy but I think BBVA may be a good choice due to the rewards.

I would avoid capital one due to bucketing though. Discover may be a good idea as well as you suggested.

---

With the scores OP has, BBVA won't likely go there. I just went back and looked. I'm impressed that NFCU approved the OP and it's probably in their best interest to garden at this point and work on settling their balances so the scores recover. 

[Anonymous]

I did not know you could wash, rinse and repeat that.  Good info to know.