Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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what to do to rebuild credit?

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  • what to do to rebuild credit?

    I had my chapter 7 discharge in Oct 2014
    I just checked my credit report and I am at 692 TU and 701equifax.

    I have 2 credit cards (insane interest rates) but completely paid off (normal cards, no deposit required or annual fee)

    what actions could i take to get my score above 720?


  • #2
    Short answer: time.

    I'm surprised your score is already that high considering you were discharged just a year ago.. but since you opened 2 credit cards, that definitely helped bump your score.

    Not as short answer: if you obtain a non-revolving credit line (like a mortgage or a car loan), that usually bumps up your score some. I also recall with some report I checked in the past that having low credit limits affects your score (toy limits around $500 or less). Having higher limits (not balances) will increase your score. Other than that, if you already have less than 10% utilization, I think at this point, it goes back to my short answer: time.
    Retained Lawyer: 04/2009 Filed: 09/2009 341 Meeting: 10/2009 Discharged: 12/2009 Asset: 05/2010 made asset Closed: 07/2013 after 47 long months


    • #3
      I'm in the same situation. Hovering around 695 but can't seem to break the 700 mark. Discharged 2 years ago, Ch 7. I have excellent history with Capitol One on 2 cards, on-time and many years history with Toyota. No other debt so ratio is very low. So, it's just a matter of more years to go by?

      By the way, my score was in the low 600's and approved for a regular Capitol One (unsecured w/ $3500 limit) credit card within months of discharge. I really, really wish I had made this decision sooner. I held on to my pride and "moral" obligation to service all that interest for YEARS before considering Ch 7. For those just now considering this, take your time, investigate your options and approach it as a BUSINESS decision. I let emotions and guilt carry me too many years with all the debt over my head.

      Good luck to everyone.


      • #4
        You need to use the cards some.


        • #5
          3.5 years post Ch7 - Just an update. Still carry little to no balances on my (now) 3 credit cards (2 Cap One, 1 SunTrust) and have a total credit limit of approximately $5K each. My debt-to-limit ratio is very, very low obviously. I pretty much only use the cards to "use them" and build a history consistent payments. My Toyota 0% loan is now 2.5 years old and also paid on time. My recent score is now around 710. So, I think it's just slow and steady over time.

          Not to preach but just enjoy every day and take slow steps. I lost my husband unexpectedly (very young) about 1 year post-Ch 7. I wish we had done this BK process sooner and he could have enjoyed more years without the weight of this debt on our shoulders. All that really matters is the people you love in your life. When you go through a true crisis like death of a loved one, it puts all of this in perspective. Best of luck to all in this journey.


          • #6
            Time is all you can do at this point, since you already have opened credit card accounts.

            My score has slowly inched up and I'm at 3 years post BK now. Until the BK falls off, it's going to be around the same 700-730, I think. I don't know that it will go much higher with the BK still reporting.

            As far as using the cards, that really doesn't help your credit score. It will help you when it comes to getting a credit line increase with the creditor, but it doesn't increase your credit score.
            Chapter 7, above median, no asset. Discharged with no UST involvement.


            • #7
              I just started looking to rebuild mine. my issue is a little different than some. I never filled for bankruptcy. I sat around moved 3 times within my same state and waited the 6 year statue of limitations to to run out.. which happen to run out last November. thinking of applying for one through suntrust since ive had a checking account with them for over 13 years ..


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