Rebuilding Credit, after 700?

[afterbankknyc]

2 years after my discharge, my TU is at 719. So I guess that is pretty good. I'm doing well now, and was wondering what to do to get my score as high as possible. Is it just taking out more credit cards and paying them all off? I took out an installment loan from C1 just to improve my score, not sure if it was worth the interest. I don't need a house or a car.

BTW, really appreciate the board. Reading all of the back posts.

[halloweendmb1]

if you don't need a house or car why do you need a credit score?

[afterbankknyc]

I guess part of my question here is how to use the cash that I've saved to help myself. I have about $50K liquid now. That's why I took the installment loan, on the theory that the $700 in interest would be worth it for the improvement to my credit report in the future. I have most of the money in a money market at Wachovia. How can I use the liquidity to build better credit?

[afterbankknyc]

if you don't need a house or car why do you need a credit score?

Well, not today. But eventually. And they do check those things for rentals and such. I want to easily be able to finance other things as well.

[Summerbreeze]

That is a very good score, how did you rebuild it? Did you file 7 or 13?

[Flamingo]

From my experience with our scores after a 13, I believe he probably filed a Chapter 7 but I could be wrong depending on factors. One year after a Chapter 13 discharge our scores were in the 760 range. A lot depends on how you handled your credit prior to filing (i.e., chargeoffs, late payments prior to filing) and during a Chapter 13 how you handled all payments during the Plan years. It can take longer to recover after a Chapter 7 than a Chapter 13 as to credit scores just from our own experience and observations.

[keepmine]

2 years post bk, you should be able to get a couple of unsecured, no annual fee credit cards. Check out Household Bank and Juniper as a couple of possibilities. Also, since Cap1 gave you an installment loan, they will likely issue a credit card. Just use them and pay 'em in full every month.

[afterbankknyc]

Chapter 7. But I already have unsecured credit cards and they're not charging me fees on them. Solicitations all of the time.

[afterbankknyc]

So I checked my equifax (signed up for their 30 day trial/$14.95 afterwards). Seems like the best deal since I already have TU, and their score is real. It is 682, which I guess isn't bad and is what I expected.

[Logan]

That equifax is probably not your FICO score. One way to find your FICO score is to get pre-approved (or denied) for a home loan. A score of 719 is one point away from the to tier for a Mortgage and you most likely will want to wait until 3 years out of BK in todays credit market to actually by a home.

Logan

[sharksfan]

That equifax is probably not your FICO score.

Logan

Equifax is this only CRA that provides actual FICOs.