Credit Scores after BK Chap. 7

[twiz88]

I have been discharged since 10/9/13 I have 2 credit cards with Cap1 both at $500 credit limits and I also have a car loan through Cap1 as well. Everything paid on time. My credit score still hasn't broken the 600 mark as of yet. Maybe I should wait a little longer, but I just thought by now it would be higher. I was hoping to refin my auto loan for a cheaper interest rate.

[LadyInTheRed]

You definitely need to have a longer record of good credit management to see an increase in your score. 6 months is minimum and even that is pretty soon. Make sure you keep your credit utilization low. Keep both cards below 30% of available credit. Below 10% would be even better.

[TXskyblue]

Two credit cards and a car loan reporting on your credit is pretty solid for only a few months post discharge.

You just need more time. Adding more accounts won't do much for you, credit wise.

Keep your utilization down, like LitR above notes.

Also, I hope you're paying it off in full every month.

[Pjmax]

Have you checked all 3 credit reports to make sure everything is reporting correctly? Where are you getting your score from?

[twiz88]

You definitely need to have a longer record of good credit management to see an increase in your score. 6 months is minimum and even that is pretty soon. Make sure you keep your credit utilization low. Keep both cards below 30% of available credit. Below 10% would be even better.

Yes one credit card i'm way below 30%...the other credit card i'm about 35-37% bill is due soon so I will be paying that down to under 30%.

[twiz88]

Have you checked all 3 credit reports to make sure everything is reporting correctly? Where are you getting your score from?

I checked Myfico a few months ago now I'm signed up with Equifax.com. Any suggestions on a place i should be looking? Thanks

[twiz88]

Two credit cards and a car loan reporting on your credit is pretty solid for only a few months post discharge.

You just need more time. Adding more accounts won't do much for you, credit wise.

Keep your utilization down, like LitR above notes.

Also, I hope you're paying it off in full every month.

Yes I recently have been paying the cards off every month. For example I paid off both credit cards last month Credit Card A has 0% interest Credit Card B has 19%. When Credit card B was paid off before the due date interest of $9 was still due for the next bill cycle.

[Pjmax]

I checked Myfico a few months ago now I'm signed up with Equifax.com. Any suggestions on a place i should be looking? Thanks

Get all 3 reports from annualcreditreport.com. If you've already had your freebies for the year, get them directly from each CRA. The reports you get from any monitoring service do not have the complete info, fine for monitoring, but fresh out of BK, you need to see your 3 full reports.

If the score you get from Equifax.com is not a Fico score, and I don't believe it is, you are wasting money. You can get your Fico scores from MyFico, but they are expensive.

[Pjmax]

Twiz, here's a good thread to read:

http://www.bkforum.com/showthread.ph...-Floored/page2

Some credit card companies are now providing free monthly Fico credit scores, Walmart and Barclay's are two of them. I've never purchased my scores from MyFico. Shortly after cleaning up my reports post-BK, I applied for a few cards, and found out my true scores from denial letters.

[twiz88]

Get all 3 reports from annualcreditreport.com. If you've already had your freebies for the year, get them directly from each CRA. The reports you get from any monitoring service do not have the complete info, fine for monitoring, but fresh out of BK, you need to see your 3 full reports.

If the score you get from Equifax.com is not a Fico score, and I don't believe it is, you are wasting money. You can get your Fico scores from MyFico, but they are expensive.

Yes I know Myfico would be the most accurate but they are costly. I have looked at all three of my credit reports everything is showing correctly and all accounts included in BK are still on my report however they just show "included or discharged in Chap. 7 bk.

[twiz88]

Twiz, here's a good thread to read:

http://www.bkforum.com/showthread.ph...-Floored/page2

Some credit card companies are now providing free monthly Fico credit scores, Walmart and Barclay's are two of them. I've never purchased my scores from MyFico. Shortly after cleaning up my reports post-BK, I applied for a few cards, and found out my true scores from denial letters.

Thanks I agree Myfico seems to be the only place to get true scores. I have monitoring service on my reports I will keep up good with my credit for a few more months and check back to see any updates. I also have a few Hard Inquiries dropping off in the next few months.

[rustymich]

Dont worry about the numbers it will make you crazy,save your money youll be happier and have more cash.....I played with the 10%-30% numbers for a year and it seemed they want you to owe more and (REWARD)you with a higher score for it.But when you pay the bill to nothing your score drops due to non utilization.....I will not get caught again...Just my views and what Ive seen and done..Good luck

[ValleYum]

Here is a great thread where one of our members, IBroke, was able to re-fi his car with an interest rate almost 50% lower than he originally had! Good reading.

http://www.bkforum.com/showthread.php?75543-Working-on-my-Refi-Loan

Good luck with your attempt, twiz88!