Discharged 2 years

[Bigjay187]

I filled chap 7 and it was discharged 2 years ago in jan. My credit score was 550 after the discharge. Now 2 years later it has not moved 1 point. I have 2 auto loans, 2 C/C no late payments etc. What is the problem? I make 30k more a year than I did. Shouldnt my score go up by now? Please help I want a house buy april and cant until I hit 620.

[justbroke]

What's your utilization on those credit cards? Are they over 70% of your avaible credit line (or worse... over 90%)?

[frogger]

What is your total yearly income and what is your total debt?

[HHM]

1. Are those auto loans you had before the bankruptcy?
2. Have you been using those credit cards? (i.e. charge $50, pay it off each month).
3. Have you checked your credit report to see if everything is reporting properly as a result of the BK. Balances zero'd, comments stating Included in Bankruptcy (IIB), etc.

Frankly, I question the legitimacy of your question in light of your other posts. It is mathematically impossible for your credit score to NOT MOVE 2 years after BK. Even if you did NOTHING, the score would go up.

What is worse filing chapter 7?

Or doing one of the deals where a company help get you dept settled for .40 of a dollar?

Will these affect my ability to get student loans?

How long before I could get a buisness loan?

Thank you for any help y'all can give me.

[Logan]

What is your total yearly income and what is your total debt?

Income has nothing to do with credit score. Amount of credit available versus debt would be a more appropriate question.

Logan

[Bigjay187]

both auto loans were reafirmed during. There was a jewlry account that was reafirmed to, that will be closed dec this year. Have target card, 180 with 200 limit, overdraft 475 with 500 limit, c/c 475 with 500 limit.

I was getting my score from free credit report. It didnt move compared to what I was told it was 2 years ago. The bank said it was like 555, free credit said 554. I canceled my account and went to a fico credit score and that was 599 they said that was experian. Which is more what the banks use. So I have to bunp it up 21 points by april assuming that is correct for FHA loan.

How do I get my 21 points? Can pay the 1 auto loan off in a couple months. My old broker told me to chage the CC up then pay down and repeat.

[Bigjay187]

Checked my Credit report and its clean. My one auto loan is classed as chap 7 discharge but it still accuires payment history. Bank said it doesnt matter, everything else is right.

[jadams]

It looks like you're running about 94%+ Utilization.

That's going to cause some damage to your score.

If at all possible, people generally recommend running 9% or less utilization to have the best score possible for mortgage shopping. (Roughly $100 TOTAL or less reporting across all three Target, CC, and Overdraft).

Paying off the credit cards and overdraft would likely be the biggest boost for your money, compared to paying extra on the auto loan.

[justbroke]

As jadams listed, your utilization is extremely high. Utilization affects you quite esily at 50% and has the most drastic affect when you're at 90%+!!! If you have been bouncing at or around your credit limit, or even exceeding it periodically, this affects your score dramatically!

Please, lower your utilization. You shouldn't be over 50% to start with, and even getting over 30% can severely affect your score. As posted by jadams, running utilization over 10% can also affect your score, but the higher it is, the worse it affects your credit. I would try to get below 40% of utilization for a few months and see what happens. You may be pleasantly surprised!

Note: that high utilization is very indicative of a person who is "living" on the credit and is a high risk for default.

[aces67]

I agree with the others you are using your credit cards too much. I would pay them down and start using them a lot less.

[Logan]

Pay off those cards and apply for a Capital One CC after your credit report reflects those cards at a 0 balance. You really need a card with a larger credit line and with your cards maxed out you may not get one.

Logan

[Bigjay187]

The broker told me to do that, I'll pay all 3 of them off in the next month. Would paying the auto loan off help? I have 8 payments left, wouldnt be hard to do in the next 2 months.

What do I need to get a capital one card? As for score? No one will give me a C/C well last year at this time they wouldnt.

[Stilltheone]

I agree with the above. You're using your cards too much.

I'm in the same boat as you! My husband and I each have 5 cards and all are maxed out at this current time. Granted, our total debt is less than $4K, much better than before we filed BK. I know it hurts our score, but we can't pay them all off until April, when his big bonus comes in. Until then, I keep making my minimums on time.

Once you pay them off and not use them so much, your score should increase!

[Logan]

The broker told me to do that, I'll pay all 3 of them off in the next month. Would paying the auto loan off help? I have 8 payments left, wouldnt be hard to do in the next 2 months.

What do I need to get a capital one card? As for score? No one will give me a C/C well last year at this time they wouldnt.

don't worry about your car loan. Pay off the others and after both statements come back at 0 then your credit report should jump. I couldn't tell you how much but that's when I would apply for a Cap One card.

Also, listen to your broker. I used to be a loan officer and these guys are the experts--not us.

Logan