New CC after BK - 0 fees!

[down&out]

[down&out]

AND.....


I also got another cap one offer at the same time that said $19 annual fee.

Went in the trash - I ain't a gonna pay no fees!

[bkfiler]

hehe thats great to hear!

do you have other cards? you should use 3 credit lines to work your credit up faster. 1 can be a mortage.

[down&out]

hehe thats great to hear!

do you have other cards? you should use 3 credit lines to work your credit up faster. 1 can be a mortage.

1. House note

2. Car note

3. 1 credit card

I think that is enough. Do you think I need another CC? My plan is pretty simple - I am going to pay my house payment with the CC and then mail $$ to cap one every month.

What do you think?

down&out

[down&out]

hehe thats great to hear!

do you have other cards? you should use 3 credit lines to work your credit up faster. 1 can be a mortage.

bkfiler - how long does it typically take a filer to get over the 700 mark?

[bkfiler]

yes i think you should have 3 credit cards imo. others say 2 and a loan of sorts.

how long for 700? no idea. no one knows for sure. too many variables.

[Jenny]

What is a "FAKO" score?

[bkfiler]

its a silly term used to say that the scores we get from most places are not really a true FICO. so we call it FAKO.

FICO score are expensive to get. FAKO scores are much cheaper and can be gotten from each credit agency. FICO has a certain fomula. FAKO scores try to calculate it the best they can but are wrong and usually higher but up to 100 points.

[jennga]

AND.....


I also got another cap one offer at the same time that said $19 annual fee.

Went in the trash - I ain't a gonna pay no fees!

Hey Down&out, I vote for you to get a new name like Up&In.. lol Really, you are doing so great, glad you're not down and out anymore

[bilbo]

Hey down&put--great on the scores--what were they like right before and right after filing?

[CCareEvil]

Congrats..I am happy for your success. I have a question about Cap 1. Since Cap 1 doesn't report your credit limit, it will just show your highest balance. If you pay your mortage with it every month, then it may look like you are maxed out. It was my understanding that is was better to make one big purchase, pay it off, then just use it for smaller purchases. I could very possibly be wrong about all this, but this was why I had been hesitant about using Cap 1.

[bkfiler]

if credit cards do not report your limit then that is exactly what you do.

take it to near the limit and let it report, then pay it off.

you would then need to keep it well under 50% usage to get good FAKO scores. utilization of more then 50% of the limit is a negative.

i wonder how they deal with that if you didnt do this trick, and the card only showed $115 high and cururent as $80. that would be a negative lol. i bet that screws a bunch of people and they dont even know.

[StaciMM]

Its hard to predict how your scores will climb, but if you keep balances low and payments on time-it should gradually rise.

[down&out]

Hey down&put--great on the scores--what were they like right before and right after filing?

I did not check them before BK.

However, I did check them right after the BK was put on my public record.

The FAKO scores were:

574, 516, 518

As soon as I had corrected everything (they all show included in BK and 0 balance) The scores went to:

623, 551, 633

Now, 6 months after discharge, they are at:

644, 655, 686.

They were all a little bit higher (under 700) but I got the auto loan and the CAP ONE card. The inquireies brought me down.

down&out

P.S. - Before anyone corrects me - yes I know FAKO scores are not FICO scores.