Credit Score Advice

[I Is Broke]

I filed on 12/20/04
I was discharged on approx 03/20/05

I've been monitoring my Experian Credit Score

08/24/05 582
03/20/06 649
07/25/06 669

How does this look? What should I do to improve it more? My goal is to be over 700 by the end of the year. Is that possible or am I not being realistic? I've corrected everything on my report.

In May 2006 I got my first credit card since before bankruptcy. I have a $1500 limit and have not charged more than $200. I've paid the balance in full each month, if not sooner. This account is with Direct Merchants.

Should I apply for a second card? If so, with who? I was turned down for a Hooters and a Kohl's card this year. I keep getting Capital One offers, but I don't want to use them since I had them included in my bankruptcy.

Someone please give me advice. I don't know who else to ask for advice.

Thanks to everyone on this forum.

[Princesskina]

OMG congrats to u I feel the best place for u to be is over at creditboards.com they have the best resources for this subject, they even have a credit data base that will tell u which cards are available to who depending on credit scores and credit history. I am hearing the Circuit City Visa is an EASY approval BUT if ur late on a payment they will increase ur percentage but good start and congrats...

I filed on 12/20/04
I was discharged on approx 03/20/05

I've been monitoring my Experian Credit Score

08/24/05 582
03/20/06 649
07/25/06 669

How does this look? What should I do to improve it more? My goal is to be over 700 by the end of the year. Is that possible or am I not being realistic? I've corrected everything on my report.

In May 2006 I got my first credit card since before bankruptcy. I have a $1500 limit and have not charged more than $200. I've paid the balance in full each month, if not sooner. This account is with Direct Merchants.

Should I apply for a second card? If so, with who? I was turned down for a Hooters and a Kohl's card this year. I keep getting Capital One offers, but I don't want to use them since I had them included in my bankruptcy.

Someone please give me advice. I don't know who else to ask for advice.

Thanks to everyone on this forum.

[djk]

on the topic of credit over the big view I was discharged in early May and
sent in an application for a Discover Card last week. I'm a firm believer in
not touching any of the predatory cards so many here seem to jump on and
relish being approved for, 200 bucks a year for a 300 buck line of credit is
not my idea of rebuilding credit. If I'm refused I still get a free copy of
the credit reports to keep up to date on the way things are listed.

[Princesskina]

on the topic of credit over the big view I was discharged in early May and
sent in an application for a Discover Card last week. I'm a firm believer in
not touching any of the predatory cards so many here seem to jump on and
relish being approved for, 200 bucks a year for a 300 buck line of credit is
not my idea of rebuilding credit. If I'm refused I still get a free copy of
the credit reports to keep up to date on the way things are listed.

That's why u should take a look at credit boards they talk about which card is good and for what reasons, they speak of all the bk friendly cards and other things on that topic.

They also speak about bk filers who are rebuilding and what steps should be taken.

[edwards2]

djk...I dont think a lot of people on this board jump on predatory credit card company offers. The card that was recommended the most was the Orchard Bank card which my husband and I both have in addition to a Juniper Bankcard, Target redcard and Hooters card. It is a good way to start rebuilding and my husband's score is closing in on 700 and mine is not far behind. If you choose to wait until you get a big CL that is your choice but given your BK was just discharged it will be difficult to find a credit card with a high credit line and low interest. I heard Discover card was not that BK-friendly and anyway we had one years ago and I would not want one of their cards if they gave it to me.

[Allen Greenspan]

Re: credit score advice

The first thing I would ask you is this: what are your goals and how can you position yourself credit-wise to attain those goals.

As far as the credit scores from a mortgage perspective: credit grades are given based on 4 factors. 1 score, 2 mtg payment history 3 time since discharge 4 tradelines--the number of accounts you have.

most mortgage lenders want you to have 3 open and active accounts, and to have had those accounts for 24 months, and that he credit limit on those accounts be at least 1500-2500.

Here is where it gets tricky. I've seen folks with 660 score 8 months out of BK, and the bank gave them a "C" grade becasue they were 8 months out of BK. Going just off the score, they would be a b+ grade, but proximity to the BK has more impact on credit grade than the score.

I suggest that you have a total of 3 credit accounts on your report to safely rebuild your credit---if you have a mortgage, car payment, and 1 credit card, that should do it. Keep the balance of your credit card less than 50% of it's limit, and every 3-6 months ask the credit card company to raise your limit.

If I can leave you with one thing here, it would be this: there are more factors to consider than just credit score---however the way most finance people talk, they oversimplify and they also beniifit from all the things that you don't know by charging higher cost to folks that have a BK on their record.

A.G.

[I Is Broke]

My goal is to be able to buy a house / condo or something in the next ten years. I will also need to purchase a car in about 2-3 years. I would love to live life on cash only and never use the credit cards.

I've been using the credit card for gas purchases only.

[grunfelb]

I am out of BK since 1/07 and now my score is 666, 683, 672, still have a lot of paying off to do, hope to reach 700!

[Cali]

I wonder if the OP made it to 700, since this was posted 2 years ago.

[I Is Broke]

Yes, I have reached 700. My scores are as follows:

Experian 729
Equifax 732
TransUnion 743

Is it possible to reach 800 with Bankruptcy still listed on my credit report?

[liz417]

Yes, I have reached 700. My scores are as follows:

Experian 729
Equifax 732
TransUnion 743

Is it possible to reach 800 with Bankruptcy still listed on my credit report?

Hmmm... I'm curious about this one too....