Improve credit score

Submitted by Anonymous (not verified) on Sat, 07/31/2010 - 04:34
Forums
Credit repair

Hello,

This is my first time posting to the site. I’m trying to improve my FICO score. I know this will be a gradual process because I had filed Bankruptcy Chapter 7 in July '09 (discharged Dec '09). I just checked my Equifax CR and filed a dispute. I am in the process of checking Experian AND TransUnion credit reports too. Right now I have a 620 Score.

At one time, I had a 700+ and I’m looking to see that score again. I reaffirmed my car loan and did not include my mortgage in the bankruptcy. Do I need a CC to help me increase my credit score? If so, how long after the BK should I apply for a CC?

Aaron

Hi Maisie,

In two years time after bankruptcy you can qualify for new credit. However, you can get secured credit card with low credit (soon after bankruptcy) to improve your credit score.

Before getting a secured credit inquire with the company if they report to all the three credit bureaus. Else, even after your ontime payments, the positive credit history may not get added to your credit report. Thus, there will not be any increase in your credit scores.

After getting the card, you can use it to make purchases, and then remember to make the ontime payments on the card. After a year and half or may be two you can ask the creditor to convert this card into a general unsecured card.

Thanks,

Aaron

Sat, 07/31/2010 - 09:05 Permalink
Katrina

I agree with Aaron, a secured card is certainly the way to go after BK. Just make sure the card reports to the bureaus and graduates to unsecured status after a certain period. (You will still have to request the upgrade though - it is not automatic.)

I uploaded a comparison chart of about 20 secured cards and posted the link on this thread - http://www.creditmagic.org/graph/about11875.html#49983

Hope you find it helpful.

Sat, 07/31/2010 - 19:37 Permalink