Post BK Credit Score/Report Improvement

[OilOperator]

Did a BK 7 in 2012 for about $2.5million which was discharged 8/2012. Since then I was able to secure 2 auto loans from Capital One using there Blank Check each for 30K. Each loan is $28K & 29K with 9% & 13% interest. I also received 2 CC from Capital One $1500 each limit.

 

I have been with current employer for about 1.5 years with an average yearly pay of $135K.

 

I have plans to purchase another house @ my 2 year discharge anniversary (3 foreclosures included in bk). I need to boost my scores and try and clean up report best as possible. I have 45 TL (avg) reporting on each bureau with 31 negatives (avg) (all included in BK) showing on each report. 14 positives are showing up ranging from paid auto loans to a paid Amex with a 60K limit.

 

I have like 20 inquires showing on each report mostly from collection agencies who keep checking my credit before the BK was filed

 

My credit scores range for 560-618 when I checked them last month.

 

What is best approach to getting my scores & report back up my pre BK standards. I don't need any additional credit cards or another auto loan in the next 6-12 months as I didn't really need any of them after BK but knew I needed to start over on building my credit score & report.

 

Any information that will help guide me in the right direction who be helpful. Never had credit issues until the housing market collapsed.

 

Thanks.!

[Menta33]

If you can join NFCU, open a secured credit card with them and keep it open, it will probably eventually unsecure. Old revolving credit trade lines with low utilization are the key to a good score. Avoid opening a ton of new trade lines due to the negative impact on your score from new accounts and low average age of accounts.

[beastmode]

With a fine tooth comb, look through all the negative accounts. Find any inaccuracies (ANY), duplicates and dispute them even if its simply a technicality. If you have collection accounts also reporting-Jack attack them i.e dispute via CRa and DV the CA as well.

 

I believe you need at least1 more card to get your full rebuild going. If you have had you capone cards close to 6 months, I would recommend a Barclays card. Reward, apple or NFL seem to ones that get approved easiest. They like to see 5-6 mos of positive reporting post-Bk. Also prepare to recon, and explain the 20 inqs. The will most likely pull TU. If you are eligible, NFCU is a no brainer. Logix FCU has recently caught my attention as well.

 

Now if you want to go gangbusters, search "how I got my Bk deleted" in the threads. But for the straight and narrow approach, the fore mentioned is a good start.

 

Don't forget to keep your UTI 1-3%.

[hrguy]

With a fine tooth comb, look through all the negative accounts. Find any inaccuracies (ANY), duplicates and dispute them even if its simply a technicality. If you have collection accounts also reporting-Jack attack them i.e dispute via CRa and DV the CA as well.

 

I believe you need at least1 more card to get your full rebuild going. If you have had you capone cards close to 6 months, I would recommend a Barclays card. Reward, apple or NFL seem to ones that get approved easiest. They like to see 5-6 mos of positive reporting post-Bk. Also prepare to recon, and explain the 20 inqs. The will most likely pull TU. If you are eligible, NFCU is a no brainer. Logix FCU has recently caught my attention as well.

 

Now if you want to go gangbusters, search "how I got my Bk deleted" in the threads. But for the straight and narrow approach, the fore mentioned is a good start.

 

Don't forget to keep your UTI 1-3%.

 

Logix caught your attention too.

[OilOperator]

With a fine tooth comb, look through all the negative accounts. Find any inaccuracies (ANY), duplicates and dispute them even if its simply a technicality. If you have collection accounts also reporting-Jack attack them i.e dispute via CRa and DV the CA as well.

 

I believe you need at least1 more card to get your full rebuild going. If you have had you capone cards close to 6 months, I would recommend a Barclays card. Reward, apple or NFL seem to ones that get approved easiest. They like to see 5-6 mos of positive reporting post-Bk. Also prepare to recon, and explain the 20 inqs. The will most likely pull TU. If you are eligible, NFCU is a no brainer. Logix FCU has recently caught my attention as well.

 

Now if you want to go gangbusters, search "how I got my Bk deleted" in the threads. But for the straight and narrow approach, the fore mentioned is a good start.

 

Don't forget to keep your UTI 1-3%.

I applied for Barclays (declined) waiting to get letter in mail.

 

I opened a savings with USAA 3 months ago(5k deposit) and opened a logix savings (3k balance) 2 weeks ago. I spoke with Logix about refi my truck (13% interest). They mentioned 600-640 is a 8.99% rate and 640-679 is 5.49% and they pull experian. Trying to get my score there so I can do a refi with them.

 

Trying to find a backdoor into NFCU as I don't have a way in yet. They have a branch down the street from me. Been waiting to finalize my Army Reserve enlistment but until then have no means to get membership

[beastmode]

did you have 5-6 months of post-BK revolving credit report before apping for Barclays? If not you might have jumped the gun a bit early. If you did...then recon right away. No need to wait for letter. I would recon 3 times if I didn't get desired outcome.

 

hrguy, logix definitely has me perked up!

 

I would take that 5K USAA somewhere else that is BK friendly. USAA is not. Open a credit builder loan with it. Take that loan an open a secured credit card. You will have generated 10K in credit lines with 5K in savings.

[hrguy]

did you have 5-6 months of post-BK revolving credit report before apping for Barclays? If not you might have jumped the gun a bit early. If you did...then recon right away. No need to wait for letter. I would recon 3 times if I didn't get desired outcome.

 

hrguy, logix definitely has me perked up!

 

I would take that 5K USAA somewhere else that is BK friendly. USAA is not. Open a credit builder loan with it. Take that loan an open a secured credit card. You will have generated 10K in credit lines with 5K in savings.

What got you all riled up about Logix? Do share

 

They seem to be very lenient with BKer's early on with unsecured cards.

 

FWIW - I do not know what they will do, but Barclay does track how many times a person calls their recon line....

[OilOperator]

did you have 5-6 months of post-BK revolving credit report before apping for Barclays? If not you might have jumped the gun a bit early. If you did...then recon right away. No need to wait for letter. I would recon 3 times if I didn't get desired outcome.

 

hrguy, logix definitely has me perked up!

 

I would take that 5K USAA somewhere else that is BK friendly. USAA is not. Open a credit builder loan with it. Take that loan an open a secured credit card. You will have generated 10K in credit lines with 5K in savings.

Yes. Did my initial truck loan 29K @13% 1 month out of BK along with $1500 CC (Applied for both same day/same lender). Did another CC same limit 1 month later. I use the cards each month and pay them off. I then did the 2nd car loan in April 28K @ 9% (same lender as my other auto loan and both CC).

 

I forgot to mention I got approved for a GE Carecredit card @ the dentist. It gave me a 2K limit with a promo of 0% for 12 months. Only have a balance of $205 on the card.

[OilOperator]

I would take that 5K USAA somewhere else that is BK friendly. USAA is not. Open a credit builder loan with it. Take that loan an open a secured credit card. You will have generated 10K in credit lines with 5K in savings.

 

Any recommendations on who to chose for a credit builder loan/secured credit card as you stated above ?

[beastmode]

Most local CU have a credit builder program. I would start there. Just make sure you vet their BK policy up front. NFCU of course if you can join, and State Department FCU. Anyone can join SDFCU through the American consumer council if you don't qualify via their humongous list of employers. SDFCU offers a secured loan and a secured card. Rumor is the secured card is a soft pull.

 

hrguy, i spoke to a loan officer out of curiosity about re-fi for my car loan with an abysmal rate I got day 1 out of BK. What perked me up was they absolutely didn't care about the BK. I asked about this 3 different ways. The answer was always the same. "we could care less". What was important to them was job, income and DTI. Even your score didn't matter according to him. Their automated system frequently denies but apparently this is very easy to overturn. He said as long as they were able to verify income they were very comfortable making a secured loan. He couldn't elaborate about their CC system though. They are on my watch list right now as I quietly garden my current TLs.

[hrguy]

Most local CU have a credit builder program. I would start there. Just make sure you vet their BK policy up front. NFCU of course if you can join, and State Department FCU. Anyone can join SDFCU through the American consumer council if you don't qualify via their humongous list of employers. SDFCU offers a secured loan and a secured card. Rumor is the secured card is a soft pull.

 

hrguy, i spoke to a loan officer out of curiosity about re-fi for my car loan with an abysmal rate I got day 1 out of BK. What perked me up was they absolutely didn't care about the BK. I asked about this 3 different ways. The answer was always the same. "we could care less". What was important to them was job, income and DTI. Even your score didn't matter according to him. Their automated system frequently denies but apparently this is very easy to overturn. He said as long as they were able to verify income they were very comfortable making a secured loan. He couldn't elaborate about their CC system though. They are on my watch list right now as I quietly garden my current TLs.

Yea, same here - I may try them for a CC by summer's end

[wow]

If you have 2 CC's and autos, then you really don't need any more "credit" to get the house post BK. They ask for at least 2 TL's and you have that. You need to be more focused on getting rid of the baddies IMO. Start with the oldest first and start disputing them as obsolete, then start looking for other issues as others have stated. You will find that alot of DF's will just remove the TL's altogether rather than fixing them bc they know they can't get any money out of you.

 

Also, IIRC you will have to wait 3 years post BK, instead of 2 because you included houses in your BK.

[hrguy]

3 years from the foreclosure should have elapsed @ the 2 year discharge anniversary from the latest foreclosure since you said you have 3...the foreclosure date and BK date run concurrent in a sense.

 

In order for you to qualify on the 2 year discharge date, you would have had to have had no homes in your name, and the foreclosure would have had to be 1 year old WHEN you filed BK.

 

If you lost them during/after the BK, the 3 years starts the day the house title was taken out of your name.

[OilOperator]

3 years from the foreclosure should have elapsed @ the 2 year discharge anniversary from the latest foreclosure since you said you have 3...the foreclosure date and BK date run concurrent in a sense.

 

In order for you to qualify on the 2 year discharge date, you would have had to have had no homes in your name, and the foreclosure would have had to be 1 year old WHEN you filed BK.

 

If you lost them during/after the BK, the 3 years starts the day the house title was taken out of your name.

 

 

I made my last payment to the lenders on my houses in April 2007. The homes foreclosed September 2007. I filed BK7 March 2012, Credit Meeting May 2012, Discharge August 2012. Almost 5 years between foreclosed and BK filing/Discharge.

[hrguy]

Ok, so you are good.

 

Having at least 2 active trades will get you where you want to be if you are concerned with a mortgage.

 

If you are also concerned with maximizing and getting to your best possible score post-BK while it is still reporting, you will want 3-5 credit cards reporting on your file. Having that with the mortgage and car loan after all the negative IIB accounts fall and just with the BK, with proper utilization will put you into the highest bucket for BKer's.