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Showing results for tags 'Repair Credit'.
Hi all, This is my first post, as I am new here. My husband and I recently filed Chapter 7 BK and it has been discharged since September 2014, we are now wanting to rebuild our credit, our scores are both just shy of 600, (my husbands score shot up 87 points AFTER BK was filed...mine went up by 1 point...weird huh) We are thinking we will need to get a secured credit card, which is fine, but do not know who to go with? We currently bank at a local credit union and thought of going through them, but wanted to make sure it was reported to all 3 credit bureaus, So should we go for a MAJOR company such as Capital One? What do you guys recommend? Any help/advice would be great! Also we were advised by someone else rebuilding their own credit, to only use 10% of credit card limit and pay off on time each month to get BEST credit rating. So only use $30 on $300 limit and NO more. Does that sound right to anyone else? We want to make sure to do this right. We are not in NEED of a credit card, but just want to use one to improve our credit so one day we can buy a house. We currently have NO credit cards, No car loans, No personal loans, No retail credit cards, Nothing that is reporting to credit bureaus. We are in need of getting a small car loan ($5k or less) some time soon (within 6 months) should we apply for that now? or wait till we have had credit card for a few months to show on time payment history? What would be the best scenario? I don't wanna add too many "inquiries" to our credit reports right after filing BK, so trying to do this wisely. Thanks again for your help!
Hello, Newbie here and excited to find such a helpful and vast forum site on all things credit! Anyway, I've recently decided its time to start fixing my poor credit that has largely been caused by credit cards used in my early 20's and a private student loan balance that ended up going to collections. My private loan debt is $19k and credit cards are $7k (recently paid down from 12k) I'm a recent college graduate (2010) and was lucky enough to get a good job right out of college. I just got a new job 3 months ago that pays even better than my old one which coupled with having a newborn son, has inspired me to get my credit back on track as soon as I'm able. I recently sold some assets and have managed to scrape together $7k I'd like to use to jump start my credit road to recovery. So my question is, which is a better decision in repairing my credit. Settling my student loan debt (which after speaking with a local debt settlement attorney should be possible, at least on the 15k loandisbursement debt. The remaining disbursements a are small adding up to the 19k). Or payoff all my credit cards in full and shut them down. Obviously I'm kind of leaning towards the loan settlement option as that is what's most detrimental to my credit, considering the credit cards are not in default. But I also wonder if paying off the credit cards will not only immediately improve the look of my credit report, but also will allow me to use those would be monthly payments to get the 19k debt paid off in 2-3 years. That way I could also avoid the painful debt settlement smear on my credit report. But is the damage already done in that regard, due to the default? I should also note that my primary goal is to purchase a house soon, but I know that will be challenging with my private loan problem. My choice in this matter will be heavily swayed by the ability to obtain a home loan hopefully sometime in the next 5 years. Just looking for some experience and insight on my predicament and I thank all in advance.