For quite awhile, especially right after my bankruptcy filing, I figured my credit score would be shot for life. I just kind of gave it up as something out of my control for the next few years.
Well, I’m changing my mind. I want to try and rebuild my credit score up to where it used to be. Somehow, even with my bankruptcy and the foreclosure (and short sale), my credit score has creeped back up quite a bit this year. I checked my score at the end of November:
As you can see, my Equifax score isn’t actually terrible at all. It’s not stellar, but it’s not terrible. My Experian is pretty bad, but all in all, I’m way up from the scores I saw last year (I pulled one time and was in the 400 level). I think all my late payments are now well behind me in my file. Also, I have no personal debt, so my credit ratio is good there. I think my score would continue to creep upwards if I just continued to do nothing.
But, looking at some personal goals for myself in the next year or two, I would like to try and purchase a house again at some point. I don’t believe that can happen for at least two years after bankruptcy, but that is only a year away at this point.
First Credit Cards After Bankruptcy
After I checked my above score, I did some research on rebuilder type credit cards. Just a personal note on me getting credit cards again. I don’t worry about this at all. I will only be using these for credit score purchases. I will not be buying stuff I don’t need, or putting money into a day trading account like I used to years ago. I’ve learned my lessons there.
Anyway, I applied for about 6 cards all at once. I didn’t receive instant decisions, but none declined me right away either.
I received my first two cards in the mail today. The first, a tribute gold mastercard. The second from HSBC Household bank. Both with whopping $300 credit limits! Whopee! Both have annual fees (lamo), but that seems standard for these credit rebuilding type cards.
Anyway, I’ll try and come back once a month and update this thread with a new score or two as well as any other actions I’ve taken to rebuild my score!
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Good job on getting new credit cards to help repair your score. That is the smart move. I didn't even realize there were specific plans to help do so. Is there anything else one can do to help a score if it's low?
Really helpful information about credit score. New cards for credit repair and improving the credit score is a very intelligent way to deal the situation indeed.