Rebuilding Credit

I have tried very hard in rebuilding my credit and boosting my credit scores since I had to file bankruptcy in November 2019. I had no choice but to file Chapter 7 Bankruptcy because the judgment creditors from my loss from the 2008 financial crisis were renewing the judgments. I was discharged of the Chapter 7 Bankruptcy in April 2020. The minute I got discharged I started opening Secured credit cards, credit rebuilder accounts, and purchased a newer SUV one year after my Chapter 7 Bankruptcy. I got my credit scores up to 700 in less than one year after my discharge of the bankruptcy. I am now able to get u Secured credit cards and personal loans. In this thread I will share how I have rebuilt my credit and increased my credit scores. I will outline line item per line litem and detail how maxed out credit cards can plummet your credit scores.

Is achieving a 700 PLUS FICO credit score possible one year after a bankruptcy discharge?

What Credit Should I Add To Raise Credit Scores? Can you please advise me on the steps to rebuild and boost your credit to get a mortgage approval.

What are credit inquiries and how does it work? Are credit inquiries bad for your credit profile? Why do lenders frown on credit inquiries? Can you get credit inquiries removed from your credit report? How long do credit inquiries stay on your credit report.

Many consumers do not realize that they can add nontraditional credit such as utilities bills, cable, rent , insurance, and other monthly bills they pay that don’t report to credit bureaus with EXPERIAN BOOST

Here’s the link to EXPERIAN BOOST

https://www.experian.com/consumer-products/score-boost.html

For borrowers who need a credit boost program besides Experian Boost, try

https://stellarfi.com/

stellarfi.com

Build Credit By Paying Your Bills | StellarFi

StellarFi helps you build credit by paying your bills on time. With our easy-to-use platform, you can track your bills, automate payments, and improve your credit score. Start building your credit today with StellarFi

Boosting your credit score typically involves adding positive credit tradelines to your credit report. Credit tradelines are accounts or credit lines that appear on your credit report and can impact your credit score. Here are some types of credit tradelines that can be used to boost your credit:

1. Credit Cards: Having a credit card with a good payment history can positively impact your credit score. If you have a low credit limit or no credit cards, consider getting a secured credit card or becoming an authorized user on someone else’s credit card account.

2. Installment Loans: Installment loans, such as auto loans or personal loans, can contribute positively to your credit score if you make on-time payments. These loans show that you can manage different types of credit.

3. Mortgages: A mortgage loan can also have a positive impact on your credit score if you make regular payments. Having a mix of credit types, including both revolving (credit cards) and installment (mortgage) accounts, can be beneficial for your credit score.

4. Retail Store Cards: Some retail stores offer credit cards that you can use exclusively at their stores. These can be easier to qualify for and can help establish or improve your credit history if used responsibly.

5. Secured Credit Cards: Secured credit cards require a security deposit, making them easier to obtain for individuals with poor or limited credit history. Using a secured card responsibly can help you build or rebuild your credit.

6. Authorized User Accounts: Becoming an authorized user on someone else’s credit card can allow you to benefit from their positive payment history. However, this strategy may not work with all credit scoring models, and you should ensure that the primary cardholder has good credit habits.

7. Credit Builder Loans: Some financial institutions offer credit builder loans specifically designed to help people establish or improve their credit. These loans often involve making small, regular payments into a savings account, and once the loan is paid off, you receive the funds.

8. Peer-to-Peer Loans: Peer-to-peer lending platforms may offer loans to individuals with varying credit profiles. These loans can help you build credit if you make timely payments.

When using these credit tradelines to boost your credit, it’s essential to make all payments on time, keep your credit card balances low (ideally below 30% of the credit limit), and avoid opening too many new accounts at once, as each credit inquiry can temporarily lower your score. Additionally, time is a crucial factor in improving credit, so be patient and consistent in your efforts. Angela Roque hopefully will add her affiliate links to Gustan Cho Associates so our loan officers can get access to the credit affiliates to help our borrowers boost their credit score under a one stop shop.

If my credit scores are low, and I can’t ever get credit, how do I start rebuilding credit? I always get rejected when I apply for new credit. I have absolutely nothing. I want to rebuild my credit so I can buy a house and open my company account.