5/11/2009

I have heard that once you hit your 2 year mark on bankruptcy it has less of an impact on your scores and credit report..I was unaware of this but this is a good thing for me as my bk7 will be 2 years old on May 2nd...If anyone has had any experience with this can you tell me what kind of an impact it had on scores as far as upping them. I do realize the utilization, etc has an impact also but just want to know what to expect. Also what doors it might open (if any) and what I might be safe attempting to apply for that maybe I wouldn't have gotten approved for before. I am rebuilding and this is a tough road but learned a big lesson.
Thanks in advance for any info.

11/26/2008

Inquiries stay on your report for 1 year. If credit card lenders see too many inquiries on your report, they will think that you are desperate for credit and will automatically deny you.

Inquiries will impact your score for 2 years. I'd suggest waiting 2 years so you can get the best credit limit and interest rate. Remember, the better your score, the lower interest rate and the higher credit limit you will receive.

I didn't know that getting too many inquaries will lower your credit scores. How long should you wait before applying for a credit card after you have already requested.

I am trying to refinance my house and everyone turned me down flat!!!!!!!!! they told me to get more credit cards to raise my credit scores...

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Applying for more credit cards doesn't mean your score will go up. Whoever told you that shouldn't be working where they are. It will hurt your score in 2 ways:

1. Inquiries
2. Too many new accounts

My advice to you is just stick with the cards you currently have and pay them on time and don't go over your limit. If you're in the building/rebuilding process, time is the factor that will help your score increase, not by the quantity of cards that you possess. Good luck

when opening new credit cards at the beginning of rebuilding your credit can actually drop your score so be careful on trying to apply for more credit.charge a little on the cards you have now and pif and you will start to see some improvements in time.

Here is a great thread for you to look through
https://www.financeglobe.com/SocialNet/index.php?page=forum§ion=topic&top_id=100011

Also, run your scores through FG's score match and see what type of cards match your criteria.
https://www.financeglobe.com/ScoreMatch/

The credit cards data pulls will show you who received what card with particular scores
https://www.financeglobe.com/Finance/credit-card-status.shtml

This is from Mary Tomkins, our article writer at Fg. She discuss 10 good ways to better your scores.
https://www.financeglobe.com/Finance/Articles/articles/17/1/10-Steps-To-Improving-Your-Credit-Score/Page1.html

Until then, I say hit Hooters, Travelocity, Credit one, Orchard, or get a secured card through bofa so they can report a nice cl on your report. Now here is the flip side, it is not the new cards that will build your score because they are going to drop when you start to apply. Time, good paying habbits, and cli's are the ones that are giong to help you. So if you are trying to refi soon, then this will not be the correct step to take. I will give you a link here to those who have houses, you will probalby like to hear their stories as well. Try Eric and Postman, they seem to be good posters on mortgages. Hold on, help is on the way...lol

1. https://www.financeglobe.com/SocialNet/index.php?page=forum§ion=topic&top_id=100211

I file bankruptcy last may...I got a capitol one card with a $1000 limit to start!! and I got 2 others with $300 each...however my credit score is still a little under 500;( and I am trying to refinance my house and everyone turned me down flat!!!!!!!!! they told me to get more credit cards to raise my credit scores...but no one else will approve me but the ones that want to charge you like $250 to start the card with a $300 limit and I don't want a card like that...how do I raise score with reasonable cards and does anyone know how much your score raises each month with on time payments?
thanks