I pulled my 3 in 1 report with score and it said 560. I have a discharged chapter 7 from Dec 2001 and got 3 credit cards since the bankruptcy and have been paying as agreed in order to rebuild credit. My car will be paid off in 4 months. So, in the big scheme of things, what does 560 mean? I do not have any plans to purchase a home or car (God willing) and am going through divorce and am saving money. Thanks. Barbara
which CRA gave you a score of 560? I have 569 according to EQ and it is rated poor.. I have a Secured Cap1 Visa and a Store Credit Card (AFFES Uniform Account). I don't know what this score means in the grand scheme of things but I don't think I could qualify for a regular credit card. Renting Apartments is a nightmare for me. Getting a car seems out of the question. As for purchasing a home... IN MY DREAMS!!! BLAH!! hahah oh well in due time things will get better for me because of the wonderful people of creditnet
I got the 3 in 1 report from TrueCredit on the internet and it gave me the score, so I really don't know how each bureau rated me. As you said, with this bb, we are learning. I have learned so much just by lurking. Thanks for responding. I currently am renting and have no plans on relocating so hopefully finding a new apartment with my current credit won't be an issue. Barbara
There aren't exactly precise definitions of what a particular score means. For every case of someone getting approved / denied with a particular score, there are counterexamples. I'd suggest looking at www.millcbs.com. It's a credit inquiry database and has the scores that were reported along with whether the app was approved or denied for some entries. A couple of rules of thumb. It takes around 620-640 to get approved for a mortgage on "A" terms. Most prime credit card issuers look for at least 650. The pickiest look for 680 and no derogatory entries. Hope that helps. Greg
Barbara Just continue to plug away at your reports, the score will follow. As for how bad it is. I am currently trying to purchase my first home and my scores range from 619-641. I was told that I would need a mid score of at least 650 & 10% down. Best of Luck tix
With a 560 you are handicapped in getting anything prime. The biggest factor is the bk. Even when your scores rise, the bk will always play a factor in the lenders mind. The good news is that with the time the bk will have a less and less of an impact with a home lender. Most banks will still not look at you for a home loan even with the passage of time but a mortgage broker can and will find something for you. Keep the major credit cards to two. You did not state which ones you have as they are important as well. With repect to credit watch your reports, dispute if you cn and time will heal. Avove all don't think your scores will rise overnight, it takes time and knowledge to get there but get there you will. Best regards, Mirage
Mirage, The three credit cards that I got after chapter 7 are: First Consumers National - credit limit 300.00, bal owed today is 60.00 Cross Country - limit 350.00 - balance owed today about 55.00 Providian Get Smart - limit 1K - balance owed today about 750.00.
Dump Cross Country. This company will only hurt you in the future. The other two are tolerable as they will help. I have not just one but two Providian cc. They are not the best but have helped with my ratios and no where near the likes of Cross Country. I suggest Cap 1 in the near future as a replacement for Cross Country. Best regards, Mirage
I don't know what score you get from True Credit but a 560 is pretty bad no mater what type of score it is. You may want to pull your score from http://www.eloan.com. There you can get the score for free. Under Tools and resources, click on free credit report & score. Under free credit score click on (view now). Then click on (set up my e-loan) and follow the prompts. You are not actually setting up an account and the score is free. You do have to give them a credit card number. This score is created by Credit Xpert but it is on the same scale as a regular FICO score which is 300 to 850. E-loan pulls data from your Trans Union credit report. The other score which is worth getting is your Beacon score which pulls from your Equifax credit report. Go to http://www.myfico.com. There you can get your Equifax credit report and score for $12.95. With a 560 you won't get any regular credit cards soon. You should probably not try to switch auto insurance companies for a couple of years because these companies are now checking credit scores on new customers. If I were you I would pull all three reports now and start working on them. Once you are about 24 months from when you filed the BK, you might want to pay down all three existing cards to zero and apply for a Target Guest card or a gas credit card. Its great that you have gotten three bank cards. That's the most important step you can take to get your score up. I agree that you should dump Cross Country. They are bad.
Here's a good explanation of what makes up your FICO score: What makes up my FICO Score? - Credit Advice from Creditnet.com
