Building back FICO score?

I filed bankruptcy last year, and just didn't have any debt whatsoever for several months. Then I couldn't get an apartment (had to move in with a friend whose score "covered" me) because, the landlord said, my FICO score was "0" (which she said she'd also never seen before, but I assume it's because my bankruptcy "zero'd" me out?).

I have NO intentions of going back into debt (ever - I will never trust our economic system enough to do so, ever again), but it is important that I at least be able to rent somewhere that isn't filled with junkies and prostitutes (or where I simply end up homeless), if I can at all help it, and where I don't have to depend on the kindness of friends who are already strapped and may not be able to help or help very long (like my current situation).

Someone told me to get a secured credit card, so I did. I only put $200 into it, and every month I use it to buy between $50 and $150 worth of groceries (money I'd spend anyway, in other words - not for crap I don't need / can't afford). And then I pay it off in full, every month (so no carrying any balance).

Does anyone know if this is indeed going to fix my FICO score for the purpose I'm interested in?

Also, does anyone know how long I need to do this before I might be considered ok to rent to (say, to a standard commercial outfit)?

Thanks!

I would check that 0 after my bk it was in the 500's low.. but I had a score call one of the scorekeepers and ask.. and the secure card will help build your score. I am going to get one in July. Banks wont give them until you have 365 days after BK. Orchard was the only one I found..

Mine and my husbands credit is RUINED...

We have a foreclosure and 2 bankruptcies on our credit reports. The bankruptcies were the lawyers error though...we really had a crappy lawyer. He missed one of the deadlines and WE paid the price for it. It was a nightmare but we couldnt afford to hire another lawyer after already paying him. We can prove it but havent had the energy to fight it. When things start to get better we are going to pursue it. Even the bankruptcy mediator told us to get a new lawyer and fight it.

I dont when we will ever see "good credit" again. My credit was never perfect but it was ok. My husband always had perfect credit before this. It is very scary now because we dont know when we will ever be able to buy another home or purchase a car etc.

I haven't had good credit in years and being unemployed hasn't helped the matter. I do have a couple of unsecured cards with really low limits (on purpose for emergencies) and I was surprised to see that one of them had increased my credit limit this month without me requesting it. Especially considering they know I am out of work. I don't know how to check it without paying but my unsecured cards don't seem to have increased my score at all in the years I have had them.

I am due to get my free credit report for the year. Has anyone heard of annualcreditreport.com? If you can answer the security questions correctly they will give you one free credit report per year from each of the 3 major credit beauros.

here is the link
https://www.annualcreditreport.com/cra/index.jsp

I have heard of them and seen the commercials but I figured it was a thing where you had to call and cancel if you don't want them to charge your card every month to monitor your credit score and I hate messing with those things.

Sick & Tired wrote:I am due to get my free credit report for the year. Has anyone heard of annualcreditreport.com? If you can answer the security questions correctly they will give you one free credit report per year from each of the 3 major credit beauros.

here is the link
https://www.annualcreditreport.com/cra/index.jsp

ONly problem is you dont get a credit score on the free one. Only whats in your report. I did this last year for my bankruptcy.

OP best way is to get a secured credit card with a reputable company. I used one from citibank for a while to rebuild my credit. Pay them 2x your NET paycheck (net fixed monthly expenses: phone, power, rent, sewer, internet). So if you make say 10 dollars NET monthly expenses then get a limit of 20 dollars. Then use the card like you would use your paycheck. Don't pay your rent or bills with your secured card pay those with money orders only. Don't even use checks use money orders. Use your secured card for your discretionary spending budget and do not in any way overspend. You need a airtight budget and income statement reconciled monthly.

Your FICO score is calculated based on carrying balance, credit limit, length of account and missed/paid monthly balances. You need to of course pay your minimum balance but you can let a little slide. They will like to see it being paid and used. Don't close the card even when you are done with it because that may actually hurt your credit.

My FICO score improved after a few years time, but not radically. You need to wait 7.5 years for any bad accounts to drop off or go and get PFDs (pay for deletes) and DVs (debt validations) with your creditors and negotiate credit deletions and minimum payments. Most will be willing to work if you give them a sob story. Negotiate 25% of balance due for a PFD.

I use myfico.com and it works well. It will monitor your credit and give you regular updates if anything on your report changes -- delivered to your e-mail. I forget the exact product name; they call it quarterly monitoring or something.

Good luck. In ten years hopefully this will be all behind you.

The secret is to become a SAVER and to reconcile your monthly income and expenses with NET SAVINGS and not a NET LOSS. A net loss tells people you don't know how to handle your money and are not responsible.

Sick & Tired wrote:I am due to get my free credit report for the year. Has anyone heard of annualcreditreport.com? If you can answer the security questions correctly they will give you one free credit report per year from each of the 3 major credit beauros.

here is the link
https://www.annualcreditreport.com/cra/index.jsp

The best way to use that service is to get one of the three now, ie; TransUnion, then 4 months later get Equifax, the 4 months after that get experian. that way you can get updated information and catch negative or wrong info quicker.