I filed for bankruptcy in 2003. I applied to for two credit cards (Orchard Bank & Credit One Bank). I've had them since April 2007. I plan on moving back to NYC next year (December 2008) and am aware that most landlords look at your credit history. How long will it take for my credit score to improve with having these two credit cards and making the monthly payments on time?
2007-07-30 10:26:33 · 4 answers · asked by Victoria 1 in Business & Finance ➔ Credit
The bankruptcy will remain on your credit for 10 years, although you are doing the correct things to bring it up there will be that black mark. Get your credit report and see where you stand would be the only advice I could give you at this point.
2007-07-30 10:32:19 · answer #1 · answered by Pengy 7 · 0⤊ 0⤋
Keep your avaliable balance over 75% on both accounts. That is a huge issue. If you have a balance of 1,000 dont owe over 250 on it. etc.
It will go up slowly. Dont have alot of people check your credit report.
Remember most people rent because they cant buy. Its not like the first time a lender has seen a bankruptcy. Its been 4 years, if you would have had 4 major lines of credit you could purchase a home. Having just 2 credit cards in 4 years, isnt helping you.
Most people can buy a home 2 years after bankruptcy, if they go FHA. 4 years for fannie mae freddie mac. Im just trying to figure out why you havent established credit in the past 4 years.
Nevermind. You will be fine.
2007-07-30 10:33:01 · answer #2 · answered by financing_loans 6 · 0⤊ 1⤋
well anything you have will stay on your credit report for 7-10 years. but if your are making payments on time i think you should wait about six months before improvements show. but i am not sure on this.
2007-07-30 10:34:50 · answer #3 · answered by pmktabbycat 3 · 0⤊ 1⤋
It's going to take around 8-12 months before you will see any real change.
You should have started this as soon as your bankruptcy was discharged.
2007-07-30 10:33:35 · answer #4 · answered by ? 7 · 0⤊ 1⤋