Credit Repair/credit repair
Hello. So I need some advice if you are willing to part with some. I filed ch.7 bk in 2005. I've done nothing with my credit(except for paying on time all my bills) up until 2010. In 2010 I decided that it's time I start the credit repair procedures. I wanted to buy a car soon. But I knew first, that I must repair my bad credit. I proceeded to obtain 2 secured cc's. I've been putting my monthly expenditures on those cc's and then pay them off. Never have I been late, not once on any credit card or bills. Last august I finally purchased my very first new car. The interest rate is a bit high, around 7%. Now, the troubling thing is, I can't seem to get my credit score to rise above 680's. I've made all my monthly payments on time. It just seems to be a fruitless effort. I want to obtain a lower auto rate, but can't. I think it may be caused by all the hard inquiries on my credit. I have 14. All of these hard inquiries are from car shopping. Now, my understanding is that when auto financing shopping, all the hard inquiries are put together as one hard inquiry if the shopping around took place within 30 days. In my case, this is true. Yet on my credit report, it shows separate inquiries. So, how can I get all 14 bundled into one hard inquiry? And if I manage to accomplish this, will my credit score start to rise? On a side note; I've searched my reports and do not find anything negative other then the inquiries and my bankruptcy. Thank you for any help.
Hard Inquiries -- The algorithm for the credit bureaus takes the dates of all the inquiries in to account and lumps them together for you. In that section you just have to be informed as to which company has pulled your credit. My opinion, nothing to work about there.
Building more credit -- To get above the 680's I would look at two facets of your credit.
1) How many accounts you have open -- I think you need to have 5-7 accounts open at all times. Can be a mix of revolving, installment and mortgage.
2) Your credit utilization at the time the credit is pulled. If you are still putting all your bills on the credit cards, most likely the balances appear to be high. So 30 days before you apply for credit pay off your credit cards and do not spend on them until after you get the financing. Or you can have your creditors raise your credit limits so it appears you are not using all your credit limit.