A little jealous

[danibaby89]

I see all these post about people getting out of BK and being able to bounce back quick.Getting unsecured cards with decent limits or a car loan with low interest or no money down. Here I am almost 3months out and only been able to acquire First premiere. I tried following soulmasters plan, but that went out the window when I could not get credit one to prequalify me even though I have never had a card with them and capital one have me on their blackklist.  I am starting to regret filing. I feel a though I would be in a better spot. Maybe I am just over analyzing, who knows. Vent over.

[ezdriver]

I did not even try to qualify for unsecured credit cards after my ch7 discharge. I went straight to secured [two visa acccounts with $300 each] and that started positive payment reporting. Then I got a secured installment loan for 12 months .... tradeline #3 reporting positive payments. After 10 months of positive payments, I now have two unsecured visa accounts, one unsecured Lowes credit card, an unsecured HH Gregg credit card with $3,000 line limit, an unsecure Visa with my credit union and an unsecured Barclays Mastercard with a $1,500 line ... all reporting positive payments and building strong history. It can be done but you have to be patient. Four months out of bankruptcy is no time ... really. I have since paid off the secured loan, closed two secured Visa accounts with First Progress Bank and closed my unsecured account with Credit One. It can be done. My efforts allowed me to qualify for a mortgage and so I bout a new home and moved in on Aug 1st ... and my 2nd anniversary for ch7 discharge is not until April of next year.

[TRC_WA]

Patience is key...

I got my first CC a few days after discharge... and my most recent CC was a year ago in Dec 2013.

Other than a car refi and a couple CLI's I've gardened all of 2014... and I just hit 700 last week with EQ.

[Anonymous]

The first thing we did after BK, was to go through our credit reports with a fine tooth comb, the process is still continuing on correcting errors. Anyway, we went to our local CU where we already had a savings account open and then we opened a shared secured savings loan and secured credit card. It was a great start. Our score went up very quickly after opening those. You also develop a relationship with them when you need a loan, say for a car or unsecured card at some point. Its baby steps. Just make sure that your credit report is in order. Everything reporting -0- and IIB that should be.

[Anonymous]

Here are some reasons why you shouldn’t be jealous (hey just trying to get you in the holiday spirit so to speak):

1. Unsecured vs secured means nothing on a credit report. Both are reported the same. So no worries there. Whatever you can get approved for is sufficient enough to start building credit again.
2. Decent limits mean nothing if the individual cannot afford to pay the card back. Besides, you only plan on using 1% to 9% of the card limit anyway right??? Honestly, post BK for me means I really don’t need high limits mere months out of BK but what I need to do is pay for things in cash that I can afford AND train myself with low limit credit cards on how to utilize them to boost my credit score. Once I form a positive habits and bleed myself of all the mistakes I made pre BK, I feel I'll be able to handle larger credit lines. But for now, the name of the game for me personally is SLOW and LOW. Build slowly with low limits.
3. Car loans with low or no interest and no down payments post chapter 7 BK???? This is the internet where people will tell other people anything to make themselves feel good. Also a low APR is subjective to each person. If the person is used to 29% APR “buy here pay here” rates and now only has a 19% APR with let’s say Drive Financial (bad move by the way bad company) then sure, the person is going to boast. Also, what were the car specs for them to get such a low to no down payment or low APR? Are these brand new cars with 0 miles??? Or are they high mileage cars upwards of 175,000 miles that were made in the year 2004 that retail value for $4,000 but are re-selling for $10,000 under the guise of NO INTREST.......I've seen it all...and sure I can boast and leave out the fine details. Done believe everything you read. Your situation is not their situation. Read everything with a question mark and not as fact.
4. So you have a First Premier Card????  EXCELLENT!!!!! What about the person who can’t even get that card????? You see, because you have one card is enough to start you on a track to rebuild your credit. That enough. Do your 1% to 9% utilization every month for 6 months, pay everything else in cash, and basically, if you can’t afford to pay in cash, have the philosophy that you don’t need it right now. Hey, you did file bankruptcy....no use in getting right back into debt....
5. If you need a car, take some tax money and buy a cash car. Or better yet, put 90% down on a car and finance the last 10% for 12 months and allow that to boost your credit score. Hey, there are plenty of options out there. Become an authorized user on someone who has excellent credit. Don’t even take the card, just have it in your name and allow them to help you boost your score (trusted person...not just a random jo blow). 

Sorry for the lengthy post, but I felt compelled to share with you my thoughts........and hey guess what, I too like to vent so I completely understand. I also know that some people like to vent and could care less how many suggestions people give them. It’s my hopes that you take some of what I say and see if you can implement them into your game plan.

[northface28]

I wouldnt be jealous, everyone has a different situation. Like someone alluded too, some people could be lying. I would definitely start at a secured card if I were you. I did not look over my credit reports in my rebuild, my BK attorney did that for me so I was fortunate as to not deal with that. Per everyones advice, it cant hurt to look and see if there are any inaccuracies.

[jim44]

IMHO I think it's important for forum members who have been through the Chap7 or 13 route to talk about their experiences. Like it was mentioned, everyone's experience is different but those of us who have filed came to the same conclusion. There was just no other alternative, BK was the last resort. I admit I thought I had done well with my credit post BK, all payments on time, Fico in the mid 700's but I didn't listen to family and friends advice about jointly purchasing an overpriced condo.  The first sign of not being able to afford this home was my mortgage broker shuffling my expenses around to look good to the banks. 2nd was a over estimated property appraisal and the 3rd was a 100% financed mortgage......

The real eye opener was credit counciling during my BK.  I learned that cash is king and credit should be used so carefully. Seriously, it has gotten to the point where it hard for me to make a decision to buy a car or any big ticket item with credit and risk payments again. I've had good luck with credit approvals as i've had worked for the same company (financially healthy) for over 23 years and have a good income for which I'm thankful for every day!  

I too don't understand when reading posts on this forum with some seeking credit right out of BK and not understanding why they are denied. CC's can be habit forming and for some of us they feel good in our wallet but hey there is nothing like the feeling of have NO credit payments!

I huge thank you for all on this forum who share their positive experiences out of BK and even their trails and experiences going through the process!

[Pway]

I would not regret filing bankrupcty.  That was a tough choice you made and congratulations.  However, you applied and got approved for a First Premier Card fresh out of bankruptcy.  That is good, when I was first discharged in September of 2014, I was only able obtain a secured card through my credit union.  Discouraged yes, but those are the stepping stones we must put in place to have a better credit score and healthy credit profile.  Look at that First Premier with thanks, because I did not quailfy for them out of bankruptcy.  Give that card sometime to age and maybe try for a secured card with your credit union.  

Good Luck