About to file 7

[Anonymous]

Paying the final amount we owe to our laywer tomorrow, and should be able to get filed next week or the next. Can someone tell me our long term credit situation? We will keep paying on 1 car and our furniture. I am wondering will we be able to get a CC this summer? I'm new to this so just wondering. We learned our lesson!

[enjoimorenow]

It will depend on your scores and who you burn in BK...

after you get your discharge you can try the prequal on CapOne, and see if you can get a QS or Platinum.  If not, maybe a secured card from CapOne or someone else.

Read the BK to 700 thread, lots of good info in there.

[Anonymous]

Honestly we had CC w/everyone. I know that's terrible. Everyon except Discover basically. Cap 1, Barclays, Citi, BOA, AMEX.  

[barbaralee]

Cap1 and Barclays is forgiving, but Barclays takes time to warm back up. I don't think Amex, BofA, Citi, Chase, and Discover are as nice. I think Discover said they like to see 1-2 years of rebuilding. But I finally just got approved for a Chase card, and it only took 7.5 years. 

[Anonymous]

We never had a discover so does that help? I don't even know what our credit is right now but it can't be good. We are going Monday to set a date w/the Lawyer.

[barbaralee]

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@Anonymous wrote:

We never had a discover so does that help? I don't even know what our credit is right now but it can't be good. We are going Monday to set a date w/the Lawyer.

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I think Discover still likes to see that 1-2 years of rebuilding, but YMMV. 

[Anonymous]

Sorry what does YMMV mean? I'm new here lol

[barbaralee]

It means your miles may vary.  

I started rebuilding 2 years post BK,and it took another 2 years before Discover would approve me. I started with a 1500 credit limit, and through pretty consistent credit increases it is now 5500. 

But I have read stories of people getting approved for a Discover from just a few months post BK to 1 year. I think their general rule is the 1-2 year mark, though. 

My policy is nothing ventured, nothing gained. I would apply for a Discover, they may very well counter with their secured card, which is a foot in. But bear in mind there is a good chance they will want to see some rebuilding. 

Now Capital One, on the other hand... They will probably be your best friend in the months following BK. 

[Anonymous]

How long does it take for a discharge?

Even though we had several CAP1s that are going into BK they will let us reopen? I hate secured cards, so I would rather not.

We will have an open car loan that's going to stay positive and furniture. I do have student loans that we haven't paid on because of job loss, any rec's there?

[barbaralee]

I think how long it takes to discharge is dependent on where you live. After my 341 hearing it took another 2 or 3 months, if I recall. 

Several people have reported that they burned Cap1 for significant amounts, and very quickly were approved. Of course, this is another thing where your miles may vary. I did not include Cap1 at all and it took 6 months of rebuilding before they would bat an eye at me.