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Advice on what to do next...

Valued Member

Advice on what to do next...

I am a bit over 4 months post ch.7 dishcarge.

My scores currently sit at 630ish on all 3 reports, and these are FICO scores.

I have only opened a Cap. 1 card and use and pay it religiiously.  $2.2k limit, 8% util currently.

I am authorized user on several accounts that are in good standing, high limits and low util. (less than 10%)

 

I am looking to add to my portfolio one or two more cards.

I apped for NFCU and have been denied twice now, once when first discharged and again this week.  I tried to recon on the phone and they said there is no such thing as reconsideration and that everything will be in the letter.  I also sent a message, no response.

 

I have 2-3 inquiries on each report and I haven't been credit seeking since getting discharged.

 

Who could I add next?  Im trying to avoid store cards at all cost.

Scores as of 07/30/2016: TU-457 | EX-457 | EQ-454
Filed BK7 07/29/2016
Message 1 of 5
4 REPLIES
Established Contributor

Re: Advice on what to do next...


BankruptToBountiful wrote:

I am a bit over 4 months post ch.7 dishcarge.

My scores currently sit at 630ish on all 3 reports, and these are FICO scores.

I have only opened a Cap. 1 card and use and pay it religiiously.  $2.2k limit, 8% util currently.

I am authorized user on several accounts that are in good standing, high limits and low util. (less than 10%)

 

I am looking to add to my portfolio one or two more cards.

I apped for NFCU and have been denied twice now, once when first discharged and again this week.  I tried to recon on the phone and they said there is no such thing as reconsideration and that everything will be in the letter.  I also sent a message, no response.

 

I have 2-3 inquiries on each report and I haven't been credit seeking since getting discharged.

 

Who could I add next?  Im trying to avoid store cards at all cost.


First step is a second (different) card from CapOne IMO.

Ch 7 Discharge May 2015: EQ 588/TU 552/EX 570
Nov 2017: EQ 683/TU 660/EX 668 w/ 24% CC util reporting
Discover/Target/NFCU CLOC/NFCU Cash Rewards/PenFed Power Cash Rewards - $46k total revolving
Message 2 of 5
Highlighted
Regular Contributor

Re: Advice on what to do next...

@BankruptToBountiful (love the name!)

Great job getting your scores that high so quickly! As has already been mentioned, another card would help you even more. Cap1, or maybe a secured card with one of the big banks. Did Navy Fed give you that option to start the relationship?

Also, do you have any loans? There are a number of articles on here (I'm on my phone so can't link for you but the search feature with works well) with options that work for those of us with BKs on our reports.


In the garden until spring 2018. Final date to be determined by closing on my new house!
Message 3 of 5
New Member

Re: Advice on what to do next...

I would hold off until my score was at least 650 across the board before I started to apply for cards. I would also research score parameters

or each creditor.  Every creditor has score paramaters before they lend. 

Message 4 of 5
Frequent Contributor

Re: Advice on what to do next...

If you can have at least 3 tradelines that's what you'll need to start rebuilding. Even if it's a store card it counts. See if you can do the SCT with overstock and get a card there, as it won't pull your credit that's helpful. I was able to aquire one doing the SCT myself, and it actually made my score go up 12 points. You could see if CapOne would give you another card, possibly call and speak with a rep and inquire you wouldn't have to wait longer or anything first. If you have an installment loan that would also be helpful, either an auto or creditbuilder. After 6 months and 3 tradelines you can apply for Cabella and Barclay. I haven't had luck myself with NavyFed, however they keep sending my husband preapproval offers in the mail, so I don't know why they like him but not me. PenFed requires at least 621 score for their lowest tier for risk based lending on CCs as an FYI.

Ch7 BK filed 7/5/16, DC 10/12/16
Message 5 of 5