12-01-2012 04:25 PM - edited 12-01-2012 04:28 PM
BK Dishcarged 7/12/2012
EQ/EX/TU All reporting correctly after disputing EX
Current Scores in Signature
*Nothing reporting in credit reports other than student loans. No other credit cards, loans, morgages, tradelines or retail cards, 4 Inquiries*
First App Spree: 11/20/12
SP-Target: Declined 11/29/12, BK,Derog,AAoA too short, Lack of recent revolving
SP-Macy's : Declined, Still waiting on reason letter
HP-JcPenny: Declined, 11/25,BK, Lack of recent revolving
HP-BoA: Declined, 11/22 BK, Loan Bal/Amnt too high, Delinq , lack of recent revolving <--First app I did before researching the forums. Didnt realize it was prime
SP-Victoria Secret: Declined, BK, lack of recent, history of delinquents <-- They still count delinq after a BK included??
SP-Crown Jewelers: $2500CL <--Not reporting yet, and as amatter of fact I have seen complaints about their reporting on the BBB So, Im cancelling this line
HP- (Pre-Approval) Capital One: $500CL <-- Not reporting yet of course
SP- Fingerhut: Freshstart program $230 <---Made first purchase of $56, not reporting yet of course
No need to tell me at this point that I need to get a secured card I got that part, and garden the TWO whole credit lines I was given... My question is should I even bother reapplying for JcPennys, Target and Macy's in 6moths or should I just wait a YEAR? The main reason listed on thos rejection letters was BANKRUPTCY! I know its only been 5months but there are some poeple bragging.. "Oooh, I got this and that only ONE week after BK!"
I call B****S**** on that one! YMMV should be listed more often on people who claim to get all these cards as BK friendly weeks or even 2 months after a BK. I am the prefect example that milage does indeed vary and everyone's credit reports are different.. I just dont think at this point, (Or maybe Im being WAY to impatient) that Target, JcPenny, Victoria Secret and Macy will ever accept me since the main rejection was BK other than lack of new revolving lines.
12-01-2012 06:40 PM
I wish you had done a bit more research before you jumped back in. Your credit is very fragile in the first few months post-BK and you don't want to waste any inquiries without getting some play for it. So far, you have 3 HPs with only one account to show for it.
Before you app for anything, I'd suggest a few things. Use whogavemecredit.com, and the credit pulls database on creditboards. These will let you know where you stand. Use them conservatively.
Know who is truly recent BK friendly. Cap1,Credit1, Barclays, Discover, NFCU. Avoid the people you burned (except cap1 IMHO). Now BK friendly doesn't mean the credit is automatic. You have do it with a plan. I'm 7 months out, and I am 5/5 on apps with HP and I started the day of discharge with a secured account immediately.
I posted my current plan in response to your similar problem last week. http://ficoforums.myfico.com/t5/Bankruptcy/Planning-For-Recovery/m-p/1716150#M10602
Some posted right afterwards another excellent plan.
About reapplying for JC Penny and Macy's, why? You need 3 open CC lines reporting well for about 6 months. IMHO, Store cards in our situation are simply good for improving available credit and utilization. I'd stay away from them and focus on getting two more lines reporting immediately. A secured card and CreditOne will certainly work well for you and reopen the door to semi-prime/prime. Don't forget about keeping your util below 10%. For us, this is super important.
If I were you, I'd do the following, Creditone has a soft puller, use it. Open a secured card, if you have a good chunk in disposable, I'd go high. Also, if I could I'd open NFCU. In another 3 months, with 6 months positive reporting, you'd be in a whole new place. Macy's and JC Penny won't mean a thing for you, and you'd be about ready to app for a true "grow with me" card.
Goodluck and check out that thread I posted. I really liked HRGUY's and aussiesareforver's plans.
12-01-2012 07:21 PM - edited 12-01-2012 07:27 PM
Thank you SO much for your advice. I now have a more solid plan, and I will be the first one to admit I should have spent ALOT more time on the forum before I jumped in. I really didnt start to learn what I needed to do until I have spent at LEAST 6-8 hours browsing different threads.. By the time I hit that point, I have already jumped the gun, but lesson learned...
I really appriciate your input Thanks again.
Oh, my husband is Army, We have USAA already he has me on his account.... Could he get a NFCU account? Not sure how that works?
12-01-2012 07:33 PM
Just from reading threads here, NFCU is a Godsend. You want to be a member of this CU. Open a savings/checking account with them. You can open a secured card at the same time if you like. I'm not a member, but I really really want to be. They absolutely take care of their own.
You DH should be eligible.
12-01-2012 08:12 PM
Checked out the website and unfortunatly he has to have been retired from the mitilary or receives annuity so we didnt qualify. Darn...
All Department of Defense (DoD) uniformed personnel—Army, Marine Corps, Navy and
Air Force retirees and annuitants
12-02-2012 09:56 AM
I was in your position with a discharged BK as of Jan 2009.
I ended up getting Credit One and the dreaded First Premier right after BK just to show I was responsible and because no one (including Cap 1) would give me a card initially. Also I'm not eligible for the NFCU card. If you are looking to just show you are responsible try the Credit One card. Stay away from First Premier. Credit One is also sub prime, but you don't need a lot of cards to start building your portfolio. Once you get established and can show 12 months of good payment, then Barclays is very BK friendly. I started with them a year ago at $1100 and they now have me at $3700 (2 CLI's in 12 months). Jared's is also BK friendly with large credit lines - they just increased my line to $15k last month. The added bonus is who buys jewerly regularly? Not me - so the line is usually zero except around Christmas...lol.
If you already have a card, then skip the subprimes altogether. Good luck in your journey. It seems that each of us has to carve out our individual path after BK.
12-02-2012 10:04 AM
12-02-2012 12:47 PM
12-02-2012 12:56 PM
12-03-2012 01:41 AM
Your scores are still low. Once the Capital One cards reports or you add a secured card and it reports your score should jump up. My bankruptcy was effective 10/8/2012 and I had already set up a USAA $1000.00 secured card. When it reported to to the credit bureaus my scores all jumped up at least 50 points. The biggest jump was Experian at 74 points giving me a 635 Plus score 1 month after bankruptcy. I received a Capital One for $300.00 and JC Penny, Web Bank, and Delta/Amex all turned me down stating recent bankruptcy. One note though, I had no prior revolving accounts so about 30% of my score was missing.
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