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Valued Contributor
Rhaeny
Posts: 1,507
Registered: ‎07-24-2011
0

Re: Bankruptcy friendly credit cards


stormb28 wrote:
Rhaeny,

How far out were you from BK when you got the discover it?

I got it 2 months post bk and they pulled EQ and myFico here was 714, but when they sent me my card the letter said that my score was 668.  That's because they use an enhanced bank card model for approvals.  That was almost a 50 point spread between the two!  So I beleive I was dinged due to some old IIB accounts and the fact that I have so many newly opened accounts.  So if you apply keep this in mind.  I guess this is similiar to what the car dealers do when they pull an auto-ehanced version of your report.


Major CC's - Barclay's ($5.5K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($22K) | Navcheck ($15K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($9.5K) | Amex Delta ($10K) |Store CC's| -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2.6K) | Sams Club ($4.1K) |Goal|: Age with grace to 750 across the board |Last app|: 3/3/2014
New Contributor
stormb28
Posts: 104
Registered: ‎12-12-2012
0

Re: Bankruptcy friendly credit cards

Wow, I applied 6 months ago and was rejected. My EQ was 657, denied cause of BK. I really want to re-app for it, come to think of it, I apped for the Discover More.
Valued Contributor
Scupra
Posts: 1,575
Registered: ‎07-12-2012
0

Re: Bankruptcy friendly credit cards

Two months post bk?! Wow! What type of bk was it? Good to see an approval though and congrats!
Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
693 EQ FICO 10/2014
680 TU FICO 09/2014
682 EX FICO 09/2014
$14k NFCU Flagship Sig - $14k NFCU cashRewards Sig - $15k NavChek - $6k Barclay Arrival + - $5k Cap1 Quicksilver - $2.2k Amazon Store
Valued Contributor
Rhaeny
Posts: 1,507
Registered: ‎07-24-2011
0

Re: Bankruptcy friendly credit cards

Mine was a chp13 that I filed in 2007, so that may be the difference in Discover's eyes right there.  So the age of my bk is 6 years whereas others who filed a 7 may be a lot less, however my discharge date in 2012 clearly shows on my report so they DID see it.


Major CC's - Barclay's ($5.5K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($22K) | Navcheck ($15K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($9.5K) | Amex Delta ($10K) |Store CC's| -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2.6K) | Sams Club ($4.1K) |Goal|: Age with grace to 750 across the board |Last app|: 3/3/2014
Valued Contributor
Scupra
Posts: 1,575
Registered: ‎07-12-2012
0

Re: Bankruptcy friendly credit cards

Anyone post chapter7 to get approved?
Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
693 EQ FICO 10/2014
680 TU FICO 09/2014
682 EX FICO 09/2014
$14k NFCU Flagship Sig - $14k NFCU cashRewards Sig - $15k NavChek - $6k Barclay Arrival + - $5k Cap1 Quicksilver - $2.2k Amazon Store
New Contributor
stormb28
Posts: 104
Registered: ‎12-12-2012
0

Re: Bankruptcy friendly credit cards

Ch 7 may be a diff story.
Valued Contributor
Rhaeny
Posts: 1,507
Registered: ‎07-24-2011
0

Re: Bankruptcy friendly credit cards


Scupra wrote:
Anyone post chapter7 to get approved?

I don't think its about the type of bk you filed...its the length of time SINCE the bk and the credit that you've built.  When I look at the database of those who were approved it looks like its at least 2 years from filing date with no negatives after bk and the lowest score posted was 630.


Major CC's - Barclay's ($5.5K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($22K) | Navcheck ($15K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($9.5K) | Amex Delta ($10K) |Store CC's| -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2.6K) | Sams Club ($4.1K) |Goal|: Age with grace to 750 across the board |Last app|: 3/3/2014
New Contributor
stormb28
Posts: 104
Registered: ‎12-12-2012
0

Re: Bankruptcy friendly credit cards

Ill be two years out in October, my score now is 680 (TU), should I app then?
Valued Contributor
Scupra
Posts: 1,575
Registered: ‎07-12-2012
0

Re: Bankruptcy friendly credit cards


Rhaeny wrote:

Scupra wrote:
Anyone post chapter7 to get approved?

I don't think its about the type of bk you filed...its the length of time SINCE the bk and the credit that you've built.  When I look at the database of those who were approved it looks like its at least 2 years from filing date with no negatives after bk and the lowest score posted was 630.


I feel like someone who has a bk13 and someone who has a bk7 are looked at different though.. I do agree with the time since and new history weighing in heavily though. I work at State Farm and we will finance someone with a bk13 at any point but if you have a bk7 they require a yr post bk7 discharge. Like you said though they require the one year to see how you are rebuilding. 

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
693 EQ FICO 10/2014
680 TU FICO 09/2014
682 EX FICO 09/2014
$14k NFCU Flagship Sig - $14k NFCU cashRewards Sig - $15k NavChek - $6k Barclay Arrival + - $5k Cap1 Quicksilver - $2.2k Amazon Store
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Bankruptcy friendly credit cards

I filed both a 7 and a 13. Once the 13 was discharged and removed, I am now able to get a house and I am currently under contract. The 7 is still on there and is 9 yrs and 4 mos old and believe it or not, it is still hurting me unlike the 13 which is gone even though it was filed 2 years after the 7.

Here's an example of how the 7 is still hurting me. I applied for a Chase Freedom on 12/22 and BARELY got approved after reconsideration. Why? The Chapter 7 BK even though it is almost 10 years old. My scores are 700+ and it didn't matter. So that is why I said it is good you have gotten the cards you have now because it will be awhile before you are approved for a prime card...like 7 more years. Chapter 7 means it is done and over with but lenders know you burned the included creditors instead of paying them off through the plan. It is similar to an unpaid charge off, only worse. People can get approved for a mortgage while still in a 13; however, they have to wait 2 years after discharge of a 7. I guess refinancing is different.

You say you don't care about another 3 years but you will in time. It just hasn't hit you yet. A Chapter 7 hurts bad. That is why it should be the last resort. File a 13 if you will stick to the plan and pay off the creditors...it is better in the long run.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014

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