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Bankruptcy questions

Community Leader
Super Contributor

Re: Bankruptcy questions

 


Rallings4 wrote:
Sooooo my scores are as follows:
TU: 541
EQ: 547
EX: 571
I am in pretty bad shape I see. That credit karma score had me thinking I was better than I thought I actually am bummer


Pretty typical post BK. My TU was below 500...

Most Recent FICO 8 Scores EX592/TU539/EQ574 11/01/2017 Starting scores 553/485/543 08/25//2017
~~~Credit lines~~~~
SDFCU VISA Secured $250
Discover Secured $200
Community Leader
Super Contributor

Re: Bankruptcy questions


Rallings4 wrote:
I just checked and it says discharged. I was just confused because I haven’t applied to anything yet I was wondering how some are getting prequalified with Capital One right away. I did the Pre-Qualification in Cap 1 and no offers were found. I didn’t burn them in BK either. Just wondering how long will it take after D/C?

I would suggest getting a secured card first, from a CU like SDFCU, then apping for a Cap One Platinum once the secured card hits the reports. Did you burn Discover?

Most Recent FICO 8 Scores EX592/TU539/EQ574 11/01/2017 Starting scores 553/485/543 08/25//2017
~~~Credit lines~~~~
SDFCU VISA Secured $250
Discover Secured $200
Regular Contributor

Re: Bankruptcy questions

Cap1 does a triple pull. Your scores aren't awful for a rebuilder (not the best, but not awful) so it would help to know what else is going on.

 

Again it would help to know the specifics of your report... make sure you print that off (save a PDF on your computer or a hard copy in your filing cabinet) from CCT before you cancel them. 

 

Some good threads for reference for you, my BK rebuilding bible:

 

 From BK7 to 700 in 24 months or less http://ficoforums.myfico.com/t5/Bankruptcy/HOW-TO-From-BK7-discharge-to-700-in-24-months-or-less/m-p...

Don't feel beholden to the specific cards it mentions, just read it and understand the whys and hows and methods it describes.

BK Friendly Credit Cards http://ficoforums.myfico.com/t5/Bankruptcy/Bankruptcy-Friendly-Credit-Cards-Pt-2/td-p/3999737

An article on secured credit card, companion to the above thread http://www.elitepersonalfinance.com/best-secured-credit-cards-that-convert-to-unsecured/

The Share Secure Loan technique http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...

 

Your first step will be cleaning up your reports after your discharge. Don't feel alone, I'm in the same boat (my discharge date is TODAY!)

Then you may need to go for an SSL and let it report positively for a cycle or three, and see if your scores pick up. Then try again for one of the cards in the BK friendly thread.

 

Again though, knowing what's on your report will help folks here give you more specific recommendations.

 

Good luck!

Ch7 discharged 10/2017. Pre-file FICOs high 400s.
11/2017 EX 609; EQ 619; TU 558
New Member

Re: Bankruptcy questions

No. How do I join that credit union with no affiliation?
Community Leader
Super Contributor

Re: Bankruptcy questions

Qualify for membership by joining the American Consumer Council. 5 bucks to join and anyone can join.

 

App for the Discover secured card.

Most Recent FICO 8 Scores EX592/TU539/EQ574 11/01/2017 Starting scores 553/485/543 08/25//2017
~~~Credit lines~~~~
SDFCU VISA Secured $250
Discover Secured $200
New Member

Re: Bankruptcy questions

Thank you all! I have my reports everything shows as 0 included in BK. I wish all of my student loans wouldn’t show. Don’t worry those are all current as I am in school. What is ssl?
New Member

Re: Bankruptcy questions

 
Regular Contributor

Re: Bankruptcy questions

SSL Share Secure Loan. The link is in my post... but if you already have open student loans it likely wouldn't help you, because you've got installment lines reporting already. Those student loans are all good things, if they are all positive accounts. A question - do they have any late payments in the past, even though they are current now? 

 

If all three bureaus are indeed showing your relevant accounts as IIB and zero balance, then you might want to look at that BK friendly card thread I linked, to figure out where to go next as far as prequals.

Ch7 discharged 10/2017. Pre-file FICOs high 400s.
11/2017 EX 609; EQ 619; TU 558
New Member

Re: Bankruptcy questions

I think years ago, maybe 2013? I will check out the link. Unfortunately I am on chexsystems so I may not qualify for a bank account now either.
Community Leader
Super Contributor

Re: Bankruptcy questions

Go ahead and try anyway - I believe they (SDFCU) have a statement in their membership app that says something about not denying accounts solely on the basis of chexsystem reports.

Most Recent FICO 8 Scores EX592/TU539/EQ574 11/01/2017 Starting scores 553/485/543 08/25//2017
~~~Credit lines~~~~
SDFCU VISA Secured $250
Discover Secured $200