Can't get approved for anything it seems. (feeling stressed)

[danibaby89]

Hi agian everyon,

I was discharged from Chapter 7 on 9/30/14. Since I have tried the credit one pre qual at least 5 times and cannot get pre-approved. Same goes for CAP 1. Here is the message I got from credit one.

Your application was processed by a credit scoring system that assigns a numerical value to the various items of information we consider in evaluating an application. These numerical values are based upon the results of analyses of repayment histories of large numbers of customers.

The information you provided in your application did not score a sufficient number of points for approval of the application. The reasons you did not score well compared with other applicants were:

• Serious delinquency and public record or collection
• Delinquency reported on accounts
• Ratio of loan balances to loan amounts too high
• Too many recent inquiries

What else can I do. I want to start rebuilding but how when I cannot even get a credit one card. I am starting to feel like maybe I shouldn't have file BK. It just seems like everyone else is getting approved except for me(just venting) . I included Cpaital one in Bk for less than $1000 and that was including a secured card.

So am I trying too soon to rebuild? I need a new car also but I am afraid of getting too many inquiries trying to get approved. Any advice or personal experiences are welcome.

Thanks in advance.

[northface28]

Looking at your post, you were discharged a little over two weeks ago? Is this accurate? You "should" be able to get a secured card, I would wait 6 months and let things blow over.

[Scupra]

Have you pulled all of your reports to make sure that everything is reporting correctly? This is the first, and most important part of rebuilding.

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

That thread will answer a lot of your questions and help you step by step. Good luck and let us know if you have other questions.

[DaveInAZ]

Yeah, you have to wait awhile. You just got discharged 2 weeks ago: The BK court mails out notices of dischage to all your creditors, can take uo a week for them to receive it. Creditor receives the discharge notice, depending on back load it can take a week to record everything, then they start reporting to credit reporting agencies. That Cap One is saying "Ratio of loan balances to loan amounts too high" indicates you CR is still showing balances that haven't been reported as $0 bal., IIB, Discharged in Ch.7 yet. Wait 2 more weeks, then pull your credit report and don't apply for anything until it's accurate.

[Anonymous]

Congrat's on your discharge. Agreed on the fact that you need to pull your CR's from all 3 agencies. Make sure that all accounts included in BK, report so, with a -0- balance. Should shortly report as discharged, but you need to wait a bit for that. Your only out 2 weeks and it takes some time. Do you have a credit union that you belong to for a secured cc?

[Anonymous]

I see on another thread, you already have your CR's. so a good start. They may have not updated though in that time frame. 

[danibaby89]

I have pulled all reports and disputed everything. It all looks good. Reporting $0 balance and IIB. I guess I will try for a secured card other than capital one but I was really wanting too follow Soulmasters Bk to 700 in 24 months. I guess I am just a little discouraged. Maybe I should wait a few months because other than needing a car loan, I really can do without any other form of credit. I just wanted to rebuild good credit history but how can you do that when you are not giving a chance.

[Anonymous]

This is what worked for me. Went to our CU and rec'd a secured credit card and secured shared savings loan. Both 500.00 each. It was a start. Just yesterday my Cap 1 card arrived unsecured which came with a 3000 CL. Also burned them in BK. This all happened within a month of discharge. You might look into it for somewhere to start. They are great for rebuilding. If you can let those accounts with the CU run a bit and then go in for your auto loan.

Hang in there. It will get better. 

[ordnance1987]

Keep trying the Credit One pre qualification application. It took me a month after my discharge to get approved for it. I kept trying every week until it worked. I tried applying to Capital One but they denied me with a soft pull, so I might be blacklisted. I burned them for less than $100 around $89- $93, before my BK I PIF every month. I felt the same way you did after my discharge. I got discharged at the end of August and didn't get approved for Credit One until the beginning of October. I also applied for Capital One and got denied, then two weeks later I applied for the NFCU nRewards and got approved. So just make sure your CR are squared away and be patient.

[danibaby89]

Thanks for the great advice everyone. I am going to ry to remain posisitve and be a little more patien. I definitely am going to try the local credit union and see where that goes.