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New Member
Posts: 2
Registered: ‎10-10-2009
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Chapter 7 discharged

My BK was discharged on 2/22/12.  I just pulled my FICO scores and I'm so depressed TU: 511 and EQ: 526.  I feel a little overwhelmed, because I have no clue what to do next to start rebuilding my credit. I'd like to be able to purchase a home in 3 years and need to get started ASAP!

Community Leader
Valued Contributor
Posts: 2,439
Registered: ‎11-29-2012
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Re: Chapter 7 discharged

[ Edited ]

I was discharged 2/15. The reason my scores look as good as they do is because after I filed I started fixing my credit reports right away, making sure everything was reporting correctly, etc. That is definitely your first step. Second, you need 2-3 new credit lines reporting as soon as possible. Its really tough to get credit now, but I managed to get a car, a Fingerhut and a First Premier. I have also joined a credit union and will get a credit card from them some time this year. Good luck on rebuilding.

 

And a word of caution, don't just start applying anywhere and everywhere.  Read these boards, a LOT, and it will help you figure out who to apply for and when.


Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 1/22/15 TU 645; EQ 605; EX 633 New goal 675
Cap1 sec $1k (SD) / Fingerhut $2k / Flagship $12k / cashRewards $12k / NavChek $15k / Amazon $2k / Von Maur $1k / Firestone $2.2k / BCU $3k / NFL $1k / QS1 $750 / Target $400 / PPSC $800 / Conoco $700 (last app 09/29/14)
Established Contributor
Posts: 759
Registered: ‎10-04-2010
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Re: Chapter 7 discharged

Agree with Starry1...don't apply everywhere and anywhere.

 

Don't be too much in a hurry to apply to. Start with one card, use it for six months, then apply for a second one and maybe an installment loan (furniture stores are great esp if you don't need a new car loan). A second credit card company is more likely to give you a card after good use of the first card.

 

There are lots of threads in the BK section about rebuilding post BK and what cards are BK friendly. Don't be in a hurry, you can definitely be ready to buy a house in three years.

 

Good luck

BK in 2008, after making very stupid financial. decisions.

Barclay's Apple Financing Card ($8400) --- Capital One Quicksilver ($13,000)---GEMB CareCredit ($5700) --- AUFCU ($10000)--- Walmart ($5000)--- Discover IT ($5000)

Regular Contributor
Posts: 205
Registered: ‎08-29-2007
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Re: Chapter 7 discharged

Not to beat a dead horse but DO NOT APPLY EVERYWHERE. These are the only ones you should apply for(But not necessarily all of them)  but always remember YMMV. You will start to receive offers in the mail. It is hard to see it in the beginning but your scores will pick up.

 

1. Capital One(Do the Pre-Authorization NO HARD PULL)

2. First Premier (Fee but good shot at getting approved)

3. Credit One(Same as First Premier)

4. Apple Barclays(Only after you have established credit again)

5. Merrick Bank


Starting Score: TU 477 EQ 533 BK 1/27/2012
Current Score: EX 702 TU 681 EQ 652 1/10/2014
Goal Score: 700


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Community Leader
Valued Contributor
Posts: 2,777
Registered: ‎07-12-2012
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Re: Chapter 7 discharged

There is already some great advice in this thread. You did the best thing possible by coming here in the first place! Keep your head up and just know that it all gets better

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
721 EQ FICO 06/2015
720 TU FICO 06/2015
727 EX FICO 06/2015
$14k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $9k Barclay Arrival WEMC | $5.4k Cap1 Quicksilver | $6k Amazon Store | $11k Cap1 VentureOne | $5k Barclay US Airways | $500 Chase Freedom
New Contributor
Posts: 83
Registered: ‎02-28-2013
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Re: Chapter 7 discharged

I discharged in November.  What I've done is to open a secured credit card with my credit union for $500 and that has no annual fees.  I can get my deposit back if I cancel and I can ask for it to be unsecured in a year or maybe even less--I think they said at least six months.  To me, this was much better than the higher-credit-limit card I was offered through the mail, but that had HEAVY annual fees. 

I have also taken out two secured loans to show payment history.  I am not sure how much all of this is helping, but my TU is 641 right now, though I just did these secured loans and cc very recently.  But the secured loans are very inexpensive, IF you have the money to put down.  One of mine is a 12 month loan for $500.  When it's all paid off, I will have spent $516, and that's witih the interest and insurance.  My other one is for a shorter period, since it was at my second credit union and they didn't do 12 month loans for under $1000. 

I had read many times this was a good way to get some good payment history going, but it's early in the game.  I'm not sure what my EQ is.  My credit union said it was 608 when they pulled it a month or so ago, before setting up my secured card. 

 

(I'm curious, but don't want to drop another $20 just to peek at it.  (BTW, for future reference, is there a site to get just your FICO EQ like I did on here to get just my TU FICO?  Or is the EQ they advertise on here the real deal and not the FAKOs I'm getting through EX and EQ through their report monitoring?)



Starting Score: TU 641 2/28/13 EQ 640 3/1/13
Current Score: TU663 EQ661
Goal Score: 750 750




Community Leader
Valued Contributor
Posts: 2,439
Registered: ‎11-29-2012
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Re: Chapter 7 discharged

This is the only place to buy a real EQ Fico  


Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 1/22/15 TU 645; EQ 605; EX 633 New goal 675
Cap1 sec $1k (SD) / Fingerhut $2k / Flagship $12k / cashRewards $12k / NavChek $15k / Amazon $2k / Von Maur $1k / Firestone $2.2k / BCU $3k / NFL $1k / QS1 $750 / Target $400 / PPSC $800 / Conoco $700 (last app 09/29/14)
New Contributor
Posts: 83
Registered: ‎02-28-2013
0

Re: Chapter 7 discharged

Went on and got it; thanks!



Starting Score: TU 641 2/28/13 EQ 640 3/1/13
Current Score: TU663 EQ661
Goal Score: 750 750




New Contributor
Posts: 83
Registered: ‎02-28-2013
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Re: Chapter 7 discharged

Well, if my credit union was accurate when they said 608 pulling EQ, my EQ is now 640, barely a month later.  The only difference in my current report from a month or so ago is my secured cc and two secured loans.  My EX FAKO jumped  30 or 40 points this month as well, all at once, for what little that's worth.  My hunch is it's the opening of new lines of credit and my first payments maybe showing up.  But get other people's advice.  I'm new at this and maybe there's just some magic beans fertiilzed under all the garbage in my history.



Starting Score: TU 641 2/28/13 EQ 640 3/1/13
Current Score: TU663 EQ661
Goal Score: 750 750




Community Leader
Valued Contributor
Posts: 2,777
Registered: ‎07-12-2012
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Re: Chapter 7 discharged


AQ wrote:

Well, if my credit union was accurate when they said 608 pulling EQ, my EQ is now 640, barely a month later.  The only difference in my current report from a month or so ago is my secured cc and two secured loans.  My EX FAKO jumped  30 or 40 points this month as well, all at once, for what little that's worth.  My hunch is it's the opening of new lines of credit and my first payments maybe showing up.  But get other people's advice.  I'm new at this and maybe there's just some magic beans fertiilzed under all the garbage in my history.


Great job in rebilding so quickly! Those scores seem to be raising very quickly! You make me want to go get a secured loan right away. You were discharged a month after me and seem to be a little ahead of my scores. Keep it up

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
721 EQ FICO 06/2015
720 TU FICO 06/2015
727 EX FICO 06/2015
$14k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $9k Barclay Arrival WEMC | $5.4k Cap1 Quicksilver | $6k Amazon Store | $11k Cap1 VentureOne | $5k Barclay US Airways | $500 Chase Freedom
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