Discharged!! Now my plan...

Anonymous · ‎04-25-2016

Hi guys!

My husband and I filed Ch7 December 23, 2015. We received our discharge April 6, 2016.

We burned...

Capital One

Credit One

Chase

Discover

Shell

Victoria Secret

Care Credit

The day after we were discharged I tried the CapOne prequal site and my husband was approved for the Platinum SL $300 and Quicksilver One SL $300. He was also approved for Credit One SL $300. Unfotunately I was denied on the Credit One prequalifier and also on Cap One. Good news is that CapOne did do a hard pull on my credit report so it looks like I am not blacklisted and should be able to get back in with them in the future. We also were in desperate need of a car as our family of 6 was very unhappy with our 2003 Honda Oddesey with no air conditioner (which is very much needed living in south Florida), windows that would not work...etc and we were very excited when my husband received a pre approval from Capital One. 9 days post discharge we purchased a 2015 Ford Expedition for $32k for 72 months at 8.6%. Our plan is to pay on time and hopefully refinance the car for a lower rate in about 6 months or so.

Today I put myself as an authorized user on my husband's cards to see if it will help me some. My student loan debt of about $60k are in rehabilitation right now and will be changed to current after nine months so I'm hoping that change will help improve my chances of getting approved for credit on my own in the future. I also did the Discover prequalifier for my husband today and he was denied. Ouch! Now I'm regretting even trying. Was this terrible? Did I ruin my rebuild chances?

For now, the plan is to use the 3 cards no more than 30% of their credit limit and pay in full each month in order to improve my husbands score. Since I started a little off from Soulmaster's plan I'm thinking of going for the Barclay's at 6 months post discharge for my husband...does this sound like a good plan? Maybe apply for Discover at 1yr? All of this would be under my husband of course since he is the one with the approvals on Credit One and Cap One already and the auto loan.

I'm so afraid of messing this up.

Scupra · ‎04-25-2016

Applying for Discover now was definitely early but isn't going to do much harm Take a breath and relax. I think at this point it would be pretty easy to roughly follow SoulMasters plan still. Life happens and you may fall off track a bit, just jump back on and stay focused on a goal. I would have DH wait for Barclay until you close the Credit One card.

Hope that helps and keep up the work! Cap1 will let you back in soon

Anonymous · ‎04-25-2016

Hi Scupra!

I was thinking of holding on to the Credit One for 11 months like Soulmaster said. Do you see a benefit in closing it earlier in order to get a Barclay approval?

wissam · ‎04-26-2016

put your self on your husband cap 1 cards as auth user .

do not apply and waste more inquiris for at least 9 months

you can build a great credit if you are an auth user .

good luck

Scupra · ‎04-27-2016

@wissam wrote:
put your self on your husband cap 1 cards as auth user .
do not apply and waste more inquiris for at least 9 months
you can build a great credit if you are an auth user .

good luck

Just remember that some lenders completely ignore AU TL's. This is why a lot of us say for each person to build their own profile.

wissam · ‎04-27-2016

i agree with that

but it will help her to wait as auth user for 9 months then apply again with cap 1 . she will get better line i am sure .

Scupra · ‎04-27-2016

@Anonymous wrote:
Hi Scupra!

I was thinking of holding on to the Credit One for 11 months like Soulmaster said. Do you see a benefit in closing it earlier in order to get a Barclay approval?

Nope, I would keep it for 11 months and then close it like planned. After having those cards for around a year hubby will be in the best position for a Barclay approval.