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New Member
Posts: 3
Registered: ‎01-27-2013
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Discharged bankruptcy Feb. 2012 need advice

My bankruptcy is a year old this month and IM not sure IM rebuilding correctly. Any advice?I think I may have gotten too much credit?

My current fico 622, fako experian 642

I have: navy federal nrewards 2500 limit also an authorized user on nrewards with 10000 limit

navy federal cash rewards 1500 limit 

capitol one platinum 300 limit auto increase to 500 on 7th statement

walmart 500

target 300

express ?

Victoria secret 250

Amazon store card 700

no baddie since bankruptcy 

 

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Valued Contributor
Posts: 2,400
Registered: ‎11-29-2012
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Re: Discharged bankruptcy Feb. 2012 need advice

[ Edited ]

I think you're doing great only 12 months post bk! Do you know if everything on your report is reporting correctly since your bk? About the only thing you are missing is an installment loan. Maybe try Navy Federal with a small personal loan or secured loan, then you will have an installment reporting as well. That is, unless you already have a car loan reporting. How long after your discharge did Navy give you a credit card?


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 Goal Score:
 625 for now– 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 Member
Posts: 3
Registered: ‎01-27-2013
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Re: Discharged bankruptcy Feb. 2012 need advice

Thanks, i have applied for a small personal loan with navy federal and got denied, I sent them an e message asking for a recon(worked for the cash rewards visa), I got the nreward card at about 4 months after bancruptcy with 1000 limit already increased to 2500 navy federal is awesome tho. And everything is reporting now (after several disputes)

Valued Contributor
Posts: 1,995
Registered: ‎07-12-2012
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Re: Discharged bankruptcy Feb. 2012 need advice

You look like you are rebuilding fine! Time to garden and let the scores raise up. I do have a couple questions though, when did you get the cash rewards card from NFCU? Do you remember what your score was? Also, same question for Walmart card please and thanks!

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
715 EQ FICO 04/2015
717 TU FICO 04/2015
679 EX FICO 04/2015
$14k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $9k Barclay Arrival WEMC | $5.4k Cap1 Quicksilver | $5k Amazon Store | $10k Cap1 VentureOne | $5k Barclay US Airways
New Member
Posts: 3
Registered: ‎01-27-2013
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Re: Discharged bankruptcy Feb. 2012 need advice

I got the navy federal cash rewards card in december after a recon score was about 620, the walmart card i got last week 622 fico, i called the backdoor number for walmart and they asked me some questions then approved me after i got the 7-10 day message

Regular Contributor
Posts: 226
Registered: ‎09-04-2012
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Re: Discharged bankruptcy Feb. 2012 need advice

I think you are doing excellent with rebuilding your credit. My bankruptcy was discharged February 29, 2012 so I'm in the same boat you're in.

 

I think you have enough credit cards. At this point, I would let them age. There are two things I would do. I would see about a personal loan with NavyFed. If they decline you, then get a secured loan. I would make sure you pay it off in 6 months. Then I would go back and get the NavyFed overdraft checking line of credit. If you can get that line of credit, then you will always have an open installment loan listed on your credit report.

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Posts: 1,995
Registered: ‎07-12-2012
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Re: Discharged bankruptcy Feb. 2012 need advice


Guyatthebeach wrote:

I think you are doing excellent with rebuilding your credit. My bankruptcy was discharged February 29, 2012 so I'm in the same boat you're in.

 

I think you have enough credit cards. At this point, I would let them age. There are two things I would do. I would see about a personal loan with NavyFed. If they decline you, then get a secured loan. I would make sure you pay it off in 6 months. Then I would go back and get the NavyFed overdraft checking line of credit. If you can get that line of credit, then you will always have an open installment loan listed on your credit report.


Correct me if I'm wrong but I'm pretty sure Navcheck reports as a revolver, like a credit card. It will help with utilization though.

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
715 EQ FICO 04/2015
717 TU FICO 04/2015
679 EX FICO 04/2015
$14k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $9k Barclay Arrival WEMC | $5.4k Cap1 Quicksilver | $5k Amazon Store | $10k Cap1 VentureOne | $5k Barclay US Airways
Community Leader
Valued Contributor
Posts: 2,400
Registered: ‎11-29-2012
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Re: Discharged bankruptcy Feb. 2012 need advice

Yeah, I read that NavChek reports as a cc too.


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 Goal Score:
 625 for now– 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)
Regular Contributor
Posts: 226
Registered: ‎09-04-2012
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Re: Discharged bankruptcy Feb. 2012 need advice

I don't bank at NavyFed so I don't know how NavCheck reports.

Valued Contributor
Posts: 1,063
Registered: ‎05-26-2010
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Re: Discharged bankruptcy Feb. 2012 need advice

NavChek reports as a revolving line of credit.  So it is grouped into "revolving accounts" with credit cards, and impacts utilization, for good or bad...

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
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