Bankruptcy

[starsaboveme226]

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 

[starry1]

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?

[starsaboveme226]

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)

[Scupra]

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!

[starsaboveme226]

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

[Guyatthebeach]

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.

[Scupra]

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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.

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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.

[starry1]

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

[Guyatthebeach]

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

[chasmith]

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...