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Discharged, denied for cards out of the gate...now what

Community Leader
Super Contributor

Re: Discharged, denied for cards out of the gate...now what


byronsru23 wrote:

Hello everyone!

 

So I found this place while doing some searching on repairing ones credit post bankruptcy, and it seems there are a LOT of knowledgeable and helpful people on here so I'm hoping you can tell me what to do next.

 

A snapshot of my current situation:

 

- I just received my chapter 7 bankruptcy discharged on 9-19-15. It was a combination of credit card debts: Old Capital One, Discover cards w/ judgements against me, a few past due medical bills, and some recent cards that I had to include from CreditOneBank, and Walmart.

 

- Currently, the only bills showing on my credit report are my student loans, which are all current, and no late or missed payments

 

- I tried re-applying for a unsecured card @ Capital One, Credit One, and my PSECU credit union a few weeks ago.  I was denied for all 3.  I burned Capital One and Credit One in my bankruptcy so I wasn't surprised I got denied, even though some people here had said they had gotten cards post bankruptcy no problem.  The denial from the unsecured card at PSECU said my credit score from Experian was reported to them as 614, and the reason for the denial was:  the applicant has filed for bankruptcy.  The denial from Captial One states: "there are too many delinquent past or present Capital One credit obligations".  I didnt get a letter yet stating why I was denied from CreditOne

 

I applied for all 3 cards in the same day so hopefully they can show up as 1 hard pull on my score.  My credit union (PSECU) has an option for a secured card, with no credit check required, but I don't know if thats the best option for me to go with.  

 

I ordered all 3 of my credit reports.  It seems everything there is in order.  All accounts listed in the bankriuptcy show they were included w/ $0 balances.  My equifax score is 611, Transunion is 601.  For some reason I didnt get my Experian Score w/ my report so I just ordered that, and its 668?  Is that normal to have such a big variance?  I checked all 3 reports, and nothing is showing on Experian, that isn't showing on TU or Equifax.  I ordered my TU and Equifax report a week ago and just today got my score for Experian, could it have changed that much in a week?  Something just doesn't seem right.

 

 

 

I guess my main questions are:

 

1) Is it normal for the Experian Vantage score to be so much higher than the other 2 agencies?

 

2) Are there are some other "lower tier" unsecured cards people might recommend I try?  Or should I just wait a few months, and then re-apply for any of the above cards?  Or should I just go secured for now?

 

3) Any other suggestions on where I should go from here?

 

 

Thanks in advance


1- Not unusual - sometimes it may be lower.

 

2 - go with 1-2 secured cards. OpenSky, SDFCU are couple of good places to start. Cap One will approve you 12 months after your old accounts were charged off. Often with a 2-3K starting limit.

 

3 - if you need an installment loan you can combine that with a secured card at SDFCU using the same $300 deposit.

Most Recent FICO 8 Scores EX601/TU580/EQ589 12/08/2017 Starting scores 553/485/543 08/25//2017
~~~Credit lines~~~~
SDFCU VISA Secured $250
Discover Secured $200
Message 31 of 59
Established Member

Re: Discharged, denied for cards out of the gate...now what

****UPDATE*****

So I was thinking of possibilities for a 3rd CC to add to my mix. Seen a lot of good things on here about the Discover IT. I did burn a private student loan through them in my BK7 but I figured...what the hell...let's try it.

So I just applied....and boom!!

Super pumped right now. I got my 3 revolvers, so it's to the garden I go till Feb or March when I try to refinance a used car loan. Thank you again to everyone knows these boards!



Congratulations!
You're approved for a Discover® Card.


Welcome! Soon you'll be getting cash rewards on everything you buy with your new card.
So watch for it in the mail - then activate it right away.

Your credit line is $4,500.
Message 32 of 59
Community Leader
Senior Contributor

Re: Discharged, denied for cards out of the gate...now what


byronsru23 wrote:
****UPDATE*****

So I was thinking of possibilities for a 3rd CC to add to my mix. Seen a lot of good things on here about the Discover IT. I did burn a private student loan through them in my BK7 but I figured...what the hell...let's try it.

So I just applied....and boom!!

Super pumped right now. I got my 3 revolvers, so it's to the garden I go till Feb or March when I try to refinance a used car loan. Thank you again to everyone knows these boards!



Congratulations!
You're approved for a Discover® Card.


Welcome! Soon you'll be getting cash rewards on everything you buy with your new card.
So watch for it in the mail - then activate it right away.

Your credit line is $4,500.

Awesome!!! Great card with a great starting limit Smiley Happy

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
730 EQ FICO 11/2017
750 TU FICO 11/2017
735 EX FICO 11/2017
$20k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE
Message 33 of 59
Established Member

Re: Discharged, denied for cards out of the gate...now what

**** UPDATE*****

 

My 3rd statement w/ Capital One Just cut yesterday....hit the luv button.  $300 CLI, bringing total on that card to $3300.  Not as much as I hoped for, but its something.  I'm still set for my 6mo step increase in 3mo too.  Probably won't be any further updates to this until March.  We shall see :-).  Happy holidays everyone

Message 34 of 59
Established Member

Re: Discharged, denied for cards out of the gate...now what

**** UPDATE****

 

 

So I joined NFCU and applied for their GoRewards Visa.  

 

Another success:

 

Congratulations! Based on your creditworthiness, you have been approved for a goRewards Visa credit card. Your new credit line will be $1,000.00. Your APR will be 11.24%.

 

 

I'm pretty surprised, both at the low SL and the low APR (My other cards are all 20% plus).  From what I've seen on here the card can grow fast but I still put in a request for reconsideration for the SL to be increased which was denied :-(.   Regardless, its my foot in the door with another CU.

 

 

 

*****UPDATE #2*****

 

So I requested a CLI w/ Penfed for my Promise Visa Card.  Credit limit is currently $1000.  Was approved for another $1000.  Total CL w/ them is now $2000.  Again, not as much as I hoped for, but its still progress

Message 35 of 59
Established Member

Re: Discharged, denied for cards out of the gate...now what

****UPDATE #3******

So I just completed a survey from PenFed. I stated how disappointed I was an only being offered another thousand dollars for my credit limit. Not even an hour later I get a call from the executive office, offering to increase my credit limit to $5,000! I'm thrilled to say the least. Big thumbs-up for PenFed on this one.
Message 36 of 59
Established Member

Re: Discharged, denied for cards out of the gate...now what

*****Last update for awhile*****

 

Just got a call from my personal liason at NFCU who talked me through setting up my online acccount and answered a bunch of questions for me.  Very polite and professional and I must admit I never had that from ANY other credit union.  

 

 

Also, I kept stewing over my CLI on my Promise card now being $5000 and I thought "I'm NOT going to use this card much because there's no rewards".  So I figured I used a HP for the CLI anyway, why not see if they can get me the Platinum Rewards Visa Sig card.  Called them up and unforunately they can't do a produce change with it?  I'd have to close the promise card and open up the Visa Sig as a new account.   Well I figure better a card that I will USE for sure, than one that will basically be a bonified sock drawer card.

 

BOOM!  Approved for the Platinum Rewards Visa Signature 

 

Congratulations!

Your application has been approved for a credit line of $5,000.00 with a purchase and cash advance APR of 14.24%.

 

 

 

I am now in the garden for awhile and let these new accounts grow.  My plan for useage on these cards is this:

 

Discover Card - Use for ALL gas purchases

 

Penfed Platinum - Have  my inspection comming up and plan on buying some things w/ income tax money so I'll put that stuff through this card to hit that $1500 in 90 days to get the sign up bonus.  This card will also be my dedicated grocery card.

 

NFCU GORewards - I'm going to use this sparingly for now, similiar to how I used the old Promise Card and go for a CLI in 6mos.

 

Capital1 QS - This looks like its going to be sock drawered, maybe I'll run a tiny purchase on it each month just to keep some useage on it.

 

 

I never would have thought 16mos post bankruptcy I'd have made this much progress.  Now its time to let these accounts grow and age some.

Message 37 of 59
Regular Contributor

Re: Discharged, denied for cards out of the gate...now what


byronsru23 wrote:
****UPDATE*****

So I was thinking of possibilities for a 3rd CC to add to my mix. Seen a lot of good things on here about the Discover IT. I did burn a private student loan through them in my BK7 but I figured...what the hell...let's try it.

So I just applied....and boom!!

Super pumped right now. I got my 3 revolvers, so it's to the garden I go till Feb or March when I try to refinance a used car loan. Thank you again to everyone knows these boards!



Congratulations!
You're approved for a Discover® Card.


Welcome! Soon you'll be getting cash rewards on everything you buy with your new card.
So watch for it in the mail - then activate it right away.

Your credit line is $4,500.

Nice! Congrats!


FICO 08:Jan 18, 2017: EX 800 EQ 725 TU 799
FICO 08:Feb 10, 2017: EX 788 EQ 772 TU 791 (post New Year's app spree)
In the garden as of 1/4/2017. Will remain for all of 2017.
Message 38 of 59
Community Leader
Senior Contributor

Re: Discharged, denied for cards out of the gate...now what

Wow! Congrats on the new card and the CLI's!

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
730 EQ FICO 11/2017
750 TU FICO 11/2017
735 EX FICO 11/2017
$20k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE
Message 39 of 59
Established Member

Re: Discharged, denied for cards out of the gate...now what

*****Update*****

My 3rd Discover statement just cut last night. I hit the love button and approved for a 1500 cli :-)

Total limit on Discover is now 6000
Message 40 of 59