Hello My Fellow Fico Members,
Just wanted to let everyone know on how I got a Discover Card 1 month after my BK. I received my discharge on 01/2015. The first step was to validate that my credit was cleared of all derogatories and that it showed "BK Discharged". Near the ending of 02/2015 I applied for a Discover Card and was denied. However, it gave me the option of opening a Secured Credit Card which I promptly did. Discover will allow you to deposit anywhere from $200 - $2,500 and is refundable after 12 months with perfect credit history. I opted to deposit $1,000 dollars and managed the card like crazy, never exceeding 30% utilization and PIF every month.
On 03/2016, Discover returned my deposit but keeped my $1,000 limit with no CLI. I went another year with no luck receiving any type of increase and I finally called them on 02/2017. I explained that I had been with them for 2 years and have never had an increase and that I was doing everything possible to build my credit back up. They agreed and gave me a $2500 limit on the spot. Right around 04/2017, I decided to push the luv button, and to my amazement, they approved it for $4300.00. I was shell shocked since for 2 years they wouldn't even touch my limit. I was beginning to think they hated me. Anyway, I read some other posts which stated that you can try Discover luv button every 3 months. So on 07/2017, I pushed the luv button and they increased it to $7300.
Finally, I called Discover on 11/01/2017 and talked to a representative and told them that I was really concerned about my utilization and with Christmas coming up, I was concerned that it would rise above 50%. The representative promptly thanked me for looking ahead and granted me another $2500 which raised my limit to $9800. Just wanted everyone to know that with a little time and patience, you can all reach your goals. Granted it took nearly 3 years to get to this point, but it was worth the wait. Along the way, I got on all my wife's credit cards as an authorized user and have got 2 Barclay cards because of it. Barclay Rewards 3K and Barclay Arrival 10K.
Well on my way to establishing my credit.
@Oregon, that is outstanding...what a great way to manage a strategy....congratulations!! BTW...welcome to the community, we are glad you're here!
Thanks for sharing the great info and I look forward to following your future endeavors!!
Chapter 7: Discharged November 2015
Total Revolving Credit Lines 1 month post discharge: $2600
Total Revolving Credit Lines 1 Year post discharge (Nov. '16): $86K, Total with installment loans: $174K
Total Revolving Credit Lines 23 months post discharge (Oct '17): $196K, Total with installment loans: $338K
11/15 Fico 8: EQ-585, TU-550, EX- 551
01/17 Fico 8: EQ-695, TU-703, EX-673
09/17 Fico 8: EQ-695, TU-692, EX-683
Inquires: Next subject please
They also let you go straight to unsecured about a year post discharge provided you didn't burn them and are rebuilding well.
No I did not burn them in BK. My bankruptcy more to do with IRS taxes owed. Only burned two old credit cards, JCPenney and Orchard Bank. At the time, I did not have credit cards due to bad credit. After my BK, I promised myself never to burn any bank again. So I went on a rampage getting immediate credit as an authorized user. 3 years after filing a BK, I have achieved my own credit cards Navy Federal 29k, Barclays Arrival 10K, Quicksilver 7.6K, Discover 9.8k, Cabelas 5k, Walmart 6k and 5 others with lower limits. I still am on my wifes other accounts as an authorized user. Credit score is in the 695 range. Apparently, that BK continues to hurt me badly even with great credit history post BK.