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Established Contributor
CruzImperial
Posts: 863
Registered: ‎07-04-2012

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

Thank you for this post full of information, it will surely help thousands out there in need.

 

Fico Scores: . Walmart TU 748 . App free since Aug 2013 .

Cap One Journey 500 | Discover IT 1k | GE Home Design 5.6k | GE HHGREGG 5k | Amex Zync NPSL | Amex BCE 6k | Citi Forward 4.2k | Citi Dividend 3k | GE BrandsMart 1k | GE Lowes 8.5k | Discover Walmart 6k | Barclays Apple 2.5k | BoA CR 800 | CSP 7.2k
New Member
Mrs-CFO
Posts: 3
Registered: ‎09-06-2012

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

This is a very solid plan and pretty much what I did. Before applying for the cards I waited to get the pre-approved offers for each of them.

 

  • Filed BK in May 2011
  • Took out secured loan in December 2011 - 6 month terms
  • Applied for the Orchard Card in February 2012 ($300CL)
  • Applied for Capital One in April 2012 ($3000CL), stopped using the Orchard Card
  • Kept balances low (under 30% of CL)
  • PIF when the statement closes

 

I've been receiving about 2 offers a month from Barclay for one of their lower level awards. I'm going to wait till at least December when I pull my score again to apply for another card. I don't know if it will be the Barclay card or a different one. It will be interesting to see which offers I;m getting at that time. I want to cancel the Orchard Card before the first annual fee.

 

My DH filed for BK in April 2011 and did not follow the same path I did. We both did the secured loan in December 2011. He got a secured card for $300 and did not keep the balance low. We have been pulling our score at the same time and when we pulled our scores in July and he saw that my score had increased more than his, he immediately applied for the Capital One card and received a $1000CL. We are now looking at other options for him for a second card so we can cancel the secured card, get the $$ back and get the secured account off his credit report (this card reports as secured).

 

My goal is to get my credit up to the point where I can get a miles credit card (we are still figuring out which one we want).

 

While filing for BK was one of the hardest decisions I've ever made, I can't be happier that I did it. It's been a learning experience and has taught me how to live on cash. I monitor our spending and budget on a regular basis and it is so fun and exciting! Growing our finances has become a delightful game that I am having a blast playing.


Starting Score: TU 590, EQ 627 (2/6/12) ~ BK filed 5/2011
Current Score: TU 656, EQ 680 (7/21/12)
Goal Score: 700+ Across the board w/a miles earning credit card


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Regular Contributor
Unique620
Posts: 233
Registered: ‎10-03-2009

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

Question....

What if you included GE, Discover and Orchard Bank in your bankruptcy? How would I proceed?

Filed BK 04/2011|BK Discharged 08/2011|Hard Pull I 12/05/2012 |


Starting Score: EQ 523 03/2012
Current Score: EQ 649 I TU 655 (02/2013) EX 672(01/2013)
Goal Score: 700 on all CR's 04/2013
Frequent Contributor
grassfeeder
Posts: 329
Registered: ‎03-01-2012

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

Orchard Bank has been bought out by Cap 1 and isn't accepting any new members.....

5/12- EQ FICO - 508 / TU FICO - 490 / EX FAKO - 550 Ch. 7 BK - 7/12 (discharge 10/12)
6/14 - EQ FICO 674 / 4/14 - TU FICO - 636 / EX FICO - 654

NFCU cashRewards $10,000 - NFCU Flagship Visa $8,000 - First Tech C.U. Cash Rewards $5,000 - Barclays Apple Card $2,000 - JCrew $4650
In the garden starting 3/1/14 till ???
Regular Contributor
Unique620
Posts: 233
Registered: ‎10-03-2009

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

Hi soul master,

 

was wondering if you could help me with this. I included orchard, discover, and GE in my bankruptcy, discharged in october 2011. What cards do you suggest?

 

I did the following:

  • Pulled credit 523 Equifax march 2012
  • finance car April 2012
  • open secured 1000 & unsecured 500 Captial One card in June 2012 (was included end in bankruptcy)
  • my score is 638 Equifax & 628 Transunion both FICO pulled October 2012
  • as of today I am 14 months post bankruptcy discharge. Filed in April 2011. Discharged August 2011

thanks for your help.

Filed BK 04/2011|BK Discharged 08/2011|Hard Pull I 12/05/2012 |


Starting Score: EQ 523 03/2012
Current Score: EQ 649 I TU 655 (02/2013) EX 672(01/2013)
Goal Score: 700 on all CR's 04/2013
Established Contributor
SoulMaster
Posts: 981
Registered: ‎11-08-2011

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!


Unique620 wrote:

Hi soul master,

 

was wondering if you could help me with this. I included orchard, discover, and GE in my bankruptcy, discharged in october 2011. What cards do you suggest?

 

I did the following:

  • Pulled credit 523 Equifax march 2012
  • finance car April 2012
  • open secured 1000 & unsecured 500 Captial One card in June 2012 (was included end in bankruptcy)
  • my score is 638 Equifax & 628 Transunion both FICO pulled October 2012
  • as of today I am 14 months post bankruptcy discharge. Filed in April 2011. Discharged August 2011

thanks for your help.


 

Sorry, haven't been on the forums in a while.  I HATE secured cards. (Unless they report as "unsecured") or graduate and change the original TL from secured to unsecured.

 

But what's done is done.  You're doing pretty good.  I'd get a Credit Builder-type loan, it's an installment loan that isn't tied to a vechicle. (and may or may not report as secured). So it helps with "mix of credit".  Plus, I really like forced-savings accounts.

 

I'd probably suggest that you're ready for an Apple Barclays, assuming you didn't burn them in your BK.

 

Keep up the good work!

 

 

-SM

I am not an attorney and none of what I write should be construed as legal advice. For legal advice please consult an attorney.

Starting Score: ~470 preBK(8/2010)
Current Scores as of 3/15/14 All 700+. Last CR pull from a lender(housing) was mid-score 729.
Goal Score: 700+ - reached.
Established Contributor
SoulMaster
Posts: 981
Registered: ‎11-08-2011

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

Yes, I need to edit the original post and stick Credit One in there as the "first" card.  Orchard and Credit One are(were) both cards I hate, but you have to start somewhere, unsecured, and not a store card.

 

It gets cancelled in 11 mo anyway.

 

-SM

I am not an attorney and none of what I write should be construed as legal advice. For legal advice please consult an attorney.

Starting Score: ~470 preBK(8/2010)
Current Scores as of 3/15/14 All 700+. Last CR pull from a lender(housing) was mid-score 729.
Goal Score: 700+ - reached.
Established Contributor
SoulMaster
Posts: 981
Registered: ‎11-08-2011

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

UPDATE:

 

Ok, I wrote this thing so here's my update:

 

YESTERDAY was 24 months post-discharge and my EQFico is sitting @ 681.  I know, I know, that's not a 700 +/- 15points, but it's my own damn fault.  I let a $4200 bill report on my NFCU Siggy, and it hasn't cleared.

 

The new statement cut last night, with a meager $600 balance, so as soon as my ScoreWatch updates, I'll pull them all and list them out.

 

Here's my current sitch:

 

C1 - $1250 limit / $0 balance - (Note: I burned them in BK)

Barclays Apple - $1300 limit / $0 balance - (Note: I burned them in BK)

Discover More - $2500 limit / $0 balance - This card started @ a $1000 and I got a CLI.

NFCU Flagship Siggy - $8000 limit / $600 balance (I got this 5/2012 @ $5000, balance currently reporting $4200, should drop tomorrow)

NFCU NavCheck - $5000 limit / $0 balance (I got this 5/2012) - this thing's balance last reported @ $500

 

Like I said, once my scorewatch updates (dropping my util from ~30% to <9%) I'll come back and post... I'm expecting a 690 something.  So pretty close!

 

-SM

I am not an attorney and none of what I write should be construed as legal advice. For legal advice please consult an attorney.

Starting Score: ~470 preBK(8/2010)
Current Scores as of 3/15/14 All 700+. Last CR pull from a lender(housing) was mid-score 729.
Goal Score: 700+ - reached.
Regular Contributor
Unique620
Posts: 233
Registered: ‎10-03-2009

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!


SoulMaster wrote:

Unique620 wrote:

Hi soul master,

 

was wondering if you could help me with this. I included orchard, discover, and GE in my bankruptcy, discharged in October 2011. What cards do you suggest?

 

I did the following:

  • Pulled credit 523 Equifax march 2012
  • finance car April 2012
  • open secured 1000 & unsecured 500 Capital One card in June 2012 (was included end in bankruptcy)
  • my score is 638 Equifax & 628 Transunion both FICO pulled October 2012
  • as of today I am 14 months post bankruptcy discharge. Filed in April 2011. Discharged August 2011

thanks for your help.


 

Sorry, haven't been on the forums in a while.  I HATE secured cards. (Unless they report as "unsecured") or graduate and change the original TL from secured to unsecured.

 

But what's done is done.  You're doing pretty good.  I'd get a Credit Builder-type loan, it's an installment loan that isn't tied to a vehicle. (and may or may not report as secured). So it helps with "mix of credit".  Plus, I really like forced-savings accounts.

 

I'd probably suggest that you're ready for an Apple Barclays, assuming you didn't burn them in your BK.

 

Keep up the good work!

 

 

-SM


That's OK. Thanks for responding!  I applied this week for Barclay and got approved for $2000 :smileyhappy:  

 

I didn't know anything about secured cards graduating when I applied for account. I plan to close it if Apple Federal Credit Union approve my secured card application. The card graduates in 12 months. If they do, I am going to close the Capitol One secured card as soon as Apple FCU starts reporting.

 

47 points away from my goal of 700. and to think I started off at 523 8 months ago (tear tear).

 

 I have a collection on my report for a rehabilitation student loan. Can't wait to see the update to see how much my score goes up :smileyhappy:

 

 

Filed BK 04/2011|BK Discharged 08/2011|Hard Pull I 12/05/2012 |


Starting Score: EQ 523 03/2012
Current Score: EQ 649 I TU 655 (02/2013) EX 672(01/2013)
Goal Score: 700 on all CR's 04/2013
Valued Contributor
Scupra
Posts: 1,143
Registered: ‎07-12-2012

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

[ Edited ]

SoulMaster wrote:

UPDATE:

 

Ok, I wrote this thing so here's my update:

 

YESTERDAY was 24 months post-discharge and my EQFico is sitting @ 681.  I know, I know, that's not a 700 +/- 15points, but it's my own damn fault.  I let a $4200 bill report on my NFCU Siggy, and it hasn't cleared.

 

The new statement cut last night, with a meager $600 balance, so as soon as my ScoreWatch updates, I'll pull them all and list them out.

 

Here's my current sitch:

 

C1 - $1250 limit / $0 balance - (Note: I burned them in BK)

Barclays Apple - $1300 limit / $0 balance - (Note: I burned them in BK)

Discover More - $2500 limit / $0 balance - This card started @ a $1000 and I got a CLI.

NFCU Flagship Siggy - $8000 limit / $600 balance (I got this 5/2012 @ $5000, balance currently reporting $4200, should drop tomorrow)

NFCU NavCheck - $5000 limit / $0 balance (I got this 5/2012) - this thing's balance last reported @ $500

 

Like I said, once my scorewatch updates (dropping my util from ~30% to <9%) I'll come back and post... I'm expecting a 690 something.  So pretty close!

 

-SM


Can I ask at what point post BK you applied for your NFCU visa and NavCheck? Day of discharge I opened the secured card from NFCU to build a relationship with them, graduates in a year.. I am gardening until 10/2013 at which point I plan to app for a barclays (following your advice :smileyhappy: ) Thank you so much for your help/advice!

 

edit: Im just worried as my TU score is so low and I know thats what they pull :/ Hopefully it will rise quick..

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
691 EQ FICO 06/2014
684 TU FICO 06/2014
682 EX FICO 04/2014
$7k NFCU Flagship Sig - $8.5k NFCU cashRewards Sig - $15k NavChek - $2k Cap1 Quicksilver - $3k Barclays Arrival +

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