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Thank you for this post full of information, it will surely help thousands out there in need.
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.
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.
Orchard Bank has been bought out by Cap 1 and isn't accepting any new members.....
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:
thanks for your help.
@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
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
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
@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
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
@SoulMaster wrote:UPDATE:
Ok, I wrote this thing so here's my update:
@Anonymous 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.
@Anonymous Flagship Siggy - $8000 limit / $600 balance (I got this 5/2012 @ $5000, balance currently reporting $4200, should drop tomorrow)
@Anonymous 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 ) 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..