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

[Scupra]

Glad you two feel like you can breathe now! Best feeling in the world, I still remember it like it was yesterday hah! Good luck rebuilding

[Anonymous]

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@OMIAHEART wrote:

Funny thing..when I was trying to get a Capital 1 card their prequalifier said I didn't qualify for any of thieir cards.  I decided to apply for the Quicksilver card anyways and was approved immediately for $1,000.  So even if it says you are not prequalified you still may be able to get a card better than their secured!

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If you don't mind, at what point did this happen for you? Was this after you made sure every debt discharged was reported IIB? Reason I ask, some people on the forum have apparently had some success securing credit the day after their discharge...my 341 meeting is the 28th of this month so I'm trying to gather as much info as possible before I waste a HP. Thanks!

[summerjune]

My meeting is scheduled for 2/18.  I cannot wait for that milestone, I will be one step closer to being discharged.

[OMIAHEART]

Memmfa11 I applied about 3 weeks after dicharge, everything at that point was reporting correctly.

[Scupra]

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@Anonymous wrote:

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@OMIAHEART wrote:

Funny thing..when I was trying to get a Capital 1 card their prequalifier said I didn't qualify for any of thieir cards.  I decided to apply for the Quicksilver card anyways and was approved immediately for $1,000.  So even if it says you are not prequalified you still may be able to get a card better than their secured!

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If you don't mind, at what point did this happen for you? Was this after you made sure every debt discharged was reported IIB? Reason I ask, some people on the forum have apparently had some success securing credit the day after their discharge...my 341 meeting is the 28th of this month so I'm trying to gather as much info as possible before I waste a HP. Thanks!

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Always make sure all of your accounts are reporting correctly first, IIBK and $0 bal. This will help with approvals, and get you approved for the best terms you can get. Good luck! 

[Chilli]

Hello everyone,

This is my 1st post. I joined in 2013 but I was too busy with getting my situation corrected.

I filed Chapter 13 - April, 2013 and I finally got my discharge January, 2014.

When I joined in 2013, my Fico score was 530.

My current Scores are: TransUnion 644, Eq. 673 and Experian 584/Fako 718.

I am currently in the process of rebuilding. I applied and approved for a $5,000 personal loan from my CU.

I applied for a Visa from USAA. I called the credit department today, and was told they needed 2 more days to check verify 2 things but didn't tell me what. I was also told that  if verified, they don't see an issue. I do know they did a Hard Pull on Eq.on 2/8 then a soft pull from Experian today. 

**I would really be surprised to get an unsecured card from USAA since I just got my discharge 2 weeks ago.

I also applied for Credit One and was approved. The status is still processing but to be honest, with all the bad reviews, I'm really afraid to even bother with them.

I'm trying to follow this plan but I can't go to Capital One because I IIB and have a judgment listed on my EQ. credit report. Experian and TransUnion deleted them but EQ refuses.

Any advise would be appreciated.

Thank you

[SoulMaster]

Chilli - 

Welcome to the forums!

Couple of questions before I dive into helping you... You said CH13, but CH13 usually lasts 3-5 years before discharge and I'm counting 9 months, unless it's a full-repayment CH13.  Did it get converted to a 7 at some point?  Or was it a full-repay?

The immeditate thing I'd say is to slow down a bit until we can help you get this sussed out.

-SM

[Chilli]

Thank you for the welcome! I'm new and felt lost and was trying my best to rebuild.

I am a member of my local credit union and I know the CEO well. I told him I wanted to rebuild and he approved me for an installment loan....it's just too bad they don't offer credit cards.

yes. I was in a chapter 13 and was able and allowed to pay it off in 9 months. It couldn't stand being in bankruptcy prision much longer.

inwould appreciated all the help all of you could provide...I've been without credit for approx.7 years now.

[SoulMaster]

Wow that's a fast 13.  Wait... pardon my asking, but if you haven't used credit in 7 years, why did you file a BK?  Are you in a state that has an unlimited statute of limitations on CC debt?  Here in Nevada that would all be uncollectable zombie debt that would be months away from falling off your credit report.

I don't mean to pry, but if you don't mind answering I'm very curious whenever I hear about fringe cases.  If there was a house/stop sale involved, say no more... I get it.

I think I'd follow the 7 guide to the letter (subbing out the bit about the CreditBuilder loan w/ your 5K loan).  I mean, you've got a discharged 13, which puts you lightyears ahead of BK7 people so theorettically you can probably skip the CreditOne step and just go straight to the Capital One steps once you make sure everything is reporting right on your credit.  I suppose I might do that.

Extra question: What are your credit goals?

-SM

[Chilli]

@sm I don't mind you asking. I had medical bills, a marital settlement agreement from a nasty divorce and asset management judgement for citi. no home in my name. Plus it would have taken me longer to repair my credit if I didn't file bankruptcy. 

My credit report was a mess and the creditors kept reporting until I filed. Once I filed, and during my plan It literally took 8 months to clean up my reports...my scores improved once I clean up my reports to IIB and after many, many deletions.

I have a judgement from capital one and IIB so I can't apply for a cap one card...that's why I tried USAA. I don't have an answer from them yet they are still reviewing..."need to verify 2 things" Again, they did a hp on EQ on the 8th and a soft pull on experian today.  Keeping fingers crossed.

question: if I don't get card from USAA I should i do to replace cap one.

My goals for 2014: 750 across the board. 2-3 major cards, a car loan...the car loan would not be an issue Because I'll get it from the credit union. I just want to time everything.

2015: purchase a home.