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

[grassfeeder]

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@Chilli wrote:

According to the plan, 12-13 months for Discover It and Barclays Card. Why are you waiting 24 months? Did you previously apply according to the timeframe listed in the plan?

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24 months is my own thing....as you can see i've been successful gaining solid credit lines and I want to make sure I'm at least 6 momnths clear of any past apps for credit.

[Chilli]

@grassfeeder

Yes, you did well...how long did it take you to obtain your cl with nfcu? did you start out at a lower limit...? If so, what is the process?

[Scupra]

+1 grassfeeder! I agree and am doing the same

[simi_go]

Just got approved for my credit one card. Now I gotta find a CU that offers credit builder loans. 

[grassfeeder]

@Chilli

It took me a matter of months to obtain the CL's with NFCU. I started at $5000k on the cash rewards - bumped it to $18k and then split $8k of that off into the Flagship card.

Mind you I have a solid income, $100k+, self employed with almost zero debt now.

I started with 2 secured cards, local CU @ Capital One and then obtained unsecured lines.

Please keep in mind that every situation is unique and that just cause NFCU may not hand out $20k in credit that something is wrong - follow this plan, it works

[scarzy]

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@pizza1 wrote:
I wouldn't apply for discover till 2 yrs post discharge. Barclays wants to see a minimum of 6 months of payments with someone else first before they will approve. Don't waste your time or HP on discover till your scores are high 600's or higher.

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I would have to agree. Upon reading various forums, usually it's 2-3 years before they are approved for Discover with a bankruptcy.

[Scupra]

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@scarzy wrote:

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@pizza1 wrote:
I wouldn't apply for discover till 2 yrs post discharge. Barclays wants to see a minimum of 6 months of payments with someone else first before they will approve. Don't waste your time or HP on discover till your scores are high 600's or higher.

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I would have to agree. Upon reading various forums, usually it's 2-3 years before they are approved for Discover with a bankruptcy.

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2 years is just playing it safer. I do not doubt that multiple people have been approved in under two years though

[grassfeeder]

another example of how following this plan helps. I purchased a used '09 BMW 335 only 3 months outta discharge - granted 50% cash down through Wells Fargo at 10.99%. I refi'd through NFCU after 9 months for 7.99%. I traded that car in for a '11 335 with clear equity and BMW approved me for 0.9% - follow the plan - it works.

[Anonymous]

Great information thank you!

Now here is my question- My husband and I were discharged 4/28/2014 so we are pretty fresh still. We have/had been receiving pre approvals from Capital One almost immediately after discharge. So we decided to give it a shot. We were approved for $1000.00! What in your opinion should be out next step? We make 90,000+ a year which is why I think we were able to get such a high limit right out of BK.

I have been to a credit union that has a credit builder type loan I believe they called it a shared secure loan. We would deposit $1200. into an account and they "lend us back $1200. at 2% interest for 12 months. So monthly payment would be $102.00

thank you in advance

[misssararae]

Thank you so much for this!!!