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

[HopeMission]

1) Like EducatedLady, I ended up keeping a PIF ($500) secured CU card through my BK (Oct 14). Two months after discharge this card is still reporting and is kept >10% of its CL. This card doesn’t have a real long history (2 years) but it’s a good one.

If its ok, I think I want to ask my CU if and when I can either get a CLI (I pay them another 500) for a new 1K limit and if and when they might consider converting this card into an unsecured account.

2) Everybody talking about how a Quicksilver card might actually be a possibility only 2 months out of discharge reminds me of my next immediate issue. Before I noticed this awesome forum. I applied for a Cap One card about a month BEFORE I filed BK. At that time I was disapproved because of my bad DTI ratio. Well now, 2 months out of discharge I am getting some very convincing “Dated Pre Quals” from Cap One. Does this sound too good to be true to anyone? Should I persue these Cap One Pre Qual offers over applying for the prescribed Credit One card like everyone else?

Thank you in advance.

[CH-7-Mission-Accomplished]

By all means take the Cap 1 card(s) and forget about Credit One.  Credit One will charge you $100 in fees for a $300 credit limit and gouge you until you close the card.  Cap 1 will allow you to eventually PC the card to no annual fee and will give you regular CLI's starting as soon as 3 months but certainly by six months.

Credit One should only be for the desperate.  That and First Premier are the blood-sucking bottom feeders of the subprime credit card market.

I would apply first for the Cap 1 Quicksilver One card and then if approved for that one, then apply the same day for the Cap 1 Platinum card.

Be sure to freeze Experian (or any one) of your credit reports since Cap 1 will approve you with just two inquiries if one report is frozen.  No need to take three hits when two will do!

Good luck.  Sounds like you are well on your way to a solid rebuild.

[HopeMission]

Thx Ch7 Rebuiding- I read your passionate presentation against Credit One a few weeks ago. I agree with perusing one of these (dated Cap One Pre Qual offers) over getting the prescribed Credit One card but this will be the ONLY exception to OP’s prescription path.

Soul Master has indeed created a time-tested track that has been validated by dozens.

The other question I had above was related to the subject EducatedLady introduced and was deemed a “no no” by Scupra.

In addition to the CU ($500.) Secured card, I also kept a PIF “Fry’s” store card ($3,000 limit) through my BK. This card also has a short but great 12mo history.  This has never reported and I will try and change that ASAP.

I might have already committed the “no no” but in the end shouldn’t keeping these 2 TL’s end up actually helping my credit history etc?

I will try and figure out how to list my Fico stats on the bottom of my posts but until then. My TU dipped down to 578 just after I filed BK (Oct 14).

[Scupra]

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@HopeMission wrote:

Thx Ch7 Rebuiding- I read your passionate presentation against Credit One a few weeks ago. I agree with perusing one of these (dated Cap One Pre Qual offers) over getting the prescribed Credit One card but this will be the ONLY exception to OP’s prescription path.

Soul Master has indeed created a time-tested track that has been validated by dozens.

The other question I had above was related to the subject EducatedLady introduced and was deemed a “no no” by Scupra.

In addition to the CU ($500.) Secured card, I also kept a PIF “Fry’s” store card ($3,000 limit) through my BK. This card also has a short but great 12mo history.  This has never reported and I will try and change that ASAP.

I might have already committed the “no no” but in the end shouldn’t keeping these 2 TL’s end up actually helping my credit history etc?

I will try and figure out how to list my Fico stats on the bottom of my posts but until then. My TU dipped down to 578 just after I filed BK (Oct 14).

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The "no-no" was making preferential payments. You're past d/c at this point soooo..yeah oh well I didn't list a $0 Cap1 card I had but they PROMPTLY closed it within a week of my filing. The no-no is saying, "Hey, I have no money to pay all these bills so I need to file BK" and then turning around and making a payment to a credit card so you can try to avoid it being closed.

For your signature: Go to "my settings" then click "personal information" and then edit your signature box

[Anonymous]

‎12-10-2014 07:04 AM

I filed in August 2014 and Got Discharged on 11/27/2014. I applied for Credit one and got approved for $400 (Waiting for the card to be deliver). I went to my Bank which is Beneficials Saving bank and open a secure loan for $1000/ year with 4.25%. I also had Kohls's card ($1700 Limit) that survive the BK. I am so excited now. Time to garden I guess

Update:

I got a pre-Qualify with MerrickBank $750 and double in 7 month with pay ontime. I go ahead and Apply for it. Bingo I got approved. Yeahhhhhhhhhhh

My Credit Limit with Credit one also increase to 600 last week. MyFico is at 655 right now.

[Anonymous]

I filed in August 2014 and Got Discharged on 11/27/2014. I applied for Credit one and got approved for $400 (Waiting for the card to be deliver). I went to my Bank which is Beneficials Saving bank and open a secure loan for $1000/ year with 4.25%. I also had Kohls's card ($1700 Limit) that survive the BK. I am so excited now. Time to garden I guess

Update:

I got a pre-Qualify with MerrickBank $750 and double in 7 month with pay ontime. I go ahead and Apply for it. Bingo I got approved. Yeahhhhhhhhhhh

My Credit Limit with Credit one also increase to 600 last week. MyFico is at 655 right now.

[Anonymous]

My beginning rebuild story...

Filed chapter 7 and was discharged on January 12, 2015. I burned capitol one for auto loan and cc, Victoria secret, Kirkland, care credit, new York and co, santander.

I cleaned up my credit reports while waiting to be discharged.

I am almost 2 months discharged. 

My credit score is 509, 525, 546 with FICO

I applied for credit one 3 days post discharge, approved $400.00

I applied for capitol one 1 month post discharge, approved for quiksilver $2000.00 and platinum $1000.00

Almost 2 months post discharge I applied for a credit builder secured asset loan with singing river federal credit union in mobe Alabama for $1000.00. Approved. I put up $1000.00 signed papers and they immediately wrote me a check back for $1000.00. I pay $85.00 a month for 1 yr. 2% interest. Every 3 months, my 85.00 minutes 2% is available in my savings account with them to use. They report to all 3 credit bureaus. No credit check to establish the loan. 

Then today I opened a furniture Loan for $1500.00 with Babcock. 

I am done applying. 

I will only charge less than 9% a month. I will pay 2 credit cards in full and let 1 credit card report less than 9%. 

Please let me know if I need to do anything different.

I plan to apply for auto loan in 6 to 12 months when payment history is established

Thank u

[Anonymous]

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@Anonymous wrote:

My beginning rebuild story...

Filed chapter 7 and was discharged on January 12, 2015. I burned capitol one for auto loan and cc, Victoria secret, Kirkland, care credit, new York and co, santander.

I cleaned up my credit reports while waiting to be discharged.

I am almost 2 months discharged. 

My credit score is 509, 525, 546 with FICO

I applied for credit one 3 days post discharge, approved $400.00

I applied for capitol one 1 month post discharge, approved for quiksilver $2000.00 and platinum $1000.00

Almost 2 months post discharge I applied for a credit builder secured asset loan with singing river federal credit union in mobe Alabama for $1000.00. Approved. I put up $1000.00 signed papers and they immediately wrote me a check back for $1000.00. I pay $85.00 a month for 1 yr. 2% interest. Every 3 months, my 85.00 minutes 2% is available in my savings account with them to use. They report to all 3 credit bureaus. No credit check to establish the loan. 

Then today I opened a furniture Loan for $1500.00 with Babcock. 

I am done applying. 

I will only charge less than 9% a month. I will pay 2 credit cards in full and let 1 credit card report less than 9%. 

Please let me know if I need to do anything different.

I plan to apply for auto loan in 6 to 12 months when payment history is established

Thank u

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Congrats to you. I'm in the same boat. Time to garden

[Taoron]

This plan is working for me, but not for all CRAs!  One is in the 670s and the other two about 630.  I guess given time, those will go up as well.  

[MB2714]

For Rebuild does anyone know if Credit One if you had good payment history with them will give you a second chance if they Got Burned in Chapter 7 ? I'm just wondering for when i get my discharge. I'll go probably go Capital One route they were not in my Chapter 7, but never had a problem with Credit One when I had an account. Also I can still access my Capital One credit tracker score from when i had an account that i paid off over a year ago. They still send me alerts that my Credit Tracker score is available for a closed account. I have been checking it. 

[gdale6]

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@Kalamazoo2714 wrote:

For Rebuild does anyone know if Credit One if you had good payment history with them will give you a second chance if they Got Burned in Chapter 7 ? I'm just wondering for when i get my discharge. I'll go probably go Capital One route they were not in my Chapter 7, but never had a problem with Credit One when I had an account. Also I can still access my Capital One credit tracker score from when i had an account that i paid off over a year ago. They still send me alerts that my Credit Tracker score is available for a closed account. I have been checking it. 

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My understanding is Credit One will BL you, I have collected this info by reading threads on multi forums, someone recently reported they were still BL from them 6 yrs post BK7.  I would advise you to go with Cap-1, Credit One is owned by one of the largest JDB/CAs in the country the Sherman Financial Group. I would also advise you to disregard the score than Cap-1s credit tracker gives you it is the TU new accounts model FAKO that no creditor uses. Good luck in your rebuild