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

[Anonymous]

Well I finally read through this entire thread. Very informative! I wish I would have found this sooner but I'm going to incorporate it into what I'm already doing to rebuild. I was discharged in 11/14 and opened up a secured cap1 in Dec. I also had to buy a car right out of bk so I have that for an installment loan. In Feb. I got a qs1 and a couple comenity store cards before I learned how unpopular they are. My plan now is to let the qs1 report for 6 months and by then I'll get the credit steps cl increase and then app for Barclays. I want to get another good line open before the end of Nov so I can close the secured cap 1 and avoid the af.

[Scupra]

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@Anonymous wrote:
Well I finally read through this entire thread. Very informative! I wish I would have found this sooner but I'm going to incorporate it into what I'm already doing to rebuild. I was discharged in 11/14 and opened up a secured cap1 in Dec. I also had to buy a car right out of bk so I have that for an installment loan. In Feb. I got a qs1 and a couple comenity store cards before I learned how unpopular they are. My plan now is to let the qs1 report for 6 months and by then I'll get the credit steps cl increase and then app for Barclays. I want to get another good line open before the end of Nov so I can close the secured cap 1 and avoid the af.

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Sounds like a good plan! Good luck

[Anonymous]

So Capital One has me under review for 7-10 days before they will give me an answer. It has typically been my experience that this means a no. I'm not sure what to do if they reject me. I have flawless payment history with them on two cards closed long before my BK, can easily prove steady, sufficent income, and I made sure my reports were straight before applying.

i burned credit one in my bk... Any thoughts on what I should do if/when Capital One rejects me?

[DaveInAZ]

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@Anonymous wrote:

So Capital One has me under review for 7-10 days before they will give me an answer. It has typically been my experience that this means a no. I'm not sure what to do if they reject me. I have flawless payment history with them on two cards closed long before my BK, can easily prove steady, sufficent income, and I made sure my reports were straight before applying.

i burned credit one in my bk... Any thoughts on what I should do if/when Capital One rejects me?

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Well first of all, call Capital One (list of "backdoor #s for reconsideration is a sticky in the CC Applications section of this forum):

Cap1: 800-548-4593 (application status - automated only)
Cap1: 800-889-9939 or 800-625-7866.(Account Specialist)

You might start with the automated app status and see if it will give you a status. If no decision yet or it is a denial call the number for an account specialist and ask if there is any additional information yoiu can provide them to help them make a decision or turn the no into a yes.

If no luck with Cap1, you might try starting with an Open Sky secured card to get your post BK positive payment history going. Also try a local credit union for a secured loan. Merrick Bank is a good rebuilding card but by invitation only, they send you a pre-qual letter in the mail. Barclays is good BK friendly card issuer, but you'll need at least 6 mos post BK positive payment history for them to approve you.

[arholden]

I'm getting ready to pay off my credit builder loan at my credit union. Will this hurt my score? I've heard they go down when you close a line of credit. I still have a $6k Capital One auto loan in good standing, so I wasn't sure if closing the other loan would actually hurt me since I'll still have this one going. Advice or opinions would be appreciated!

[DaveInAZ]

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@arholden wrote:

I'm getting ready to pay off my credit builder loan at my credit union. Will this hurt my score? I've heard they go down when you close a line of credit. I still have a $6k Capital One auto loan in good standing, so I wasn't sure if closing the other loan would actually hurt me since I'll still have this one going. Advice or opinions would be appreciated!

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Naw, should affect your score, maybe even a small bump up - paying off a loan isn't like closing a line of credit like closing a CC, it will show Paid in Full, which creditors like to see. And one installment loan like your car loan is enough for a good credit mix, CCs far outweigh the impact of installment loans. A new installment loan more negatively affects your score as the balance is high compared to the "credit limit", aka loan amount.

[Anonymous]

So I finally got the response from Cap1... I was approved on the QS1 for $500!!! So happy! 

I have a quick question... since it is my first card post BK, should I be using it with the same instructions as the CreditOne card (<10%) or should I be skipping ahead and using it like the Cap1 instruactions (up to 30% and PIF)? I have 5 student loans that will be opening back up, so I will be skipping the Credit Building loan step as well.

[Scupra]

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@Anonymous wrote:

So I finally got the response from Cap1... I was approved on the QS1 for $500!!! So happy! 

I have a quick question... since it is my first card post BK, should I be using it with the same instructions as the CreditOne card (<10%) or should I be skipping ahead and using it like the Cap1 instruactions (up to 30% and PIF)? I have 5 student loans that will be opening back up, so I will be skipping the Credit Building loan step as well.

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Use as much as you want and dont let more than 9% report. More usuage will ensure a higher CLI for credit steps. Congrats! 

[Anonymous]

need some help. i was trying to follow this guide. credit one and capital one won't approve me. my credit union wont give me a secured credit card for 6 months.what should i do now?

[Anonymous]

Congratulations.. I hope my story is as successful as yours...☺