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

Established Member

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

Hi guys,

 

Quick question.

 

I once had a capital one account that I opened in 2009 and closed in 2013. It was paid on time from the time I opened it up until the time I closed it. I closed the card in 2013 because capital one refused to increase my credit limit from $1,000 after 4 years of good usage and on time payments. I never opened up another capital one account after that.

 

Now that I should be receiving my discharge in a few days, will I have to wait the one year period after discharge to apply for a capitol one account to start rebuilding? Or should I be okay with applying as soon as I receive my discharge?

 

Thanks!

Message 1691 of 1,845
Established Contributor

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


LiveLife88 wrote:

Hi guys,

 

Quick question.

 

I once had a capital one account that I opened in 2009 and closed in 2013. It was paid on time from the time I opened it up until the time I closed it. I closed the card in 2013 because capital one refused to increase my credit limit from $1,000 after 4 years of good usage and on time payments. I never opened up another capital one account after that.

 

Now that I should be receiving my discharge in a few days, will I have to wait the one year period after discharge to apply for a capitol one account to start rebuilding? Or should I be okay with applying as soon as I receive my discharge?

 

Thanks!


You can apply right after you're discharged, but clean your reports and dispute any accounts not showing IIB/$0 balance after discharge first. 

 

CapOne's prequal is pretty reliable and doesn't HP, so give it a whirl when you're ready. Nobody can really figure out why some are approved immediately after being discharged and why some are blacklisted for a year or more.

Ch 7 Discharge May 2015: EQ 588/TU 552/EX 570
Nov 2017: EQ 683/TU 660/EX 668 w/ 24% CC util reporting
Discover/Target/NFCU CLOC/NFCU Cash Rewards/PenFed Power Cash Rewards - $46k total revolving
Message 1692 of 1,845
Valued Member

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

 
Message 1693 of 1,845
Established Contributor

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


gabby1120 wrote:

Reading your updates, Guyatthebeach, is super rad. I'm also 6+ years post-discharge (filed 10/10, discharged 11/11) but I've been stuck in the 650-687 FICO score range for as long as I can remember, both pre and post BK. I so wish I'd found these threads earlier.

 

If you've got any advice, I'm all ears: I'm about to try and get my foot in the door with NFCU (and possibly PenFed?) once my latest TU dispute is resolved. I've got high utilization right now at 72%, with EX at 673, TU at 656 and EQ at 668, and with a 13.5% APR on my Venture carrying close to 30k in debt that I desperately want to transfer over to a lower (or zero) APR card. I'm just so anxious to see a score above 700, and wish I'd started reading these threads sooner to best plan my next move. 

 

(FWIW, right now I've got a 30k Venture, a 9500 QSOne, a business (3k) and personal (1k) Amex Delta Gold, plus an Amex PRG and a secured Cap One card from right after my BK that I've been paying since I thought I needed to in order to keep the AAOA. Oh, and a 1500 Barclaycard Rewards. I only have 1-2 inquiries in the past two years on each of my reports--I'd been hoping to be in good enough shape for CSP/Freedom and maybe Ink for my business since I travel so frequently, but they denied me last year since at that point, I only had the one low limit secured card and they were my first attempt). 

 

Chances for NFCU? Penfed? Others? Desperate for feedback, as I'm worried that even when the BK falls off of my report in September/October, I have 3 student loans (2 were transferred) reporting 60/90/120 day lates from 3 years ago all due to the same issue (I moved, and updated my address in their system, but it didn't take), which I read on here factors just as significantly on your score as BK...everything has been smooth sailing with nary a late payment since, but, still. Nervous. My priorities are a) trying to transfer that Cap1 balance to a lower interest/zero interest rate card until I can pay off the debt early next year, b) getting my utilization to as low a % as possible. Any info is greatly appreciated!


Gabby1120,

 

You need to drop the secured card. Having a secured this far out of bankruptcy is not helping you.

 

I would also cal CapitalOne and see if they have a APR reduction for that Venture card with the big balance. That's a lot of interest to pay on a balance that big.  

 

I would look at NFCU and try to get a card with large limit to do a BT. I would avoid PenFed until those late payments are at least 5 years old. PENFED is a very conservative credit union. With a high UT and those late payments, you might be a risk for them right now.

 

Youre on the right track, you just get that Cap1 balance down.  Those late payments will be an issue, just give it time.  They are legitimate and disputing them will make them stick around longer.  

 

Keep doing what you're doing! You're getting there!

 

Guyatthebeack

Message 1694 of 1,845
New Visitor

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

I have a multi-part question.  My wife and I recently received our Chapter 7 discharge and her score is at almost 700 after the BK.  We included some of the cards recommended in our BK so do we just find similar options?  

 

Is it ok to get a secured card from our CU instead of something like CreditOne?

 

When we get the share secured loan of $1,000 what type of monthly payment are we making on that?  Do we just pay it off?  

 

We did not reaffirm our cars since they were worth far less than what we owe and were considering getting new cars since ours need so much work.  Monthly payments would be about the same and the new cars would report to the credit bureaus.  Without reaffirmation they will not report for current cars.  

 

Thanks.

Message 1695 of 1,845
Regular Contributor

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


niela19 wrote:

Thanks so much for the response and all the great info!
I will follow this like you mentioned. It's a full time job getting credit repaired! Smiley Wink

 

Yes, we did the preapproval for Cap1 with my husband and he got the same approval status as I did. (The Quicksilver, no AF etc) But we didn't go further until we get his reports.

 

Okay, so the judgments. How would I go about removing those?

One says it is expected to be on the report until 7/17, the other says 10/18, I think.
BUT, neither say anything about being included in the Chapter13? Shouldn't they show something of it?
Equifax shows nothing of either judgement.

TU and Exp shows the full amount on both of the judgments (not 0, and nothing about being included in the 13 or a discharged 13).

My husband has one judgment that is not listed on mine, also showing claim amount and nothing about chap 13. It says scheduled to remove 9/17.
(haven't gotten his others yet, we had to mail for his)

 

Anyway, does that sound typical/right or do I need to find out what's up with those judgments on our reports?

 

Thank you!


You can dispute the judgments on your cr's because they should be reporting as "0 balance, included in bankruptcy". You can also try to ask the court to set aside the judgment since technically the debt is no longer valid but my courts were jerks and refused to comply. It's called a motion to set aside judgment.

 


BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
11/17 ~ EX: 646; TU: 650; EQ: 639
Message 1696 of 1,845
Highlighted
Established Contributor

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


StartingOverat43 wrote:

I have a multi-part question.  My wife and I recently received our Chapter 7 discharge and her score is at almost 700 after the BK.  We included some of the cards recommended in our BK so do we just find similar options?  

 

Is it ok to get a secured card from our CU instead of something like CreditOne?

 

When we get the share secured loan of $1,000 what type of monthly payment are we making on that?  Do we just pay it off?  

 

We did not reaffirm our cars since they were worth far less than what we owe and were considering getting new cars since ours need so much work.  Monthly payments would be about the same and the new cars would report to the credit bureaus.  Without reaffirmation they will not report for current cars.  

 

Thanks.


You can do a secured card but do your research beforehand and make sure it is one that will convert to unsecured and grow with you. I'm not a fan of secured cards personally. I consider those fees an investment in getting my credit back on track and I won't have them forever. Credit One is annoying but they've been good to me. I'm hanging onto the card for now since it's my highest limit Visa. When that's no longer the case we'll part ways Smiley Happy

 

A lot of folks take most of the money from the shared secure loan and pay it way down immediately. Then they drag out the remaining repayment of a small amount per month for the full term so the loan is reporting but they're saving on interest.

 

If you finance another car you won't need a share secure loan because the car note will satisfy the installment mix of your credit. (Student loans do this also if you have any.)

Ch 7 Discharge May 2015: EQ 588/TU 552/EX 570
Nov 2017: EQ 683/TU 660/EX 668 w/ 24% CC util reporting
Discover/Target/NFCU CLOC/NFCU Cash Rewards/PenFed Power Cash Rewards - $46k total revolving
Message 1697 of 1,845
Member

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

You can dispute the judgments on your cr's because they should be reporting as "0 balance, included in bankruptcy". You can also try to ask the court to set aside the judgment since technically the debt is no longer valid but my courts were jerks and refused to comply. It's called a motion to set aside judgment.

 

 

Great!! Thank you!! I will try this.

 

(by the way, I guess I don't know how to quote...or delete a post here Smiley Wink )

Message 1698 of 1,845
New Contributor

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

 
BK7 Filed 03/31/2017
FICO 04/28/2017: TU 549, EX 544, EQ 559
BK7 Discharged 07/18/2017
FICO 11/20/2017: TU 615, EX 617, EQ 638




Message 1699 of 1,845
New Contributor

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

Lost employment along with a six-figure income 9/2013.
As a man in his mid-50's regaining that level of income was impossible to find again so I plugged along the best I could by paying the minimums with a drastically reduced income.
The hole just got bigger.
I filed BK7 on 3/31/17.
My 341 hearing is 5/9/17 and I'm a nervous wreck but according to my Attorney I have no reason to be.
I'm keeping my home "as contracted" (I'm not past due with my Chase mortgage) and on the advice of my counsel I'm not reaffirming.
Once discharged I plan on following the advice found here to get back to a 700+ CS.
I'm blessed to have stumbled across this forum and look forward to posting my progress.
Keep me in your good thoughts!
BK7 Filed 03/31/2017
FICO 04/28/2017: TU 549, EX 544, EQ 559
BK7 Discharged 07/18/2017
FICO 11/20/2017: TU 615, EX 617, EQ 638




Message 1700 of 1,845