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

[Scupra]

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@Anonymous wrote:

Oddly, my report jumped 8 points today with a 10% utilization on my Capitol One card.  I figure if I can pay it down to $100 balance each month I am doing well with them.  I am pretty much going to just keep that card where its at and min pay each month to keep reporting a balance and use my Barclaycard for fuel each month, so I can pay in full.

I hate carrying a balance, but it seems that it helps to have something reporting as balance each month over just PIF before statements are cut.

I am happy to now be edging over the 620 score and be in a better rate tier. My only problem now is that I really wish I could buy a condo I saw, but the banks are saying two years post BK7 for an approval...  

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Yes, having a 10% balance or less will help your score. Especially if all other cards are at zero. Congrats on the increase

[Unverzagt]

Just faxed all 3 CA my discharge papers and a request for each account listed individually to reflect the following, Inc in bk, zero balance and current/closed with no latest to be reported. Hopefully 30 days from now I will be celebrating clean reports and my auto that I carried through the bankruptcy and credit card will begin reporting again :-) #siteson700club

[Anonymous]

Good evening! My husband and I filed bankruptcy but are not discharged yet. I've been reading a lot on here and want to have a plan for when we are discharged. My question has probably been answered but there are so many messages, I haven't read them all. Since we both filed do we need to follow these steps for both of us? It would make sense but I feel like we would end up with to many open lines of credit. Thanks in advance. 

[Chilli]

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@Anonymous wrote:

Good evening! My husband and I filed bankruptcy but are not discharged yet. I've been reading a lot on here and want to have a plan for when we are discharged. My question has probably been answered but there are so many messages, I haven't read them all. Since we both filed do we need to follow these steps for both of us? It would make sense but I feel like we would end up with to many open lines of credit. Thanks in advance. 

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Yes because your credit file are separate. 

[ordnance1987]

Hello everyone, it's been a while since I have been on these boards been busy with school and stuff. I have a question about step 4 in the 7-700 plan. I did the prequalifier for Capital One and it says that I do not have any offers. Next month will be my sixth month post discharge. When I try the prequalifier and if I get denied again should I still apply for the QuicksilverOne Rewards or are there suggestions for other cards instead. I got a pre approval in the mail from Barclaycard for the Barclaycard Rewards the letter says it is good until May. I currently have a CreditOne card with a $500 limit and a NFCU NRewards card with a $5500 (got them both around the same time), my starting limit was $500 and I did a CLI after three months. Should I also apply for the NFCU checking line of credit? I applied for it when I applied for the NRewards card but got denied. Thanks for any information.

[alleyezonchonte]

Do I need the secured loan with the bank if I have student loans? I will be discharged sometime in June and want to get back to 700 in two yrs.

[Chilli]

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@ordnance1987 wrote:

Hello everyone, it's been a while since I have been on these boards been busy with school and stuff. I have a question about step 4 in the 7-700 plan. I did the prequalifier for Capital One and it says that I do not have any offers. Next month will be my sixth month post discharge. When I try the prequalifier and if I get denied again should I still apply for the QuicksilverOne Rewards or are there suggestions for other cards instead. I got a pre approval in the mail from Barclaycard for the Barclaycard Rewards the letter says it is good until May. I currently have a CreditOne card with a $500 limit and a NFCU NRewards card with a $5500 (got them both around the same time), my starting limit was $500 and I did a CLI after three months. Should I also apply for the NFCU checking line of credit? I applied for it when I applied for the NRewards card but got denied. Thanks for any information.

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I would apply for:

1. Barclays

2 Cap 1 

3. On April 1 request a cli on the NFCU NREWARDS CARD ....ask for 25k and take the counter offer.

If these steps work out ....close Credit One

if you haven't already, get a secured installment loan.

Good Luck.

[Chilli]

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@alleyezonchonte wrote:
Do I need the secured loan with the bank if I have student loans? I will be discharged sometime in June and want to get back to 700 in two yrs.

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You can but Student loans are considered installment loans.

[gdale6]

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@alleyezonchonte wrote:
Do I need the secured loan with the bank if I have student loans? I will be discharged sometime in June and want to get back to 700 in two yrs.

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Its not necessary with other forms of installment loans and SLs are installments

[Anonymous]

Couple things about Credit One that I think people should know.

1) You can only make 4 payments per month. I got my card with a $400 limit and wanted to keep it under $40. So if I used it and it went over $40, I immediately paid it down to $40. (Because I want the $40 to report before I pay it. Did that 4 times and was prevented from doing it again.

2) Possibly related, but they do credit line increases, even after only a month. Got the card a month ago, made the 4 payments and, when they issued the first statement, they also told me the credit line was increased to $600. 

Not huge deals. But I thought people here might be interested. As for me, I just got a Capital One with a $3000 credit limit that is my primary card. I keep that under 10%. I plan to only use my Credit One for one gas purchase a month, just before the statement cuts.