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

[Anonymous]

I posted this in it's own thread but I just was curious - I was discharged BK7 back in May (Cap1 was burned in BK). I just was approved for CreditOne. I also have a Student loan that I pay monthly.

Based on the formula in the first post of this thread, will my Student Loan suffice for now? In other words, is starting to rebuild from one credit card (CreditOne) and a Student Loan a good mix? Then, since I burned Cap1, find another unsecured credit card in six months?

Thanks in advance!

[Guyatthebeach]

Greyxarea,

A student loan that is in good standing with no late payment history is an excellent trade line in my opinion.  

Regarding the credit card, have you checked Capital One for a preapproval? I if it gives you a fixed rate instead of a range of rates, you should be able to get a Capital One card. It took me a year before I could get back into Capital One. 

Have you looked at credit unions in your area?

Guyatthebeach

[Anonymous]

---

@Guyatthebeach wrote:

Greyxarea,

A student loan that is in good standing with no late payment history is an excellent trade line in my opinion.  

Regarding the credit card, have you checked Capital One for a preapproval? I if it gives you a fixed rate instead of a range of rates, you should be able to get a Capital One card. It took me a year before I could get back into Capital One. 

Have you looked at credit unions in your area?

Guyatthebeach

---

Thanks for info.

Yes, I did check Capital One. Unfortunately I checked before finding this site and I applied and was denied. Although, I'm not sure it was a hard hit on my credit since the reason was because I had "accounts with Capital One"  that were burned in the BK7. I will try to see if I can get preapproval after 6 months or a year, I guess.

As far as Credit Unions, the closest one is 40 miles away from me and they apparently only have a stipulation that you reside in the county, which I do. As far as other credit unions, I'm not too sure which ones I would qualify for as I am not really a member of anything that has ties to credit unions. 

I keep seeing NFCU but you need to either be active military or close family member who's active I believe? My father is a VFW (Navy) but is obviously no longer active and I don't have any siblings.

I'll do some digging on Credit Unions that may be available to me.

Sounds like for now I should be happy to have my CreditOne card and Student loan.

Thanks again!

[notpaul]

I just opened a NFCU account, my grandfather is a retired Army pensioner, I only didn't apply years ago because no one in my family was ever in the Navy. Only after reading through this thread did it ever occur to me I might be eligible. So, last poster, If your father retired and is on a military pension, you are eligible.

[notpaul]

So I took a gamble yesterday and deviated from the plan here.  I had been reading about how generous NFCU is with it members, and what scores they like to see with new accounts, and applied for an unsecured visa.  I also wrote them a nice letter explaining the unusal circumstances that led to BK7 for me, describing how it  was not related to irresponsible spending in my case, offered documentation to support my claim, and it paid off. They approved me for $500 UNSECURED with a 653 EQ score and a two month old BK7 d/c.  From what I've read increases should come with time in a big way as I tend the garden.  Thanks everyone. I never thought things would improve for me so much financially, I agonized over whether or not to file for over a year of making special arrangements with creditors and going to a debt management program.   It works!

[grassfeeder]

---

@notpaul wrote:

So I took a gamble yesterday and deviated from the plan here.  I had been reading about how generous NFCU is with it members, and what scores they like to see with new accounts, and applied for an unsecured visa.  I also wrote them a nice letter explaining the unusal circumstances that led to BK7 for me, describing how it  was not related to irresponsible spending in my case, offered documentation to support my claim, and it paid off. They approved me for $500 UNSECURED with a 653 EQ score and a two month old BK7 d/c.  From what I've read increases should come with time in a big way as I tend the garden.  Thanks everyone. I never thought things would improve for me so much financially, I agonized over whether or not to file for over a year of making special arrangements with creditors and going to a debt management program.   It works!

---

congrats.  treat NFCU well and you'll be heavily rewarded.  As you've read, they've been a life-saver for many of us on here.

[Anonymous]

I've heard that using a fingerhut credit account is helpful as well. is this true?

[Anonymous]

---

@Anonymous wrote:

I've heard that using a fingerhut credit account is helpful as well. is this true?

---

I'm glad you asked this question because I read the same thing and opened an account yesterday for their actual credit card (not the fresh start loan thing).

Definitely looking forward to some insight on this!

[Scupra]

---

@Anonymous wrote:

I've heard that using a fingerhut credit account is helpful as well. is this true?

---

Can't remember if it reports to all three CRA's or not. It does report as a revolving TL which does help.

[Anonymous]

What does the "Give up" clause mean in  credit reports? I have 1 or  2 that have that in remarks? thanks