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

[srloring13]

You should have a score if you had some accounts or have accounts reporting in your credit files. Have you requested copies of your credit reports? Who said your score was missing or invalid? If you trying to obtain from a source that doesn't give FICO scores you may have that problem. I did with a few places that used FAKO scores rather than FICO scores.

[Anonymous]

I have nothing reporting, my student loans are still "closed". I tried pulling my report and score from credit check total and also I tried applying for a card from Cap One. Both said my score is missing or invalid.

[Anonymous]

Thanks for the information. I've been following the plan provided for the most part and it's been working really well. My situation was a little different. Unfortunately this is my 2nd bankruptcy (1st was in the early 90's). I became unemployed in 2013 and was out of work for almost a year. My 2nd BK7 included cards I had issued to me after my 1st BK7 as well as cards I qualified for once the BK7 cleared my credit report. It included Credit One, First Premier, Orchard (which was purchased by Cap 1), Capital One, Amex, Citi, Discover, Bank of America Visa, Fairwinds Credit Union Visa and Chase. The only card I held onto was a Firestone credit card because I'd never used it (saving it for vehicle emergencies). I was a little hesitant about following the plan since I had already burned Credit One (which sure enough denied me when I tried to pre-qualify), but I decided to give Cap 1 a shot since Credit Karma recommended them. I was shocked when they approved me for the Cap 1 Platinum MC with a $2000 limit! My BK7 was discharged in April '15 and I was approved for the Cap 1 MC in June '15. I also opened a bank account thru my local credit union and applied for a credit rebuilding loan. I was able to deposit $1000 into a savings account and they loaned me $1000 to be paid back at $87 per mo. for 12 mo. I just recently applied and was approved for the Cap 1 Quicksilver MC with a $3000 limit. I have not charged more than 30% of my credit limit and I make sure to pay it in full before the due dates. I've also already pre-qualified for a Discover IT and Bank of America Visa (both unsecured), but I've opted to wait and follow the plan since it's been working so far. My FICO scores were in the low to mid 500's during and after filing my BK7. As of Sept. '15 I currently have a 634, 637 and 648 FICO score (672 & 675 thru Credit Karma, but i guess that's why they call them FAKO's lol). I did sign up for myFICO in order to track my progress. While my score took a small dip when I applied for the Cap 1 Platinum card, it quickly jumped back up after the 1st payment. I would suggest trying to pre-qualify for any cards prior to applying so that your FICO score is not effected.. I used the following link http://www.magnifymoney.com/blog/building-credit/minimize-risk-check-if-youre-pre-qualified-for-a-cr... I used myFICO and Credit Karma recommendations, but I agree with this article about not applying for a secured card or store card when trying to rebuild. I would suggest 1st trying Cap 1 to see what you may qualify for and only try Credit One and First Premier as a last resort. I hope my story and information was helpful.. Thx!

[whiteknight1971]

Since you burned Barclays, I recommend you do get another Cap 1 card, the platinum card. Later when your score are in the 660's and above you can turn your QS 1 to a regular QS and apply for a Venture. Before you do apply for those cards though, make sure you have at least 1 year of credit history on your QS1.

[gnperdue]

I have been following this thread for many months. I just got discharged on Monday and plan to follow SoulMaster's guide to the letter. I am still waiting on the discharge letter from the court but in the meantime, I went to annualcreditreport.com and pulled all 3 reports, higlighted everything that is reporting bad and wrote my dispute letters. I have a copy of my Schedule F and driver's license to include with each letter. I will order Scorewatch soon but I haven't decided if I should wait until the 1st of the month when I get direct deposit since I'm on a fixed income. Sometimes during the month it's hard to make sure there are funds in my account. I usually pay all bills on the 1st.

My wife will be filing Ch 7 soon, too, and will follow the plan as well.

Thanks so much for such a comprehensive guide. I still read posts where people are being told to wait a year after BK before doing anything.

Just a funny note - I haven't gotten my discharge notice but so far every day I get ads to buy a new car ! I won't be doing that. 

[Anonymous]

Is it still necessary to actual mail letters to each agency? Credit Karma allows you to dispute online - would this likely acheive the same results? Thanks!

[notpaul]

#1 you have proof you did it.
#2 there's a deadline that works in your favor if the credit takes too long to do their part. They lose a few days waiting for the postal service.

[gnp57]

I signed up for scorewatch this weekend and then realized I accidentally have 2 myfico accounts (gnperdue). I put it on the wrong account and they refunded me. Before I re-order, is it still recommended for just being out of BK ? I don't want to pay more than $15 per month.

[Safe4Me2]

Oh shoot! I have 3 store cards and 2 Capital 1 cards.. It might take me longer to join the 700 club.