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

I burned both of those too, but I have hope I can get Capital One again after reading the responses in the thread. 

Member
Posts: 14
Registered: ‎04-04-2017

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

[ Edited ]

I'm working my way through this thread and am on page 39 now.
I want to jump in and ask a few questions to make sure I'm on the right path before continuing.

My husband and I are approx 1+ month post discharge from our Chap 13. (5 long years)
Ours came about pretty suddenly, within a year or so, so didn't have a lot of collections etc. No chargeoffs, but 2 judgements.
One was AE unfortunately so I know they are off the table for awhile or maybe forever.

 

I got my scores yesterday, 650 EQ, 612 TU and 606 EX

My husband was unable to get his scores anywhere online. "information does not match what's on file". We've mailed in for his.

 

I did get a card from Kohls right about the time we filed (not really on purpose, I wanted the % off and figured I'd get declined anyway and I was approved)
It's a 300 limit and I charged on it the full 5 years we were in the plan. (I know, not supposed to but I did) I charged and then paid in full when I got the bill.
This helped some but then again probably didn't because it's showing as a high utilized card even though I pay it off every month I use it. (55% utilization)
***What should I do with this card? Ask for increase or just not use it right now? (btw, I do like this card for the discounts I can get in store so I don't really want to get rid of it)

 

I am going to try to follow SM's plan.
Today I applied for my first card since discharge, (I skipped Credit One as noted in some of the posts I read in this thread...because of my score)
I went right to Cap 1 and got approved for the Quicksilver, no AF and a 5K limit.

(I must note that I had an excellent pay history and account with Cap1 before filing, no lates, etc, so maybe that played a part? And possibly the Kohl's card, I found out is through Cap1)

I plan to get a credit builder loan at Self Lender once I get the card activated per SM. (anyone have experience with them?)

 

I am going to have my husband do the same once he gets a copy of his report to look it over.
He's actually gotten several Cap1 pre qualified offers in the mail (I haven't, I checked the prequal online for mine)

 

***Does this sound like a good plan?
***After the CB loan, is my next step to wait 5 months before applying for another card? And should I go ahead and try to get another card at Cap 1 or somewhere else?

 

Thanks!

Established Contributor
Posts: 847
Registered: ‎09-04-2012

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

Here's my most current update:

 

 I feel my credit rebuilding is now complete after 6 years. My scores are now hovering around 720.  I just joined another small CU where a friend of mine just started working in the compliance department. The lady opening my account was reviewing my CR said I had the best rebuilt credit after a bankruptcy. She said the people she sees with bankruptcy usually have scores around 650 to 675. I left with a checking, savings account, CD at 3%, and a VIsa with $10,000 limit at 8.35% APR.

 

When I got home, I get the auto CLI button on NFCU and got declined. I spoke to the credit card department and it was declined due to excessive available credit. They associate also reminded me I rarely use ny NFCU card.  It was nice to hear that.

 

This proves that hard work does pay off.

 

Guyatthebeach

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Posts: 847
Registered: ‎09-04-2012
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Re: HOW TO: From BK7 discharge to 700 in 24 months or less!


niela19 wrote:

I'm working my way through this thread and am on page 39 now.
I want to jump in and ask a few questions to make sure I'm on the right path before continuing.

My husband and I are approx 1+ month post discharge from our Chap 13. (5 long years)
Ours came about pretty suddenly, within a year or so, so didn't have a lot of collections etc. No chargeoffs, but 2 judgements.
One was AE unfortunately so I know they are off the table for awhile or maybe forever.

 

I got my scores yesterday, 650 EQ, 612 TU and 606 EX

My husband was unable to get his scores anywhere online. "information does not match what's on file". We've mailed in for his.

 

I did get a card from Kohls right about the time we filed (not really on purpose, I wanted the % off and figured I'd get declined anyway and I was approved)
It's a 300 limit and I charged on it the full 5 years we were in the plan. (I know, not supposed to but I did) I charged and then paid in full when I got the bill.
This helped some but then again probably didn't because it's showing as a high utilized card even though I pay it off every month I use it. (55% utilization)
***What should I do with this card? Ask for increase or just not use it right now? (btw, I do like this card for the discounts I can get in store so I don't really want to get rid of it)

 

I am going to try to follow SM's plan.
Today I applied for my first card since discharge, (I skipped Credit One as noted in some of the posts I read in this thread...because of my score)
I went right to Cap 1 and got approved for the Quicksilver, no AF and a 5K limit.

(I must note that I had an excellent pay history and account with Cap1 before filing, no lates, etc, so maybe that played a part? And possibly the Kohl's card, I found out is through Cap1)

I plan to get a credit builder loan at Self Lender once I get the card activated per SM. (anyone have experience with them?)

 

I am going to have my husband do the same once he gets a copy of his report to look it over.
He's actually gotten several Cap1 pre qualified offers in the mail (I haven't, I checked the prequal online for mine)

 

***Does this sound like a good plan?
***After the CB loan, is my next step to wait 5 months before applying for another card? And should I go ahead and try to get another card at Cap 1 or somewhere else?

 

Thanks!


Niela19,

 

Congratulations on your chapter13 bankruptcy. I do believe that Soul Master's plan is an excellent footprint to use for everyone to rebuild their credit after bankruptcy.

 

Here are a few key points for you:

 

1. Work on making those judgements go away if possible.

 

2. Keep you Kohl's card. You already have it, so use it to your advantage. Based on SM's plan you start of with a base of 2 credit cards and one installment loan. I would make sure to pay to always pay it full every single month going forward. For one month, make sure the bakance to at 9-10% one month, 1% next month, 0 balance the following month, and continue to rotate going forward. Make sure your Capital One reports at 1% or 0 when your Kohl's card reports at 10% and make sure Capital reports at 9-10% when Kohl's reports at 1% or 0.  

 

3. Check with your bank or credit union about a credit rebuilder loan. Typically, you get a secured loan for $1000 for a 12 month term. The purspose is too improve your credit mix and give you a tradeline with positive payment hstory. I would get this loan as a joint account so you and your husband can take advantage this at the same time. 

 

4. For you husband, did he check Capital One for a preapproval? If not, check around your local community to see if there is a bank or credit union that has a secured credit card that will graduate? If you can't find a place that offers credit rebuilding programs, join NFCU. I have a thread on how anyone can join Navy Federal the correct way. 

 

5. You can get an AmEx again. You just have to wait. Right before the 6 year mark of my chapter discharge, I was approved for an AmEx. Let this be your long term goal.

 

You're off to the right start and this plan does work.

 

Guyatthebeach

 

Member
Posts: 14
Registered: ‎04-04-2017
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Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

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!

Member
Posts: 14
Registered: ‎04-04-2017
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Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

Wanted to also say, I paid off and then charged around 9% on my Kohl's card and my credit score went up on 2, they are now 654, 612, 617 just from doing that.

Will be interesting to watch this play out! Smiley Happy

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Registered: ‎05-25-2014
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Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

[ Edited ]

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!

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Posts: 592
Registered: ‎06-04-2015
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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!


I think your scores are stuck due to your utilization. I also think that NFCU or PenFed will likely extend you credit but I don't think it will be anywhere near what you're hoping for to transfer significant balances.  Maybe it would be beneficial to let them give you a $1000 card now . . then you've established it and could be building history with them while you get your utilization in check. Maybe it would be better to come back to them in November with your debt significantly paid down and the BK off of your report. Afraid I can't say for certain.

 

 

 

 

Ch 7 Discharge May 2015: EQ 588/TU 552/EX 570
Sept 2017: EQ 679/TU 660/EX 668 w/ 24% CC util reporting
Discover/Target/NFCU CLOC/NFCU Cash Rewards/PenFed Power Cash Rewards - $45k total revolving
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Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

Point of clarification:  There is NO need for me to get a SS loan or Credit Builder loan if I have student loans correct? Paid on time of course.

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


BK7to800 wrote:

Point of clarification:  There is NO need for me to get a SS loan or Credit Builder loan if I have student loans correct? Paid on time of course.


Correct. They'll stop reporting during your filing and you'll stop receiving statements. Continue paying them and post discharge they will start reporting again, thus satisfying your installment mix of credit.

Ch 7 Discharge May 2015: EQ 588/TU 552/EX 570
Sept 2017: EQ 679/TU 660/EX 668 w/ 24% CC util reporting
Discover/Target/NFCU CLOC/NFCU Cash Rewards/PenFed Power Cash Rewards - $45k total revolving

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