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

[nykos5000]

I didnt think of that. Thanks for the heads up. 

[Scupra]

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@creditclueless wrote:

I think they need to adjust the plan for people who have burned Cap1.  Unfortunately I also burned those other banks as well.  I had to get a card I have never heard of to start everything.  Milestone Mastercard.  

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I don't think it should be changed just for the fact that some people are still able to get in on day 1 after burning them. The 1 year wait is NOT set in stone

[creditclueless]

Maybe not out right change it but maybe add some alternatives. I have no idea what to do at the moment when I am trying to get the second card. I may have to just get a First Premier card or something.  I don't want to because of the fees but to keep on going that may be my next move. 

[ptch7116]

The whole topic of how BK's report "late payments" and/or "derrogatory" concerns me (because I feel my scores are supressed, 3.5 years out).

I was never "delinquint" prior to filing BK7 - not a single late payment.  But the original post in this thread seems to imply that anything reporting "late" or "Serious Delinquincy" is technically innacurate.

On MyFICO, all of my BK'd accounts indicate they were either late OR derrogatory.  Keyword there being "or." Is this not correct?  (BK is obviously derrogatory... so I've always assumed this was correct... am I wrong?)

Also... Experian is saying "Worst Delinquincy: Collections" on all of the BK'd CC accounts.  Surely this is incorrect, since they were never late.

Thoughts?

[stinastina]

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@ptch7116 wrote:

The whole topic of how BK's report "late payments" and/or "derrogatory" concerns me (because I feel my scores are supressed, 3.5 years out).

I was never "delinquint" prior to filing BK7 - not a single late payment.  But the original post in this thread seems to imply that anything reporting "late" or "Serious Delinquincy" is technically innacurate.

On MyFICO, all of my BK'd accounts indicate they were either late OR derrogatory.  Keyword there being "or." Is this not correct?  (BK is obviously derrogatory... so I've always assumed this was correct... am I wrong?)

Also... Experian is saying "Worst Delinquincy: Collections" on all of the BK'd CC accounts.  Surely this is incorrect, since they were never late.

Thoughts?

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I would like to know the answer, too. It seems like a double punishment for lates and bankruptcy - although in my mind, the bankruptcy cancel the debts so it should cancel the lates. I have a collection account that reported lates and yet, I never had a payment agreement with them so how is that possible ? They were included in my bankruptcy.

[Scupra]

Filing for BK does not wipe out your past late payments. Some of the CRA's wipe the payment history but it is not required of them. Filing for BK would not allow any lates to report after your BK date though. IIB attached to a TL is a delinquency though. I had some IIB TL's that had no payment history on them drop from my reports and I got a substantial score increase. You just want to be sure that the TL is now showing a $0 balance and is reporting that it was IIB.

Looking back at a report from 2014 it looks like EX also lists my "Worst Delinquency" as "Collection" yet it was an account that was listed in the BK. I don't know if this is just the way we see it on our end? On TU and EQ it just says "None Reported"

[ptch7116]

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@Scupra wrote:

Looking back at a report from 2014 it looks like EX also lists my "Worst Delinquency" as "Collection" yet it was an account that was listed in the BK. I don't know if this is just the way we see it on our end? On TU and EQ it just says "None Reported"

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Okay... so good to know I'm not alone then (on the "Collection" reference).  I'm going to dispute that information and see what happens.

[Scupra]

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@ptch7116 wrote:

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@Scupra wrote:

Looking back at a report from 2014 it looks like EX also lists my "Worst Delinquency" as "Collection" yet it was an account that was listed in the BK. I don't know if this is just the way we see it on our end? On TU and EQ it just says "None Reported"

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Okay... so good to know I'm not alone then (on the "Collection" reference).  I'm going to dispute that information and see what happens.

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Report back with what happens and if there is any change in score please. Curious to know

[Anonymous]

I opened an account at Navy Fed today  with the idea that I would apply for a credit card in August at the  1yr anniversary of out CH7 discharge.  The person helping said the system ws asking if I wanted to apply for a card today.  When I got home I noticed there is a new inquiry from NFCU.  I have a 10 month old Cap 1 card and a 4 month old Discover. Since they did the inquiry already should I go ahead and apply for the card or just wait until 12 months - which would be more according to the plan.

Thanks

[Anonymous]

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@Anonymous wrote:

I opened an account at Navy Fed today  with the idea that I would apply for a credit card in August at the  1yr anniversary of out CH7 discharge.  The person helping said the system ws asking if I wanted to apply for a card today.  When I got home I noticed there is a new inquiry from NFCU.  I have a 10 month old Cap 1 card and a 4 month old Discover. Since they did the inquiry already should I go ahead and apply for the card or just wait until 12 months - which would be more according to the plan.

Thanks

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This inquiry was just for opening your account. A credit product would be an additional HP w/ Navy.

You're so close to a year that I would wait. NFCU is super BK friendly, but seems to like the post BK history. If your utilization is good when you app and you don't have anything else funky going on in your reports, I think your approval chances will be really solid.