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

[mrgilmore21]

Great post Soulmaster and thanks so much for the information. We fell on hard times and filed Chapt 7 in Oct 2008 but have been generally avoiding the credit game since then (until now).  We had stellar credit beforehand but now just a Kohl's card with a $400 limit, a CareCredit card with an $800 limit and a student loan paid in full. We pay each one off every month (or as used).

Now we're getting into rebuilding, although a bit late it seems based on all the info I've found in the forum.  Nevertheless, MyFICO score as of Sept 16 is 682 and Transunion is 685.  I've been following your plan to the "T" and I just sent off my disputes today and am awaiting return receipts to proceed to CreditOne.

1) My wife and I were just sent pre-approval offers from C1 the other day for a credit line up to $1,500 with the link SayYestoC1B.com that expires Nov 26th. My first question is this - Based on your experience, 15 days after I receive my return receipts when I apply for C1, am I better off using the generic /pre-qualification.php link or should I use SayYestoC1B.com and the individual approval code they sent me?  What would result in a higher limit or better acceptance rate?

2) My second questions is - We burned CapitalOne in Chapt 7 with three cards totaling about 12k in '08.  I'm wondering when we get 5 months in to this plan, is CapitalOne is the right one for me to be targeting?  Do you think they will run from me or welcome me back with open arms? ;-)  One interesting note is that the Kohl's card is issued by CapitalOne and there's been a couple years of responsible monthly activity there.  What do you think?

3) My last question is - Since it has been 5 years since our discharge, do you see any alterations to the plan that would be right for me?

Thanks so much in advance for your advice!

[ChistineNJ]

SM, Im following the steps im right at step 5 should i apply for anthor capital 1 card? My first card was capital 1 (5 statements ago) ive been able to re-establish credit
So far i have capital one platinum, credit builder loan + credit union Visa, express retail charge, nfcu nrewards. Shouldnt i be gardening? or should I app for the cap 1.

[lrkershaw]

SM or anyone who knows, I was just recenlty discharged for BK in November and I want to rebuiild and establish my credit. I'm looking for a good formula and this look like a good one, but a lot of the cards listed were included in my BK (Walmart, Capital 1, NFCU). What should I do. Are there any good replacements for those cards?

[grassfeeder]

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@lrkershaw wrote:

SM or anyone who knows, I was just recenlty discharged for BK in November and I want to rebuiild and establish my credit. I'm looking for a good formula and this look like a good one, but a lot of the cards listed were included in my BK (Walmart, Capital 1, NFCU). What should I do. Are there any good replacements for those cards?

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Please read through the entire thread.  You will have seen that MANY people have discharged capital one and gone on to receive cards from them right after discharge.  Everything in life is a YMMV, but it wouldn't hurt to try.  In regards to NFCU, bad credit union to burn as they're the more forgiving.  They will give you a second chance however.  The sticking point is that you have to pay back the entire balance you burned them for.

[lrkershaw]

Thanks. Yes, I know NFCU is the holy grail of CUs, but I do plan to pay them back.  

[grassfeeder]

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@lrkershaw wrote:

Thanks. Yes, I know NFCU is the holy grail of CUs, but I do plan to pay them back.  

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if you plan on paying them back then I would go in and speak with someone about the situation and talk about that concession. 

[pizza1]

Totally agree with grass feeder!! Also, avoid chase, citi, gE, and Amex for a few years ( citi and Amex for at least 7-8). Have seen people get back in with GE in like 2-4 years after bk, and discover the same. I'd talk with NFCU and start paying them back. They will more than likely extend you a secured card for starters..... Maybe !

[Phoenixrising28]

Hi all, This is my first post but I've been following this thread since my BK7 process began earlier this year. Thanks soo much to SoulMaster and everyone else who added to this thread. The information has been very helpful and useful. I did have one question specific to my situation. I have a secured CC with a $600 limit and student loans that will be reporting once I receive my discharge (about one week from now!). Should I still follow the plan as-is, or should I skip any steps? Thanks in advance to all who can provide any further guidance!

[lrkershaw]

Thanks!