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Established Contributor
Posts: 999
Registered: ‎11-08-2011
0

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



Can I ask at what point post BK you applied for your NFCU visa and NavCheck? Day of discharge I opened the secured card from NFCU to build a relationship with them, graduates in a year.. I am gardening until 10/2013 at which point I plan to app for a barclays (following your advice Smiley Happy ) Thank you so much for your help/advice!

 

edit: Im just worried as my TU score is so low and I know thats what they pull :/ Hopefully it will rise quick..


18 mo Post-Discharge, my EQ score at the time was 677, according to Score Watch.

 

I also had a Federal Tax Lien I was paying on at the time.  Both the Flagship and the NavCheck were put in "review" status and they called me to do recons.  For the card, I had to send them last 2 or 4 pay stubs, for the NavCheck I had to send stubs, tax returns and proof that I was paying the IRS.   Card took about 4 days, Navcheck took about 2 weeks.  Both approved @ $5K.

 

 

-SM

I am not an attorney and none of what I write should be construed as legal advice. For legal advice please consult an attorney.

Starting Score: ~470 preBK(8/2010)
Current Scores as of 3/15/14 All 700+. Last CR pull from a lender(housing) was mid-score 729.
Goal Score: 700+ - reached.
Established Contributor
Posts: 999
Registered: ‎11-08-2011
0

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

Oh, and they pulled TU for me to Join NFCU, EQ 2x for the credit (once for the card, once for navcheck).

 

-SM

I am not an attorney and none of what I write should be construed as legal advice. For legal advice please consult an attorney.

Starting Score: ~470 preBK(8/2010)
Current Scores as of 3/15/14 All 700+. Last CR pull from a lender(housing) was mid-score 729.
Goal Score: 700+ - reached.
Community Leader
Senior Contributor
Posts: 3,057
Registered: ‎07-12-2012
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Re: HOW TO: From BK7 discharge to 700 in 24 months or less!


SoulMaster wrote:

Oh, and they pulled TU for me to Join NFCU, EQ 2x for the credit (once for the card, once for navcheck).

 

-SM


Thank you so much for the information, it is much appreciated! I have faith now. hopefully they pull EQ for me then because its my higher score. They also pulled TU to open checking/savings and also for the secured card. How do you think my plan sounds? Waiting 12 months post discharge to app for apple barclays and 24 months for NFCU visa NavCheck combo? Once again, thank you and congrats to you and your journey!

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
725 EQ FICO 08/2015
730 TU FICO 08/2015
729 EX FICO 08/2015
$14k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $9k Barclay Arrival WEMC | $5.4k Cap1 Quicksilver | $6k Amazon Store | $11k Cap1 VentureOne | $5k Barclay US Airways | $500 Chase Freedom
Established Contributor
Posts: 999
Registered: ‎11-08-2011
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Re: HOW TO: From BK7 discharge to 700 in 24 months or less! - UPDATE

Stupid mid-cyle reporting.

 

Ok, 686 is apparently the higest I can get my real EQ Fico in 24 mo after my BK (though I have several FAKOs over 700).  Glad I put the +/- 15pt Disclaimer in it.  Rather than reporting a 0 balance on all accounts and <9% on one card, I wound up with $500 on one and $630 on the other.  It's still <9%, but I'm sure I'm losing points for having more than one card report.  Oh well, 686 ain't too shabby considering ~2 years ago I was @ 470ish (pre-filing).

 

I don't care you you are or how you do it, dumping the debt is the fastest way to raise a score... whether you pay it all off, settle it, or BK it all away like I did.

 

Still gardening this thing higer. 700 can't be too far around the corner!

 

-SM

I am not an attorney and none of what I write should be construed as legal advice. For legal advice please consult an attorney.

Starting Score: ~470 preBK(8/2010)
Current Scores as of 3/15/14 All 700+. Last CR pull from a lender(housing) was mid-score 729.
Goal Score: 700+ - reached.
New Contributor
Posts: 104
Registered: ‎12-12-2012
0

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

I didnt use your method outlined, I took the path less traveled, making mistakes along the way.

I filed in 7/2011, discharged in 10/2011. Got the Capone secured card, paid $49 to get the $200 limit. I got this card days after my discharge, about 10 months later, the card got a CLI to $300, when I responded to a letter they sent me.

In this time, I app'd for about 5 cards, prime cards. CreditKarma had a ”credit card” selection tool, I listened to it. I was rejected by Discover, BOA, Chase, Citi, & Barclays. Dejected, I app'd for the Capone rewards card, approved for $2500. I got the card, but I have a ton of inquries. 7 mos of using the Capone rewards card, I reapp'd for a barclays card, the NFL extra points card, approved for $500.

My score right now is 680, I figured id groom these cards for six months and go for a Discover around then. Good idea?
Frequent Contributor
Posts: 403
Registered: ‎03-01-2012
0

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

[ Edited ]

stormb28 wrote:
I didnt use your method outlined, I took the path less traveled, making mistakes along the way.

I filed in 7/2011, discharged in 10/2011. Got the Capone secured card, paid $49 to get the $200 limit. I got this card days after my discharge, about 10 months later, the card got a CLI to $300, when I responded to a letter they sent me.

In this time, I app'd for about 5 cards, prime cards. CreditKarma had a ”credit card” selection tool, I listened to it. I was rejected by Discover, BOA, Chase, Citi, & Barclays. Dejected, I app'd for the Capone rewards card, approved for $2500. I got the card, but I have a ton of inquries. 7 mos of using the Capone rewards card, I reapp'd for a barclays card, the NFL extra points card, approved for $500.

My score right now is 680, I figured id groom these cards for six months and go for a Discover around then. Good idea?

 

 Certainly sounds like a good idea to me.  I might even consider waitinga year while gardening those others.  It allows account maturity and some time for some of those other hard inquiries that were rejected to age some more and potentially drop off.

Filed BK7: 7/12 (discharge 10/12) 5/12- EQ FICO - 508 / TU FICO - 490
EQ FICO: 689 (08/15)
TU FICO: 650 (08/15)
EX FICO: 681 (08/15)
NFCU cashRewards $18k - NFCU Flagship Visa $18k - First Tech C.U. Cash Rewards $5k - Cap1 Venture - $10k - Barclays Apple Card $2k - Discover $1,000 - JCrew $4650
New Contributor
Posts: 104
Registered: ‎12-12-2012
0

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

Youre right, I have two rewards cards, ill massage those for the next 12 mos. I also PIF & utilize between 10-13%. Hopefully, Discover.is in my future.
Frequent Contributor
Posts: 402
Registered: ‎11-03-2012
0

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

Soul master my rebuild is incredibly similar to yours as you already know. 

 

I got approved for a Signature Rewards Visa today from NFCU with a 672 score. 


Starting Score: 501
Current Score: 706 EQ,TU 689,EX 686
Goal Score: 720

Frequent Contributor
Posts: 269
Registered: ‎08-13-2011
0

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

@stormb28,

I think it is a great idea....Barclays might be slightly easier to get.....they like to see around 6 months of post bk credit history. Discover should be OK in a year...I was able to get my discover about a year after using two capital one cards.


Starting Score: 500s
Current Score: EQ: 693myFICO(9/7/12), TU: 710myFICO(9/2/12), EX Plus:701(lp,4/16/12)
Goal Score: 700

Wallet: Discover IT $5000, Capital One Platinum $15000, Barclays Rewards $5700, Walmart $6000, Amazon Store Card $6000.
Keep the Hearth of your Thoughts Pure, by so doing you will be Happy and bring Peace!
Member
Posts: 8
Registered: ‎02-28-2013
0

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

Hi,

 I thank you for the great info you have provided.

 

Is there a legal statue that I can use in my letter that forces them to change the status from derogatory to current in regard to bk's?

 

................Ex:

b. Included in Bankruptcy

c. Current (not "default/derogatory" status"

3. For any accounts that do not meet all of the criteria in #2, file a dispute "Included in Bankruptcy" and "Incorrect Balance"

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