08-03-2012 12:17 PM
Filed Jan 2011, discharged Jun 2011. Lost job and stopped paying August 2008.
Discover Card $10,000 (judgement Dec 2010. Stopped reporting judgement Jan 2012 (EX, EQ) TU currently reporting. All 3 CBs reporting T/L.)
Chase Bank CC: $20,000 (charge off Dec 2009)
BoA: $25,000 (Charge off Jan 2010)
Simmons (ARK): $5,000 (Judgement Dec 2010, stopped reporting the judgement and T/L Nov 2011.)
WFHM (primary house): $130,000 first mortgage, $30,000 2nd Mortgage NOT reaffirmed
WFHM (vacation house): $95,000 first mortgage, $10,000 2nd mortgage NOT reaffirmed but foreclosure. Foreclosure did not report
Citi: (personal loan): $10,000 (Charged off Jul2010)
1) Apped Cap1 Jul 2011 (one month after discharge) Approved C/L $500 unsecured. Increased to $750 after 9 monthly payments.
Pulled Credit Nov 2011 Low 500s. Began clean-up. I had deliquent S/Ls, Tax Lein, 2 judgements, 1 foreclosure (Foreclosure did not show up at anytime)
2) Applied Orchard Bank APR 2012 Approved $1500 Unsecured
3) Applied for new car APR 2012 with Cap1 Auto Finance. Approved for $25,000 @ 8.9%. Ally Financial came in at 6.9% so I took that.
Cap1 called me May 2012 with another offer $30,000 @ 6.9% but I did not take. I told her that if she could go down to 5.9%, I would take it. They declined.
4) Apped Walmart Jul 2012 (myFICO EQ 671) Denied due to "Bankruptcy on file". I called for a recon, and the Indian speaking woman said, "whatever the letter says"
I'm thinking because I put Discover IIB, I get penalized
4) Apped Barclays Apple Financing Jul 2012 approved $2000 C/L unsecured.
So 13 months after discharge: $4250 in unsecured credit and $21,000 car loan.
Ex-wife was joint on all accounts. She filed the same day as we used the same attorney.
She did not have any deliquent S/L. Nor did she have a tax Lein. Otherwise she has the same credit file as mine.
I handled her re-building process and duplicated what I did. I make $85K and she makes $30K
Apped Cap1 Jul11 (denied due to BK on file)
I put her as AU on my approved Cap1. Cap1 is reporting this T/L on her report.
Apped Orchard Bank (Cap1) Feb12 (denied due to BK on file)
Apped Cap1 Apr12 approved $500 C/L
Apped Cap1 Rewards Jul2012 approved $3000 C/L unsecured
Apped Barclays Apple Jul 2012 approved $2000 unsecured
MyFICO: EQ 679, TU 659 (Jul 2012). Her myFICO EQ jumped to 689 due to approved Cap1 Account
Her story 14 months after discharge: $5700 unsecured C/L. Im trying to get her to co-sign my auto loan so she will get the T/L on her report.
So far, BK7 was the single best event I ever did to help myself. It took me about 3.2 seconds to "get over" the shame but I did. The Ex wife is having a little more difficult time with the shame.
08-03-2012 07:31 PM
Thank you for sharing your journey so far. Gives me confirmation of path I am following is good.
Congratulations on your rebuild.
08-04-2012 04:52 PM - edited 08-04-2012 04:52 PM
My wife and I did chapter 13 in 2009.My company went out of buisness and it was converted to a chapter 7in January 2012.
My credit score is 667 experian 681 equifax and 670 transunion. We now have a capital rewards 2000 limit, Barclay joint account with my wife 3100 limit,
Barclay reward 2000 limit, my wife has a capital one 1000 limit, and we both have orchard cards with 650 limit each. My wife still works and has a good job. We owe about 1200 in credit cards, but I really want to improve my score so we could buy a home soon. I'm surprised when apple approved us for theBarclay card. I would like to apply for the Barclay us airways card but afraid to get declined.
08-29-2012 06:32 PM
@jllunas--Have you completed your plan? Have you received your discharge? When did you app for these cards?
09-09-2012 08:07 PM
While I like this thread, it seems like it can cause all of us to miss the point. After spending the better part of a month reading these forums, the one thing that stands out to me isn't who is or isn't getting approved for CC's or loans; but how those of us in the exact same situation can have drastically different scores. I mean I'm reading some of these posts and people that are much further along in the BK process have much worse scores than I do. Whats the difference?? I refuse to beleive its the CC's or loans that people were able to obtain. For me it was the fact that for the better part of 6 months after my case was confirmed, I disputed line item after line item in all 3 of my files to make sure that they were as absolutly clean as possible. Now my files show the correct balances owed, everything that was included in the BK reflects that with ZERO current balance, and every judgement and collection that was included in BK was either removed or updated accordingly. For me that worked. I just wish I would've waited a year or two more to apply for the better cards and been satisfied with the ones I've been able to get. Wouldn't be as many inq's on my file as there now is. Sorry just my 2 cents......
10-09-2012 03:50 PM - edited 10-10-2012 08:10 PM
This is a great thread and I wanted to wait a while before I added my story to this thread.
I filed for BK7 in August 2010..A very down time for me and I made the decision that I was going to live my life without credit cards. I made it a whole year and found this forum by chance, I could not believe how many people were in my situation and actually doing well for themselves and rebuilding credit. How could I have let a whole year go by without doing anything. I must have spend weeks reading through this forum and armed with the knowledge i needed I had my strategy planned out.
1. August 2011 - I made a list of creditors who are not friendly to BK (citi, chase, bofa, american express etc) and no matter how much I wanted credit cards from them, I made my mind up not to waste inquiries on them (i had read tons of stories on this very forum of people in my situation who applied and got denied)
2. August 2011 - Capital one and Orchard Bank were the only credit cards that interested me, I applied for both cards and decided I was not going to apply for any credit cards for a whole year.
3. January 2012 - 5 months later I opened a secured loan with my local credit union in Atlanta for $1000...they were fantastic and knew that it was just for the purpose of showing one could pay one's bills on time. (would have opened it sooner but i had to battle with Bofa to remove a chexsystems entry they had on me for an old account)
4. In September 2012 I had had my credit cards for 12 months on time payment and scores hovering around 670 accross the board. I worked with capital one's exec office to get my credit limit up (my highest at the time was $700). A week later they increased it to $1500 but told me i had to close my Orchard (i was OK with that).
5. I waited till my new $1500 credit limit showed up on all my credit reports and then today I applied for both Discover and Barclays Apple card, both got approved and I could not be happier.
I am 2 years post BK7 and have the following:
Capital One Platinum card with rewards - $1500
Discover More - $1000
Barclays Itunes Card $2700
I will say this, everything I did was very well calculated. I knew how sensitive Barclays and Discover were to inquiries so I spaced mine out, I also knew that they pulled transunion and made sure that my credit report was clean and rid of all adverse information except for my IIB accounts, especially my transunion. On time payments is very important, and managing one's credit is absolutely paramount. I learned the tricks of this to do get my credit score as high as possible. I did not apply for anything I did not need, I was not wasting inquiries in order to have 5 or 10 accounts with creditors i would not use and a buch of very low limit credit accounts. I was constantly visiting this forum and even sending PMs to those who got approved to learn a bit more about how they went about it. Here I am 2 years post BK7 and I honestly only started working on my credit barely a year ago my credit scores are knocking on the doors of those in the 700 club. Life after BK is great, it is even greater if one is informed and armed with knowledge and all the knowledge I have gained was learned from this Forum.
10-10-2012 07:20 PM
Thank you for sharing your journey with us. I planned and I am executing a similar route to yours. My Cap1 should get increased to 1250 limit about two months and then I will wait 6 months and pull trigger for either Discover or Barclays (don't know which one first). I'll then try for the one I didn't app for 3 months later. I should be 18 months out of BK when I apply for my next card. Hopefully I get similar results....
To sum it up - Discover and Barclays are bk friendly but like they say YMMV
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.