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Nearing End of BK Journey

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Anonymous
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Nearing End of BK Journey

Hi everyone. I filed for for chapter 7 on 9/29/17. We had the meeting if trustees on 10/27 things already started falling off of my credit report. My TU score shot up 129pts to 629 according to credit karma because 6 of my accounts updated to zero balances. My equifax has gone up 33points. Only one account has been updated to zero balance. I was surprised to see things move along so quickly! I burned many companies in the chapter 7, capital1 included. I decided to do the preapproval and it came back as yes but it did give a disclaimer regarding recent bankruptcy filings could cause a denial. I decided to give it a go anyway and I was approved with a $300 limit no AF, after 5mos I should get a credit increase! My discharge is scheduled for Dec 27th so I’m really surprised that cap1 gave me a chance so quickly. I was actually really responsible with their card when I got it, but stopped paying once the process for the bk began.  I think i may have to do a secured card for my second card because creditone was listed in Bk and when I tried doing preapproval the message shows as having a discharged account through them.  These forums have been so helpful and I thank everyone who has come in to tell their stories and share their experiences for others to gain knowledge and understanding!! Here’s to finally moving forward and new beginnings again! 

Message 1 of 5
4 REPLIES 4
stinastina
Established Contributor

Re: Nearing End of BK Journey

Sorry to tell you this but credit karma's scores are worthless. You need your real fico scores from my fico or credit check total. You can get a 7 day trial for $1 from cct and get all your real scores. And I'm sure you know you should not be applying for new credit until after the discharge.

 

After your discharge, you can start your rebuild. Did you get your reports from annual credit report or from credit karma ?

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 2 of 5
Anonymous
Not applicable

Re: Nearing End of BK Journey


@Anonymous wrote:

 I decided to do the preapproval and it came back as yes but it did give a disclaimer regarding recent bankruptcy filings could cause a denial. I decided to give it a go anyway and I was approved with a $300 limit no AF, after 5mos I should get a credit increase! My discharge is scheduled for Dec 27th so I’m really surprised that cap1 gave me a chance so quickly. 


I would love to be able to say "Welcome to the BK survivors club", but I'm afraid that you may have put your discharge in serious jeopardy here.  if the bankruptcy trustee did not approve this app, and gets wind of it, they could deny discharge.  I strongly recommend discussing this with your attorney ASAP

Message 3 of 5
kberly69
Frequent Contributor

Re: Nearing End of BK Journey

I don't want to be the rain on your parade either. I went through BK as well and totally understand the desire to get back on track asap. TOTALLY! However, my advice is to slow down a little and think through your next moves.

First, you don't know when you'll get your discharge- that's up to the court. It's highly likely it will happen around when you've been told, but any number of things can happen that can slow that down. Holidays, sick judge, more BKs filed than usual, problem with your filing, whatever. I say this because you don't want to rack up a bunch of hard pulls for nothing before you're even discharged. Capital One's disclaimers say you are not eligible for a card until post discharge. I know you got one and many others have too. I was sooooo tempted to hit the button on that one before discharge because they said I was preapproved. I was afraid they would find out I was discharged and pull my card (again, I don't know that I've seen anyone who has experienced this). I waited until like the day after and got a nice SL of $3K. My point is, patience is a necessity when rebuilding your credit. Work that Capital One card and make it grow for you but hang on until your scores improve before you start apping for others. At the six month point, I was able to get a QS with a $10K limit, then close my Platinum and combine them for a $13,800 limit. 

Point two has already been made- check your FICO scores. Credit Karma/Sesame can give you an idea of the direction you're headed, but they are not the same. 

My third thought is that your journey is only beginning (back to that patience thing). As stressful as it is and such a relief when your 341 meeting is over and you receive your discharge, this is only the first step. It's a giant step, but there's a whole staircase to go. Check your credit reports for errors, clean them up if you can, apply for credit smartly, wait, and watch the scores rise. 

And seriously, I am in no way trying to burst your bubble. You are moving in the right direction and I'd love to watch where you go from here!


CH7 BK Discharged 10/16
Oct/Nov 2016: EQ 632 TU 532 EX 573
Feb 2017: EQ 695 TU 673 EX 670
March 2017 EQ 702 TU 676 EX 673
April 2017 EX 683 (TU & EQ unknown)
May 2017 EQ 695 TU 685 EX 693
Feb 2018 EQ 704 TU 687 EX 694

9/24/20: 4 years from discharge FICO 8: EQ 751 EX 765 TU 766 FICO 9 EQ 814 EX 804 TU 821
Message 4 of 5
kberly69
Frequent Contributor

Re: Nearing End of BK Journey


@Anonymous wrote:

@Anonymous wrote:

 I decided to do the preapproval and it came back as yes but it did give a disclaimer regarding recent bankruptcy filings could cause a denial. I decided to give it a go anyway and I was approved with a $300 limit no AF, after 5mos I should get a credit increase! My discharge is scheduled for Dec 27th so I’m really surprised that cap1 gave me a chance so quickly. 


I would love to be able to say "Welcome to the BK survivors club", but I'm afraid that you may have put your discharge in serious jeopardy here.  if the bankruptcy trustee did not approve this app, and gets wind of it, they could deny discharge.  I strongly recommend discussing this with your attorney ASAP


And there's that too Smiley Sad


CH7 BK Discharged 10/16
Oct/Nov 2016: EQ 632 TU 532 EX 573
Feb 2017: EQ 695 TU 673 EX 670
March 2017 EQ 702 TU 676 EX 673
April 2017 EX 683 (TU & EQ unknown)
May 2017 EQ 695 TU 685 EX 693
Feb 2018 EQ 704 TU 687 EX 694

9/24/20: 4 years from discharge FICO 8: EQ 751 EX 765 TU 766 FICO 9 EQ 814 EX 804 TU 821
Message 5 of 5
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