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New to the forums. Trying to re establish after bankruptcy

Established Member

New to the forums. Trying to re establish after bankruptcy

Hello Everyone,

 

I filed a chapter 7 bankruptcy on 4/13/2017 and it Discharged 7/13/2017. I will say I had massive credit card debt due to massive medical bills and took down almost every credit card known to man. I re-affirmed my auto loan and I was approved for a CreditOne card with a $400 limit and after paying off the annual fee they raised the limit to $600. Can anyone offer any current suggestions on how to re-establish or have any info on creditors that will give you another chance after including them in bankruptcy. Im just looking to re-establish not get back into debt now that my health is on the mend. Thanks for your time, Have a wonderful day!

 

 

current fico8 scores - Equifax 648 Transunion 606 and Experian 632

17 REPLIES
Community Leader
Super Contributor

Re: New to the forums. Trying to re establish after bankruptcy


ohnikki39 wrote:

Hello Everyone,

 

I filed a chapter 7 bankruptcy on 4/13/2017 and it Discharged 7/13/2017. I will say I had massive credit card debt due to massive medical bills and took down almost every credit card known to man. I re-affirmed my auto loan and I was approved for a CreditOne card with a $400 limit and after paying off the annual fee they raised the limit to $600. Can anyone offer any current suggestions on how to re-establish or have any info on creditors that will give you another chance after including them in bankruptcy. Im just looking to re-establish not get back into debt now that my health is on the mend. Thanks for your time, Have a wonderful day!

 

 

current fico8 scores - Equifax 648 Transunion 606 and Experian 632


Hi and we are glad to have you! Welcome to the forums! Smiley Happy

 

My advice to you is to research, research, research these forums before applying to anyone, and ask lot's of questions! It will save you a lot of HP's and headaches, and unnecessary denials we could have save you from.

 

 When you say you burned everyoe known to man, can you list them?? Amex? Chase? Citi? Comenity? Synch? ....

Did you burn Cap1? If you could list the cards /lenders, we can offer up some better advice for you! 

 

Also, are your reports reporting the accts as they should be?  IIB/$0 bal?? Are you working on cleaning them up? 

(BK7 d/c-08/2013/FICO-400's) ~ 07/2017 FICO 08- EQ-669, TU-676, EX-681
Scores being held down by tons of INQ/New acts Smiley Wink
Message 2 of 18
Community Leader
Super Contributor

Re: New to the forums. Trying to re establish after bankruptcy


ohnikki39 wrote:

Hello Everyone,

 

I filed a chapter 7 bankruptcy on 4/13/2017 and it Discharged 7/13/2017. I will say I had massive credit card debt due to massive medical bills and took down almost every credit card known to man. I re-affirmed my auto loan and I was approved for a CreditOne card with a $400 limit and after paying off the annual fee they raised the limit to $600. Can anyone offer any current suggestions on how to re-establish or have any info on creditors that will give you another chance after including them in bankruptcy. Im just looking to re-establish not get back into debt now that my health is on the mend. Thanks for your time, Have a wonderful day!

 

 

current fico8 scores - Equifax 648 Transunion 606 and Experian 632


Uggg. Credit One.  So uneccessary. I'd rather see Open Sky secured that Predator One. Open an account with SDFCU and drop $500 into savings, and app for the share secured personal loan. Once thats cleared and deposited into the checking, move it all into savings and use $300 of your available funds for a secured Visa credit card. Set the loan payments to automatically draft from whats left in the savings.

 

Did Capital one get burned in the BK? If so, app for them anyway - sometimes you can sneak in right after discharge. If denied for "previous unpaid Capital One account", wait until one year from your filing date and start applying again.

 

Dump Predator One before their next annual fee.

Most Recent FICO 8 Scores EX601/TU580/EQ589 12/08/2017 Starting scores 553/485/543 08/25//2017
~~~Credit lines~~~~
SDFCU VISA Secured $250
Discover Secured $200
Message 3 of 18
Established Member

Re: New to the forums. Trying to re establish after bankruptcy

Thank you for responding so quickly. There were alot of companies that were included in my bankruptcy.

 

Amex, CapitalOne, Barclay, several Synchrony accounts, Patelco Credit Union. I also suffered through a foreclosure. I had no balance on my Discover Card and they marked it "closed due to bankruptcy" on my credit report, that had me kinda bummed I tried to get them to report it differently but they said thats how they close them. I had several other cards that just closed when I filed and are reporting as good accounts like Kohls and Gas cards. I know its a lot just hope I will get a chance to rebuild before the 10 year mark. I thought everything was reporting correctly but my Transunion seems to be much lower than the others so I am going to check that out today. I did try to get prequalified for a Cap 1 card yesterday even though I knew in my heart they would turn me down but was not matched to any offer. I only did it because I knew it wouldnt leave a hard inquiry. Any information you can provide would be greatly appreciated. Do you think getting a credit builder loan would help or hurt my scores at this point? I really need to get my scores up because my car is a lease that is up in May and would like to get a decent rate on my new forever car. Happy Hump day!

 

 

current fico8 scores - Equifax 648 Transunion 606 and Experian 632

 

Message 4 of 18
Established Member

Re: New to the forums. Trying to re establish after bankruptcy

Hi Norman FH,

 

I know the feeling behind Credit One but the process was so easy and it lets you prequalify before getting a hard inquiry. I'm hoping my credit outlook will be better by the time the annual fee is due so I can safely close them. Im going to look into your suggestion for the SDFCU right now! Thank you for the understanding and input.

Message 5 of 18
Community Leader
Super Contributor

Re: New to the forums. Trying to re establish after bankruptcy


ohnikki39 wrote:

Thank you for responding so quickly. There were alot of companies that were included in my bankruptcy.

 

Amex, CapitalOne, Barclay, several Synchrony accounts, Patelco Credit Union. I also suffered through a foreclosure. I had no balance on my Discover Card and they marked it "closed due to bankruptcy" on my credit report, that had me kinda bummed I tried to get them to report it differently but they said thats how they close them. I had several other cards that just closed when I filed and are reporting as good accounts like Kohls and Gas cards. I know its a lot just hope I will get a chance to rebuild before the 10 year mark. I thought everything was reporting correctly but my Transunion seems to be much lower than the others so I am going to check that out today. I did try to get prequalified for a Cap 1 card yesterday even though I knew in my heart they would turn me down but was not matched to any offer. I only did it because I knew it wouldnt leave a hard inquiry. Any information you can provide would be greatly appreciated. Do you think getting a credit builder loan would help or hurt my scores at this point? I really need to get my scores up because my car is a lease that is up in May and would like to get a decent rate on my new forever car. Happy Hump day!

 

 

current fico8 scores - Equifax 648 Transunion 606 and Experian 632

 


If you have no installment loans currently, then get a secured personal loan from Alliant or SDFCU. Also get a secured card as well. I would go with Discover secured since there was no balance discharged it should be an easy in. A couple of secured cards and a secured PL should get you moving up. A soon as your 1 year past your filing date, start apping with Cap One. They have a 12 month blackout for charged off accounts. You can app before them with no fear of getting a hard pull - they do not pull a report if you are in a blackout or otherwise not eligible.

Most Recent FICO 8 Scores EX601/TU580/EQ589 12/08/2017 Starting scores 553/485/543 08/25//2017
~~~Credit lines~~~~
SDFCU VISA Secured $250
Discover Secured $200
Message 6 of 18
Community Leader
Super Contributor

Re: New to the forums. Trying to re establish after bankruptcy


ohnikki39 wrote:

Hi Norman FH,

 

I know the feeling behind Credit One but the process was so easy and it lets you prequalify before getting a hard inquiry. I'm hoping my credit outlook will be better by the time the annual fee is due so I can safely close them. Im going to look into your suggestion for the SDFCU right now! Thank you for the understanding and input.


Not only are they literally "the enemy" (look into who Sherman Capital is) they are completely uneccessary, IMO. You get just as much mileage from a couple of secured CU accounts as you do from the predator lenders.

Most Recent FICO 8 Scores EX601/TU580/EQ589 12/08/2017 Starting scores 553/485/543 08/25//2017
~~~Credit lines~~~~
SDFCU VISA Secured $250
Discover Secured $200
Message 7 of 18
Established Contributor

Re: New to the forums. Trying to re establish after bankruptcy

Capital One, Capital One, Capital One.

 

I am not yet 4 years out of BK discharge and Capital One has been fantastic to me since day 1.

 

I have never paid a penny in interest and only a few annual fees.

 

I have earned THOUSANDS in cash back.

 

Check their prequal page.

 

As your credit improves, you may reach glass ceilings with the cards you have from Cap One.  

 

After dramatic credit changes, open new accounts for better limits and interest rates.

 

YMMV.

 

 

credit rebuild started 01/01/14
$100k credit card goal achieved 10/01/17
now in the garden with $127k in credit cards
--------------------------------------------------------------------------------------------------
  $ 30,000          $ 25,500          $ 23,750              $ 9,000            $ 3,300            $ 1,800     

 
  $ 17,000          $ 10,000              $ 4,000            $ 2,300     
Message 8 of 18
Established Member

Re: New to the forums. Trying to re establish after bankruptcy

Hello Shooting for 800

 

You are doing Fantastic 4 years out from bk. Did you include any of the companies you have now in your prior bankruptcy and they gave you another chance? I am praying that Capitalone lets me back in their good graces.

Message 9 of 18
Established Member

Re: New to the forums. Trying to re establish after bankruptcy

Just a little update. I was able to open up a $1000 credit builder loan account with my credit union so that will make two open and current accounts on my credit by November. Does anyone know how many accounts are needed to re-build or should the 2 accounts I have now be enough? Thank you all for any and all information.

Message 10 of 18