New to this forum. Seeking information for rebuilding credit after a Chap. 7 BK

[Anonymous]

Hi everyone! I'm seeking the advice of this community after going through a bankruptcy. Prior to bk I had pretty good credit, in the 720s. My husband took a lower paying job and we had a baby, then we couldnt afford the cycle of debt/ minimum payments/ juggling act of living off credit cards and beyond our means anymore, so we decided to take the bk. Our chapter 7 was finalized 7/10/2015. According to Credit Karma, my transunion is a 625 and equifax is a 605. I still have my auto loan through VW credit. On a whim last week, I was in Ann Taylor and they asked if I wanted to apply for the card. It was my first application since the BK and I was approved for $250 (Yay)! However, I know that store cards aren't worth much as far as credit scores go and I need to get a Visa/ MC backed card. Also, I don't want to have a ton of inquiries.  I have read the Cap 1 is pretty easy to get, but I had them prior to the bankrupcty and I dont know if they would consider me "inelligible" due to the bk. Which cards are best to start with? How should I handle the balances? I really hate to get annual fee cards, as I went for so many years without having to pay them/ being able to get them waived due to good credit history. I obviously havent done much research and would love to get some feedback from everyone. Thanks in advance!

[Anonymous]

Welcome to the forums! Most of us lurking in here have been through the same things you have so you will find sympathetic ears.

I would check the Cap1 prequal site. https://findmycard.capitalone.com/en/PageVersions/LandingPages/LP_UNS_QUICK_RWD_V01.aspx

My wife and I also burned Cap1 in our BK7, but they let us back in about 4mos post discharge and as you can see from my signature, have been very good to us. If you don't show any prequals, then I would look at a secured card. I went with the OpenSky Visa as they didn't pull credit and had a low initial investment. $200 minimum gets you started and only a $29/ann fee.

The main thing is to check your CRs, make sure everything is IIB and then make a plan. Think about what cards you do/don't want. Realize that recovery isn't overnight, it takes time and patience. Be smart and learn from the mistakes of the past. Good luck to you!

[Anonymous]

Thanks so much. I checked the pre-qual site and it said that it didnt match me to any offers right now. I may try the secured card that you recommended. Cap One has been very good to you! I had them for many years and they were never that generous with credit for me, even though I paid my bill on time & kept utilization low. Our ultimate goal is to rebuild our credit to get a mortgage. Our attorney said it will take a solid 2-3 years to get to that point, so I know it won't happen as quickly as I would like. It is possible for the OpenSky card to be come an unsecured card after good history? I've never considered a secure card until this point. Thanks!

[Scupra]

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@Anonymous wrote:

Thanks so much. I checked the pre-qual site and it said that it didnt match me to any offers right now. I may try the secured card that you recommended. Cap One has been very good to you! I had them for many years and they were never that generous with credit for me, even though I paid my bill on time & kept utilization low. Our ultimate goal is to rebuild our credit to get a mortgage. Our attorney said it will take a solid 2-3 years to get to that point, so I know it won't happen as quickly as I would like. It is possible for the OpenSky card to be come an unsecured card after good history? I've never considered a secure card until this point. Thanks!

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I would try applying for the Cap1 Platinum card before going the secured route. Just because there isn't anything in the pre-qual doesn't mean you won't be approved

[Anonymous]

The OpenSky card is secured only. They have no unsecured products at all. Good luck!