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Post BK Credit Report says 685 but can only get 1 credit card

Post BK Credit Report says 685 but can only get 1 credit card

To cetch everyone up to speed I had 19 personal credit cards with 105k total limit. I had 0 balance on all cards.

 

My company failed which I personally guarenteed an business Amex and and a merchant account.

 

Thus my reason to file chapter 7 bk strictly due to business debt. No chance to pay it off.

 

I had had 3yrs of paying off all monthly balances on my personal cards every single month.

 

I had

 

Citi 3 cards (1 Shell gas) Thank you + America airlines)

USbank 3 credit cards (1 still secured) Platinum + Flex rewards)

Bank of America 2 cards (Platinum Plus + Alaska Airlines)

Chase 2 cards (Sapphire + BP visa)

Comerica

Keybank World

Barclays 2 cards (Platinum Rewards and Fronteir Airlines Rewards)

Discover Walmart

Capitol one Platinum

Cheveron Visa

 

I filed BK with a credit score of 730 in June. Dischage came in Dec 2013.

 

Today I started some credit apps and only capital one came back with anything. $2k My credit is 685 after BK and thats the worst of the top 3 reporters.

 

Tried Amazon, Barclays apple and frontier, Citi thank you.

 

Other then Amex I didnt have any other credit card on my BK

 

Anyone have any ideas on more cards. My score of 685 is pretty good after BK right?

 

 

Message 1 of 4
3 REPLIES
Established Contributor

Re: Post BK Credit Report says 685 but can only get 1 credit card

Unfortunately, shooting out all those apps (And therefore taking a bunch of INQ's) just sort of hosed up your rebuild.

 

It doesn't really matter (to the banks) why you filed BK or what was included/not.  You're lumped into the same bucket as the rest of us... so, what I'd recommend is to go read the 7 to 700 guide.

 

It looks like you got approved for the CapitalOne, so I'd go get the CreditOne to put yourself back on plan.  Then you have an 11-12 mo wait before you get anything else.  In the meantime, you've got to stop apping.  The key to a successful BK rebuild is patience.

 

Cheers,

 

-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 Late January 2016 All 700+. Last CR pull from a lender(housing) was mid-score 749.
Goal Score: 700+ - reached.
Message 2 of 4
Highlighted

Re: Post BK Credit Report says 685 but can only get 1 credit card

$2k was the Capitol One today. Where do I find the 7-700 guide?

 

What is CreditOne? Is that also by Capitol One?

 Thanks

Message 3 of 4
Established Contributor

Re: Post BK Credit Report says 685 but can only get 1 credit card

Yeah, I re-read and found the CapOne (and edited my post).

 

The guide is here:

 

http://ficoforums.myfico.com/t5/Bankruptcy/HOW-TO-From-BK7-discharge-to-700-in-24-months-or-less/

 

It's been used by hundreds of people and works every time.

CreditOne is a different bank.  Link is in the guide. 

 

 

-SM

 

Fixed the link

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 Late January 2016 All 700+. Last CR pull from a lender(housing) was mid-score 749.
Goal Score: 700+ - reached.
Message 4 of 4