Post CH7 BK blues...

[Anonymous]

I filed for CH7 BK in October 2011 (discharged beginning of January '12 but I also filed an adversary complaint to have my student loans discharged and that court date is not until March so we'll see how that goes later)

I have been reading these forums and trying to gain some insight by reading about other people's experiences. I understand the whole thing will take time, I guess I'm just being impatient and I must admit I went on a mini application spree out of curiosity and I was shot down almost completely. Bummer (I totally understand that I was trying to move too quickly) but I suppose I get it. There was only one credit card IIB, my credit had been ruined by medical bills and a divorce, I've only ever had two credit cards: an orchard bank card that I had to get in 2009 so that I could rent a car and a capone card I just got this week. 

I'm great with credit cards (well, the two I've had). My goal is to buy a house but I don't see how that will ever happen if I don't even get the chance to raise my credit score! I'm looking at buying a used car with at least 60% down in the next couple of months so that I can raise my score there and I guess I'll just wait.

Applications: (Green = approved Red = denied)

CapOne

Target

Kohl's

Discover

First Premier (I know, what?)

Victoria's Secret

Old Navy (testing the waters of GE money)

Shell (save 5¢ a gallon? yes, please)

The Limited

Aside from a car loan in the next 3-4 weeks I don't plan on applying for anything else. 

One of the debts was from some paperwork snafu at my university that prevented me from getting transcripts or my diploma. Now that the debt is gone I was able to request my diploma yesterday and I can't wait to see it! (I graduated in 2008) I keep my chin up thinking about that...it was the real reason I decided to file CH7, I could never continue my education with out it!

[SoulMaster]

Yes, your impatience is whats going to wreck you in your quest. I apped for one card one month after bk, held it for 6 more, apped for one more, held that another 5... you can see where this is going. I now have 3 cards (closed HSBC ) CapOne Cash Rewards, $1250/39af, Discover More, $1000/0af, and Barclays Visa $1300/0af. I'm gardening another 6 months then apping for NFCU nRewards.

The only other thing I did was take out a Credit Builder loan @ OneNevada CU. It's paid off now. I did that 1 month post discharge too.

Scores are below. good luck,

-SM

[Anonymous]

I filed Chapter 7 in 2005. I have researched rebuilding credit after bankruptcy quite a bit and was able to get decent credit cards between a year and 2 years afterward. You should wait with the card you have and the car loan and start rebuilding with those. If you continue to apply for credit cards and don't get them, you will end up hurting your credit score because of all of the inquiries (which stay for 2 years).

I would highly recommend waiting at least another 6 month before applying for anything else. I know that's hard, but the longer you wait, while managing the credit you have wisely, the better.

[aussiesareforever]

There is life after bankruptcy. I like your current plan of not applying for anything else. I had one CC that I got about 3 months after my BK was discharged and I didn't get another card (Carecredit) until three years later. Hang in there, be patient and use the credit you have wisely. You will watch your score go up!

[Anonymous]

Thanks for the insight guys! 

I have not checked my FICO since just after my bankruptcy was discharged. My FICO score has gone from 545 to 583 in three days...I know it's a fako but still, it felt good.

I'll keep paying off my credit card, I'm trying to get a car but that's complicated for another reason and I know I'm going to suck up a junky interest rate for a while until I can refinance...but them's the breaks.