Hi all! I have been trolling this forum for the better part of a year now and the information that I have gleaned from some of the experts was invaluable and has led to me a great place. I wanted to take the time to share my credit rebuild with the community to hopefully provide those fresh out of BK with a glimmer of hope. I promise you there is a light at the end of the tunnel if you act responsibly. Anyways, here she goes. See below:
Chapter 7 BK filed 10/24/2014 Discharged 2/2/2015 FICO score at discharge 495
A couple of low end credit cards were included in the BK but mostly medical debt and I let my car go in the BK. I did not reaffirm any debt. The only debt that survived was my student loan to the tune of 65K. The student loan was in default at the time and was about to go into wage garnishment status. It did not come out of default status until after discharge and that was only because ECMC would not speak with me while I was in BK. I am still fighting with them about the collection account showing paid post discharge. I told them I realized that it did not get pulled from default and paid by new lender until post discharge but that it was not my fault they would not talk to me about a debt that I had to pay regardless of BK and that they were legally allowed to speak with me. Anyways, on to the build.
Applied for Total Visa immediately following discharge in 02/2015 and was approved $300.
I also applied for Capital One secured card immediately following discharge but was declined. Walmart was also declined.
2/28/2015 Capital One repossessed my car but I got approved for another vehicle with Santander for 18K.
May, 2015, applied for Merrick Bank secured card for $200. Approved.
June, 2015 approved for Capital One Platinum and Quicksilver One for $500 each.
Apped Barclay's Rewards MC but was declined. I reconn'd and they told me to wait longer.
June, 2015, my student loan was removed from default status and now showed a paid collection account and a new trade line appeared on credit with Nelnet $65K.
I pushed each card to the limit twice a month and paid them off twice a month. When my 4th statement cut for both Capital One accounts, I hit the love button and was approved for CLI on both accounts. Platinum was increased to $1500 but QS One was only increased to $600. I continued same spending habits but I did not push as much through the increased limits on the cards.
October, 2015 I went on app spree in addition to CLI. Walmart approved for $700. Amazon Store Card approved for $800. Target Red Card approved for $500. Barclay's Reward MC approved $500. I reconn'd for higher credit limit but they said no.
I also apped Best Buy Store card and Discover IT but both were declined.
November, 2015 I applied for Capital One Venture One card and was instantly approved for a $3K limit. I also apped CO Sony card and was approved for $750. Also approved for a Care Crédit card for $800. I also apped a Kay Card and was approved for $4K. I apped Bank of America but got declined. Decline letter only mentioned the BK and when I recon'd, they recommended I try again after a year.
March, 2016 3rd statement cut for CO Venture One and Sony cards and I applied for CLI. Venture One card was increased from $3K to $5K and Sony Card was increased from $750 to $2250. I just recently got approved for Newegg card for $800. I tried Discover again but was declined again.
Here is the kicker, I just applied for Bank of America again, their travel rewards card and this time I got approved with a starting limit of $2K. This B of A approval is the reason I decided to share my credit build as I am very happy right now. As it stands my FICO score reads a 645 up from 495 when this all started.
I hope someone fresh out of BK comes across this post and realizes there is a light at the end of the tunnel. My credit score has been steadily improving month by month and I now have my foot in the door with a prime lender. My credit build is not perfect and I probably have over apped but I am happy with where I am right now. Any advice from experts is also welcome?
