I was hoping I could get some advice. I have been working on my credit for a while now but recently had Ch 7 BK discharged (12/12). Since then I have had the following:
Auto Loan thru SST (Financed by local CU) in Nov '12 for $20,000 with 18%
Co signed (for DH) auto loan thru JP Morgan in Mar '13 for $18,000 with 22%
Approved for $200 secured cc thru the same CU as first auto in Mar '13
I have 4 SL all current with 2 60 days and 2 90 days back in 2011.
Current scores are TU 534 (4/13 quarterly monitoring) EQ 524 (4/13 score watch) and EX 620 (3/13 pull from CU)
I have tried applying for credit to help my revolving but I'm not getting anywhere. I can't get a CC thru CapOne because when I was trying to fix my credit before BK I had opened a secured card but then claimed BK on it. (I applied and denied for outstanding due with CapOne). I had a First Premier years ago but I think it went into collections. I have applied for CreditOne and they denied me, gave me my score on their scoring model and it wasn't good. I applied for Matrix Discover and was approved for $300 I just have to send the $150 deposit. I can't apply for Orchard Bank because now their backed by CapOne or something.
I'm not sure where else to go.. I'm trying not to apply for too much but I'm not even getting approved for the cards made for people in my situation. I would like to have the TL's I need by this time next year so I can buy a house by 2015.
If your scores are that low after BK, I'm guessing you haven't done a review on your real CRs then disputed anything that isn't IIB/$0 balance.
Theoretically you should have done that before you applied for anything else, and you shouldn't have gotten a car loan while you were waiting for discharge, that's a ridiculous interest rate.
So, best advice is to go clean-up whatever's wrong on your CRs. A BK CR should have a zero-reset + the BK and the scores should be between 560-620 before you start applying for junk.
See my thread on how to go from BK7 to 700 for more info.
It seems pretty odd that if all your accounts are reporting correctly that your scores are still so depressed. It kills me to see you have to use discover matrix.
I think you do need to get to three revolving lines one way or another. Since Capone is out and creditone denied, I think Fingerhut is probably your best bet and only account I can think off.
Try adding a comenity card product via shopping cart trick too. After a few months try again.
Thank you shols44! I will try fingerhut, but I don't know what comenity is...?
I wouldn't ever think to recommend this but given your current state of affairs: increase your secured card limit and perhaps join a membership type cc service that reports to the bureaus that offer guarenteed approval such as Horizon Gold or 1st platinum plus.
I don't think it's just the BK that's hurting you. The 4 lates on the SLs are also an issue. As the lates and the BK age, your scores will rise. Just be sure to make all you installment loan payments on time, every time. You will bring down your outstanding balances and record an on time track record at the same time. Do not miss a single payment, and your scores will reflect your diligence.
After about 6mos. you can do as others have suggested and try for a few Comenity cards via shopping cart trick. Just remember that it sometimes takes several tries to get the pop-up, so don't get discouraged if you don't see it on the first attempt.
Good luck, and keep us posted on your progress.