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Member
himynameis
Posts: 9
Registered: ‎03-22-2013

Rebuilding after Ch 7 BK... Not sure what to do next...

Hi everyone!

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.

 

Help????

 

 

 


Starting Score: TU488 EQ470 EXFAKO585
Current Score: TU552 EQ515 EXFAKO598 EX648CUpull
Goal Score: TU620 EQ620 EX675


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Frequent Contributor
Countingpennies
Posts: 464
Registered: ‎02-14-2013

Re: Rebuilding after Ch 7 BK... Not sure what to do next...

Be careful with that Matrix, you will have charges (fees) on it every month whether you use it or not. Be sure and read all the fine print. I think your $150 dep. (and crazy fees) would be better applied to your CU secured card.

Try again for a Cap 1 secured. You are now a few months past discharge and you have a good shot at being approved.

It's a slow process, takes a lot of patience. Have you obtained all 3 credit reports (full reports from each CRA, not 3rd party) to make sure they are all reporting correctly?
Established Contributor
SoulMaster
Posts: 981
Registered: ‎11-08-2011

Re: Rebuilding after Ch 7 BK... Not sure what to do next...

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.

 

Good Luck,

 

-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 3/15/14 All 700+. Last CR pull from a lender(housing) was mid-score 729.
Goal Score: 700+ - reached.
Member
himynameis
Posts: 9
Registered: ‎03-22-2013

Re: Rebuilding after Ch 7 BK... Not sure what to do next...

Thanks for the advice! I have checked all 3 CR and everything shows IIB - $0 bal. I did that about a month or two after discharge. I think my scores are so low because they were very very crappy before the BK (like 400's crappy).

I know I should've waited on the car loans but we were in need of them since right before the BK ours were repo'd. We bought a old Durango but it was broke down more than it ran and the two auto loans were no money down. Anyway, it's done and now I'm trying to make better decisions.

Thanks again!

Starting Score: TU488 EQ470 EXFAKO585
Current Score: TU552 EQ515 EXFAKO598 EX648CUpull
Goal Score: TU620 EQ620 EX675


Take the myFICO Fitness Challenge

Member
himynameis
Posts: 9
Registered: ‎03-22-2013

Re: Rebuilding after Ch 7 BK... Not sure what to do next...

I forgot to mention, I had a secured Capital One for $500, went over the limit before the BK and it went into the BK. I applied for CapOne just two days ago and was denied :smileysad: The reason was past due CapOne obligations.

Starting Score: TU488 EQ470 EXFAKO585
Current Score: TU552 EQ515 EXFAKO598 EX648CUpull
Goal Score: TU620 EQ620 EX675


Take the myFICO Fitness Challenge

Frequent Contributor
shols44
Posts: 397
Registered: ‎11-03-2012

Re: Rebuilding after Ch 7 BK... Not sure what to do next...

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. 


Starting Score: 501
Current Score: 706 EQ,TU 689,EX 686
Goal Score: 720

Member
himynameis
Posts: 9
Registered: ‎03-22-2013

Re: Rebuilding after Ch 7 BK... Not sure what to do next...

Thank you shols44! I will try fingerhut, but I don't know what comenity is...?


Starting Score: TU488 EQ470 EXFAKO585
Current Score: TU552 EQ515 EXFAKO598 EX648CUpull
Goal Score: TU620 EQ620 EX675


Take the myFICO Fitness Challenge

Frequent Contributor
Countingpennies
Posts: 464
Registered: ‎02-14-2013

Re: Rebuilding after Ch 7 BK... Not sure what to do next...

Do a search here for: shopping cart

There are a number of threads explaining this. Comenity Bank has cards from a number of stores, Victoria's Secret, Express, etc., that are easily obtained without a hard pull inquiry. Great for building.
Contributor
rebuildingmission2013
Posts: 77
Registered: ‎04-15-2013

Re: Rebuilding after Ch 7 BK... Not sure what to do next...

[ Edited ]

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. 


10/01/2012 STARTING FICO SCORES: EQ 585 TU 598 EX 539
09/12/2013 CURRENT FICO SCORES w/ 9 REVOLVING TLs = $4,550 + INSTALLMENT TL: $23,300
EQ 598= AAoA=10m, UTIL=43%, 12m INQ=22, COLL=0, PUB REC=0, MISS PAY=0
TU 644 =
AAoA=1yr 8m, UTIL=46%, 12m INQ=19, COLL=0, PUB REC=0, MISS PAY=0
EX 614 = AAoA=3 yrs 11m, UTIL=63%, 12m INQ=17, COLL=0, PUB REC=0, MISS PAY=0
04/01/2014 GOAL FICO SCORES: 720s = AAoA=+7m, UTIL ≤ 9%, 12m INQ ≤ 6, COLL=0, PUB REC=0, MISS PAY=0
Valued Contributor
FocusedAndDetermined
Posts: 6,239
Registered: ‎01-05-2013

Re: Rebuilding after Ch 7 BK... Not sure what to do next...

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.


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