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Re: Rebuilding after bankruptcy---how long---what to do?

Join Stephen Snyders life after bankruptcy weekly new letters.. he is very imformative and I have used his advice and it works. of course he has things that you can purchase to help you along the way but they are all good tools.. ... he also answers questions that you need answers to ..

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Registered: ‎01-03-2011
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Re: Rebuilding after bankruptcy---how long---what to do?

[ Edited ]

I certainly didn't find this (card even if you burned them) to be the case for me--with Cap1 that is. They sent me three different pre-approvals post BK--one in my maiden name and two in my married name, and both times I tried to get the actual card they denied me after I went online and applied. The good news with that was the letters that they sent advised that the denial was based on them just running my name, not my SSN, so the inquiries don't count.   I was a bit teed off because I really want a second post BK cc to continue to raise my score, but don't want to suffer the inquiry hit it might cost me to get one.

 

I know there are a TON of horror stories out there about them but First Premier Bank  offered me a cc with a $700 limit, post-bankruptcy, unsecured. I've treated it well and they are now---8 months later, extending me a second card, but....I don't wanna suffer that inquiry hit! I suck. LOL.

 

Anyway, I wish you all the best. I'm not too far removed from where you are now. Been there for sure.

 

*Edited for clarity.

*******
Ch. 7 BK discharged 7/09
myFICO pull 1/11
TU: 629 EQ: 667
Goal: Forget the score--I just want a house w/a comfie fixed mortgage! :smileyhappy:
But I guess the 700 club couldn't hurt!
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Registered: ‎05-10-2013
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Re: Rebuilding after bankruptcy---when can I get a mortgage and how?

[ Edited ]

My BK 7 discharged Nov, 2009.  I want to get a mortgage.  I have nad no late payments, bought and paid off 3 cars, have 1 secured credit card and a credit score of 680 TU and 668 EQ.  What banks are BK friendly mortgage banks and is FHA my best bet?  p.s. My score dropped from 700 to 660 when I closed a credit card that charged a yearly fee.  My score should go up since I obtained a secured credit card and have a 0 balance on a $1000 credit limit.  Also, my debt to income is onl 10%

 

thanks, great forum

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Registered: ‎05-12-2015
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Re: Rebuilding after bankruptcy---how long---what to do?

Hi.  My BK was discharged September of 2014.  I immediately got couple of secured credit cards, got a co-signer for a car loan and am an authorized user on couple of cards.  I had lot of good credit cards, car loan but they're closed.  I didn't have too many bad credit or amount.  However, I owed big back taxes and BK was my only way out.  My fico by the free credit sites are already over 700.  But few months back, when my fico was at 660, I was turned down on every credit card applied for.  That's why I got the secured cards and now my fico is over 700.  But I'm afraid any and all credit I apply for will be turned down, because of the BK.  I think as soon as any lending institutions see that BK, it's an automatic "no".  How long should I wait until I apply for a non secured credit card?  I have plenty of income and don't need any credit cards.  But I want a fico over 750 asap.  Any suggestions?

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Registered: ‎11-11-2014
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Re: Rebuilding after bankruptcy---how long---what to do?


cskim2434 wrote:

Hi.  My BK was discharged September of 2014.  I immediately got couple of secured credit cards, got a co-signer for a car loan and am an authorized user on couple of cards.  I had lot of good credit cards, car loan but they're closed.  I didn't have too many bad credit or amount.  However, I owed big back taxes and BK was my only way out.  My fico by the free credit sites are already over 700.  But few months back, when my fico was at 660, I was turned down on every credit card applied for.  That's why I got the secured cards and now my fico is over 700.  But I'm afraid any and all credit I apply for will be turned down, because of the BK.  I think as soon as any lending institutions see that BK, it's an automatic "no".  How long should I wait until I apply for a non secured credit card?  I have plenty of income and don't need any credit cards.  But I want a fico over 750 asap.  Any suggestions?


I would give capital one a try.  I had the same issues when I was fresh out of bk, Sept. 2014.  I obtained a secured credit card with my CU and let it report only using 1-9 percent of my limit.  I then obtained a fingerhut account, and a Verve MC.  After that, January, 2015 I have obtained Capital One QS1, Platinum ad Barclays.  I have recently added a bunch of store cards through Comenity and a Sony rewards card through capital one.  It all takes time and creditors like to see how you rebuild after your BK.  I am sure you can get your foot in the door with Capital One at this point. 

Scores: EQ: 629 EX: 608 TRU: 618
|Abercrombie and Fitch 250|Barclay Reward MC 750| Buckle 250|Capital One QS1 1,500|
|Capital One Platinum 600|Eddie Bauer 250|Express 650|FingerHut 1,400|Gettington 600|JCrew 250
|Meijer 500||Kays 500|Sony Card 1,000|Verve MC 500|Victoria Secret 250|

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Valued Contributor
Posts: 2,503
Registered: ‎07-12-2012

Re: Rebuilding after bankruptcy---how long---what to do?


cskim2434 wrote:

Hi.  My BK was discharged September of 2014.  I immediately got couple of secured credit cards, got a co-signer for a car loan and am an authorized user on couple of cards.  I had lot of good credit cards, car loan but they're closed.  I didn't have too many bad credit or amount.  However, I owed big back taxes and BK was my only way out.  My fico by the free credit sites are already over 700.  But few months back, when my fico was at 660, I was turned down on every credit card applied for.  That's why I got the secured cards and now my fico is over 700.  But I'm afraid any and all credit I apply for will be turned down, because of the BK.  I think as soon as any lending institutions see that BK, it's an automatic "no".  How long should I wait until I apply for a non secured credit card?  I have plenty of income and don't need any credit cards.  But I want a fico over 750 asap.  Any suggestions?


Welcome to the forums! This thread is a couple years old so let me point you here: http://ficoforums.myfico.com/t5/Bankruptcy/Bankruptcy-Friendly-Credit-Cards-Pt-2/td-p/3999737

 

We just started that thread for situations like this :smileyhappy: 

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
721 EQ FICO 05/2015
720 TU FICO 05/2015
727 EX FICO 05/2015
$14k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $9k Barclay Arrival WEMC | $5.4k Cap1 Quicksilver | $6k Amazon Store | $10k Cap1 VentureOne | $5k Barclay US Airways | $500 Chase Freedom
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