For those of you just starting out on this long, slow journey back fom Bankruptcy, i've learned a few things, mostly by reading and following advice here...
1) you don't NEED more than 2 credit cards to get you on the road to recovery. But 2 cards and an installment loan or two will do it.
2) I follow the 700 in 24 months plan as close as I can, but as is stated so many times...everyone is different, and your milage may vary. I see people approved for cards that I get denied for. It used to frustrate me, especially starting out, but now I know I'm on the right track
3) personally, I think a credit union is the way to go...it doesn;t have to be Navy or the others that are so BK friendly. Open an account with a local CU...get a relationship started. There's nothing like going to your finanacial institution and having them remember WHO you are.
4) NO ONE can explain the credit report services...ou might as well not fret about them. Use them as a GUIDE ( a way to track progress) and nothing more. I've had a national bank tell me that their service is so close to the actual score, and then run my score and it's no where close. I canceled the reporting afterwards.
5) SAVE...something I rarely did. I know have 10K in the bank (from one yer of saving) set aside for down payment on a house in another year. And vacation in Dec.
6) There are many things we want, but do we NEED? I always ask myself, can I pay it off before the bill cuts. If not, maybe I don't nee it this month.
7) Keep your credit card balances to no more than 9% reporting and have at least one report balance every month.
As Crockett said on "Miami Vice"...Chill out. Take it slow, don't sweat the little things. I'm at 673, 663, and 660 for scores just 12 months from BK7. 700 is in my sites!
Starting Score 12/2013: 547 EQ; 529 EX; 540 TU
I've been a good boy with credit lately. I did apply for a Walmart card and was approved in October. Have been paying all cards down to $0 every month while letting one card report less than 9% total. Two weeks ago my 2-year lab retreiver hurt her knee (tore CCL). and the day after christmas she tore it a little more. So she's having surgery next week. I have the money in savings to cover it (that's no nice to be able to say finally). Today while checking my checking account online with my CU, there was a notice about a loan [rogram that was ending...A "whatever" loan for $1,000 with no credit pull. So I stopped to the CU and asked an officer about it...12 monthly payments (similar to a rebuild loan). I told her I could pay for the surgery out of savings, but we know once it's gone how hard it is to build it back up again.
We talked it over and decided that in the long run, it should help my credit score to have a signature loan, and the payments are paid off the top of my bi-weekly direct deposits. So, I'm approved for another $1,000 loan. Later, I was going through the info from the vet and they had literatrure about CareCredit. I burned GEMoney so didn't figure I had a chnace, but apped anyway and was approved for $1200. I can go with 6 mos. no interest, or 24 mos. at 14.9%. Not too bad, considering. So, I think I'll use the CU loan as a credit builder, just stick the money in savings and make payments with it, and use carecredit for the dog. It's nice to have some choices again.
@DaveInAZ wrote:Just an FYI, it pays to keep track of who is the actual credit grantor for store & other credit accounts. GE Money Bank is now Synchrony Bank, and they are the credit grantor for WalMart store cards, so your payment history on your WalMart card gave you an "in" for the CareCredit for veterinary care from GE/Synchrony.
Yep... I did exactly that when I opened my Barclay Apple in 9/13... Sallie Mae was what I wanted all along but I knew my profile wasn't there yet. So I used that card to build a history with them... and 16 months later I got my Sallie Mae... then transferred the limit over and closed the Apple.
GE/Synchrony helped me get started last year with 2 gas cards as well as Walmart and Care Credit. A good bank to help with rebuilds, they just aren't all that nice when it comes to CLI. It seems way too random... I've got $150 each on my gas cards and $300 on Walmart in a year... and have seen people with worse profiles getting CLI every 4 months.
Can't explain it. At any rate, I've since closed the 2 gas cards, don't need them now that I have Sallie Mae.
@DaveInAZ wrote:
@TRC_WA wrote:Yep... I did exactly that when I opened my Barclay Apple in 9/13... Sallie Mae was what I wanted all along but I knew my profile wasn't there yet. So I used that card to build a history with them... and 16 months later I got my Sallie Mae... then transferred the limit over and closed the Apple.
GE/Synchrony helped me get started last year with 2 gas cards as well as Walmart and Care Credit. A good bank to help with rebuilds, they just aren't all that nice when it comes to CLI. It seems way too random... I've got $150 each on my gas cards and $300 on Walmart in a year... and have seen people with worse profiles getting CLI every 4 months.
Can't explain it. At any rate, I've since closed the 2 gas cards, don't need them now that I have Sallie Mae.
What's so great about the Sallie Mae CC?, I just heard of it recently. I got a Barclays Rewards MC w/$2500 CL in 4/12, now up to $5700 CL, so I should be good for a Sallie Mae.
Sallie Mae seems to be the Barclaycard that everyone wants.
https://www.salliemae.com/credit-cards/sallie-mae-card/
$25 statement credit on first card use
5% CB on first $250 in groceries per month
5% CB on first $250 in gas per month
5% CB on first $750 in books per month (that means anything from Amazon.com)
1% CB on all other purchases
No AF
Mine hasn't arrived yet... expecting it any day. I think you'd be good with the Barclays history... let us know if you app.
@TRC_WA wrote:Sallie Mae seems to be the Barclaycard that everyone wants.
https://www.salliemae.com/credit-cards/sallie-mae-card/
$25 statement credit on first card use
5% CB on first $250 in groceries per month
5% CB on first $250 in gas per month
5% CB on first $750 in books per month (that means anything from Amazon.com)
1% CB on all other purchases
No AF
Mine hasn't arrived yet... expecting it any day. I think you'd be good with the Barclays history... let us know if you app.
- I knew about the $25 credit for 1st use within 3 months, but I got spoiled by Cap One's $100 credit for charging $500+ within 3 months. But that 5% CB on $250 in groceries & gas per month is tempting. I swore I was going to garden until the mortgage refi and then car loan, but I'll think about it. 
@DaveInAZ wrote:
@bunga7 wrote:I've been a good boy with credit lately. I did apply for a Walmart card and was approved in October. Have been paying all cards down to $0 every month while letting one card report less than 9% total. Two weeks ago my 2-year lab retreiver hurt her knee (tore CCL). and the day after christmas she tore it a little more. So she's having surgery next week. I have the money in savings to cover it (that's no nice to be able to say finally). Today while checking my checking account online with my CU, there was a notice about a loan [rogram that was ending...A "whatever" loan for $1,000 with no credit pull. So I stopped to the CU and asked an officer about it...12 monthly payments (similar to a rebuild loan). I told her I could pay for the surgery out of savings, but we know once it's gone how hard it is to build it back up again.
We talked it over and decided that in the long run, it should help my credit score to have a signature loan, and the payments are paid off the top of my bi-weekly direct deposits. So, I'm approved for another $1,000 loan. Later, I was going through the info from the vet and they had literatrure about CareCredit. I burned GEMoney so didn't figure I had a chnace, but apped anyway and was approved for $1200. I can go with 6 mos. no interest, or 24 mos. at 14.9%. Not too bad, considering. So, I think I'll use the CU loan as a credit builder, just stick the money in savings and make payments with it, and use carecredit for the dog. It's nice to have some choices again.
Just an FYI, it pays to keep track of who is the actual credit grantor for store & other credit accounts. GE Money Bank is now Synchrony Bank, and they are the credit grantor for WalMart store cards, so your payment history on your WalMart card gave you an "in" for the CareCredit for veterinary care from GE/Synchrony. And sounds like you made some excellent choices for credit rebuilding with the CU installment loan & CreditCare.And yeah, I opened a savings account at a CU in late Nov. and they were bugging me about a "whatever" loan for the holidays, but I'm saving them for a car loan after I refi my mortgage.
Thank you for the comments. I did know that GE Money was now basically Synchrony. I was surprised because I'd only had the Walmart card for three months, but I do use the card for some household things, and pay it off regularly so I think that looks good with them. I'm doing the Carecredit thing as a 6 month-no interest deal. I'm teaching an extra course, so I know I could pay it off in two months of needed, What I haven't decided is whether it would be better to pay it off early, or go the full 6 months (really 5.5 months so I know I'm not close to getting dinged.) Any thoughts from anyone which way would look better for credit report or futue credit?