coming back after ch. 7

[j_casteel]

Filed 10/13/16

Discharged 1/10/17

Burned:

Chase X 3 (Freedom, Marriott, CSP)

NFCU X 2 (Cash Rewards, LOC)

BoA X 2 (Cash Rewards, Alaska)

AMEX (Costco)

Discover

Sync bank X 3 (Lowe's, Amazon, Walmart)

All totally around $100k give or take (yikes i know)

I know I'll probably never be able to get credit products from NFCU again, but they did say i can still use them as a financial institution, and all my kids have savings accounts there now so hopefully they will already have an in with them when they're grown. 

BoA I've heard takes 5+ years to get back in with them

Chase, I have no clue probably 5+ years as well

AMEX, I've read mostly around the 7-8 year mark 

Costco, now being Citi which i didn't burn could be within 2.5-3 years i've read

Discover, I'm not sure

Sync bank, 6mos to 1yr or longer depending on how the stars are aligned when you app. 

2 days after DC I was instantly approved for a Cap1 Platinum MC with $3k SL, and $35k for Cap1 auto at ~3.9%-13.9% depending on make/model/year, etc I spent that night going over vans with my wife using the Cap1 site. Found tons of them...decided on a nice preowned 2016 Chrysler Town & Country. The next day I went to the dealership and the process was very quick, and smooth. Ended up going through Cap1 and with that particular vehicle the terms weren't amazing but not horrible. (9.7% on $20k)

I tried my luck with WF card and they sent me a letter stating my BK was the only reason for denial and inviting me to get their secured card. Do y'all think that's a decent card to get?  Would it matter how much i put on there seeing how I'm just using it to add a positive revolving TL to build back up?

I still have around $70k in student loans reporting as well so I think I'm fine on installments with the auto and them. 

My current FICO scores are in my sig, not sure why TU is lagging down so much. I've checked and all accounts appear to be reporting 0 balance and IIB. 

Now i just need to be patient and build my credit back up again. My goals are completely different now, and I've learned to live without the use of credit cards, but I know credit is a necessary "evil" in order to be considered trustworthy by lenders. 

Anyway, just thought i'd give more info about my BK and hopefully be able to rebuild in a timely manner to refi the van, and maybe purchase me a car this year some time (currently drive a 25yo truck) and hopefully get back in with some of my old buds in this decade. 

Thanks for taking the time to read

-J

[enjoimorenow]

It says the wells fargo can graduate, so if you have $300 to put as a deposit, I'd do it.... then just garden for a while with the accounts you have and let them grow.  In a year maybe you can try for Barclays or something similar since you won't be able to get in with the companies you burned for a while.

With the wells fargo and cap one, plus your auto loan and student loans you have plenty of accounts to just rack up some positive payment history and let your score grow for a while before applying for more cards.

Just my .02

[Anonymous]

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@j_casteel wrote:

Chase X 3 (Freedom, Marriott, CSP)

NFCU X 2 (Cash Rewards, LOC)

BoA X 2 (Cash Rewards, Alaska)

AMEX (Costco)

Discover

Sync bank X 3 (Lowe's, Amazon, Walmart)

All totally around $100k give or take (yikes i know)

I know I'll probably never be able to get credit products from NFCU again, but they did say i can still use them as a financial institution, and all my kids have savings accounts there now so hopefully they will already have an in with them when they're grown. 

BoA I've heard takes 5+ years to get back in with them

Sadly this is the timeframe for them to accept an app with a BK when NOT burned...I've heard they're alot like NFCU when you do

Chase, I have no clue probably 5+ years as well

Ditto above - Chase will start considering non-burned BK apps on recon at about 4-5 years...probably lots longer when they were part of said BK...

AMEX, I've read mostly around the 7-8 year mark

Maybe...you definitely need to wait for the IIB tradeline to be off your reports before even thinking about it

Costco, now being Citi which i didn't burn could be within 2.5-3 years i've read

You've got a shot here - a small one - it's rare to get Citi to consider any app with a BK showing, period

Discover, I'm not sure

Have no idea here - likely 5-7 years

Sync bank, 6mos to 1yr or longer depending on how the stars are aligned when you app. 

 Stars, moon, your left kidney...stories range from 6 months to never

---

I see some Penfed in your future, my friend...lots of Penfed...

Good Luck!

[j_casteel]

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@Anonymous wrote:

---

@j_casteel wrote:

Chase X 3 (Freedom, Marriott, CSP)

NFCU X 2 (Cash Rewards, LOC)

BoA X 2 (Cash Rewards, Alaska)

AMEX (Costco)

Discover

Sync bank X 3 (Lowe's, Amazon, Walmart)

All totally around $100k give or take (yikes i know)

I know I'll probably never be able to get credit products from NFCU again, but they did say i can still use them as a financial institution, and all my kids have savings accounts there now so hopefully they will already have an in with them when they're grown. 

BoA I've heard takes 5+ years to get back in with them

Sadly this is the timeframe for them to accept an app with a BK when NOT burned...I've heard they're alot like NFCU when you do

Chase, I have no clue probably 5+ years as well

Ditto above - Chase will start considering non-burned BK apps on recon at about 4-5 years...probably lots longer when they were part of said BK...

AMEX, I've read mostly around the 7-8 year mark

Maybe...you definitely need to wait for the IIB tradeline to be off your reports before even thinking about it

Costco, now being Citi which i didn't burn could be within 2.5-3 years i've read

You've got a shot here - a small one - it's rare to get Citi to consider any app with a BK showing, period

Discover, I'm not sure

Have no idea here - likely 5-7 years

Sync bank, 6mos to 1yr or longer depending on how the stars are aligned when you app. 

 Stars, moon, your left kidney...stories range from 6 months to never

---

I see some Penfed in your future, my friend...lots of Penfed...

Good Luck!

---

Thanks for the replies...

That's what i've been thinking as well about Penfed...when do you think i should join them? 

few more data points:

AAoA:  6.25yrs

INQ (24mo):  EQ 5  TU 3  EX 3 (mostly from recent car shopping)

Salary:  $90k/yr

Only negative is the recent BK

1 CC not reporting yet from Cap1 ($3k limit)

1 auto loan not reporting yet from Cap1 ($20k)

several student loans all current and reporting

1 mortgage that was not included in the BK nor was it reaffirmed, reports as IIB with 0 lates, 0 balance.  BUT I continue to pay each month

All IIB items report correctly 

[j_casteel]

I know in the big thread about 700 in 24mos it says not to get a secured card or store card, but what's everyones thoughts on getting the WF secured card or just waiting the 6mos for a second Cap1? Isn't that the new rule nowadays? 

would a $300 secured card vs a $1000 or $2000 secured card look "worse" to lenders in the future? Could it prevent me from getting decent SL's?  I'm not too concerned with having massive amounts credit but I don't want to hinder my growth either.  I've been out of the credit game for awhile now since i've stopped using cards over a year ago, and just been using cash for everything. 

[j_casteel]

I think i may hold off joining Penfed or any other CU for a little while....reading the thread shows a lot of promise, but I'd like to get my scores up a bit more prior so then I could hopefully join and then use the same 90 day pull for a card.  We'll see how it goes. 

[Anonymous]

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@j_casteel wrote:

I think i may hold off joining Penfed or any other CU for a little while....reading the thread shows a lot of promise, but I'd like to get my scores up a bit more prior so then I could hopefully join and then use the same 90 day pull for a card.  We'll see how it goes. 

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I agree, Penfed can/should wait - as for your earlier adea about a secured card - I can tell you that WF would likley be the wrong choice - I've heard they won't even approve a secured card until 1yr post DC

I'd follow your other instinct - use your cap one like hell for 6 months (PC it to QS in 2, and get a CLI in 3), then get a second one at month 6

Happy building!

[j_casteel]

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@Anonymous wrote:

---

@j_casteel wrote:

I think i may hold off joining Penfed or any other CU for a little while....reading the thread shows a lot of promise, but I'd like to get my scores up a bit more prior so then I could hopefully join and then use the same 90 day pull for a card.  We'll see how it goes. 

---

I agree, Penfed can/should wait - as for your earlier adea about a secured card - I can tell you that WF would likley be the wrong choice - I've heard they won't even approve a secured card until 1yr post DC

I'd follow your other instinct - use your cap one like hell for 6 months (PC it to QS in 2, and get a CLI in 3), then get a second one at month 6

Happy building!

---

Thanks for the advice...

so plans are to just use the one Cap1 card for everything, pay off each month...PC to QS in month 2, and get a CLI in month 3 then get a 2nd Cap1 card (QS Visa) at month 6. 

Then just continue building from there. 

[Guyatthebeach]

---

@j_casteel wrote:

Filed 10/13/16

Discharged 1/10/17

Burned:

Chase X 3 (Freedom, Marriott, CSP)

NFCU X 2 (Cash Rewards, LOC)

BoA X 2 (Cash Rewards, Alaska)

AMEX (Costco)

Discover

Sync bank X 3 (Lowe's, Amazon, Walmart)

All totally around $100k give or take (yikes i know)

I know I'll probably never be able to get credit products from NFCU again, but they did say i can still use them as a financial institution, and all my kids have savings accounts there now so hopefully they will already have an in with them when they're grown. 

BoA I've heard takes 5+ years to get back in with them

Chase, I have no clue probably 5+ years as well

AMEX, I've read mostly around the 7-8 year mark 

Costco, now being Citi which i didn't burn could be within 2.5-3 years i've read

Discover, I'm not sure

Sync bank, 6mos to 1yr or longer depending on how the stars are aligned when you app. 

2 days after DC I was instantly approved for a Cap1 Platinum MC with $3k SL, and $35k for Cap1 auto at ~3.9%-13.9% depending on make/model/year, etc I spent that night going over vans with my wife using the Cap1 site. Found tons of them...decided on a nice preowned 2016 Chrysler Town & Country. The next day I went to the dealership and the process was very quick, and smooth. Ended up going through Cap1 and with that particular vehicle the terms weren't amazing but not horrible. (9.7% on $20k)

I tried my luck with WF card and they sent me a letter stating my BK was the only reason for denial and inviting me to get their secured card. Do y'all think that's a decent card to get?  Would it matter how much i put on there seeing how I'm just using it to add a positive revolving TL to build back up?

I still have around $70k in student loans reporting as well so I think I'm fine on installments with the auto and them. 

My current FICO scores are in my sig, not sure why TU is lagging down so much. I've checked and all accounts appear to be reporting 0 balance and IIB. 

Now i just need to be patient and build my credit back up again. My goals are completely different now, and I've learned to live without the use of credit cards, but I know credit is a necessary "evil" in order to be considered trustworthy by lenders. 

Anyway, just thought i'd give more info about my BK and hopefully be able to rebuild in a timely manner to refi the van, and maybe purchase me a car this year some time (currently drive a 25yo truck) and hopefully get back in with some of my old buds in this decade. 

Thanks for taking the time to read

-J

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J_casteel,

Congratulations on your discharge and approval on your CapitalOne approvals!

I think you off to a great start on your rebuilding. Since you already have 2 installment loans and one unsecured credit card, I don't think a secured credit card from Wells Fargo.  Instead of of going that route, I see if you're wife has a pre-approval from her own Capital One credit card. If she gets approved, she could add you as an aunthorized user. This way you can piggyback on that card and improve your FICO scores.

I would let your accounts age and as soon as your FICO scores hit 650, apply for the Barclay's Apple Visa. 

Since you can't rebuild with NFCU, try rebuilding with PENFED or Alliant. I would apply for a Promise Visa at PENFED whe you get six months of solid payment history. As soon as you have one year of solid payment history on your car loan, I would refiance that loan with one of them at a lower rate.

Good luck on your rebuild!

Guyatthebeach