discharged 6/10/15!! Now what

[Anonymous]

I was super excited to learn of my discharge a few days ago. I need help as to when to start rebuilding. Yesterday I applied for a cap one secured card and was declined. Also was declined on pre-qua for credit one. I burned both of them in bankruptcy. My credit union denied me a secured card too. I don't know what to do.

[bstone]

The first thing you need to do is order all three of your credit reports and start disputing anything which does not show IIB and $0 balance.  You can do this through www.annualcreditreport.com if you haven't done it in the past year, otherwise you can order them directly from each bureau for free if you have been denied credit in the past 60 days (your secured card was a denial).  Also, before you apply for anything I would wait until your BK shows as discharged on your reports.  I've heard of people faxing/mailing copies of their discharge paperwork to the CRAs to speed that up, I just waited until it happened and it took about two weeks after discharge.  Remember, most credit decisions are made by a computer and if it sees an open BK it may deny what might be approved if the BK showed discharged.

There is a thread called "BK to 700" (or something similar) which you need to follow.  Follow this as closely as you can and you will see your credit profile and score increase greatly.

Capital One is very forgiving, my wife and I both burned them for several thousand dollars, within two months after discharge we both were approved for two new unsecured cards with them.  Small limits, but a step in the right direction.  Credit One you probably won't get back in with, my wife burned them and their response is always "you screwed us already, no thanks".

Do you qualify for Navy Federal (military background)?  If so, join.  They are very BK friendly.

Most importantly, don't get caught up in your score or denials, rebuilding can be challenging and will take time, don't apply for a bunch of stuff just to see what happens, you won't be helping your rebuild at all.  Sign up for Credit Karma to monitor your credit, I finally signed up for MyFico to monitor my scores.  CK scores are not accurate, they are on average 30 points lower than my MyFico scores, but I've heard people say their CK scores are 50 points higher than their real scores.

Good luck, and don't hesitate to ask questions here.  I've learned a TON over the past eight months and this site has been crucial to my rebuild.

[Anonymous]

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@Anonymous wrote:
I was super excited to learn of my discharge a few days ago. I need help as to when to start rebuilding. Yesterday I applied for a cap one secured card and was declined. Also was declined on pre-qua for credit one. I burned both of them in bankruptcy. My credit union denied me a secured card too. I don't know what to do.

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Congrats.   Make sure you read as much as,you can and get those reports cleaned up.  That is the most important step.  Findthe  thread  bk to 700 in 24vmths.  There is a  lot knowledgeable people on here that will help you in your journey. Don't try to rush things take your time and your rebuild will be successful as many on this forum can attest to.

[pizza1]

now what???

Start by reading these forums like crazy!!! you'll find everything you need to do and more..

[Anonymous]

Just posted this on someone else who applied right after CH 7:

You applied for credit way too soon and by doing so, the lenders see you as desperate.  

My CH 7 was discharged in 10/2010 - I burned Capital One, Citi and Chase.  Applied for HSBC after 6 months and approved, Capital One then bought my HSBC card and became Capital One Quicksilver One.  Applied for Capital One Quicksilver and Barclay NFL and appoved, also after 6 months of CH 7.

Now, what you need to do is wait six months to a year, it sucks but it is the safe route.  Once you get a credit card, set up all your bills to come out of your credit cards (make sure to pay in full every month) to start building payment history.  Set up bills such us Netflix, Cox, water bill, cellphone etc.  Wait 5 years after CH 7 (like i did) and if you've been good paying ontime, you shouldn't have problem getting arppoved for other cards. I recently (May 2015) got approved for the Capital One Venture with $15K CL and Chase Sapphire with $5K CL...remember, after you build a good history.  I was tempted many many times but you just have to wait :-)

Like my wife and i did, make sure to pay off your cars (if you have any) and any other loans you have. We were able to buy a house using VA in Jan/2015, we had $0 debt except for our student loans (who doesn't have those these days lol) and our credit cards at $0 balance.  It takes times to rebuild credit, dont try to do it right away because all you're going to do is fall into debt again and aquire hard inquires without approvals.  These stay on  your history for 2 yrs.

Read about credit and educate yourself.

Good luck!

[Pway]

I would suggest you begin by reading the rebuilding forums on here.

[Anonymous]

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@Anonymous wrote:
I was super excited to learn of my discharge a few days ago. I need help as to when to start rebuilding. Yesterday I applied for a cap one secured card and was declined. Also was declined on pre-qua for credit one. I burned both of them in bankruptcy. My credit union denied me a secured card too. I don't know what to do.

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Did you get to read the post? how are you on credit cards?

[Anonymous]

If you have some money to put into a secured card, OpenSky doesn't pull credit. Minimum $200 deposit to open. That's the positive...the negative is that it won't graduate at all and to increase the limit is a PITA. The first year credit increases are free, but after that it is $25 to increase.

[6speed8]

My Ch 7 discharged on the same day as yours. "Burning them" was probably the reason if not that your three ratings were all already bad. Not like I'm proud of it but I got 4 credit cards in the weeks BEFORE my discharge - two  are Capital One and all are unsecured. I applied for the extortion card - First Premier. They approved me for $300. An hour later I applied to Credit One. They approved me for $300. My fiance said I should have just applied to Capitol One, so I did figuring my ratings will probably dive once the discharge hits anyway. They approved me for $500. Four days after my discharge, my ratings went up 35-40 points. Not like it's gospel but Credit Karma showed my odds as "good" for a Capital One Quick Silver card so I hit that one too. Approved for $1000. The First Premeir card is now in the desk drawer. I charged a $100 piece for the car and two pairs of sneakers on it. By the time I pay it off, the Capital One Platinum will have increased to $750 and the Quick Silver to $1500 so I will close it. The Credit One is also in the desk drawer. Quarterly payments for Sirius/XM and rental insurance go on that one. I've made two payments on the first three cards and about to make the first Quick SIlver payment. All have been well before the due date and more than the minimum due. I learned my lesson and that's how I'm going to roll it from this point.

[Anonymous]

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@6speed8 wrote:

My Ch 7 discharged on the same day as yours. "Burning them" was probably the reason if not that your three ratings were all already bad. Not like I'm proud of it but I got 4 credit cards in the weeks BEFORE my discharge - two  are Capital One and all are unsecured. I applied for the extortion card - First Premier. They approved me for $300. An hour later I applied to Credit One. They approved me for $300. My fiance said I should have just applied to Capitol One, so I did figuring my ratings will probably dive once the discharge hits anyway. They approved me for $500. Four days after my discharge, my ratings went up 35-40 points. Not like it's gospel but Credit Karma showed my odds as "good" for a Capital One Quick Silver card so I hit that one too. Approved for $1000. The First Premeir card is now in the desk drawer. I charged a $100 piece for the car and two pairs of sneakers on it. By the time I pay it off, the Capital One Platinum will have increased to $750 and the Quick Silver to $1500 so I will close it. The Credit One is also in the desk drawer. Quarterly payments for Sirius/XM and rental insurance go on that one. I've made two payments on the first three cards and about to make the first Quick SIlver payment. All have been well before the due date and more than the minimum due. I learned my lesson and that's how I'm going to roll it from this point.

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Nice!! keep it up!