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OK i am almost 11 months post bk and this is what i have done thus far:
paid off auto loan that was reaffirmed in BK and got another one 6 months ago
credit one acct. in november 2013. was given a balance increase in december to 400 from the inital 300
i pay autoloan on time monthly no issues
credit one i paid the activation/annual fee off. and have began using the card for work expenses as of end of January so during 3rd statement ( we get reimbursement every other week so i can pay it off when i get check cut after every use basically
the credit watch via credit one scores my TransUnion score which shows 572.
i have a myfico which is doing my Equifax showing a 635.
basically i came upon this site in november.... should i garden the auto loan and credit card at this point or should i try to get a BarClay and then garden for 6 months... im not sure what their requirements are to obtain the BarClay card or which reporting agency they look at. My goal is when i hit 2 years out of BK being able to get a home and have good enough credit to do so and have revolving lines that i am able to pay off every month and collect decent rewards on. PLEASE advise.
If you didnt include Cap-1 you go for one of their cards; You could also check your local CUs to see if they offer secured cards. You really need to add a few revolvers to get your score up quicker.
@inkedstl wrote:
On a wim I applied for cap1 and Barclay and both approved 300 and 1000 respectively. Now its time to garden these cards and pay my installment auto loan and see what happens. Probably set my netflix up on my credit1 card and autopay that card, and let cap1 be empty except once in a blue moon use it for fuel and pay off immediately and do same with my Barclay only use it for work expenses to be reimbursed on.
Congrats! Awesome news. I just responded to your question in another thread, so go ahead and ignore that lol. Make sure to watch for your credit steps CLI at 6 months with Capital One and also use the Barclays card wisely and you should see some auto luv at 6 months! Time to garden and watch your score rise!
they didnt qualify me for cap1 quicksilver just the standard card. but i do plan on using my barclay for work which will reimburse me every week to pay it off weekly. currently my bank account has served as my revolver sometimes out as much as 800 dollars for a week so this will help drastically.
@inkedstl wrote:they didnt qualify me for cap1 quicksilver just the standard card. but i do plan on using my barclay for work which will reimburse me every week to pay it off weekly. currently my bank account has served as my revolver sometimes out as much as 800 dollars for a week so this will help drastically.
You will still be enrolled in the credit steps program and get a CLI at 6 months as long as you pay on time. Good luck! Patience is key at this point
@inkedstl wrote:OK i am almost 11 months post bk and this is what i have done thus far:
paid off auto loan that was reaffirmed in BK and got another one 6 months ago
credit one acct. in november 2013. was given a balance increase in december to 400 from the inital 300
i pay autoloan on time monthly no issues
credit one i paid the activation/annual fee off. and have began using the card for work expenses as of end of January so during 3rd statement ( we get reimbursement every other week so i can pay it off when i get check cut after every use basically
the credit watch via credit one scores my TransUnion score which shows 572.
i have a myfico which is doing my Equifax showing a 635.
basically i came upon this site in november.... should i garden the auto loan and credit card at this point or should i try to get a BarClay and then garden for 6 months... im not sure what their requirements are to obtain the BarClay card or which reporting agency they look at. My goal is when i hit 2 years out of BK being able to get a home and have good enough credit to do so and have revolving lines that i am able to pay off every month and collect decent rewards on. PLEASE advise.
You are doing great. My wife was included in our Ch 7 that was discharged in 4/12 and she got a Barclay offer in the mail in Dec, applied and was approved for a $1,500 credit limit. I have not received any such offer so I'm using a couple of secured credit cards and a small secured installment loan to rebuild. Two years post discharge should be doable for a home purchase.
By the way, how was your reaffirmed auto loan reported on your credit report while you were paying it off?
I was going to tell you the story of me and my husband having our BK7 discharged in Aug of 2013 and how we both got 2 Cap 1 MC CC's each and Walmart within 2 months of the discharge (already had a CLI on WM and one Cap 1 CC just a few days ago) and we both just got approved today for Barclay's MC $1500/$1800 and Amazon store card both with $900 starting limits. We both put Cap one, Barclay's and Walmart in our BK7 so you can still get their cards after putting them in BK. All of our apps were online and instantly approved. There are many options out there for those just coming out of a discharge, you don't have to wait forever. :-)