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Can I get approved after BK

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peaceonearth
Established Contributor

Can I get approved after BK

Grand thanks to all the contributors to this Forum.

I filed the big BK in 2003 due to a lawsuit. Believe me I was not and I am not proud of filing BK it was not an easy decision in fact, it was worst than breaking up with a lover. I wish I could deal with the lawsuit, and still pay and keep my credit cards specially, AMEX and Diners club. I respect other folks opinion on AMEX but in my opinion and based on my personal experience with AMEX., they were the best. I will be more than happy to pay AMEX and Diners club.

 

For me it was a such mental pain when I filed a BK it took me almost nine years to even think or consider applying for a credit.

 

My BK will go off my credit reports in about five months.

Freecreditreport.com shows a score of 766 for Experian. MyFICO.com shows a score of 639 for Equifax. Privacyguard.com shows 677 for Experian, 660 for Equifax and 681 for Transunion.

 

Is this a good score?

 

I currently have two secured credit cards with $300 credit line each is there a chance to get approved for unsecured credit cards?

 

Thanks again.

 

 

Message 1 of 11
10 REPLIES 10
BrokaToe
Established Contributor

Re: Can I get approved after BK

Hi, and welcome to the Forums.

 

Unfortunately the myFICO score is the accurate score from those you listed. But with that being said, there are many folks that have been approved for unsecured credit lines after BK. My advice would be to wait out those 5 months before apping for anything. You've waited this long so a little longer will not hurt.

 

Plus by that time your secured cards will have a little more age on them which will help your chances for unsecured credit lines. Your score is a little on the low side, but you should see a nice jump once the BK falls off. There are many others with a lot more knowledge on this subject than myself, I'm sure they'll pop in to help you out.

 

You may also want to check out the rebuilding forum, lots of knowledgeable folks over there, hope this helps Smiley Happy


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Message 2 of 11
FocusedAndDetermined
Senior Contributor

Re: Can I get approved after BK

First, I feel your pain regarding BK.  I reluctantly filed in 07, so I have almost 4 long years to go before it is removed.

 

That being said, even with the BK reporting, I was recently approved for a Discover It card with a $6,500 CL.  So, yes, you should be able to get approved for an unsecured card, as long as you use and pay your current cards on time.  According to your post, these cards are fairly new, but will gain a little age by the time your BK drops off.  

 

Do you have any other TLs, auto, mortgage, student loan?  If so, this will help.  Once the BK falls off, you will get rebucketed with those who don't have a BK showing. Since your cards of relatively new, I'm not sure how this will impact your scores.  Hopefully someone with more knowledge will chime in.

 

You're almost at the end.  Hang in there, it only gets better from here.

Message 3 of 11
enharu
Super Contributor

Re: Can I get approved after BK

to OP: 

What cards do you have and how long have you had them for?


You can also check out unsecured cards by Capital One and US Bank. They have rebuilder cards. There are other banks you can try get credit with as well, such as GE store cards or any other retail cards. They're generally a lot easier to get.

 

Alternatively, you can also check out secured cards if you're okay with that.

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 4 of 11
peaceonearth
Established Contributor

Re: Can I get approved after BK

You're right, I will wait for the BK to fall off.

I have five inquiries three of them within six months.

B of A the new MBNA are still showing two accounts that were included in the BK.

 

Thank you for your time

Message 5 of 11
peaceonearth
Established Contributor

Re: Can I get approved after BK

I have one capital one and one wells fargo secured card.

I prefer not to apply for more secured cards beside, I already have five inquiries.

 

Thank you for your time.

Message 6 of 11
Rhaeny
Valued Contributor

Re: Can I get approved after BK

Well since you've waited almost 10 years so you might as well wait until the bk falls off to maximize your options and remove a denial reason of solely a bk.  In the meantime, I would order my reports and go over them with a fine comb brush to make sure that there is nothing derogatory on there lingering from the bk.  Get them cleaned up because you have a few months.  When I called Experian a few weeks ago the csr told me that within 3 to 4 months of an item scheduled to fall off that I could try to dispute as obsolete and it would more than likely be removed.

 

Secondly I would make sure that your utilization is really low in preparation of apping.  Time is definitely on your side right now because the longest haul of your journey is just a blink away.  

 

Oh and yes you can rebuild with that bk on your report.  I have a bk from 2007 and I've managed to get Discover, Chase, NFCU, Barclays, Macy's, Walmart, JCP and shlew of other cards so it is totally possible.  But I think that if I were in your shoes, and since you've waited this long, that I would follow my above advice knowing what I know now.

 

What cards do you have right now?

 

 


Major CC's - Barclay's ($5.5K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($22K) | Navcheck ($15K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($9.5K) | Amex Delta ($10K) |Store CC's| -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2.6K) | Sams Club ($4.1K) |Goal|: Age with grace to 750 across the board |Last app|: 3/3/2014
Message 7 of 11
peaceonearth
Established Contributor

Re: Can I get approved after BK

I have one capital one and one wells Fargo for about 6 or 8 months, both are secured credit cards.

I was thinking about opening a $3k saving account and borrow against it but, I read somewhere that my score will not go up that much a car loan for ex will get me a higher score but I am happy with the car I have.

 

Thank you for your time

Message 8 of 11
peaceonearth
Established Contributor

Re: Can I get approved after BK

Yes, thank you

Message 9 of 11
Rhaeny
Valued Contributor

Re: Can I get approved after BK


@peaceonearth wrote:

I have one capital one and one wells Fargo for about 6 or 8 months, both are secured credit cards.

I was thinking about opening a $3k saving account and borrow against it but, I read somewhere that my score will not go up that much a car loan for ex will get me a higher score but I am happy with the car I have.

 

Thank you for your time


No more secured anything.  You can get beyond this so your goal should now be UNSECURED CREDIT!!!

 

Get your reports and make sure that they are clean first.  You said you can wait until this bk falls off right?  Whether you want to wait or not you need your hard copy reports, not the online versions, to make sure that its correct.  Don't jump out and app for anything until you do that.


Major CC's - Barclay's ($5.5K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($22K) | Navcheck ($15K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($9.5K) | Amex Delta ($10K) |Store CC's| -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2.6K) | Sams Club ($4.1K) |Goal|: Age with grace to 750 across the board |Last app|: 3/3/2014
Message 10 of 11
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