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Established Member
Posts: 20
Registered: ‎04-03-2008
0

Current Chapter 13 - obtaining credit - scores rising!

I want to let everyone know that I am SOOOO glad that I found myfico.com!  It was by default and thru the recent class action settlement.  I received 3 months of Score Watch free.  So I became obsessed with the boards.  Well, before I go into all of that - let me give you a snapshot of my current situation:
 
Chapter 7 BK - 3/02 - discharged 7/02 (I had to forego some accounts that I'd had for years....AMEX green, Discover, Dillard's, Macy's, JC Penney's, Chase, Citi Plat Select, Citi Dividends, Shell, Texaco, Vic Sec's, NY&Co, Limited, Old Navy, Zales, Phillips 66....)  Basically had too much credit card debt and was sinking FAST!
 
Chapter 13 BK - 1/07 - currently still in
Between the Chapter 7 and Chapter 13 (5 years)  sold my previous home and bought a new one in '05.  I obtained new credit cards (sub prime - First Premier, Orchard) and did okay for a while, but I had some family emergencies, expensive car repairs and other unforeseens and once again I slipped and started being late on some CC payments and started spiraling out of control again.  My scores were in the very low 500's shortly after filing Chapter 13 roughly 16 months ago. 
 
Since that time, I have obtained the following cards, in this order:
 
New Millenum Bank ($300 CL secured) March '07
Orchard (Started with a $500 CL & with good payments my CL is now $800)
Salute Visa (Started with a $400 CL and with good history CL is now $700)
 
I hadn't applied for credit since obtaining these cards above and rarely checked my credit scores because I just knew they were tanked and I didn't want to be even MORE depressed.  I just continued to pay 3 credit cards on time, double or triple the min payment and kept the util fairly low.
 
When I joined Score Watch on 4/3/08 I looked at my scores and was ASTONISHED!!!!  I had the widest grin on my face.  Granted, they're not like they once were, but it was a drastic improvement and proved that paying on time and being patient pays off! 
 
My scores are now:
 
Equifax - 595 (up from 592 on 4/3/08 when I joined. Got a msg today that I'd gained +3 pts!)
TransUnion - 612
Experian - 602
 
I figured that since I'd been patient for a year, it was time to try out some of the BK friendly cards that you guys talked sooo much about.  I would log on to this forum and browse for HOURS on end and I still do.  I researched, pondered and finally said, "WHAT THE HECK, JUST DO IT!"  So, with that said, here are the cards I've obtained in the last 2 weeks:
 
Hooters $600 CL (they gave me the 7-10 day message when I applied - I wasn't hopeful, and when I called twice they told me it was still under review - got home today and it was in the mailbox!!!!)
 
Crown Jewelers $1,500 CL (I know you have to use it for them to report - I will buy something cheap soon and pay it off in a few months)
 
Orchard MC $500 CL (I now have two cards with them.  By the way, they MUST be BK friend and don't blacklist because I've included them in both of my BK's and they immediately gave me a card after filing each time!)
 
Credit One $350 CL (This is the lousiest limit I've had, but I'll take it!  It'll help me!)
 
I applied and was turned down for Juniper. 
 
I've applied for Target but they gave me the 2 week message, so I'm straddling the fence on that one. 
 
I applied for Discover following a link in one of the forums thinking they'd re-direct me to the HSBC Discover, but they didn't - just a flat denial.
 
I applied with the soft pull on BOA, but wasn't offered anything - I was hoping for the $99/$500, but no such luck.  When I applied with them shortly after filing BK last year for the SECURED card, they denied me and said they don't issue the cards if you have a BK.  WOW - even a SECURED????  I bank with them and have a checking and substantial savings - I was a bit miffed at that.
 
I applied with the soft pull on Spiegel, but received a denial.
 
Even in the midst of the few denials, I still feel very successful in obtaining the cards that I did get.  I wouldn't have known about them had it not been for the FICO FAMILY!  Thanks guys and keep the tips coming!!!!!!!!!!!!  Any advice or easy cards to obtain are welcome!  Door's open!
 
TU - 612
EX - 601
EQ - 595
If you fail to plan, you’re planning to fail
Established Member
Posts: 20
Registered: ‎04-03-2008
0

Re: Current Chapter 13 - obtaining credit - scores rising!

Since this post, I've applied to Kay's Jewelers and was denied.  Then the strangest thing happened.  As I described above, I was denied instantly on line by Discover about a week ago.  Well, tonight I received an email from Discover that says:
 
Dear :

Thank you for your recent Discover(R) Card application. We are
currently reviewing your request and need some additional information
to continue processing. Please call us toll free at 866-421-0122
,
Mon-Fri 8am-Midnight ET, Sat-Sun 9am-9pm so we can get this necessary
information from you.

We appreciate your interest in Discover Card and look forward
to hearing from you. If you have already been in contact with our
office, please disregard this email.

Your reference number is

Sincerely,

New Accounts Department
DFS Services LLC

Guys, WHAT does this mean?  Do you think they're reconsidering?  Do I have a chance with my scores???  The Discover card that I IIB back in '02 has since fallen off of my report.  Feedback, please!!!!!!
       
 
If you fail to plan, you’re planning to fail
Contributor
Posts: 101
Registered: ‎04-19-2008
0

Re: Current Chapter 13 - obtaining credit - scores rising!

Hi,
 
I don't want to burst your bubble, but you do know that you aren't supposed to apply for new credit while you are currently in BK?  Your app spree might tip off your creditors and you may find yourself in major trouble with your trustee.  I've recently discharged a Chap 13 so I do understand the need to apply for new credit and try to increase your scores, but with two BKs on your credit history you may want to be a little more careful.
 
I hope everything continues to work out!
 
 
 
Starting Scores: 12/14/14 FICO EQ: 579 EXP: 586 TU: 591
Current Scores: 5/25/15 FICO EQ: 628 EXP: 660 TU: 648
Goal: 700

Established Contributor
Posts: 660
Registered: ‎09-11-2007
0

Re: Current Chapter 13 - obtaining credit - scores rising!

And I certainly hope that you have learned from 2 bk's now and will take the necessary steps to limit your debt so you don't get in that kind of financial trouble again.
 
I filed last July and have vowed NEVER EVER to get myself in that kind of bind again.  The year leading up to the BK filing was the worst year of my life.
Established Member
Posts: 20
Registered: ‎04-03-2008
0

Re: Current Chapter 13 - obtaining credit - scores rising!

You didn't burst my bubble at all.  I'm well aware of what you're saying.  I won't be in the BK 13 much longer.  I'm refinancing my house and will pay the BK off and get my discharge.  That's the plan in the next few months.  Thanks - good looking out!  Smiley Happy
If you fail to plan, you’re planning to fail
Established Member
Posts: 20
Registered: ‎04-03-2008
0

Re: Current Chapter 13 - obtaining credit - scores rising!

Yes, Boscoe - believe me - I've learned.  The first BK was totally my fault, but the second one was due to unforeseen circumstances.  But at any rate, I never want to go thru that hell again!  My DTI is very low and I make great money, so now I will manage that money and credit to the fullest for maxium results!  Best of luck to you as well!!!
If you fail to plan, you’re planning to fail
Established Member
Posts: 20
Registered: ‎04-03-2008
0

Re: Current Chapter 13 - obtaining credit - scores rising!

I meant "maximum".  LOL
If you fail to plan, you’re planning to fail
Contributor
Posts: 101
Registered: ‎04-19-2008
0

Re: Current Chapter 13 - obtaining credit - scores rising!

I know exactly how you feel.  I was discharged from a 13 last year and I will never allow myself to get behind in my bills again.  If I knew then what I know now, I would never have filed.  It was a hard lesson learned, but I'm the better for it.
Starting Scores: 12/14/14 FICO EQ: 579 EXP: 586 TU: 591
Current Scores: 5/25/15 FICO EQ: 628 EXP: 660 TU: 648
Goal: 700

Valued Member
Posts: 32
Registered: ‎05-09-2008
0

Re: Current Chapter 13 - obtaining credit - scores rising!

I have a serious problem with your cavalier attitude towards your situation. Has it occurred to you that you filed for BK TWICE! in less than 10 years? HELLO! Earth to your brain! I'm not judging but you seriously need to go to Debtor's Anonymous or some type of support group to help you learn how to spend your money, and why you constantly spend. Plus, you are applying for MORE CREDIT!!! why? Why do you need a card to a jewelry store? They take VISA, and Mastercard you know. I think you are using this as a scapegoat. When you get in over your head, you know that you can file. It's something to think about.
Established Member
Posts: 20
Registered: ‎04-03-2008
0

Re: Current Chapter 13 - obtaining credit - scores rising!

Sorry Dani that you've misconstrued my attitude.  I'm as humble as they come.  Yes, true, I've filed BK twice in 10 years, but without knowing my specific circumstances, how can you judge me?  I stated that the first time I filed (BK 7) it was TOTALLY my fault, I was in over my head in credit card debt and was sinking fast.  So the story goes.  The second time I filed (BK 13) it was due to my mother becoming ill, near death - me being her ONLY support system.  So do I let my mom sink or do I try to help her?  You bet your bottom dollar I helped her and would do it again!  In the process of helping her with medical bills, her home and other expenses, my OWN responsibilities fell behind, including my mortgage payment.  In order to keep a roof over my and my son's head, I filed BK to reorganize and pay all of the arrearages that I owed my creditors.  So tell me WHY you don't think I should try to rebuild myself?  I don't understand your condescending attitude.  You act like I'm some lazy, scum of the earth, non-working individual.  NOT!  I've worked consistently since I was 16 years old (will be 40 in 6 wks), I've always paid my bills and two times in my life I've had these hardships......sooooo, that makes my attitude cavalier?  I don't get that, but you're entitled to your own opinion. 
If you fail to plan, you’re planning to fail
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