HELP!!! LOL - 14 months Post BK7- Need more unsecured Credit

[Anonymous]

Hello all-

February 2015 was when my Chapter 7 was discharged. I have had the most hellacious time trying to get new credit. Especially new unsecured credit! 

Since discharge here is what I have received, note, I do carry a balance, but I ALWAYS pay more than the Minimum, and try to pay down as much as possible. 

Credit Union Secured (250)

First Premier (secured) (300)

Discover Secured (300)

Capital One Secured (200 open- after 6 months went to 500)

Firestone -$1000

Kay Jewlers -$1000

Mid Am Bank N Trust (300) 

Fingerhut (200)

I have applied for nearly every Synchrony bank card, and been declined, except for:

Old navy (300)

Gap (300)

Banana (300)

I have been declined by Barclay, Capital one for an additional card, Comenity Pier 1 imports,Bank of america, and CITI Secured Card declined me too....

I want to eliminate the Mid AM Bank, FIrst Premier, and probably the Credit Union. 

I would just like an unsecured card with 500-1000 credit limit to add to available credit, and boost my score. My TU FICO says I am 612, Credit Karma says my TU is 539, and my EQ is 544.

This is a great jump, considering I was 398 the day I filed Bankruptcy

Any suggestions or help? None of my cards are completely maxed out except the discover card and that just happened recently, I will be paying it down in a few weeks. 

Thanks 

[Chris679]

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@Anonymous wrote:

Hello all-

February 2015 was when my Chapter 7 was discharged. I have had the most hellacious time trying to get new credit. Especially new unsecured credit! 

Since discharge here is what I have received, note, I do carry a balance, but I ALWAYS pay more than the Minimum, and try to pay down as much as possible. 

Credit Union Secured (250)

First Premier (secured) (300)

Discover Secured (300)

Capital One Secured (200 open- after 6 months went to 500)

Firestone -$1000

Kay Jewlers -$1000

Mid Am Bank N Trust (300) 

Fingerhut (200)

I have applied for nearly every Synchrony bank card, and been declined, except for:

Old navy (300)

Gap (300)

Banana (300)

I have been declined by Barclay, Capital one for an additional card, Comenity Pier 1 imports,Bank of america, and CITI Secured Card declined me too....

I want to eliminate the Mid AM Bank, FIrst Premier, and probably the Credit Union. 

I would just like an unsecured card with 500-1000 credit limit to add to available credit, and boost my score. My TU FICO says I am 612, Credit Karma says my TU is 539, and my EQ is 544.

This is a great jump, considering I was 398 the day I filed Bankruptcy

Any suggestions or help? None of my cards are completely maxed out except the discover card and that just happened recently, I will be paying it down in a few weeks. 

Thanks 

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You don't need more unsecured credit.  You need to stop applying for new accounts and chill out for 12 months.  Let your accounts age and focus on growing the limits on your current cards.  I don't want to preach but you are on the path to the dark side.  1 yr after BK and you are are running up balances on your cards and applying for everything under the sun to pad utiilization.  

My advice:  new new accounts for 12 months, start paying all cards in full every month.  Good luck. 

[Discover2016]

The best thing you can do right now is just garden and be patient. Your discharge is very recent and there is really no point in slamming your credit file with inquiries. The prime cards with prime limits will come in time! Good job so far!

[Cookie2120987]

As said in the previous replies, take the time and slow down, let them age. I wish I would have now, I couldn't get a line over a $1,000 and now AMEX let me in with a $4,500 starting. Credit doesn't change over night, it takes time to grow and mature, I'd you have high annual fees cards close them right before the fee hits, IF you have no use for the cards. Just take the time and let them grow!

[Kenny]

I'd personally close any cards you have open that are charging you a lot of fees:
First Premier (secured) (300)
And Fingerhut would be the first to cut, personally.

Garden.. and the capital one card can and will grow with steady usage and payments. Pay in full with it and use it for mostly everything and I guarantee you it will grow. Remember, you supposedly only need like 3 credit card trade lines.... so you're fine.

[Anonymous]

As mentioned above,

1. STOP APPLYING! Look at the reason for your declines. Probably, seeking credit in a short period of time and too many new accounts, credit score does not meet minimum requirements, too many inquiries. This is a huge red flag or white (Credit card companies running away) to the credit card companies. You look like you are headed down the same path you were before and you wont get approved this way or if you do, your starting limits will be "toy limits"
2. Stick with a couple of subprime cards but don't try to add all of them to your portfolio, as you already are. This will be looked upon negatively when you try to add the Major credit cards to your wallet: Amex, Chase etc..One to three cards are sufficient to build your credit score/history.
3. Unless your portfolio (file/CR) supports an app spree, Limit your inquiries or cards to 1-2 per year or 6months.. You may be able to obtain 3-4 every 6months to a year with a thicker file or even more but not recommended. Spread out your applications, unless your portfolio supports it..  
4. Credit cards are not extra income, use them as cash. Pay everything on credit that can be paid. Can Max your cards but pay before closing date (closing and due dates are different).
   • For instance, you have 300 dollars cash and was going to pay your phone/cable bill or buy something from the store. Instead, use your credit card and pay that 300 in cash to the credit card bill. Eventually, when you gain reward cards, this will benefit you.
5. Know your closing/ reporting dates on each card for highest score obtainment possible. Don't use your card between closing date and reporting date, due to utilization manipulation. Example, I get a card and the closing date (statement) is generated on the 3rd of this Month. The due date will be on the 28th. I want to pay before the closing date to manipulate reported balance for highest score. I would pay on the 1st (payment posted on account that day, even if money isn't pulled from your bank yet,) Reporting is on the 6, so I can't use my card till the 7th.
6. Always pay in full (PIF) (recommended before closing date for no interest charges are applied, also, so balance does not report) and only let one card report 1-3% utilization (not overall utilization,) just on that card limit ( for highest score) and the other cards report a zero balance. Reporting 4-10% will decrease your score by 3-5points (I may be 1% off). This is only if you are applying for something or just like to maintain highest scores at all times for best CLI's. If not, it is alright to let the balance report, but still PIF (after closing). If you can't PIF, the overall utilization that is recommended across all accounts is 30%, also, on individual card CL. As you bring the balances down to the above suggested 1-3% and only let that get reported when applying, your score will return to the highest possible when apping. For instance,
   • 300 Credit limit (CL) 30 dollars would equal 10% utilization for this card. Example calculation, credit reported (used)/ credit limit x 100 = % used. 30/300x100=10%
   • Overall used, would be, credit reported on all cards / total credit limit of all cards (add all CL) x100 = Overall total % used.
7. Never let a payment be returned! make sure you have a sufficient balance in your bank to cover the cards. Return payments can cause AA (Frozen account, closure, no CLI) Some companies will not give you CLI and this may follow you over 1 year making your account stagnant :/
8. Track your Fico scores/reports (This should be the first but will be listed here). You gain alerts every time your card or loan reports (usually monthly) to the credit bureau. ontime payments are a huge part of your score. I recommend CCT, 1 dollar for 7d and you can get half off full price for 1 year when you call to cancel. Also, use CK and Capital One, to view your progress.
9. Pull your free annualcreditreport once a year to maintain a healthy credit profile.

Hope this guideline helps and goodluck with everything.

[Creditaddict]

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@Anonymous wrote:

Hello all-

February 2015 was when my Chapter 7 was discharged. I have had the most hellacious time trying to get new credit. Especially new unsecured credit! 

Since discharge here is what I have received, note, I do carry a balance, but I ALWAYS pay more than the Minimum, and try to pay down as much as possible. 

Credit Union Secured (250)

First Premier (secured) (300)

Discover Secured (300)

Capital One Secured (200 open- after 6 months went to 500)

Firestone -$1000

Kay Jewlers -$1000

Mid Am Bank N Trust (300) 

Fingerhut (200)

I have applied for nearly every Synchrony bank card, and been declined, except for:

Old navy (300)

Gap (300)

Banana (300)

I have been declined by Barclay, Capital one for an additional card, Comenity Pier 1 imports,Bank of america, and CITI Secured Card declined me too....

I want to eliminate the Mid AM Bank, FIrst Premier, and probably the Credit Union. 

I would just like an unsecured card with 500-1000 credit limit to add to available credit, and boost my score. My TU FICO says I am 612, Credit Karma says my TU is 539, and my EQ is 544.

This is a great jump, considering I was 398 the day I filed Bankruptcy

Any suggestions or help? None of my cards are completely maxed out except the discover card and that just happened recently, I will be paying it down in a few weeks. 

Thanks 

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THIS!

If you are making use of all your cards at once even if only $10, you are FAR over utilizing... you look like you are out of control needing to use 10+ cards with a newer BK and small limits... if you can't pay in full $300 limits you are going to be hard pressed getting higher limits and more prime cards for quite some time.

If you have had no baddies since BK and you have cleaned up your bk accounts to be reporting correctly it's your use of new cards hurting you because your scores should be FAR HIGHER by now.