OK, Now what? Please advise on next step!!

[Anonymous]

It's been a while since I teach and I have been extremely busy... I get overwhelmed with all the info, but love this site because of you guys!  OK, heres what i got going on.

Just wondering what do I do next...do I app some different cards?  do i sit  back and wait for orchard and kohls to increase me?  throw some ideas my way please!!

Background before started working on credit

BK Oct 2004 (when does this really go away??)

I do have an apartment complex that I moved out of in 2005 that says I owe 1995.00 for breaking a lease, although I moved 60 miles back home because of no work available and I had some major medical issues,

    My wallet:

Right now packing a 100 point jump in a year whoop whoop!!! EQ=681

Orchard- 300 cl (still) balance  95,88 (never asked for cli)

Cap1-750 cl  balance 165.58

Dicks sporting goods- 1000 cl- balance 178.63

Kohls- 300 cl  balance 0 (never asked for cli)

Belk-1200 cl balance 107.62

Student loans in deferment due to taking masters level courses- balance in the neighborhood of 70K

Recently- sold a rental house, and a home, rented for about 4 months and just bought a home one month ago. 

Refinanced and paid cash on a vehicle to reduce the interest from cap1 15.999% apr to our credit union at 4% apr (sweet huh!!)

[Anonymous]

Oh, and...I have Walmart card- 700 cl   balance 207

[Crashem]

Your next steps are to get some real credit cards with real credit limits.  A few questions first:

1) existing cards are unsecured or secured?  Annual fees?  Can you come up with large amount of cash comfortably (like 5k) for six months?

2) Who did you blow away with your BK (ie who might you be blacklisted with)?

3) DId you ever have AMEX?  If so, how did the card close (charge off, closed with no balance, etc.)

[Anonymous]

Thanks Crashem! 

Your next steps are to get some real credit cards with real credit limits.  A few questions first:

1) existing cards are unsecured or secured?  Annual fees?  Can you come up with large amount of cash comfortably (like 5k) for six months?

     My existing cards are all unsecured.        I have the Orchard bank with a $39 annual fee and $6 month privelage charge ... Large amount of cash, not available

2) Who did you blow away with your BK (ie who might you be blacklisted with)?

I am not sure who blacklists but I filed BK on: (Keep in mind hubs lost job and DD got put in the hospital, we got really behind.  Before BK we had a 704 Fico)

Lowes, Sears, JCP, a local bank loan, Chase card, Cap 1 card, Wells Fargo overdraft (previously was a different bank but on report states wf)

3) DId you ever have AMEX?  If so, how did the card close (charge off, closed with no balance, etc.)

I have never had an AMEX that I know of.  I don't think I have ever applied.

[Crashem]

Okay. Your problems are two fold. Bk is automatic denials in some lenders eye. However remember recon is your friend. 2nd you might be blacklisted by some of those lenders so lets avoid those. Are any of the store cards you have issued by ge money bank? First off, you need to get your current tradelines to report ideal utilization for a month and go on app spree. Do you know what ideal utilization is and how to get it to report? Once you do that, I have some thoughts on who to app to as I think your scores will be closer to 700s.

[bamagirl1]

RollTideBama-

First off I would pull your EQ & Tu scores and reports from here or use the annual free credit reports for all 3 and look at your reports..Make sure everything that should have been included in BK is listed as BK, though alot of those accounts may have fallen off by now.

With your Belk & Walmart and any other Ge backed cards you have I would call and request CLI on those, as those are good about every 4-6 months or so..

Also paying those balances down to 3-4% UTI will give you a boost, even those the balances aren't large with lower CL's it does hurt your UTI..

Also if you are a member of a local CU they are usually good to try and get a credit card with a decent limit regardless of the BK..

BK 2004 will stay on your report for 10 years so 2014 if it's Ch7 and Ch 13 stays on 7 years..

Did you indeed break the lease? Were you able to provide documenation for the issues you were having? I once lived in an apt complex and was able to provide documents and they allowed me to break the lease without penalties..

[Anonymous]

Is ideal utilization less than 30% of cl?  Do they report automatically? 

The Walmart card, Belk, Dicks sporting Goods, are GE cards

Cap1 , Orchard, are HSBC

Kohls is self owned

[Crashem]

Ideal util is one card reporting between 1-9% of its limit as well as total credit limit and rest of cards reporting 0. Most cards report once a month around your statement date. However, really need to research this per card to make sure (call them, look at boards, etc.). Given a bk on credit file, important to get scores as high as possible before apping away. As for ge cards, request cli on them once every 4-6 months. Ge likes use to get cli and low or no balances carried forwarded.

[Crashem]

So if you haven't gotten cli from your ge cards in last six months, go ask for cli from each of them first.

[Anonymous]

First off I would pull your EQ & Tu scores and reports from here or use the annual free credit reports for all 3 and look at your reports..Make sure everything that should have been included in BK is listed as BK, though alot of those accounts may have fallen off by now.

 Good Idea, will definately do that today!

With your Belk & Walmart and any other Ge backed cards you have I would call and request CLI on those, as those are good about every 4-6 months or so..

Also paying those balances down to 3-4% UTI will give you a boost, even those the balances aren't large with lower CL's it does hurt your UTI..

 Is it better to call or hit the CLI button?  Would it be better if I PIF of pay down? 

Also if you are a member of a local CU they are usually good to try and get a credit card with a decent limit regardless of the BK..

 Hubbs can probably do this through his credit union and add me as a authorized user since he is primary, would that help?

BK 2004 will stay on your report for 10 years so 2014 if it's Ch7 and Ch 13 stays on 7 years..

 It is ch 7, i have two dates on my report, one for the file date and one for the discharge which was a few months after. which one applies?

Did you indeed break the lease? Were you able to provide documenation for the issues you were having? I once lived in an apt complex and was able to provide documents and they allowed me to break the lease without penalties..

I did break the lease.  I was really going through alot at the moment.  Moved for a "better" job to a bigger city, got there and it was a total let down, going through a divorce, single mom and two babies.  I got really sick (ended up having emergency surger due to gang green in stomach).  I told the manager I had to leave and move, he said ok, but never got anything in writing, so they apt complex turned me over.  I don't know if there is anything i can do at this point, i have been afraid of calling them because I didnt want to stir up anything worse.  I just dont know what to do about that.