More thoughts:
You have to get credit to make credit. No credit equals low credit score. Something needs to be open and active at all times to rebuild and maintain a good credit score. Late pays are the worst thing you could do to your credit besides BK or foreclosure. Even if it is just the $25 min monthly payment, pay that rather than be late on a credit card. Many people do not realize this and assume it is no big deal. It is a big deal for the next 12-24 months at the least.
Post BK I have never been late on anything...100% on time payments. I even had a auto loan that had no grace period. You had 24 hours to pay it and if you were late by 1 HOUR, it went on your credit report. Did I chance sending my payment through regular mail? Hell no! That auto loan was put on autopay and always cleared on the 15th for 4 years until I traded it in. Even though I am in with Acura Financial now and they have a grace period, I have my car lease setup on autopay. All my credit cards are paid days before the due date...never on the due date unless it is setup on autopay days in advance.
After a BK or foreclosure, credit isn't just extended to you because you hit some sort of magical anniversary. This is a big misconception. You have to build your credit back up which takes years not months.
I started with a subprime auto loan and an unsecured Orchard Bank card with a $300 limit back in 2009. I wasn't approved for another card until 2012. I now have $7100 in credit limit but it didn't happen overnight. I waited 5 years and paid cash only during that time after getting denied so many times. I couldn't obtain the apartment I wanted because they had no BK policies so I ended up living under crummy private landlords and one of them assaulted me for failing to pick up a few weeds in the backyard. I barely got approved for a Chase Freedom last month with a score in the low 700's because of the 9.5 year old BK 7.
People who have never filed BK think it is easy...just wipe the debt away and start over. No way! That couldn't be further from the truth. I would take a few late pays any day and flip it to an 800!
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13!
Last App: 4/5/13 Gardening until July 2014