cancel
Showing results for 
Search instead for 
Did you mean: 

Need Help-30 Days Post Bk-7

New Member

Need Help-30 Days Post Bk-7

30 Days Post BK7 Please Help! 

 

Hello All, 

Thank you so much for this forum. It heightened my faith while going through my BK7. Now discharged, I am so lost. Smiley Sad Still learning credit and how it works. 

 

Backstory: Lost everything after being severely unemployed for 3 years and becoming a new mommy.  Rejoined workforce at 75k annually on 8/2016. Creditors Domino garnished new income pushing me towards BK. Currently driving a 95 Acura Legend that's on its last leg. 

 

Goal: Build credit by obtaining credit card and or Auto Loan. Purchase a 2011+ Car.

 

Questions:

-Which secured cards should I be researching at 30 days post BK?

-Does anyone have experience with Home Trust Visa Secured Card?  

-Any suggestions on how I should go about obtaining a 10k-13k Car? Auto Loan or Buy here pay here? 

BK7 Discharge: 2/21/2017

Savings: 3k (really an emergency fund)

Fico: 620

Hard Inquiry: 1(falls off 3/2018)

trans:651

Equi:554

Student Loan: 37k (post BK7 deferment status) 

No open accounts

 

Hope this is enough info, I'm new here. Any help is greatly appreciated. 

 

Message 1 of 18
17 REPLIES
Moderator

Re: Need Help-30 Days Post Bk-7

Hi there OP and welcome to the board Smiley Happy

I have created your own thread on this in out RYC forum, I changed the title and left everything else intact.
"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne
Message 2 of 18
Valued Contributor

Re: Need Help-30 Days Post Bk-7

I would go with Cap One and maybe Discover later on. Credit One is an option but they have high fees. Try joining your local credit union. Avoid the small buy here pay here dealers. Try to get a car from a large dealer such as Lithia or Cal Worthington as they do in house financing and u r less likely to get ripped off

AX BCP 15k, (AU on ED 7k,) BC Ring 11.5K, BC Arrival+ 9.5k, BC AA Aviator 4K, AKUSA FCU -10k , Comenity Blue Nile 11k, Discover (2) 11k , Kohls-4k, CHASE Amazon Prime VS 500, BofA AK Air Siggy 9.8k, BofA Secured $500, Synchrony Cathay Pacific Visa 9k, Synchrony E-bates Visa $2.4k, PFCU Plat Rewards Siggy 18k, PFCU Power Cash Rewards 21.5 k, NFCU Go Rewards 24k , NFCU Flagship 31.5k, CLOC 15k, CITI Costco 9.5k, GAP VISA Synchrony $3250, Target 1k, BLIS PAY 5k, Pay Pal 1k, CO Venture 23k, 259k total available credit. Utiliz-2%, Current FICO EQ-707, EX 702,TU 715 Chapt 7 BK D/C 11-2012. Starting scores 520-550
Message 3 of 18
Regular Contributor

Re: Need Help-30 Days Post Bk-7

A big "yes" from me regarding Capital One. You can check their prequalification site for credit cards and see what they may offer you. Same with a car loan. They will prequalifiy you for up to $40K and a range of APRs depending on vehicle. It's a soft pull as well until you actually go for the loan. Even if you don't use them, it gives you an idea where you stand. A pre-qual is good for 30 days so you can try again as your credit improves. They've been very good to me so far and I'm only five months out.


CH7 BK Discharged 10/16
Oct/Nov 2016: EQ 632 TU 532 EX 573
Feb 2017: EQ 695 TU 673 EX 670
March 2017 EQ 702 TU 676 EX 673
April 2017 EX 683 (TU & EQ unknown)
May 2017 EQ 695 TU 685 EX 693

Gardening since 9/7/17 Aiming for a mortgage October 2018
Message 4 of 18
New Member

Re: Need Help-30 Days Post Bk-7

Thanks gdale6 for getting my entry in the right thread!!! 

Message 5 of 18
New Member

Re: Need Help-30 Days Post Bk-7

This just in... I did prequal with the CapOne Secure Card but not the CapOne Auto Navigator Finance Loan. Good to know and I will try again as you've advised. 

 

Today I applied for the CapOne Secured Card and got approved.

1st step towards building my credit! Thanks kberly69! Smiley Wink

 

-The minimum deposit was $49.

-I made a refundable security deposit of $150.

-Credit Limit of $301

-Will receive card in 2-3 Weeks

 

Important Note: "It may take 10 business days for your payment to clear" Capital One Says. Because of this, I plan to pay my monthly in advance.

Message 6 of 18
New Contributor

Re: Need Help-30 Days Post Bk-7

Discover, citi, and Bank of America secured cards all graduate as well. If you aren't already a member of a credit union check out info on the forums about PenFed and Navy Federal, they offer good rates for car loans and may be easier to qualify for than regular banks.
Message 7 of 18
Established Member

Re: Need Help-30 Days Post Bk-7

Citi gets funny about BK...they usually want you to wait 2 years after discharge. I filed and dismissed (did not go through with it) on a 7 a little over a year ago, and they won't touch me yet. I would highly recommend Disco, they're fantastic. I would also check into OpenSky, which doesn't do a HP, I'm pleased with my experience with them. Credit One night be another option...a few people here are kind of lukewarm on them, but I've had very good luck with them so far, and they may offer you unsecured (they did it for me). They also have a prequal option if you want to avoid another inquiry. Good luck to you!
Message 8 of 18
New Contributor

Re: Need Help-30 Days Post Bk-7

Interesting-I have a Ch 7 that's 7 years old in May and I was approved. I agree, Discover is great and offers rewards even on its secured card. I'm hoping I'll graduate at the 7 month mark in August!
Message 9 of 18
Regular Contributor

Re: Need Help-30 Days Post Bk-7


currya2016 wrote:

This just in... I did prequal with the CapOne Secure Card but not the CapOne Auto Navigator Finance Loan. Good to know and I will try again as you've advised. 

 

Today I applied for the CapOne Secured Card and got approved.

1st step towards building my credit! Thanks kberly69! Smiley Wink

 

-The minimum deposit was $49.

-I made a refundable security deposit of $150.

-Credit Limit of $301

-Will receive card in 2-3 Weeks

 

Important Note: "It may take 10 business days for your payment to clear" Capital One Says. Because of this, I plan to pay my monthly in advance.


That's awesome!! Congrats to you!

 


CH7 BK Discharged 10/16
Oct/Nov 2016: EQ 632 TU 532 EX 573
Feb 2017: EQ 695 TU 673 EX 670
March 2017 EQ 702 TU 676 EX 673
April 2017 EX 683 (TU & EQ unknown)
May 2017 EQ 695 TU 685 EX 693

Gardening since 9/7/17 Aiming for a mortgage October 2018
Message 10 of 18