Sometimes you just have to take a step back....

[Sassy_Taurus]

I understand your frustration. Last year when I discharged I was denied on every cc app I submitted. Eventually I gave up on ever getting another cc. It wasn't until a year and a half that cap 1 approved me for their secured card.

[Anonymous]

I'm in the same boat with Discover IT... I'm not sure why but I'm drawn to that card, but looks like I won't be applying for that card anytime soon with my scores as they are Just hang in there man.

[Hokies2379]

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@tiger_uppercut wrote:

Patience really is the hardest part of rebuilding. It's the same as saving money, losing weight, advancing a career - all things that happen slowly over time. There is no quick fix, and sometimes it just sucks. That's okay. Sometimes you just need a break and to vent.

I've found that when I started my own rebuilding, I too, had a lot of resentment toward people that filed BK. They all seemed to get discharged and be able to be knocking on 700 within a year or two, max. It was frustrating to me, because I was stuck in the doldrums of the 500s and could barely get secured cards when I first started rebuilding.

I have realized two important things that have really helped me in this process be less jealous, resentful, etc. One: you can't ever know someone's intimate circumstances. Bankruptcy exists to help consumers, all consumers if it's appropriate - we don't have debtor's prisons anymore for a reason. I fully hope that someone dealing with medical bills they can't afford due to cancer treatments, or some young couple with a baby that has defects they can't afford to cover can eventually get out of the hell of debt and start a life again. I realize there are people who just shopped too much or whatever mixed in, but overall, it's an option I'm glad exists for certain situations.

Two, declaring bankruptcy is really crappy. Yes, their scores tend to rebound faster than those of us who didn't go the BK route - but I've noticed they very definitely have a lower ceiling until that bankruptcy falls off their reports in TEN YEARS. So they might rebound faster in the beginning, but they stall out a lot sooner. A lot of cards refuse people with BK showing on their reports. It's also public information, anyone can google you and find out you filed. Some jobs won't hire you with one showing, etc etc. It's not a super easy fix, it has its pitfalls too. It's a choice everyone has to make for themselves.

If I had filed BK, I wouldn't have clean reports until 2019, as opposed to early next year. That's huge.

That's all to say focus on yourself and you'll go far. Your priorities should be paying bills on time (particularly secured cards) and getting out of credit card debt if you have any. When you're rebuilding, utilization should NEVER be an issue. You should diligently PIF. Period. The rest will come with time - yes, even Capital One. When I first applied with them for a secured card, they told me to kick rocks. Not too long after that, they approved me for two $3k rebuilder cards. Waiting sucks, but this is the price we pay for our mistakes - hopefully they're not repeated. Good luck.

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Not trying to be rude here, but I don't have resentment towards people who filed bk.  unsure where that idea came from other than me using it as an example. 

[Anonymous]

My scores started pretty terrible and are still pretty terrible but just a little bit better. I was getting really mad that no one would even approve me for a secured card...like, I don't understand how you offer to give someone money but your scores are so bad they don't even want it. Anyway, it seems that if I had just filed for bankruptcy that I'd already have better scores than what I've worked for so far but then I figured it stays on your report longer than my latest collection (due to fall off in 2020...ugh). It seems like a lot of people have had some really monumental successes but when I look at my reports and collections I just see a lack of funds available to fix anything and an overwhelming amount of debt. The fact that I can't qualify for an apartment for another 6 years is really a bummer too. 

But that's why rebuilding is a process. The 30+ points I've gained in 2 months is way better than not having those 30+ points. And even though I'm already kind of limited in what I can do from here, at least I'm just a little bit closer. It's peoples' success stories that keep me motivated and feeling it's possible. The fact that I might be over 550s in a couple months is cool...I really thought that was going to be impossible.

[tiger_uppercut]

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@MANNING2379 wrote:

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Not trying to be rude here, but I don't have resentment towards people who filed bk.  unsure where that idea came from other than me using it as an example. 

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This came across that way:

"It just gets aggravating to see 550's and 560's get approved for $1,000 limits 2 hours after discharging a BK where they've burned them for 20k  (obviously that's all guessing, but i'm sure we've all seen something close to that scenario.)  Meanwhile, never filed BK, never had a Cap One. But can't get in."

Either way, Capital One isn't hard to get in with if enough time has passed.

[Anonymous]

My happy thought of the day is, we are all 6 months ahead of next year's new year's resolution folks who've decided to amend their credit scores. 

Aw yiss. 6 months is a CLI, score raising, and even inquiry lowering time frame. 

[Anonymous]

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@MANNING2379 wrote:

I get very frustrated very easily with credit.  I see other get approved with lower score, higher "baddies" or whatever the situation may be.  But with today being an excruciatingly slow day at work, I went back and looked at the changes that have been made since I began rebuilding in December 2014.

When I started, my scores were

TU 544

EX 510

EQ 540

I had somewhere in the neighborhood of 12-16 collections (depending on the bureau) and a judgment that I was still legally fighting (I still day it didn't belong but there's only so much you can do) I had spent, basically, the last ten years not needing or using credit and not paying a bit of attention to it.

It helped that I had a partner in my wife, who was going through re-building of her own.  (Yes, she's a member here too. Way more active than I am.) Hers weren't her fault, her ex-husband made some selfish decisions that affected them both financially.  Difference is, she fought her way out...he caused the problems by filing BK and not agreeing to follow the rules they set in the divorce decree.  Anyway, that part is irrelavant, but basically how we got to where we started were caused by two different routes.

This is where the rules and "game" of credit gets frustrating for me, but it is what it is at this point. Nothing ever makes complete sense and nothing matches up from one bureau to the next when it comes to guessing what will change/cause what.  Oh well.

So she got her problems fixed and she's now well on her way and with some utilization minimization, will be sniffing 700.  She finally got an AMEX (which, 8-9 months ago was our "holy grail"....I guess she's Indiana and I'm just the broad that picked the wrong cup) which was huge for her.

meanwhile

8 months later

I've added a few cards, the "right amount"

AAOA is about 3 years.

TU 606 (still waiting for an update that should realistically take it to the 620s)

Ex 598

EQ 593

My collections are down to 3-6 depending on the report.  The rest of those are just stuck there.  They won't move no matter what. The judgment was removed from TU and at least shows as satisifed on the other two. those 3-6 are on there anywhere from 2017 to 2019. And they just won't move.  I assume at this point my max score "bucket" is going to be 625-640ish with time...that's a little worrysome, but it is what it is.

The point of this post is, not everyone is able to have those "super quick fixes" you see post all the time. Sometimes you do everything you can and all you can do is wait and see that it took you time to screw your credit up and it'll take you time and patience for it to ever get worthwhile again. Next time I screw up my credit, I'll make sure I do it with the ones that are easy PFDs. (was a joke.)

A frustration is I just can't seem to get into Cap one.  No matter what I do.  I see people with worse files and scores get 300-1000 SL on the QS1 and PlT...but me...nope.

Anyway, we see the quick fix stories all the time, just thought I'd share another side of the coin.

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I fully understand your frustration. Some days I just want to scream when I see someone post how they got 10 derog accounts removed in the last 30 days and their scores have gone up 150 points. I have to B R E A T H E.... and tell myself that the "quick fixers" probably learn very little from this experience, and don't value their scores nearly as much as the folks like us that have to tough it out for years before we'll see a clean file (2021 for me).

I tend to think that the derog bucket ceiling is more like 700 +/- 20 or so. There are many people out there with BK-7s (which theoretically overshadows any other derog) and its well established that they can hit 700 scores about 24 months after a BK discharge.

Are any of your derogs updating regularly? When was your last late payment (if at all)? 

How old are your new accounts? Do you have any installment credit?

What was the specific reason for Cap One denying you? (you should have gotten a letter with an Equifax score and a denial reason) and when did you last apply?

[Anonymous]

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@Anonymous wrote:
What needs to be mentioned is the "my success" has been your success too. All the progress "I" have made has been a team effort and I wouldn't have made it without your help.

I got lucky with my rebuilding...but even luckier having you!

Love, the wife.

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Awww... +1,000,000 !

[Hokies2379]

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@tiger_uppercut wrote:

---

@MANNING2379 wrote:

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Not trying to be rude here, but I don't have resentment towards people who filed bk.  unsure where that idea came from other than me using it as an example. 

---

This came across that way:

"It just gets aggravating to see 550's and 560's get approved for $1,000 limits 2 hours after discharging a BK where they've burned them for 20k  (obviously that's all guessing, but i'm sure we've all seen something close to that scenario.)  Meanwhile, never filed BK, never had a Cap One. But can't get in."

Either way, Capital One isn't hard to get in with if enough time has passed.

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Sorr you felt that way, but it was nothing of the sort.

Either way, Capital One isn't hard to get in with for just about everyone else, it seems. 

[Hokies2379]

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@Anonymous wrote:

---

@MANNING2379 wrote:

I get very frustrated very easily with credit.  I see other get approved with lower score, higher "baddies" or whatever the situation may be.  But with today being an excruciatingly slow day at work, I went back and looked at the changes that have been made since I began rebuilding in December 2014.

When I started, my scores were

TU 544

EX 510

EQ 540

I had somewhere in the neighborhood of 12-16 collections (depending on the bureau) and a judgment that I was still legally fighting (I still day it didn't belong but there's only so much you can do) I had spent, basically, the last ten years not needing or using credit and not paying a bit of attention to it.

It helped that I had a partner in my wife, who was going through re-building of her own.  (Yes, she's a member here too. Way more active than I am.) Hers weren't her fault, her ex-husband made some selfish decisions that affected them both financially.  Difference is, she fought her way out...he caused the problems by filing BK and not agreeing to follow the rules they set in the divorce decree.  Anyway, that part is irrelavant, but basically how we got to where we started were caused by two different routes.

This is where the rules and "game" of credit gets frustrating for me, but it is what it is at this point. Nothing ever makes complete sense and nothing matches up from one bureau to the next when it comes to guessing what will change/cause what.  Oh well.

So she got her problems fixed and she's now well on her way and with some utilization minimization, will be sniffing 700.  She finally got an AMEX (which, 8-9 months ago was our "holy grail"....I guess she's Indiana and I'm just the broad that picked the wrong cup) which was huge for her.

meanwhile

8 months later

I've added a few cards, the "right amount"

AAOA is about 3 years.

TU 606 (still waiting for an update that should realistically take it to the 620s)

Ex 598

EQ 593

My collections are down to 3-6 depending on the report.  The rest of those are just stuck there.  They won't move no matter what. The judgment was removed from TU and at least shows as satisifed on the other two. those 3-6 are on there anywhere from 2017 to 2019. And they just won't move.  I assume at this point my max score "bucket" is going to be 625-640ish with time...that's a little worrysome, but it is what it is.

The point of this post is, not everyone is able to have those "super quick fixes" you see post all the time. Sometimes you do everything you can and all you can do is wait and see that it took you time to screw your credit up and it'll take you time and patience for it to ever get worthwhile again. Next time I screw up my credit, I'll make sure I do it with the ones that are easy PFDs. (was a joke.)

A frustration is I just can't seem to get into Cap one.  No matter what I do.  I see people with worse files and scores get 300-1000 SL on the QS1 and PlT...but me...nope.

Anyway, we see the quick fix stories all the time, just thought I'd share another side of the coin.

---

I fully understand your frustration. Some days I just want to scream when I see someone post how they got 10 derog accounts removed in the last 30 days and their scores have gone up 150 points. I have to B R E A T H E.... and tell myself that the "quick fixers" probably learn very little from this experience, and don't value their scores nearly as much as the folks like us that have to tough it out for years before we'll see a clean file (2021 for me).

I tend to think that the derog bucket ceiling is more like 700 +/- 20 or so. There are many people out there with BK-7s (which theoretically overshadows any other derog) and its well established that they can hit 700 scores about 24 months after a BK discharge.

Are any of your derogs updating regularly? When was your last late payment (if at all)? 

1 is.  12 months ago.

How old are your new accounts?

They vary.  AAOA is 3 years.

Do you have any installment credit?

Yes, a PIF car loan and a new car loan.

What was the specific reason for Cap One denying you? (you should have gotten a letter with an Equifax score and a denial reason) and when did you last apply?

Same generic stuff

"Collection/inquiries etc."

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