Your thoughts on Cap 1,Discover, Citi, BOA, Barclay, Chase, etc approvals....with a BK7???

[Chris679]

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@720andBeyond wrote:

I want to start off by saying this forum has been an incredible help to me. So I turn to you all to see what your thoughts are and what common experiences you might have had. Any input you have would be great. I had 740+ credit scores previously and a medical event ruined my life, so I just want to return to those scores. Not interested in getting in debt by any means. The basics:

Chapter 7 Bankruptcy-February 2011/Approved April 2011....

Started out fresh with no cards after BK7. Cards I have opened since 2011:

1.Capital One Quicksilver-$5,000(Started out at $750) Open since 5/2011

2.Capital One Quicksilver-$3,000 (Started out a $750) Open since 8/2011

3.HSBC converted to Capital One Platinum- $1,000 (Started out at $300.00) Open since 1/2012

4. Lowe's- $5500 (Started out at $500) Open since 02/2012

5. Walmart- $1850 (Started at $300) Open since 02/2012

6. Credit Union- $5,000 (Original limit they gave me) 9.9% APR Open since 11/2013

Annual Income- $36000

Mortgage Payment- $410 

Student Loan Payment- $94

Credit Union Personal Loan Payment- $96 (Open since 10/2014)-Wanted to add an installment to mix. Just put the amount in the bank and  it autodraws itself back with me paying interest obviously.

My starting credit score after BK7 was a TU-571

My current MyFico credit scores:

TU-710  

EX-712  

EQ-748

I have the BK7 and only 1 derog that will fall off in May 2015 on TU and EX( I have only the BK7 left on my EQ).

I adhered to the sub 9% spending on all cards since my BK7 and have not missed a single payment.  I allow only one card to report each month and alternate cards monthly. Only 1 derog left on my report as most of the issues I had happened in 2006 and I tried to pay my way out until I finally realized I couldn't in 2011. That is probably helping me a little more than most with a recent BK7.

My questions:

1. I receive Discover IT and Barclaycard pre-selected offers weekly. Should I apply for these cards with my current credit scores? Approval odds? Worth it to have them?

2. Would Chase, BOA, American Express, or Citi ever consider me after the 1 derog I have remaining falls off and I only have a BK7 remaining on my file across all three bureaus? When would you apply if you were me?

3. Would you consider my scores to be "decent" for being 3 1/2 years out of BK7? Where could I improve? All ideas appreciated?

4. Are there any credit cards I am missing that I should look into? (I can't get into NFCU or anything like that so they are out.)

5. After this installment loan is paid off should I get another one and do the exact same thing to boost my score? Better ideas?

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1.  I would apply for either if you want the cards.  You are at the point in the game where new accounts are not going to help your credit score.

2. Same answer as #1, apply for them if you want/need the cards not just because you think you could get them.

3. Yes, only time will improve them at this point until baddies fall off

4. Again I go back to looking for cards that make sense for you.  Citi Double Cash is a great card though for 2% cash back on all purchases.

5. I would close the installment loan you already have first thing Monday morning if I were you.  I don't believe in letting your credit score cost you money, that defeats the whole purpose of having a good credit score.  The loan will still report as a postive tradeline for 10 years, maybe you see a slight dip in score if you close it. 

[Billybob_TX]

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@720andBeyond wrote:

Whipster thank you for your timeline experience with AMEX. I did not burn them previously so I would like to think that I would have a chance at some point. The 5 year mark is not very far off for me, so I suppose I could wait until May 2016 and give it a try. I am now planning  to app for Discover in May 2015. I don't know much about the Sallie Mae card. Who issues it and what makes it a good card? Also a couple questions below:

Did file for a BK7 aswell?

Was the BK the only derog on your report when you where approved for AMEX?

Do you remember your scores when you were approved, and if so what bureaus did AMEX pull?

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BK 7 discharged 10-09. Apped for AMEX several times thru the years, always got rejected b/c of the BK. This year, they started taking 5 year post-BKers.

They pull EX exclusively. Mine was 701 when approved. I had no charge offs or other derogs, only the IIB accounts. AMEX was not IIB.

Sallie Mae is a Barclays card, they have a great reward structure, and no AF. Do some searches on here, there are many posts about it.

[720andBeyond]

Thanks for your input Chris679. I will look at the Citi Double Cash card as an option as I am looking for long term options that can grow with me. I steered clear of store cards with the expception of Walmart and Lowes and will continue to do so. 

As for the installment loan I only have 3 months left on it and the rate is 6% so I am not too concerned about it now. I think I will wait and see what happens with my score when it is paid off in March. The reason I took it out initally was to get a foot in the door with the crediit union I am currently using. That has worked incredibly well for me with the mortgage and credit card, but now that it is about paid off I will need to decide what I want to do.

[720andBeyond]

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BK 7 discharged 10-09. Apped for AMEX several times thru the years, always got rejected b/c of the BK. This year, they started taking 5 year post-BKers.

They pull EX exclusively. Mine was 701 when approved. I had no charge offs or other derogs, only the IIB accounts. AMEX was not IIB.

Sallie Mae is a Barclays card, they have a great reward structure, and no AF. Do some searches on here, there are many posts about it.

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Wow that helps out tremendously. I didn't realize that AMEX had a 5 year cap in place. I think by May 2016 I should have a much higher score than 701, assuming nothing bad happens, and I will also only have the BK7 on my file. I really do appreciate the info!

Also out of curiousity, did you just hear about the 5 year rule or did AMEX inform you that was their policy?

[CH-7-Mission-Accomplished]

You should apply for the Cap One Venture or Venture One card.  I did 11 months post discharge and got 10K.  Also apply for the Barclay's US Air card.  You get 40K miles that will transfer to American Airlines.  They are giving out 10K limits very easily.  If you apply for these two, I think you will get them and good credit limits if your income can support the limits.  Also, you can later do a product change on the Barclay and change it to a Sallie Mae or another card if you want.

[720andBeyond]

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@CH-7-Mission-Accomplished wrote:

You should apply for the Cap One Venture or Venture One card.  I did 11 months post discharge and got 10K.  Also apply for the Barclay's US Air card.  You get 40K miles that will transfer to American Airlines.  They are giving out 10K limits very easily.  If you apply for these two, I think you will get them and good credit limits if your income can support the limits.  Also, you can later do a product change on the Barclay and change it to a Sallie Mae or another card if you want.

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Thank you for your advice. I don't know if I would qualify for a Venture as it says you can't have a bankruptcy? I will look into the US Air card though and see what they state. It seems like a really nice card and I had not heard about it either.

[Billybob_TX]

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@720andBeyond wrote:

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Also out of curiousity, did you just hear about the 5 year rule or did AMEX inform you that was their policy?

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Like most things on these boards, lots of GP's (guinea pigs) and lots of reports. I was declined at 4 years 11 months. Approved at 5 years after seeing some reports of approvals for some other 5 year BKers. There are reports of pre-5 year approvals but those are very rare, a few slip through the cracks.

[Billybob_TX]

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@720andBeyond wrote:

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@CH-7-Mission-Accomplished wrote:

You should apply for the Cap One Venture or Venture One card.  I did 11 months post discharge and got 10K.  Also apply for the Barclay's US Air card.  You get 40K miles that will transfer to American Airlines.  They are giving out 10K limits very easily.  If you apply for these two, I think you will get them and good credit limits if your income can support the limits.  Also, you can later do a product change on the Barclay and change it to a Sallie Mae or another card if you want.

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Thank you for your advice. I don't know if I would qualify for a Venture as it says you can't have a bankruptcy? I will look into the US Air card though and see what they state. It seems like a really nice card and I had not heard about it either.

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He just told you he got approved post BK for the Venture. I got one also post BK for a 10K Venture One no AF card.