Re: HOW TO: From BK7 discharge to 700 in 24 months or less!
09-06-2012 10:00 PM
This is a very solid plan and pretty much what I did. Before applying for the cards I waited to get the pre-approved offers for each of them.
- Filed BK in May 2011
- Took out secured loan in December 2011 - 6 month terms
- Applied for the Orchard Card in February 2012 ($300CL)
- Applied for Capital One in April 2012 ($3000CL), stopped using the Orchard Card
- Kept balances low (under 30% of CL)
- PIF when the statement closes
I've been receiving about 2 offers a month from Barclay for one of their lower level awards. I'm going to wait till at least December when I pull my score again to apply for another card. I don't know if it will be the Barclay card or a different one. It will be interesting to see which offers I;m getting at that time. I want to cancel the Orchard Card before the first annual fee.
My DH filed for BK in April 2011 and did not follow the same path I did. We both did the secured loan in December 2011. He got a secured card for $300 and did not keep the balance low. We have been pulling our score at the same time and when we pulled our scores in July and he saw that my score had increased more than his, he immediately applied for the Capital One card and received a $1000CL. We are now looking at other options for him for a second card so we can cancel the secured card, get the $$ back and get the secured account off his credit report (this card reports as secured).
My goal is to get my credit up to the point where I can get a miles credit card (we are still figuring out which one we want).
While filing for BK was one of the hardest decisions I've ever made, I can't be happier that I did it. It's been a learning experience and has taught me how to live on cash. I monitor our spending and budget on a regular basis and it is so fun and exciting! Growing our finances has become a delightful game that I am having a blast playing.
Starting Score: TU 590, EQ 627 (2/6/12) ~ BK filed 5/2011
Current Score: TU 656, EQ 680 (7/21/12)
Goal Score: 700+ Across the board w/a miles earning credit card
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