Re: List of bankruptcy friendly creditors?[ Edited ]
10-09-2012 03:50 PM - edited 10-10-2012 08:10 PM
This is a great thread and I wanted to wait a while before I added my story to this thread.
I filed for BK7 in August 2010..A very down time for me and I made the decision that I was going to live my life without credit cards. I made it a whole year and found this forum by chance, I could not believe how many people were in my situation and actually doing well for themselves and rebuilding credit. How could I have let a whole year go by without doing anything. I must have spend weeks reading through this forum and armed with the knowledge i needed I had my strategy planned out.
1. August 2011 - I made a list of creditors who are not friendly to BK (citi, chase, bofa, american express etc) and no matter how much I wanted credit cards from them, I made my mind up not to waste inquiries on them (i had read tons of stories on this very forum of people in my situation who applied and got denied)
2. August 2011 - Capital one and Orchard Bank were the only credit cards that interested me, I applied for both cards and decided I was not going to apply for any credit cards for a whole year.
3. January 2012 - 5 months later I opened a secured loan with my local credit union in Atlanta for $1000...they were fantastic and knew that it was just for the purpose of showing one could pay one's bills on time. (would have opened it sooner but i had to battle with Bofa to remove a chexsystems entry they had on me for an old account)
4. In September 2012 I had had my credit cards for 12 months on time payment and scores hovering around 670 accross the board. I worked with capital one's exec office to get my credit limit up (my highest at the time was $700). A week later they increased it to $1500 but told me i had to close my Orchard (i was OK with that).
5. I waited till my new $1500 credit limit showed up on all my credit reports and then today I applied for both Discover and Barclays Apple card, both got approved and I could not be happier.
I am 2 years post BK7 and have the following:
Capital One Platinum card with rewards - $1500
Discover More - $1000
Barclays Itunes Card $2700
I will say this, everything I did was very well calculated. I knew how sensitive Barclays and Discover were to inquiries so I spaced mine out, I also knew that they pulled transunion and made sure that my credit report was clean and rid of all adverse information except for my IIB accounts, especially my transunion. On time payments is very important, and managing one's credit is absolutely paramount. I learned the tricks of this to do get my credit score as high as possible. I did not apply for anything I did not need, I was not wasting inquiries in order to have 5 or 10 accounts with creditors i would not use and a buch of very low limit credit accounts. I was constantly visiting this forum and even sending PMs to those who got approved to learn a bit more about how they went about it. Here I am 2 years post BK7 and I honestly only started working on my credit barely a year ago my credit scores are knocking on the doors of those in the 700 club. Life after BK is great, it is even greater if one is informed and armed with knowledge and all the knowledge I have gained was learned from this Forum.
Starting Score: 500s
Current Score: EQ: 693myFICO(9/7/12), TU: 710myFICO(9/2/12), EX Plus:701(lp,4/16/12)
Goal Score: 700
Wallet: Discover IT $2000, Capital One Platinum $12000, Barclays Rewards $4700, Walmart $2600, Amazon Store Card $1250.
Keep the Hearth of your Thoughts Pure, by so doing you will be Happy and bring Peace!