topic Re: Credit post Chapter 13 in Credit Card Approvals

Credit post Chapter 13

Baywatch — Sat, 23 Jul 2022 20:19:14 GMT

Greetings,

I am looking to start rebuilding my credit post chapter 13. I filed for Chapter 13 in September on 2015 and it was discharged this past December 2021. I have a few cards now (ollo, CreditOne, Merrick and BestEgg), but those are all starter cards and with the excpetion of the BestEgg card the limits are all below $2200. My BK has already fallen off of my experian report for some reason and will fall off of the others in September.

My individual income is ~ $290k and my joint income is ~ $410k.

My current fico8 scores are:
Experian: 764
Equifax: 734
TransUnion: 682

I am looking for a card with a starting limit of at least $10k, is that a realistic expectation? Obviously, if I can find a card that pulls Experian, I will have the best chances.

When considering a card, I am assuming that I should avoid any cards that were included in my BK plan? Does it matter that my Chapter 13 plan was a 100% plan, everyone ended up getting back 100% of what was owed eventually, but I do not believe that really matters to them.

Thanks for any help/pointers!

Re: Credit post Chapter 13

Baywatch — Sat, 23 Jul 2022 20:34:03 GMT

Note: I have a prequal letter here from Capital One QuickSilver, is it worth applying for?

Re: Credit post Chapter 13

Baywatch — Sat, 23 Jul 2022 23:04:12 GMT

Anyway, I went ahead and applied for the Wells Fargo Active cash card and also the Amex Blue Cash card and was approved for both with a $6k limit on each. A bit under what I was hoping for, but I guess better than nothing at this point.

They both solely pulled experian.

Re: Credit post Chapter 13

CA4Closure — Sun, 24 Jul 2022 04:40:40 GMT

Here is what I would do. Go to the bank that you do business with. Apply for a credit card through them IF the APRs are the lowest. If not, go to a credit union and apply for their AMEX card or VISA card. Do you travel? Then get a credit card with rewards. Don't apply all at once. You get dinged every time you apply for credit so apply for two cards every two years.

I had a foreclosure after 2008. It messed up my FICO score for 7 years until that foreclosure fell off my credit report. During that time, I had a Capital One credit card that I used religiously and paid back every paycheck. Soon I applied for a Discover card and got that. Then Costco Citi card. I did this over time not all at once.

My FICO scores rose after paying off my debt to where it is today close to 850 across the board.

Re: Credit post Chapter 13

babygirl1256 — Sun, 24 Jul 2022 05:11:00 GMT

Congrats on your Wells Fargo Active cash card and your Amex Blue Cash card approvals. Just take yout time and take it slow . . . rebuilding for me was a slow process . . . but it worked out in my favor!!!

Re: Credit post Chapter 13

CreditAggie — Sun, 24 Jul 2022 15:49:11 GMT

@Baywatch wrote:
Anyway, I went ahead and applied for the Wells Fargo Active cash card and also the Amex Blue Cash card and was approved for both with a $6k limit on each. A bit under what I was hoping for, but I guess better than nothing at this point.

They both solely pulled experian.

Congratulations on your approvals!

Re: Credit post Chapter 13

KingRue8500 — Sun, 24 Jul 2022 21:05:23 GMT

Congrats on your Wells Fargo Active Cash & AMEX Blue Cash approvals

Re: Credit post Chapter 13

cashorcharge — Sun, 24 Jul 2022 21:20:43 GMT

WooHoo!! Congratulations on your Wells Fargo and AMEX Approvals!!👏🏼🍾🥂

Re: Credit post Chapter 13

Pway — Sun, 24 Jul 2022 21:35:55 GMT

Congrats on the approval's.

Re: Credit post Chapter 13

Baywatch — Mon, 25 Jul 2022 14:55:24 GMT

Thank you, I was really just trying to work my way into a JetBlue card, but I was declined for that one.

I called the Barclays recon line this morning and was told they can't recon it because my old Barclays card was included in my Chapter 13 plan and is reporting on their end as discharged, even though it was eventually paid off 100% as part of my reorg plan

Re: Credit post Chapter 13

FLLGuy — Fri, 23 Sep 2022 01:46:37 GMT

@Anonymous- congrats on your approval! Just an FYI - Barclays is a lifetime ban for most if not all that burns them through BK 7/13. As suggested, take your time and let the discharge marinate a big longer - by the 1yr mark after discharge if you haven't run up your inquiries you'll start get better limits and cards. I say keep your inquiries low and softpull as many sites to gauge where you are. Not to mention, the cards you were just approved for will grow with CLI every 6mos. I was in your same shoes a year ago and can tell you the quality of cards I'm getting approved for are better after or near the 1yr discharge milestone.

Re: Credit post Chapter 13

M_Smart007 — Mon, 26 Sep 2022 17:39:02 GMT

Congratulations on your Approvals!

Good luck on your rebuild