topic Re: BK Chapter 7 Discharge & Credit Cards in Credit Card Applications

BK Chapter 7 Discharge & Credit Cards

Anonymous — Fri, 09 Feb 2018 17:54:53 GMT

I filed for Ch. 7 BK which was discharged in November. My credit score went up to 657 right after the discharge and has stayed there. Of course, I don't have any debt and no credit cards. I tried applying for Capital One Quicksilver credit card but was declined. My aunt who also filed for Ch. 7 few years ago started receiving credit card offers one month after her BK discharge. Why does one receive an offer right away and another is denied? I thought with my credit being at 657, I would receive at least one offer.

Re: BK Chapter 7 Discharge & Credit Cards

RobertEG — Fri, 09 Feb 2018 18:45:52 GMT

Is your BK separately showing under public records in your credit report?

Re: BK Chapter 7 Discharge & Credit Cards

Anonymous — Fri, 09 Feb 2018 19:03:25 GMT

Not sure if it's under "public records" - it's showing on my credit report. How do I check?

Re: BK Chapter 7 Discharge & Credit Cards

Anonymous — Fri, 09 Feb 2018 19:42:38 GMT

Ok, so my BK does show under "public records" but don't they all after filing for BK?

Re: BK Chapter 7 Discharge & Credit Cards

Anonymous — Fri, 09 Feb 2018 19:45:46 GMT

And I just rejected for a SECURED Capital Once Quicksilver. What gives? I thought it was meant to rebuild credit?

Re: BK Chapter 7 Discharge & Credit Cards

Anonymous — Fri, 09 Feb 2018 21:03:38 GMT

Hi SoniaK777! Are all three of your scores 657? Another thing to consider is which scores they are. If they are from Credit karma, they are not your true FICO 8 scores. Also, have you pulled your reports and gone through them to make sure everything is reporting correctly after your BK?

Re: BK Chapter 7 Discharge & Credit Cards

Anonymous — Fri, 09 Feb 2018 21:49:53 GMT

Hi! Yes, I pulled my credit from one of the major credit bureaus and everything has been discharged. I used to have Capital One credit cards and signed up for Credit Wise and still get messages from them if there are any changes to my credit. After I applied for a credit card today, I automatically got an email from them saying my credit decreased by 8 points because the bank pulled my credit. Of course, I was declined. According to Credit Wise, my credit is now 649. I did not think that a credit score would drop 8 points if a bank checks your credit. That's a lot!

Re: BK Chapter 7 Discharge & Credit Cards

Anonymous — Sat, 10 Feb 2018 00:15:22 GMT

It's a good idea to pull all 3 reports. They can be reporting differently. Also. the score Capital One Credit Wise gives you is a Transunion Vantage 3 score. Mine was significantly higher than my FICO 8. You can sign up for a free trial of CreditCheckTotal to get all three of your FICO 8 scores.

Capital One should send you a letter too, that should give you the scores the denial was based on. Capital One pulls all three reports when you apply, EQ, TU, and EX.

It could be too soon for CapitalOne, especially if they were included in BK. The Quicksilver is described as being for those with excellent credit, so when it's time you might need to start with the Platinum.

I'm sure it's just a matter of time before you get your first post-BK card.

Re: BK Chapter 7 Discharge & Credit Cards

Anonymous — Sat, 10 Feb 2018 00:17:50 GMT

The Capital One card I applied for was secured which required a deposit. It's supposed to be for those with bad credit, that's why it threw me off.

Re: BK Chapter 7 Discharge & Credit Cards

gdale6 — Sat, 10 Feb 2018 01:22:21 GMT

If you included Cap-1 in that BK they more than likely will not issue you a new account till 1 year post charge off of that account. Some get lucky and get right back in others have to wait it out. For secured card you might look at St Dept FCUs card CUs are typically willing to help you get back on your feet.

Re: BK Chapter 7 Discharge & Credit Cards

Anonymous — Sat, 10 Feb 2018 01:51:52 GMT

wrote:
Hi! Yes, I pulled my credit from one of the major credit bureaus and everything has been discharged. I used to have Capital One credit cards and signed up for Credit Wise and still get messages from them if there are any changes to my credit. After I applied for a credit card today, I automatically got an email from them saying my credit decreased by 8 points because the bank pulled my credit. Of course, I was declined. According to Credit Wise, my credit is now 649. I did not think that a credit score would drop 8 points if a bank checks your credit. That's a lot!

The score from Credit Wise is not a Fico score, it is a Vantage score, which no known creditor uses. Get your Fico scores from Myfico or Credit Check Total, then go from there.

Capital One can require up to a year from filing before approval.

Re: BK Chapter 7 Discharge & Credit Cards

Anonymous — Sat, 10 Feb 2018 10:46:00 GMT

What were your scores when you got the cards that you have and are they high limits?

Re: BK Chapter 7 Discharge & Credit Cards

Anonymous — Sat, 10 Feb 2018 16:53:52 GMT

Crediwise has my score at 657 less than one month post bk now but fico has my TU at 554. None of the FICO Score models come close to 657. As others said, get your real fico.

I was approved for capital one platinum but I have a student loan reporting 7 years of perfect payment history that wasn’t affected by the bankruptcy. I also prequalified for a $200 discover card but I will wait to apply until after I figure out my auto loan.

Re: BK Chapter 7 Discharge & Credit Cards

Anonymous — Sun, 11 Feb 2018 02:18:15 GMT

wrote:
Crediwise has my score at 657 less than one month post bk now but fico has my TU at 554. None of the FICO Score models come close to 657. As others said, get your real fico.

I was approved for capital one platinum but I have a student loan reporting 7 years of perfect payment history that wasn’t affected by the bankruptcy. I also prequalified for a $200 discover card but I will wait to apply until after I figure out my auto loan.

Really good point, Hotter! I also had/have a student loan with perfect payment history, and none of my card payments prior to BK were ever late. Plus, I waited for 6 months post-BK before apping. I have always thought having the installment loan that survived BK actually helped my rebuild.

Also, I really think it is important to learn to live without credit. I learned to pay with cash for everything from filing to 6-months post-BK, and, obviously how to not spend beyond my means. I would caution anyone who's gone through BK to learn that. Because, even when you think you've learned it, it's easy to slip back into the routine of, "Oh, I'll just use my card," for that, and then not really pay it off before doing it again. It is a slippery slope.