topic Re: Just Discharged, now what? in Bankruptcy

Just Discharged, now what?

Anonymous — Sat, 27 Jun 2015 00:25:11 GMT

I was recently discharged few days ago from Chapter 7.

The only thing that's still reporting is my kid's student loan (PLUS - Parent Loan of Undergraduate Student).

First, a brief story: I was recently divorced from a wife who charged up hers and mine cards and after years of shovling my hard-earned pay into paying down debts. Once I asked for divorce, she left me huge debt by charging up my cards. Possibiliy opening a Capital One in my name ($300 limit) I told CapOne it wasn't me but they couldn't do anything about it! Coupled with no more overtime pay, she left a kid in my care, dogs, etc... it was overwhelmed and I was forced to file for Bankruptcy Chapter 7.

Now things are good since she doesn't have access to my credit (It's been credit freeze with any alerts if she or her friends tried to open any accounts!)

So with that being said and done, I'd like to rebuild my credit because I know I will do good with my credit as I did before she messed mine up. I'd like to buy a new car for my commuting to work, kids events, etc. in late fall.

I don't have any credit cards at all but I need one or 2 to rebuild, hopefully unsecured! Based what I have seen here, it looks like Capital One is the best way to go and even people who burned them did get new card from them! I'm not looking for a HUGE credit limit just a reasonable enough for me to charge it, repay in full to report postive on my credit reports to boost my credit scores (which is about 544 to 560 now, from 805 before the divorce!!!! Ugh!)

I'd like to buy a home in couple years (after showing good payment history on my card(s).

So what is the good way to rebuild? I'm kinda scared of even trying to apply for a card and face denial notice!

Thank you for your time in reading this and hopefully answering this.

Cheers!

Re: Just Discharged, now what?

incognitony — Sat, 27 Jun 2015 06:29:37 GMT

Do the capital one pre-qualifier and see if they will approve I have burned them twice over the years and they still gave me a 500 and 300 card this month after filing chapter 7 in Feb and before discharge.

Re: Just Discharged, now what?

Anonymous — Sat, 27 Jun 2015 13:30:22 GMT

But wouldn't that impact Hard Pull? I don't want to rack up too many HPs.

Re: Just Discharged, now what?

incognitony — Sat, 27 Jun 2015 20:34:43 GMT

The qualifier is a soft pull it's only a hard pull if you apply.

Re: Just Discharged, now what?

Anonymous — Sat, 27 Jun 2015 23:32:13 GMT

Didn't know that. So if I try that what would they say? Approved or not if approved, then what's the next step?

Re: Just Discharged, now what?

Scupra — Sun, 28 Jun 2015 04:43:50 GMT

I think Cap1 is worth the HP honestly. If you are blacklisted they wont pull your credit anyway. They are probably your best shot at an unsecured card right now. If you are approved for the first one I would apply for a second one right away as almost all are approved for 2nd Saves you a HP! Good luck and let us know how it works out

Re: Just Discharged, now what?

incognitony — Sun, 28 Jun 2015 04:49:32 GMT

I know it says no cards found if you aren't pre qualified..

Re: Just Discharged, now what?

Scupra — Sun, 28 Jun 2015 05:47:50 GMT

Just don't rely on a pre qual. Plenty of us have been approved without it. If you have it great, if not oh well

Re: Just Discharged, now what?

Creditwiser — Sun, 28 Jun 2015 06:00:40 GMT

Hey, welcome to the forum. Everyone above is correct. I burned Cap 1 in BK and they were very good to me 11 months ago when I was discharged. See what you can do to stay away from secured cards. If that doesnt work, there are still other good options if you have to go the secured route. I strongly suggest you READ all you can on this forum and continue to learn how to repair your situation. Im a few days from 1 year after discharge and I never could have imagined being in this good of shape. You can do this. Good luck,

Re: Just Discharged, now what?

Anonymous — Sun, 28 Jun 2015 06:11:41 GMT

I agree about all that is said about Capital One. I also burned them and that was my first card after my Chapter 13. It was a secured card that worked well for me. I am just cancelling it this month after two years of on time paid in full record that was the beginning of my credit recovery.

Good luck in your endeavors. You are in the right place for help as these forums really changed everything for me.

In my wallet: Quicksilver 5000; Venture 15,000; Barclay Apple Rewards 2000; CareCredit 3300; Bank of America Platinum Visa 2000; Bank of America Travel Rewards 3500; Bank of America Travel Rewards 3500; Amazon Store Card 5000; Discover 10,000; Barclay Ring Platinum MasterCard. 12,500. Total Credit: 61,800.
6/27-FICO: EQ - 789; TU - 776; EX - 681; GOAL: 780 across the board then 800 across the board. Reset my garden date to today. Gardening until further notice.

Re: Just Discharged, now what?

Anonymous — Mon, 29 Jun 2015 07:12:28 GMT

@Scupra wrote:
Just don't rely on a pre qual. Plenty of us have been approved without it. If you have it great, if not oh well :

Im 2 weeks out of Chp 7 discharge and the prequal for CapitalOne for me showed "No offers" but then I proceeded to apply and got approved for QuicksilverOne and Platinum. My scores are 574/540.

Re: Just Discharged, now what?

Anonymous — Mon, 29 Jun 2015 13:00:09 GMT

mfargo- did you burn capital one in your BK7? Just curious as I did before filing for my BK7 ($300 limit but I didn't apply for it in the first place!)

Re: Just Discharged, now what?

Scupra — Mon, 29 Jun 2015 18:19:39 GMT

@Anonymous wrote:
mfargo- did you burn capital one in yourBK7? Just curious as I did before filing for myBK7 ($300 limit but I didn't apply for it in the first place!)

There has been PLENTY of people who burned them and got right back in. Make sure everything is reporting correctly and then give them a try.

Re: Just Discharged, now what?

Anonymous — Tue, 30 Jun 2015 04:00:34 GMT

Everything's reporting correctly EXCEPT one which I am waiting for my next refreshed credit report in few days so see what it says. If it is still reporting balance then I will have my lawyer send them letter.