topic Re: Bankruptcy Recovery (1 year later) -- Seeking Advice in Bankruptcy

Bankruptcy Recovery (1 year later) -- Seeking Advice

Anonymous — Tue, 28 Feb 2017 15:17:58 GMT

So - I filed a chapter 7 last March and I'm coming up on my 1 year.

I have two public records, one a judgment dismissed in bankruptcy, and the bankruptcy itself.
I have 4 credit cards currently. Credit One -$400 limit | Kohls $300 Limit | Paypal Extra (MasterCard) $300 Limit | Walmart - $400 Limit
Currently; 0 balance, no missed payments.
My creditkarma score is finally fair @ 650 exactly.

My question/advice seeking is:

What would you recommend I do in the next 6 months to increase my score to 700? (If possible)

Any way tips/tricks to removing bad info?

Additonal Information:

I have pulled all three of my reports (via mail) and am going to work on getting stuff removed if possible. I have 8 accounts closed. 7 with dergatory remarks. I've actually had some success with getting a couple things removed. I figure it can't hurt to try.

I've even cleaned up my lexis nexis report (public info)

THANK YOU IN ADVANCE FOR YOUR RESPONSES!

Re: Bankruptcy Recovery (1 year later) -- Seeking Advice

Scupra — Tue, 28 Feb 2017 18:12:44 GMT

I would just garden the cards you have and try to clean your reports up

Re: Bankruptcy Recovery (1 year later) -- Seeking Advice

Anonymous — Tue, 28 Feb 2017 21:51:30 GMT

Noted. I'll take that adivce!

If anyone else wants to chime in ... the more the merrier!

Re: Bankruptcy Recovery (1 year later) -- Seeking Advice

Scupra — Wed, 01 Mar 2017 03:42:20 GMT

Did you burn Cap1? The only other thing that sticks out is replacing that credit one card. Make sure to replace it with a major issuer and not a store card. Have you checked the Cap1 pre qualifier maybe?

Re: Bankruptcy Recovery (1 year later) -- Seeking Advice

Anonymous — Wed, 01 Mar 2017 13:32:57 GMT

I did... it wasn't for a lot, but I doubt that matters.

On the idea of closing my Credit One card, I haven't had it for a year yet - would that look bad to have a closed account?

If it would look bad, or negatively effect my credit score, should I keep the Credit One and just look to get a major issuer card?

Re: Bankruptcy Recovery (1 year later) -- Seeking Advice

Anonymous — Wed, 01 Mar 2017 13:45:10 GMT

My suggestion is to leave a small balance on one of your cards so that it reports, then pay it. One account showing a balance makes for higher scores than all accounts showing zero. Just my take.

Edited to add. I would keep my Credit One card for now, but leave a zero balance each month.

Re: Bankruptcy Recovery (1 year later) -- Seeking Advice

Anonymous — Wed, 01 Mar 2017 13:44:28 GMT

I was prequal'd for a quicksilver (1.5% cashback - $39 annual fee) & Platinum (No annual fee)

What are your thoughts on getting a credit card through my bank? Does that increase my mortage options with them?

Re: Bankruptcy Recovery (1 year later) -- Seeking Advice

Anonymous — Wed, 01 Mar 2017 13:46:40 GMT

Agreed - and I've read this before. I'll definitely do that.

Is there a card that's better than another to do that with? (outside of benefits that come with the card) ... not sure if certain cards (issuers) hold more 'clout' in the credit game?

Re: Bankruptcy Recovery (1 year later) -- Seeking Advice

enjoimorenow — Fri, 03 Mar 2017 15:24:01 GMT

No, cards don't hold more "clout" over other cards. You don't get more points for having an Amex vs having CapOne. The biggest difference will be that "sub-prime" lenders like credit one will usually have very high fees associated with the credit card, so it will cost you more money to use those lenders, and you will probably not get any rewards or cash back options. The limits of the cards you have can help your score, and usually you will not get huge limits with those sub prime lenders. The only other thing to consider is that if a card reports as "secured" it might be looked at slightly less favorably by some lenders than an unsecured credit card, but at the end of the day a secured card is going to be much better than no card if you are having trouble getting approvals, and you can use them to build history to get unsecured later. Try to go for cards that will graduate over time.

Did you burn capital one? They are pretty forgiving with BK even if you did burn them and can be a good way to get away from store cards and credit one. You could also look at discover secured, navy federal secured, or possibly another credit union in your area if they are BK friendly.

Re: Bankruptcy Recovery (1 year later) -- Seeking Advice

Scupra — Sat, 04 Mar 2017 04:14:41 GMT

@Anonymous if you are pre qualified for Cap1 it's pretty solid usually! I wasn't saying to close the credit one, just be aware that you will want to replace it. I may be a bad influence, but I might app for the Cap1 now haha!

Re: Bankruptcy Recovery (1 year later) -- Seeking Advice

JR_TX — Sat, 04 Mar 2017 18:02:40 GMT

@OP
If you're prequalified for Cap1 then I say go for it especially if it's unsecured. Their prequal is known to be pretty solid. Cap1 was my 1st rebuilder card 14 months after my BK7 dc'd in 2011 with a SL of 2K. It now sits at 10.5K. Cap1 likes heavy usage though so I will use it as my primary card for at least 6 months if I were you. I will also cancel Credit One as soon as the Cap1 starts reporting especially if they give you a SL of 1K or more. Grow that Cap1 and garden for at least the next 6 mos. Time and patience is our only friend in rebuilding though I understand how anxious it can get sometimes having the urge to app for CCs.
Wish you all the best!

Re: Bankruptcy Recovery (1 year later) -- Seeking Advice

Anonymous — Mon, 06 Mar 2017 14:50:29 GMT

Thanks for all the advice!

Got approved for a Capital One $1000 credit line.

Going to close the Credit One card once it starts reporting.

Re: Bankruptcy Recovery (1 year later) -- Seeking Advice

Scupra — Wed, 08 Mar 2017 04:33:26 GMT

Don't close it until the AF hits unless there is fees. Congrats on the approval!

Re: Bankruptcy Recovery (1 year later) -- Seeking Advice

Anonymous — Wed, 08 Mar 2017 13:29:14 GMT

Are you saying keep it open for at least 1 year?

I paid the entire annual fee already... first payment I made.

Re: Bankruptcy Recovery (1 year later) -- Seeking Advice

Scupra — Thu, 09 Mar 2017 04:04:17 GMT

Yep, keep it open and cancel before the next AF.

Re: Bankruptcy Recovery (1 year later) -- Seeking Advice

Anonymous — Mon, 18 Sep 2017 15:15:05 GMT

Just closed it. Wouldn't waive any fees, wouldn't offer a better rate... wanted to charge me $30 just to accept their $200 CLI offer. Woudln't even negotiate to keep me a customer. Not sad to see Credit One eliminated from my cards.

Bankruptcy Recovery (Continual Updates)

Anonymous — Mon, 18 Sep 2017 15:37:16 GMT

Thought I'd share my experiences so far, and provide my journey through Bankruptcy recovery.

So far it's been 1 year 6 Months, 15 days.

Started with Credit One ($400 CL... they suck, big time... but hey, they gave me a card, and that helped me get a start). I just canceled the Credit One card. They wanted to charge me $29.95 to accept their gracisous offer of a $200 CLI, and NOT waive the anual fee.

Next was my Capital One Card, unsecured, platinum, $1000 CL (Great builder card - kudos to them). I just upgraded the card to the Quicksilver which gives you some benefits, and got an automatice CLI to $1500.00

Figured, might as well get all the cards I wanted benefits wise at one time, so all the inquires fall off around the same time... So next was Discover IT @ $800(Another great card - came with good benefits off the bat) APR% on all my cards are about the same 22-25% ... working on getting that lowered - but that's just a time factor. Just got a $300 CLI from them.

Got a PayPal extras card... along with a Walmart card. Didn't realize they were the same underlying lendor (Synchrony Bank) So - that was a bit of a misstep. The PP Extra was a measely $300 CL, and the Walmart $500 ... neither will give me a CLI yet.

I also got a Navy Federal Rewards CC and account. $1000/CLI - great APR%15.99... but can get that lower also.

I've left it at that for now, and am going to just try and grow these cards. I've paid in full for all these cards with a couple exceptions, keeping the total credit used well below 40% ... and usually 10% and under.

Checked my score today and I'm at 685 (Creditkarma) ... not sure how super accurate they are, but I like seeing that number.

I'm aiming for 700 by the 2 year mark... and if I can keep moving along, hopefully 750 by July 2018

Anyone think that's realistic. Any tips on what I should do better... let me know!

Thanks!!

Re: Bankruptcy Recovery (Continual Updates)

Anonymous — Mon, 18 Sep 2017 17:42:07 GMT

@Anonymous

I merged your two threads together so that everyone could follow along with your rebuild. Great job!

Re: Bankruptcy Recovery (Continual Updates)

Anonymous — Mon, 18 Sep 2017 17:58:11 GMT

Awesome - Thanks!

... I was thinking I should just reply under my first, but the subject wouldn't make sense.

Re: Bankruptcy Recovery (1 year later) -- Seeking Advice

Anonymous — Wed, 20 Sep 2017 19:31:05 GMT

@Anonymous wrote:
I did... it wasn't for a lot, but I doubt that matters.

On the idea of closing my Credit One card, I haven't had it for a year yet - would that look bad to have a closed account?

If it would look bad, or negatively effect my credit score, should I keep the Credit One and just look to get a major issuer card?

No real good reason to keep a bad card past the one year mark. Close it.