topic Re: Filed for BK Ch. 7 Need Advice to Reestablish Credit in Bankruptcy

Filed for BK Ch. 7 Need Advice to Reestablish Credit

Anonymous — Fri, 23 Jun 2017 21:53:51 GMT

Hey everyone, I'm new to the forum here. I unforntately had to file for BK when I was only 23 years old. I filed in June 2015, and it was disharged September. I was able to get a hold of a Capital One Platinum Card in February 2016 with $300 and then increased to $500 over time. Then I was pre-approved for a First Premier for $700 in December 2016.

I checked my Equiflax credit Report, I have a lot of closed accounts, those closed on my behalf, car loans that were paid off when another dealership paid off the car so I can get a new car, Credit cards burned in BK. Like Chase, Barclays and another Capital One card, I also included two cars. 1 was taken away, and the other car was returned on my behalf, without an reaffirmative to pay back.

I haven't don't anything except for pay my cads on time, in the beginning I was only pay a couple hundred to both cards, and not paying off in full each month, it was only recently I started paying them off in full each month. My combined credit limit is 1200 at the moment.

I've been on time with all my payments, and don't have any other debts except those two cards, as well as PayPal Credit for $1,200 which apparently don't report to any of the bureaus, but it does take a Hard Inquiry on report.

I also have about 6 hard Inquiries since 2016, the earliest being in January 2016, and the latest was April this year for PayPal.

Does anyone have advice on how to clean up my report, and help getting into better CC's to help my credit score? I would appreaictate any and all helps!

Re: Filed for BK Ch. 7 Need Advice to Reestablish Credit

medicgrrl — Fri, 23 Jun 2017 22:40:49 GMT

First, pull your reports from annualcreditreport.com This will show you all information, including the dates that derogatory accounts are going to fall off your report. Make sure everything that was included in bankruptcy (IIB) is showing correctly on your report as IIB. Once you have those reports post any questions you have. There's many great people on the forums here to help!

Re: Filed for BK Ch. 7 Need Advice to Reestablish Credit

Anonymous — Fri, 23 Jun 2017 23:00:16 GMT

I've used annualcreditreport.com and I pulled my Equalifax report only, but I don't see a date when it shows when reports will fall off, am I looking at this wrong?

Should I pull all my reports?

Re: Filed for BK Ch. 7 Need Advice to Reestablish Credit

medicgrrl — Sat, 24 Jun 2017 00:44:11 GMT

It should either show a date of first delinquency or reporting until date. After your discharge, did you pull your credit to make sure it was accurate?

Re: Filed for BK Ch. 7 Need Advice to Reestablish Credit

Anonymous — Sat, 24 Jun 2017 01:24:36 GMT

This is what I have, and no, i did not pull my credit after the discharge, I had bad advice that I took :/

MAB&T: Closed due to Inactivity. Date Closed: Auguest 1, 2015 PAID AND CLOSED

CHASE CARD: Doesnt show loan amount/ First Delinquency: Aug. 01. 2015. Included in BK.

BarClays: 1st Delinquency Jult 1st 2015 Included in BK

Capital One: Pays As Agreed? Closed on my behalf back in 2012.

VW Credit: 1st Delinquency Sep 1 2015 Included in BK

Toyota Financial Services: 1st Delinquency July 1, 2015 Inluded in BK

VW Credit: PAYS AS AGREED?

FORD: PAYS AS AGREED

The last two were paid and closed when I traded in a car to get antoher car and the new car dealership bought the old car. if that make sense.

Re: Filed for BK Ch. 7 Need Advice to Reestablish Credit

medicgrrl — Sat, 24 Jun 2017 01:55:23 GMT

Everything looks pretty close to being accurate except the accounts that are IIB but don't show the date of first delinquency as July 1.

Have you pulled your FICO score yet? Based on what you're stating, I'm going to guess they're pretty decent.

Re: Filed for BK Ch. 7 Need Advice to Reestablish Credit

Anonymous — Sat, 24 Jun 2017 02:22:38 GMT

When will these drop from my report? and am I able to call the bureaus and ask them to remove them?

I've been using Credit Karma to check on my credit score, but I've read it isn't accurate.

Off Credit Karma:

TransUnion: 657 "Fair"

Equifax: 662 "Fair"

Off Equifax pulled from Annualcredreport:

662

Re: Filed for BK Ch. 7 Need Advice to Reestablish Credit

medicgrrl — Sat, 24 Jun 2017 03:45:47 GMT

Those accounts will stay on for 7 years. The bankruptcy will stay on for 10 years. I'm assuming you filed Ch 7.

I would pull your FICO scores. You can get them from $1 from Credit Check Total. It's a trial membership so make sure to cancel in the first week. I think you're scores may be good enough to apply for a Discover card. Don't expect your Cap1 card to grow much because you're probably considered a rebuilder.

Re: Filed for BK Ch. 7 Need Advice to Reestablish Credit

Anonymous — Sat, 24 Jun 2017 04:38:01 GMT

thank you so much.

I'll pull my credit scores and report back. I kept reading on forums deep on this site about the best number of credits cards to have are 3 for rebuilding, and I took a chance, I literally just got approved for the Capital One Quicksilver Card for $1000.

Increasing my CL and lowering my Utilization.

Re: Filed for BK Ch. 7 Need Advice to Reestablish Credit

medicgrrl — Sat, 24 Jun 2017 11:29:44 GMT

Congrats... you'll want to get rid of the First Premier as soon as you can. Replace it with a no AF card.

Re: Filed for BK Ch. 7 Need Advice to Reestablish Credit

Anonymous — Sat, 24 Jun 2017 17:08:03 GMT

I'm getting my reports today, had a long day at work.

Since I was approved for the Quicksilver last night, is it bad to apply for another card again? Should I wait befor getting rid of the First Premier card?

Also, do you have any recommendations for a card with no AF for rebuilding credit that has rewards?

Re: Filed for BK Ch. 7 Need Advice to Reestablish Credit

medicgrrl — Sat, 24 Jun 2017 19:54:55 GMT

It's not bad to apply for another card. You just don't want to go crazy with the applications.

Quicksilver has good cash back for every day things. Discover has good 5% quarterly cash back rewards. I heard Barclays has some good rewards cards. I think once you get your FICO score, it'll be easier for you to research. Make sure to check out the BK friendly credit card thread.

Re: Filed for BK Ch. 7 Need Advice to Reestablish Credit

Anonymous — Sat, 24 Jun 2017 20:21:47 GMT

So I went ahead and got my score from Credit Check Total. See Below please:

Experian: 633

Transunion: 607

Equifax: 625

Not that great...

Re: Filed for BK Ch. 7 Need Advice to Reestablish Credit

medicgrrl — Sat, 24 Jun 2017 20:39:05 GMT

Did you look over the reports? Your scores should be higher this far out of bankruptcy, I would think. What's the balances reporting on your credit cards?

Re: Filed for BK Ch. 7 Need Advice to Reestablish Credit

medicgrrl — Sat, 24 Jun 2017 20:46:15 GMT

I'm guessing here based on what you've stated so far. I think 1 thing holding down your scores is a lack of an open installment loan. Read this for more information.
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secure-technique/td-p/4506756

I'm guessing the other thing is possibly the amount reporting to the credit bureaus for your credit cards. If it's $0, that will cost you about 15 points. If you're letting your statements cut with large balances and then paying them in full, that could be costing you even more points.

Luckily, all of the above are pretty easy fixes and can improve your scores within about 60 days.

Re: Filed for BK Ch. 7 Need Advice to Reestablish Credit

Anonymous — Sun, 25 Jun 2017 23:41:07 GMT

AbrahamWells wrote:
So I went ahead and got my score from Credit Check Total. See Below please:

Experian: 633

Transunion: 607

Equifax: 625

Not that great...

Scores above, one revolving credit card to start.

Below are some threads here which may offer some information that may be of interest to you.

There are people who haphazardly apply for cards without a plan or purpose. Take some time to come up with what might best suit your needs.

At this point, since you havn't gotten any store cards, it is my opinion that you should completely skip that unless that is were you currently shop & spend alot of money.

Consider instead the offerings from both credit unions & banks. Even if you are an plain vanilla individual w/o any interests or affiliations, there are still many different credit unions you can choose to become a part of. Some only require a nominal donation, of perhaps $25. Each has different characteristics and require different Fico 8 Scores for usual approval. Additionally, each financial Bank has different offering, and corresponding Fico 8 Scores.

Read, see which is applicable to yourself, then what might fit you both now and long-term. The first page of BK friendly cards, the very first post, gives an overview of how specific vendors respond to various applicants.

Best Wishes ! ! ! !

Official Credit Unions Guide
http://ficoforums.myfico.com/t5/Credit-Card-Applications/Official-Credit-Unions-Guide/td-p/4768788

Bankruptcy Friendly Credit Cards
http://ficoforums.myfico.com/t5/Bankruptcy/Bankruptcy-Friendly-Credit-Cards-Pt-2/td-p/3999737

HOW TO: From BK7 discharge to 700 in 24 months or less!
http://ficoforums.myfico.com/t5/Bankruptcy/HOW-TO-From-BK7-discharge-to-700-in-24-months-or-less/m-p/1384075/highlight/true#M9218?q=bk+to+700+in+2+years