topic Re: Six months post BK7 data points in Bankruptcy

Six months post BK7 data points

Anonymous — Thu, 09 Aug 2018 00:06:02 GMT

TODAY
EX 671 TU 655 EQ 692

Major Credit Cards
Cap 1 platinum 4000
Disc (secured) 200
Barclays apple -1500
PenFed-5000

Store cards
Target 300
Khols 300
Overstock 250
Children’s place 500

Cap 1 auto finance car 25K @4.91

I got denied for quite a few things along the way, but I have everything I need as far as credit. I don’t carry balances anymore and run about 4K through my cards monthly.

I’d like to buy a house but I have to wait 2 years. I’m going to focus on gardening now saving and staying out of debt.

Good luck to everyone!!

BACKGROUND:

Chap7 Bk filed 08nov17
341 05Dec17 no asset
Renter, Did not reaffirm car with 32k balance
Discharge 06Feb18

Before filing I had the following
Boa -24000
Boa- 3200
Citi 5200
Amex 9200
Msdfcu 21500
Chase 5800
Lending club 13000
Nwfcu (car) 32000
Navient (not IIB) 800- continued payments through BK
First mark student loan (not IIB ) 8200-continued payments during BK

Pre-Bk my scores were low 600s (chase EQ fico was 620, I believe). Never paid anything late

Re: Six months post BK7 data points

Anonymous — Thu, 09 Aug 2018 02:47:34 GMT

Great Job! You are in the right direction.

Re: Six months post BK7 data points

Anonymous — Thu, 09 Aug 2018 19:53:22 GMT

Great job

Re: Six months post BK7 data points

Anonymous — Fri, 10 Aug 2018 00:40:54 GMT

Im looking to get in with penfed in the future. What was your credit score with them when you applied? and how long after your discharge did you apply? Auto approval? or recon?

Re: Six months post BK7 data points

Anonymous — Fri, 10 Aug 2018 02:20:53 GMT

I applied for penfed a few weeks post discharge after my EQ FICO 9 was over 650. I was lucky that my credit bounced back because of one of my student loans still reporting positive. I was told 650 EQ 9 their minimum requirement. I had to do a recon after a denial initially and submit income verification

Re: Six months post BK7 data points

Anonymous — Fri, 10 Aug 2018 20:25:15 GMT

Thank you. I will wait til my score is in that range before I apply.

Re: Six months post BK7 data points

Anonymous — Tue, 14 Aug 2018 18:38:11 GMT

Thanks, Hotter! Please continue to keep us updated through your post BK journey as it is an inspiration to those of us going through the same situation.

I would be curious to know more details about how/when you got your accounts (score at the time, iib'd, declines and reason for such, etc.). My discharge date is 9/5 and I too want to buy a house in 2 years. I'd love to get to where you are after only 6 months! It would be great to have a clear path laid out.

Re: Six months post BK7 data points

Anonymous — Wed, 15 Aug 2018 02:02:14 GMT

I’ll see what I can glean from my reports.

In Jan (scores 538 515 560 ) I applied for
auto loan- cap 1 declined
penfed membership- hard pull and approved for membership only (I didn’t apply for anything else)

In Feb (626 580 599) like the day I was discharged I applied for
Cap 1 auto- approved for up to 30k @4.91
Discover Secured-approved
Wells Fargo auto - approved for something in the teens APR wise
Digital Federal CU auto loan-declined
Overstock-approved
Barclays apple- declined
PENFED again, auto declined but I called back for another hard pull because my scores needed to be refreshed, approved for 5K credit card and 500 Line of credit with the checking account

In April (635 618 657) I applied for
Target- approved
Kohls- approved

In May my 10 year old student loan with perfect payment history started to report again

In June (679 651 671) applied for
Barclays apple- approved

In July (692 658 671) I applied for
Barclays Uber- declined
Cap 1 gave me a CLI from 1K to 4K

In August i applied for a
sync home card-declined
Macy’s card- declined

I’m looking to switch my cap 1 from platinum to a rewards card hopefully in the next few months. I really hate using it because penfed and discover have me spoiled with cash back.

I’m also looking forward to my discover to become unsecured in the next few months and hopefully getting a decent CLI so I can finish up my matching cash back year BIG!

Re: Six months post BK7 data points

Anonymous — Wed, 15 Aug 2018 17:16:21 GMT

Wow thank you so much for the info! It's interesting that your scores improved so much from Jan to Feb. I suppose that is from the negative history getting taken off for your iib accounts. My student loan stopped reporting and that knocked me down 100 points so I'll be happy when that resumes after discharge.

Anyhow, thanks for all the info...look forward to the updates!

Re: Six months post BK7 data points

MDCruiser — Sat, 18 Aug 2018 04:18:11 GMT

I became a PenFed member in 2011, but never used anything from them. After discharge, I applied because my Auto9 was 634, got approved for 10.5/72 months. I also have a savings secured loan for $250 off my savings account through them too. Their customer service is great! I can't wait to get in with them on a credit card.

Re: Six months post BK7 data points

FireMedic1 — Sat, 18 Aug 2018 08:44:47 GMT

Your on your way. Nice job. Remember its not a race. The time will fly by. I cant believe its been 3 yrs already. Seems like yesterday.

Re: Six months post BK7 data points

Guyatthebeach — Sat, 18 Aug 2018 18:11:12 GMT

Hotter,

Congratulations on your awesome rebuilding efforts. You are doing excellent and keep on doing what you are doing!

Here are a couple of recommendations I have:

1. You have enough credit for the moment. Don’t apply for any new credit unless it is needed. Let those inquiries fall off and let’s those accounts age. You will see another small boost in your FICO when those inquiries fall off and all those cards turn two years old. I think I had about a 30 point boost.

2. PENFED is an excellent credit union. It’s looking like you have a really healthy relationship with them. I would schedule an appointment with one of their financial advisors and let them review your credit for any improvements. You might as well as use their resources since it’s free. I would use them for your mortgage.

3. For your credit cards with low credit limits, Discover and Target for example, I would make sure that they have a zero balance and no more than 10% when the statements close.

4. As soon as your Capital One card hits the 6 month mark, I would upgrade it to the Savoy card where you get 3% card back when you eat out. Find a card that works for you. You might as well as use it since you got it.

5. Since you already have a great relationship with PENFED, I would open a savings account with another credit union or bank, so you can have a back up emergency savings account in case of emergency.

Keep doing what you are doing!

Guyatthebeach

Re: Six months post BK7 data points

Anonymous — Sun, 19 Aug 2018 16:08:19 GMT

Thanks Guyatthebeach! I’m going to call cap1 in the morning about changing to a rewards card. I just hit my 7th statement so hopefully they have something for me.
You’re right about no more credit for now. I don’t need anything, I was just so excited to be getting cash back discounts from from places I shop either way. Before BK the interest I was paying monthly prevented me from seeing this side of the credit world! I’m on track to earn about 1K this year from purchases I would be making either way and not paying a penny in interest.

Re: Six months post BK7 data points

Anonymous — Tue, 21 Aug 2018 20:57:44 GMT

Update called and I was offered venture or quicksilver (no AF) . I took the quicksilver!

Re: Six months post BK7 data points

Anonymous — Thu, 23 Aug 2018 01:24:32 GMT

Congrats on your rebuild especially getting in with Penfed.

Re: Six months post BK7 data points

Kasuito39 — Sun, 02 Sep 2018 13:43:00 GMT

Congrats on your rebuild efforts!

Re: Six months post BK7 data points

Anonymous — Thu, 20 Dec 2018 19:36:25 GMT

Hotter, thanks for the DP info but may I ask for a ballpark annual income as well? Hoping Cap1 will approve me before end of month for an auto loan with a lower interest rate. Can you use HHI for that application?

Re: Six months post BK7 data points

Anonymous — Fri, 21 Dec 2018 16:57:40 GMT

Great Job.

I am weeks from my 341 meeting, and the road to good credit. Thanks for the breakdown

Re: Six months post BK7 data points

csl1 — Tue, 01 Jan 2019 16:43:30 GMT

Awesome job. Your rebuild is already a great success. Best wishes.

Re: Six months post BK7 data points

MDCruiser — Tue, 01 Jan 2019 16:52:02 GMT

I just got a new card from a company called Ollo. 24% and no annual fee! CapOne isn’t trying to help me 6 months out of discharge, but I also burned them for $11k. Same for Discover, $2k. PenFed told me 2 years post bk before they’ll give me a card which is fine.