topic Re: A Few Random Questions in Bankruptcy

A Few Random Questions

Anonymous — Fri, 20 Sep 2019 20:15:51 GMT

Hi there,

This forum has been a great help to me over the last year so I'm hoping you can provide some more advice!

Background:

Ch. 7 filed 2/8/19, discharged 5/15/19. Burned BoA, Barclay, Citi, and Marcus by Goldman Sacks. Discover is also reporting IIB because my lawyer insisted I list them on my bankruptcy petition even though they had $0 discharged.
Approved for Cap 1 Platinum card w/ $2k limit on 6/29/19 (will upgrade to $2.5K limit in January). I also have a car loan that was reaffirmed and is properly reporting, along with my student loans.
Current scores from MyFICO are 680 (Equifax), 640 (Transunion), and 654 (Experian).

Questions:

Looking on a few bank preapproval websites, I'm seeing that I'm pre-qualified for the following cards. Does it make sense to apply for any of them?
- Bank of America: BankSecurred card (odd since I burned them)
- BB&T: Spectrum Cash Rewards, Spectrum Travel Rewards, Bright
- Discover: it Cash Back and it Chrome Card (think this may be the website glitch others are talking about as they're reporting IIB (but weren't "burned") and, as of two weeks ago, I wasn't preapproved for anything)
- Kohls Charge Card
My dad has offered to add me as an authorized user on one of his credit cards. He has 800+ FICOs with all of the bureaus so I fully trust that he is being responsible with his credit and he wouldn't do anything with his credit cards that would be negative/derogatory. Would this be beneficial to me? If so, is there a specific bank I should be added to (he has accounts with all of the major banks)?
Is there anything I can do so my old Discover card doesn't show as derogatory/IIB since they weren't harmed? I tried calling but they refused to remove the notation so it's showing as a derogatory account on my credit reports. That said, I know I may not have a choice since it was listed on the bankruptcy petition (even though it had a $0 balance).

Thanks in advance for the advice!

Re: A Few Random Questions

FireMedic1 — Sat, 21 Sep 2019 11:59:20 GMT

@Anonymous wrote:
Hi there,

This forum has been a great help to me over the last year so I'm hoping you can provide some more advice!

Background:
Ch. 7 filed 2/8/19, discharged 5/15/19. Burned BoA, Barclay, Citi, and Marcus by Goldman Sacks. Discover is also reporting IIB because my lawyer insisted I list them on my bankruptcy petition even though they had $0 discharged.
Approved for Cap 1 Platinum card w/ $2k limit on 6/29/19 (will upgrade to $2.5K limit in January). I also have a car loan that was reaffirmed and is properly reporting, along with my student loans.
Current scores from MyFICO are 680 (Equifax), 640 (Transunion), and 654 (Experian).
Questions:
Looking on a few bank preapproval websites, I'm seeing that I'm pre-qualified for the following cards. Does it make sense to apply for any of them?
Bank of America: BankSecurred card (odd since I burned them) Since they were freshly burned. I highly doubt it.
BB&T: Spectrum Cash Rewards, Spectrum Travel Rewards, Bright I was 3 yrs out for the Specturm, Not burned. Went in branch after opening e-savings online which is free to transfer CB rewards into it it. Not sure how far out though.
Discover: it Cash Back and it Chrome Card (think this may be the website glitch others are talking about as they're reporting IIB (but weren't "burned") and, as of two weeks ago, I wasn't preapproved for anything) Most cases are usually near a year out. Lately some have gotten pre-approved and then denied once they pull the trigger. YMMV.
Kohls Charge Card
My dad has offered to add me as an authorized user on one of his credit cards. He has 800+ FICOs with all of the bureaus so I fully trust that he is being responsible with his credit and he wouldn't do anything with his credit cards that would be negative/derogatory. Would this be beneficial to me? If so, is there a specific bank I should be added to (he has accounts with all of the major banks)?
Is there anything I can do so my old Discover card doesn't show as derogatory/IIB since they weren't harmed? I tried calling but they refused to remove the notation so it's showing as a derogatory account on my credit reports. That said, I know I may not have a choice since it was listed on the bankruptcy petition (even though it had a $0 balance).
Thanks in advance for the advice!

Not much you can do about Disco. If they were on the BK schedule. It will stick. You can upgrade your Plat to a QS so you can get some cash back. https://ficoforums.myfico.com/t5/Credit-Cards/Capital-One-check-for-upgrade-link/td-p/4934733

You could try for a store card to keep building on your own. Your scores arent that bad right now. Once you add a couple more cards you'll gain a few more points since you only have 1 card. Dont need any credit builder loans. You already got them already. Anoter Cap1 card cant be applied for until Dec/Jan. Kohls seems like a rather good choice. But being fresh out I gotta say. YMMV. Good Luck!

Re: A Few Random Questions

Anonymous — Sun, 22 Sep 2019 15:35:08 GMT

Thanks for the quick (and detailed!) reply!

Re: A Few Random Questions

Anonymous — Mon, 14 Oct 2019 15:31:48 GMT

Chiming in with an update: I checked the Discover pre-approval site again and was pre-approved for the it and Chrome cards. Realizing some people are reporting the pre-approval site isn't always accurate, I still took the risk and applied for the it card. I was approved with a $11k limit!

Re: A Few Random Questions

FireMedic1 — Mon, 14 Oct 2019 15:38:45 GMT

WUT!?! CONGRATS!!!!!!!!!!!!!!!!!!!!

Re: A Few Random Questions

Anonymous — Mon, 14 Oct 2019 17:04:02 GMT

@FireMedic1 wrote:
WUT!?! CONGRATS!!!!!!!!!!!!!!!!!!!!

I know! I don't think I'll actually believe it until the card arrives but I just looked at the "Check Application Status" screen and that's what appeared!

Re: A Few Random Questions

Tuscani — Tue, 15 Oct 2019 15:54:49 GMT

Holy! Well done.

Re: A Few Random Questions

2b2rich — Wed, 16 Oct 2019 17:24:04 GMT

Nice going!

Re: A Few Random Questions

GApeachy — Wed, 16 Oct 2019 17:33:09 GMT

That's badtail! Congrats OP!

On the BB&T pre-qual....what is it showing apr% wise? For all three cards- their %?

Re: A Few Random Questions

Anonymous — Wed, 16 Oct 2019 17:46:12 GMT

@GApeachy wrote:
That's badtail! Congrats OP!
On the BB&T pre-qual....what is it showing apr% wise? For all three cards- their %?

I'm not sure what they were when I did my initial preapproval but here's what's showing up now:

BB&T Spectrum Cash Rewards Credit Card - 0% on purchase and balance transfers for 12 months and then 23.99% variable
BB&T Spectrum Travel Rewards Credit Card - 23.99% variable plus 20,000 bonus miles (a $200 value) when you spend $2,000 in the first 90 days
BB&T Bright Credit Card - 0% on purchase and balance transfers for 15 months and then 21.99% variable

Re: A Few Random Questions

GApeachy — Wed, 16 Oct 2019 17:51:09 GMT

Thanks for responding back. I think you picked the right ccc. Enjoy your new card!

Re: A Few Random Questions

Anonymous — Sat, 19 Oct 2019 23:06:17 GMT

Following up: the card was delivered yesterday, activated with no issues, and has already been used for a pack of gum (to ensure it will start reporting when the billing cycle closes)!

Re: A Few Random Questions

Anonymous — Wed, 23 Oct 2019 18:59:40 GMT

jslev9 - OUTSTANDING

Re: A Few Random Questions

FireMedic1 — Wed, 23 Oct 2019 19:23:04 GMT

Congrats again. Enjoy it!