topic After the bankruptcy... in Bankruptcy

After the bankruptcy...

Anonymous — Wed, 18 Dec 2019 01:03:46 GMT

Hey all, I’m new to the forum but have been reading and learning a great deal from everyone. I filed for bankruptcy last December 2018 and it was discharged in April 2019. I didn’t apply for any new cards because I felt I needed some time to get my finances and mind in order.

I’m now ready to get back into the world of credit and applied for 3 cards. Discover it secured, credit one bank Amex, and the Ollo card. I was approved by all 3 with credit lines of 1500 Ollo, 2500 credit one, and 200 for discover it that I put down.

I included capital one and chase in my bankruptcy but have been getting pre qualifications from both banks on credit karma and nerd wallet. My fico score with Experian is 640. The suggestions from credit karma and nerd Wallace are telling me that I should apply for another card to benefit my credit score. I’m not sure if I should because of the bankruptcy from those 2 banks. Any suggestions on next steps? Thanks in advance.

Re: After the bankruptcy...

recoveringfrombk7 — Wed, 18 Dec 2019 01:24:03 GMT

You don't need more cards to rebuild. They are pushing offers on you because they benefit from doing so. You can check capital one prequal on their site, but be aware if you pull the trigger they will hard pull all 3 reports and you've got what you need to rebuild already (in terms of credit cards). As for chase, if you burned them you definitely do not prequalify for their stuff and won't for a really really long time, if ever.

Do you have an installment loan of some sort (student loan, car, mortgage, etc)?

Re: After the bankruptcy...

Anonymous — Wed, 18 Dec 2019 02:02:20 GMT

Thanks for the info, yes I do have student loans that I’m paying off and they are in good standing. No missed payments and they are paid on time. No other installment loans at this time.

Re: After the bankruptcy...

pizza1 — Wed, 18 Dec 2019 02:18:36 GMT

First, welcome to the forums!! Glad you're here

Next, Do NOT listen to what CK says...You only need one loan (Student loan, car, mortgage, personal loan etc..), and 3 CC's to rebuild ultimately according to FICO, and FICO is all that matters, including FICO scores! You have that exactly now.

I would garden your cards, and let them report 6 months to the CRA's, and then try for the pre-qual at Cap1. (they are the most forgiving). If you wanted, you could try the pre-qual now, and if its says Congratulations, not "we recommend), then go for one more card with Cap1. If not, wait 6 months.

You can absolutely forget Chase, Citibank, Amex, all the big dogs etc...for 5+ years...minimum. They each have their own BK rules.

Re: After the bankruptcy...

Anonymous — Wed, 18 Dec 2019 03:06:14 GMT

Just took your advice and went to the capital one site and prequalified for 4 cards. Got the exact congratulations message so I applied for two cards. Got approved for 1 with a credit limit of 3000.00 second one I was denied.

I’ll now wait until the 6 months before I try to apply again. I was so surprised and happy. In managing my new found credit I will be paying off all balances monthly and not go over 10 percent utilization.
I appreciate all the info from this forum and I hope to share my journey and hopefully give others hope of life after bankruptcy!

Thanks again!

Re: After the bankruptcy...

pizza1 — Wed, 18 Dec 2019 05:08:39 GMT

@Anonymous wrote:
Just took your advice and went to the capital one site and prequalified for 4 cards. Got the exact congratulations message so I applied for two cards. Got approved for 1 with a credit limit of 3000.00 second one I was denied.

I’ll now wait until the 6 months before I try to apply again. I was so surprised and happy. In managing my new found credit I will be paying off all balances monthly and not go over 10 percent utilization.
I appreciate all the info from this forum and I hope to share my journey and hopefully give others hope of life after bankruptcy!

Thanks again!

Thats great!! ok, now hit the breaks for 6 months minimum! The goal was to get postivie TL's reporting post BK, and now youve accomplished that! Congratluations! Garden your cards, adn just sit back now

Re: After the bankruptcy...

twono — Wed, 18 Dec 2019 11:23:19 GMT

@Anonymous wrote:
Just took your advice and went to the capital one site and prequalified for 4 cards. Got the exact congratulations message so I applied for two cards. Got approved for 1 with a credit limit of 3000.00 second one I was denied.

I’ll now wait until the 6 months before I try to apply again. I was so surprised and happy. In managing my new found credit I will be paying off all balances monthly and not go over 10 percent utilization.
I appreciate all the info from this forum and I hope to share my journey and hopefully give others hope of life after bankruptcy!

Thanks again!

Cap One got you for 6 hard pulls....ouch. I think qualifying for 4 cards only meant that you can choose 1. Just because its an all you can eat buffet, doesnt mean you should eat all the food. lol. Lame analogy i know. Or just because your speedometer on your car shows a speed of 160 mph, doesn't mean you should ever drive that fast.

Re: After the bankruptcy...

Anonymous — Wed, 18 Dec 2019 12:38:41 GMT

Yes thanks again. I’ll check in to discuss my progress on this journey.

Re: After the bankruptcy...

Anonymous — Wed, 18 Dec 2019 12:41:59 GMT

Lol, yeah maybe. It’s done now. I’ve been without credit for 2 1/2 years. Even with the hard pulls I’ll stay focused and build up my score. Thanks for responding it’s very much appreciated. Have an amazing day.