topic Re: Rebuild Question in Bankruptcy

Rebuild Question

Anonymous — Thu, 06 Feb 2020 21:29:05 GMT

It's just a few days shy of 30 days since DC. Went ahead and pulled my credit reports from Annual Credit Report and saw that all accounts show a zero balance and IIB. Student loans reappeared and scores went up.

Got an offer in the mail from Mission Lane. Showing a $39 annual fee and they just overall don't look as shady as Credit One, they have a credit steps type thing after 6 months, so I went ahead and applied. Not gonna lie, my finger was hovering over the "Apply" button for awhile like this was life or death lol

Anyway, I got approved for $1k! I know it's not a ridiculous amount, but I was expecting the worst and being stuck with some $300 limit.

A couple questions.

Can I go ahead and apply for Credit One as well? Or does anyone recommend any other cards? Should I just wait 5-6 months and get some history, then apply for something else?

Also, how should I use this card? Does it matter how much I use it, as long as I pay in full? Should I never go over a certain percentage?

Re: Rebuild Question

Anonymous — Thu, 06 Feb 2020 21:32:09 GMT

First, congratulations on your approval! Have you thought about Cap1 Plat?

Re: Rebuild Question

Anonymous — Thu, 06 Feb 2020 21:33:46 GMT

I burned them in Chapter 7. Tried the prequal, but they couldn't match me up. I'll keep trying over time.

Re: Rebuild Question

Anonymous — Thu, 06 Feb 2020 21:38:20 GMT

Sorry about that. Definitely keep trying. I don't know about CreditOne. Seems a little shady, but hopefully someone here who has one of their cards could be able to shed some light otherwise.

Re: Rebuild Question

Azuieldrago — Thu, 06 Feb 2020 21:41:56 GMT

I have Credit One. Definitely not the best card out there. Does what it needs in terms of rebuilding. Currently a $450 limit. Figure I will keep it until I can start getting in with other better cards.

@Anonymous wrote:
Sorry about that. Definitely keep trying. I don't know about CreditOne. Seems a little shady, but hopefully someone here who has one of their cards could be able to shed some light otherwise.

Re: Rebuild Question

Anonymous — Thu, 06 Feb 2020 21:49:08 GMT

My main question is, since I got approved for a card, should I apply for any more, or give it time?

Re: Rebuild Question

FireMedic1 — Thu, 06 Feb 2020 22:33:49 GMT

Congrats! Its best to wait at least 3-4 months in between apps. Let it report a few months. Use it and let $10 report. Theres no spend limit needed. This will prove your ok again with credit. Who got burned may I ask to see who else you could go after.

Re: Rebuild Question

Anonymous — Thu, 06 Feb 2020 22:37:19 GMT

Copied from my post about discharge. Basically all the big ones. Wish I could have my Citi back.

Chase, Discover, Synchrony, Capital One, Barclays, PayPal Credit, and a local credit union CC all had balances at the time of bankruptcy. I had a Citi and Kay card open at the time with no balance.

Re: Rebuild Question

FireMedic1 — Thu, 06 Feb 2020 22:56:18 GMT

Well the 2 easy ones that are forgiving are Cap1 and Disco. Cap1 may pop after on average 4-8 months. Non vulture cards you could go after is OpenSky no HP or Merrick Bank to get things started.

Re: Rebuild Question

Anonymous — Thu, 06 Feb 2020 23:05:44 GMT

I'm surprised to hear you say Discover is forgiving. I thought from what I've read, Discover is 5+ years.

Re: Rebuild Question

Azuieldrago — Thu, 06 Feb 2020 23:14:36 GMT

@Anonymous wrote:
I'm surprised to hear you say Discover is forgiving. I thought from what I've read, Discover is 5+ years.

Everything I have read, most can get back in within a yr of positive rebuilding. There are exceptions of those getting in earlier and those who go almost a decade but majority is within a yr.

Re: Rebuild Question

Anonymous — Thu, 06 Feb 2020 23:47:12 GMT

Good to know. Thanks everyone! I'll give it 4 months or so and see what becomes available.

Re: Rebuild Question

FireMedic1 — Thu, 06 Feb 2020 23:56:59 GMT

Nope. Theres no set timeframe figured out. Just like when you'd get a CLI. Discover marches to their own beat. Most are around a year out. Secured maybe sooner. But its a coin flip. But it doesnt hurt to keep trying the pre-qual page. AMEX is 5yrs 1 month if they werent burned.

Re: Rebuild Question

Anonymous — Sun, 09 Feb 2020 19:43:17 GMT

Credit One actually isn't terrible. We have them at $500CL now. Yearly fee sucks, but if you can do a solid rebuild and cancel in month 11, you only have to pay it once. Payments take about a week to credit, unless you pay the fee to "express pay". If you plan for it, it's fine. We use this card right now just to boost our available credit on our reports. I have our Netflix sub on it and that's it.

Re: Rebuild Question

Anonymous — Mon, 10 Feb 2020 01:13:17 GMT

Did you get the preapproval on the Credit One site?

Credit One and Capital One Platinum were the first cards to give me a chance post 2 Week Post BK.

Fingerhut was another company that helped me build up my Credit Mix. Use Credit One as a clutch to get other cards but get rid of it when you start getting a Graduated Discover IT Card or a Quicksilver One card. Just use it for a bill cause the interest rates are terrible.

Re: Rebuild Question

Anonymous — Mon, 10 Feb 2020 01:29:08 GMT

@Anonymous wrote:
Did you get the preapproval on the Credit One site?

Credit One and Capital One Platinum were the first cards to give me a chance post 2 Week Post BK.

Fingerhut was another company that helped me build up my Credit Mix. Use Credit One as a clutch to get other cards but get rid of it when you start getting a Graduated Discover IT Card or a Quicksilver One card. Just use it for a bill cause the interest rates are terrible.

I did get pre-approval for Credit One, but found Mission Lane instead. $29 annual fee and limit increase in 6 months. Sounds like the better deal.

Capital One was included in my BK, so I'm waiting 6 months to a year before I apply. I'll try the pre-approval every so often.

We'll see what happens with Mission Lane. I may keep it because they don't see to have a lot of fees and it will help with credit aging.

Interest rate doesn't matter to me because I'll be paying in full every month. I'll likely use it for monthly bills and gas that I already have the cash for, then just pay in full with that. Hopefully with a lot of spending, I'll get a decent CLI after 6 months.

Re: Rebuild Question

TekkenQQ7 — Mon, 10 Feb 2020 05:19:19 GMT

Congratulations