topic Re: Post Discharge (April) Update in Bankruptcy

Post Discharge (April) Update

Anonymous — Sun, 10 May 2020 23:15:43 GMT

Hi,

Here to share a few data points. I discharged Chapter 7 last month. My credit reports are all updated correctly. Although I burned just about every bank except Chase and Wells Fargo, I was able to get a Target Red card ($300), Golden 1 credit union secured card and a secured card from Union Bank. I'm going to rebuild with these three cards and try Cap one in about a year. I want Discover and Cap one but they are IBB. I may try Barclay sometime in the future. My goal is to wait at least one year before trying for Cap one, Discover and Wells Fargo. I was honestly shocked with the Target instant approval. I'm in California btw.

Re: Post Discharge (April) Update

FireMedic1 — Mon, 11 May 2020 00:33:21 GMT

Welcome @Anonymous

Good way to start. If you dont have any loans. Check out Self Lender. Congrats!

Re: Post Discharge (April) Update

Anonymous — Mon, 11 May 2020 00:37:40 GMT

@FireMedic1 Thank you! I've been seeing you reply to others posts. Your advice seems like it comes from some solid experience. I appreciate that! I will definitely look into a self lender. I would love to get into NFCU but I know no one affiliated with NFCU and the military. They seem like the golden ticket around here.

Re: Post Discharge (April) Update

FireMedic1 — Mon, 11 May 2020 00:47:57 GMT

Yes they are. Absolutely no one in your fam was in the militray? I joined last month from my grandfathers Hon DC papers.

Re: Post Discharge (April) Update

Anonymous — Mon, 11 May 2020 01:29:15 GMT

@FireMedic1 I have a cousin who is in the Army. What would be some of the NFCU products that someone out of chapter 7 would qualify for?

Re: Post Discharge (April) Update

mrcraft — Mon, 11 May 2020 01:58:26 GMT

I think you're on the right track with your credit strategy at this stage. With NFCU, I think just becoming a member and opening a savings account would be another good start too. You'll build your relationship with them, and can get unsecured credit products in the future as you re-build your credit. NFCU also has a secured card, so that might be a short-term option too. Good luck!

Re: Post Discharge (April) Update

Anonymous — Mon, 11 May 2020 02:21:18 GMT

@mrcraft Thank you!

Re: Post Discharge (April) Update

Anonymous — Mon, 11 May 2020 02:37:22 GMT

My sister's husband was formerly in military and now in Air Force. Would that be enough to get me in??

Re: Post Discharge (April) Update

Anonymous — Mon, 11 May 2020 03:22:18 GMT

Yes that would get you in.

Re: Post Discharge (April) Update

FireMedic1 — Mon, 11 May 2020 08:34:47 GMT

That should work.

Re: Post Discharge (April) Update

DebtStinks — Mon, 11 May 2020 19:42:07 GMT

Congrats on the discharge!

Capital One (unless recently changed) only requires 12 months to lapse from date of charge off ~OR~ BK...whichever came first before you CAN be eligible for another one of their cards.

Discover can be tricky. I've heard of people getting in with them a few months after discharge (both secured and unsecured) and then others who did NOT IIB, but can't get a prequal/approval for 2-4 years after discharge. They've always been known as one of the more conservative credit card issuers. Myself, for example, had an account with Discover prior to filing BK...I was never a single day late, etc on the account and closed it right before filing my CH7 with a $0.00 balance. I'm almost 3-years post discharge and each time I prequal I get the "prior relationship blah blah blah" prequal decline reason.

I do agree 100% if you can get in with NFCU, or any CU for that matter, they would definitely be your "golden ticket" to your credit rebuild!

Hope this helps!

Re: Post Discharge (April) Update

Anonymous — Mon, 11 May 2020 20:34:07 GMT

@DebtStinks This is great information!
I'm definitely waiting to try both about 13 months out of discharge. I don't plan to get too many cards, I just want to get 2-3 unsecured and eventually cancel the secured ones. For now, the secured cards should help me reach my goals. I got a feeling I may have the same discover outcome but we will see lol.

Thank you

Re: Post Discharge (April) Update

AzCreditGuy — Mon, 11 May 2020 23:41:32 GMT

Stay away from Barclays, you will not get a card with them. They screw over thier prime members

Re: Post Discharge (April) Update

Anonymous — Tue, 12 May 2020 00:26:16 GMT

@AzCreditGuy Good to know. Thanks

Re: Post Discharge (April) Update

Anonymous — Mon, 18 May 2020 10:55:44 GMT

Congrats on the discharge! You look set with your 3 CC's for now. Agree with others on the self lender loan. Do your secured cards graduate? If not, maybe start looking around the 6 month mark for Discover or something that might graduate once you have more good credit history. I also am getting no love from Disco, IIB them for a small amount but...YMMV big time, would continue to check their prequal site regardless.