topic Re: Next Steps in Bankruptcy

Next Steps

Anonymous — Thu, 21 May 2020 16:50:47 GMT

Good Afternoon,

My bankruptcy was discharged at the end of January and I'm currently trying to decide the best route to rebuild. Just to give a quick background I (unfortunately) burned all of the major CCC ; Capital One, Amex, Discover, Chase, NFCU, Citi..etc. I've been reading the different posts on here and even read through the forum about the steps to take for a score of 700 in 24 months. However, since I burned both Discover and Capital One, I know it'll be some time before I can get back in with them. My question is what steps should I take next? I currently have school loans, auto loan (it wasn't included in the BK), a credit rebuilding loan and unsecured credit card from my bank. I was reading on here how it's ideal to have 3 cards but I'm not sure which cards I could even get at this point. Any suggestions on how to proceed?

Re: Next Steps

sccredit — Thu, 21 May 2020 16:53:49 GMT

It took me some time to build up to 3 cards, probably like 6-8 months. Capital One was a year after discharge for me. I burned them for about $26k on business cards.

Re: Next Steps

Anonymous — Thu, 21 May 2020 17:31:26 GMT

Check your CapOne prequal. They're funny like that and many have gotten a card within weeks of burning them in a BK.

If nothing is there, look at OpenSky and GreenDot - neither even does a credit pull and you will be approved. That'll get you your three revolvers.

Re: Next Steps

Anonymous — Thu, 21 May 2020 20:23:26 GMT

I've checked the Capital One prequal but no offers yet so I'll give it some time. I got a preapproval for Credit One that I applied for but then was told that my application is processing. I'll have to look into the other two that you suggested. I am a member of PenFed, so I'm hoping that I can get a card with them at some point during my rebuilding process.

Re: Next Steps

Anonymous — Thu, 21 May 2020 20:36:52 GMT

Being a member of PenFed may help you with credit relationships and it'll be worth having. With CreditOne, watch them carefully. They're known to be fee harvesters - certain cards will have an annual fee and possibly a monthly fee as well. Use it cautiously and once you have a couple better cards, I would ditch it.

Re: Next Steps

ballysdad — Fri, 22 May 2020 01:38:50 GMT

My friend burned CapOne for 18k. Two months later he has unsecured 3k line

Re: Next Steps

TekkenQQ7 — Sat, 23 May 2020 14:21:21 GMT

After my BK I applied for cap one few times without any HPs, I think cap one wasn't ready to take me back. About 3 months after my discharge I got approved 1K. Good luck