topic Re: Rcvd discharge late Feb--can't believe how fast my credit is bouncing back in Bankruptcy

Rcvd discharge late Feb--can't believe how fast my credit is bouncing back

Anonymous — Wed, 10 Mar 2021 16:07:48 GMT

Hi all,

I received my chapter 7 discharge in late February, was approved by Cap One to purchase a vehicle at 7.49% and was able to also obtain two Cap One credit cards, both with no fees, and one with rewards.

At it's low point while the BK case was ongoing, my credit rating from all three bureaus hovered around 520. I was sure it would take forver to rebuild.

As of this morning, my credit ratings from the three bureaus are as follows:

Transunion - 666
Equifax - 672
Experian 663

I have to admit, I keep checking my credit report over and over because I can't believe it. I'm already getting offers to refinance the car at a lower rate. I feel like it's realistic that I might be able to push my scores above 700 by the end of the year.

Bankruptcy has been such a blessing for me. For those of you that are still in the thick of it, just remember it's going to get better once it's over. Hang in there and see it through--life is great on the other side!

Re: Rcvd discharge late Feb--can't believe how fast my credit is bouncing back

Scupra — Wed, 10 Mar 2021 19:49:25 GMT

Amazing job getting things turned around so quickly!! With one other revolver you just might be able to obtain/pass that 700 mark. Keep it up

Re: Rcvd discharge late Feb--can't believe how fast my credit is bouncing back

Anonymous — Wed, 10 Mar 2021 21:22:13 GMT

Thanks, but it feels so random. I did have a long, good payment history for years before my wife lost her job and the issues that caused the bankruptcy started, but I'm not sure if that actually affects things after a discharge. I read other people's posts about how they can't get any decent credit a year out of discharge and I don't know what makes my case different than theirs. Credit is such an opaque, weird, and arbirtrary scam it seems to me. But whatever. I have to live in this so I'll do what it takes to use it effectively.

I definitely feel like I need at least one more revolving account, but the offers get better every day I check them, so I'm going to hold off for a couple more months and keep paying off the other two accounts in full.

The only thing I'm doing with the two cards right now are running bills through them--utitlities, internet, Hulu, etc.--and paying them off immediately after I use them.

Re: Rcvd discharge late Feb--can't believe how fast my credit is bouncing back

angelofmusic86 — Thu, 11 Mar 2021 16:07:20 GMT

I'm kinda jealous that Capital One gave you two cards, they keep telling me on the prequal site that I've had an application too recently. lol

Re: Rcvd discharge late Feb--can't believe how fast my credit is bouncing back

Anonymous — Thu, 11 Mar 2021 16:12:56 GMT

Yeah, that sucks. Like I said above, credit is such a **bleep**ing scam, but a scam that we all have to take part in to participate in society. The scores you list in your signature are pretty similar to mine, so hopefully if you keep trying to pre-qual, they'll approve you eventually.

The cherry on top is that I burned Cap One for over $10,000 in bankruptcy, and they offered me a new card even before I got my discharge. There just seems to be no rhyme or reason to it.

Re: Rcvd discharge late Feb--can't believe how fast my credit is bouncing back

angelofmusic86 — Thu, 25 Mar 2021 16:51:19 GMT

@Anonymous wrote:
Yeah, that sucks. Like I said above, credit is such a **bleep**ing scam, but a scam that we all have to take part in to participate in society. The scores you list in your signature are pretty similar to mine, so hopefully if you keep trying to pre-qual, they'll approve you eventually.

The cherry on top is that I burned Cap One for over $10,000 in bankruptcy, and they offered me a new card even before I got my discharge. There just seems to be no rhyme or reason to it.

They just PCed me to a QC $0AF card, so that's progress. I also did their auto navigator for "fun" to see what amount and rates I'd get if I need to buy a car (I do, but it's not an immediate need, I rarely drive), and Cap1 was very generous. However, when I try to pre-qualify again, it "yells" at me. I'll wait until 6 months, request a CLI, and then see if they might give me some more love on another card in 2022. (I plan to app for one more card in April, my credit union in November, and then something in maybe spring 2022.)