topic Re: Finally! 3 years out. in Bankruptcy

Finally! 3 years out.

tammyjk — Wed, 19 May 2021 00:48:15 GMT

Immediately after BK was discharged I got a secured Discover for only 200. Then it graduated to 500. I asked for 1k and that was granted. My Wayfair card bit the dust when they ended them but eventually I got the Citi Wayfair card for 2500. Next was Home Depot for 1k and Target. Not even 3 years out and today Navy Fed CU approved me for 20k. I've had some high interest/ yearly fee small cards which I am now beginning to close out. I haven't even been with Navy Fed for 6 mos!

Re: Finally! 3 years out.

AllZero — Wed, 19 May 2021 02:30:45 GMT

Congratulations on your success! Good luck on your credit journey.

Re: Finally! 3 years out.

tammyjk — Wed, 19 May 2021 04:04:54 GMT

Thanks! Like everyone else I wished I had just bit the bullet and filed bk earlier and saved myself a lot of sleepless nights.

Re: Finally! 3 years out.

Papa_Bear — Wed, 19 May 2021 05:25:55 GMT

Congratulations!

Re: Finally! 3 years out.

babygirl1256 — Thu, 20 May 2021 04:55:43 GMT

@tammyjk Congrats on your NFCU approval and monster SL.

Re: Finally! 3 years out.

chalupaman — Thu, 20 May 2021 06:53:10 GMT

@tammyjk wrote:
Thanks! Like everyone else I wished I had just bit the bullet and filed bk earlier and saved myself a lot of sleepless nights.

You and me both. I feel exactly the same way. My current lineup of cards in terms of overall limits and balance is so much better than what I had before BK and believe me, I used to have some pretty high limit cards, but was plagued with too many new accounts, and eventually the balances just kept accumulating in a downward financial spiral.

Even my FICOS from back then never moved beyond the low 700s and it was because I really didn't know what I was doing back then or really had that strong foundation correct. Congrats on the NFCU approval too! They are amazing.

Re: Finally! 3 years out.

tammyjk — Thu, 20 May 2021 07:48:39 GMT

Thanks. Now I'm moving to get rid of some of the high interest rate cards. I belong to two credit unions and one gave me a personal line of credit for 1k and a 1k credit card with 0% interest for 18 mos. After that it will be 9.5%. The NFCU is 0% for 12 mos and then 12%. I don't want too much available credit hanging out there either. My husband told me "don't you dare close the Home Depot". LOL.

Re: Finally! 3 years out.

babygirl1256 — Thu, 20 May 2021 07:56:39 GMT

@tammyjk Just take it slow in rebuilding -and- manage the cards accordingly . . . I track mine on an Excel spreadsheet lick clockwork and it keeps me within my set budget . . . since I am retired and starting a business!!!

Re: Finally! 3 years out.

Total80sKid — Thu, 20 May 2021 08:17:49 GMT

Congrats on your success, NFCU approval and great SL!

Re: Finally! 3 years out.

tammyjk — Thu, 20 May 2021 08:26:36 GMT

Most of my cards have a 0 balance and I really do need a spreadsheet. I'm looking at closing some of the high interest rate cards and transferring balances. I recently closed one and was waiting to see if I took a hit on my credit score. That was a couple of months ago and no hit so far. I would like to get down to a few cards that I use often. I have about 1k on all of them combined so it's not a lot.

Re: Finally! 3 years out.

Anonymous — Wed, 09 Jun 2021 06:40:12 GMT

Good for you! I'm 2 years and 2 months out and I can't seem to get more then a $300 CL. I started with the predatory cards (indigo, Avant, and Total credit). All $300 CL, I kept the balance low (under 10%), now I have two Capital one CC, one $400 and the other $300. I stopped using my other cards since having the capital one cards, my scores all range from 640-660, I can't seem to get it to budge about that point. I'm a nurse with an associate degree and currently completing my Bachelors degree, so I havnt had to pay my student loans, but was thinking of making some sort of payments thinking it may help. I also have a $4k genesis Wayfair account that has a $0 balance (I needed that for tough times when I moved). So, I'm not sure what to do to help raise my score. I just want to be in the 700 club.

Re: Finally! 3 years out.

Horseshoez — Wed, 09 Jun 2021 09:04:31 GMT

@Anonymous wrote:
Good for you! I'm 2 years and 2 months out and I can't seem to get more then a $300 CL. I started with the predatory cards (indigo, Avant, and Total credit). All $300 CL, I kept the balance low (under 10%), now I have two Capital one CC, one $400 and the other $300. I stopped using my other cards since having the capital one cards, my scores all range from 640-660, I can't seem to get it to budge about that point. I'm a nurse with an associate degree and currently completing my Bachelors degree, so I havnt had to pay my student loans, but was thinking of making some sort of payments thinking it may help. I also have a $4k genesis Wayfair account that has a $0 balance (I needed that for tough times when I moved). So, I'm not sure what to do to help raise my score. I just want to be in the 700 club.

I don't know if you can swing it, but a higher limit secured card might help you jump start your credit limits with new unsecured cards. Last year a couple of months after my discharge I opened a secured credit card through my local bank with a $5,000 credit limit; roughly six months later I started getting offers for good unsecured cards with high(ish) limits. By the 1-year mark post-discharge I had $14,000 in credit spread across three unsecured cards (my secured card had already graduated), and my credit scores were high 600s and low 700s.

Re: Finally! 3 years out.

Anonymous — Wed, 09 Jun 2021 10:04:13 GMT

I will consider that. I have been banking with BOA for 3 years, $12k monthly deposits, a nice savings account and they have declined me 3 times for a CC. So I will have to find a different bank, maybe a credit union or just another CC company. Thanks for the suggestion.

Re: Finally! 3 years out.

Horseshoez — Wed, 09 Jun 2021 14:39:01 GMT

@Anonymous wrote:
I will consider that. I have been banking with BOA for 3 years, $12k monthly deposits, a nice savings account and they have declined me 3 times for a CC. So I will have to find a different bank, maybe a credit union or just another CC company. Thanks for the suggestion.

LOL, last year after my Chapter 13 I'd been banking with BofA for years, so I tried to open a secured card with them and they denied me. I immediately closed all of my accounts with them and moved over to TDBank; they were more than happy to give me a secured card with a $5,000 limit. If you live in the eastern United States, TD might be a really good option for you.

Re: Finally! 3 years out.

coreyb80 — Wed, 09 Jun 2021 15:01:48 GMT

Congrats on the continued success and excellent approval!