topic Re: Checking in with rebuilding progress less than 2 years from BK in Bankruptcy

Checking in with rebuilding progress less than 2 years from BK

Anonymous — Wed, 02 Feb 2022 00:43:27 GMT

Hi - I have not been around since October 2021 when I listed four cards I had started rebuilding credit with after my BK discharge in May 2020. Here it is February 2022 and I'll update. As of last October I had:

U.S. Bank secured card 500 limit (that was the amount of my deposit - they are super easy to open with & highly recommended)

Fingerhut 800 limit

Zales 1000 limit

Ollo Platinum Mastercard 1,800 limit

I'll update the list now. I just closed U.S. Bank the other day, because I want my deposit back, they will never graduate the card to a non-secured, and while it was useful at the time, I don't need a secured card to establish credit anymore. Zales has not increased my limit (however, I didn't use them until just a few weeks ago) and Ollo and Fingerhut have increased my limit. As of now:

Fingerhut 1,100 limit

Ollo Platinum MC 2,500 limit

Ollo Rewards MC 1,500 limit (they offered this to me preapproved a few months ago)

Mercury card 3,750 limit

Capital One 1,000 limit

Nordstrom 2,000 limit

Zales 1,000 limit

Just wanted to give some encouragement to those who are starting out. For some reason I didn't even try to start rebuilding for a while; I think I opened the secured card about 6 months after my BK discharge, but if I had to do it over again, I would have started immediately. I opened Fingerhut just before that, I think, and they're the best for extending credit. Anyway, I can't break into the next tier yet (above the sub-prime cards) but I saw that my utilization was 40% on my last report. I'm bringing it down to 25% through a couple of BTs (my husband & are are rebuilding together and guess what - he's going to take a few of my balances for now, ha ha - before you think I'm too mean, there are two additional cards I didn't list that he added me to as an authorized user - Target and Caesar's MC (Comenity) and they need to be paid down to improve my utilization). Happy credit building to everyone!

Re: Checking in with rebuilding progress less than 2 years from BK

dragontears — Tue, 01 Feb 2022 20:44:32 GMT

Which US Bank secured card will "never graduate" last I heard they all have the potential to graduate?

Re: Checking in with rebuilding progress less than 2 years from BK

Anonymous — Wed, 02 Feb 2022 00:41:44 GMT

It's called the "U.S. Bank Secured Visa." It's the gray one pictured on their page of secured card offerings. I assume the other two are just varieties of the same. I asked if they would consider converting it to an unsecured card but they said I'd have to make a separate application for an unsecured card. I did that about 6 months ago and was not approved. I don't want to even try it now.

Re: Checking in with rebuilding progress less than 2 years from BK

FireMedic1 — Wed, 02 Feb 2022 15:16:38 GMT

Nice job. Yes get your util % down. Show your responsible with what you have and dont run up balances to report. Show no signs of possible future debt. Stay low risk. Try Disco's pre-qual to move into the next bracket. Keep it up. Slow and steady wins the race. Congrats!

Re: Checking in with rebuilding progress less than 2 years from BK

Anonymous — Wed, 02 Feb 2022 19:35:08 GMT

Thanks! That's the plan. I tend not to like Discover, but maybe it's a good move. I'll try to pre-qual and see what's up.

Edit: They said no. Well, I think the tincture of time (and low balances) is what's needed now.

Re: Checking in with rebuilding progress less than 2 years from BK

FireMedic1 — Wed, 02 Feb 2022 20:55:47 GMT

Try again after your util is lower having AZEO and give it another whirl. That will be your gauge of where your at. Took me 3 times in 3 months. 1.8 yrs out.