topic BK7 Discharge to 700 in 13 months!!! in Rebuilding Your Credit

BK7 Discharge to 700 in 13 months!!!

Anonymous — Sun, 11 Aug 2019 02:58:03 GMT

Hello All,

This forum has been a staple for my rebuild process over the last year so I thought I would share my experience and rebuild process in hopes of helping others in the same situation. It should be known that I used the "HOW TO: From BK7 discharge to 700 in 24 months or less!" as a base for my rebuild process. If you are dealing with bankruptcy and haven't read that "HOW TO" link above already, I highly suggest you do so. This post is not intended to be a "HOW TO" rather an example of what is possible when the early steps are taken to rebuild your credit especially being I iiB'd so many lenders... This may be a confusing read but I kept very detailed notes throughout my process as you can see below and figured they may be helpful to others.

All lenders below are iiB in my BK filing I have also included the amounts for each

PERSONAL:

Key Bank Credit Line #1 $4,643.00

Key Bank Credit Line #2 $8,105.00

BECU Credit Line $7,044.00

AMEX Platinum $5,400.00

Costco - Citi $12,245.00

Black Card - Barclays $11,427.00

BOA Alaska Air $15,112.00

Chase Marriott $19,913.00

Discover IT $2,800.00

Discover Personal Loan $16,970.00

PayPal Credit $5,724.00

BUSINESS:

AMEX Simply Cash $13,702.00

Chase Ink $7,968.00

Citi AA Adv. $4,347.00

BOA Alaska Air $3,596.00

History:

2018:

1/24/18: PRE-FILE SCORE - Trans: 622 – Credit Karma (90%+ Utilization on Total CL’s of $140,000 Total)

4/11/18: Filed Ch7 SCORE - Trans: 479 – Credit Karma (After BK7 Filing Reported)

7/11/18: BK7 Discharged (All Debts) SCORE - Trans: 577 – Credit Karma (No new credit or reaffirmed loans between file & discharge date)

7/11/18: Applied Cap One Platinum day of discharge (Approved $1,000 CL)

7/11/18: Applied Wells Fargo Platinum day of discharge (Denied & accepted secured offer & funded with $300 SCL)

8/3/18: Joined NFCU & Applied Platinum Visa (Denied & accepted secured offer on 8/25/18 & funded with a $500 SCL)

8/13/18: SCORES - EQ: 676 Trans: 671 – Credit Karma (As soon as Cap One reported)

8/25/18: SCORES - EX: 638 EQ: 566 Trans: 626 – Select Identity Theft Reporting Agency(After Cap One reported)

10/8/18: Manual CLI Cap One Platinum to $1,100 (1st CLI seems to still be 3 months out then every 6 months after that as stated in other posts)

10/31/18: SCORES - EQ 691 Trans: 687 – Credit Karma (As soon as NFCU Secured CC $500 CL started reporting)

10/31/18: Converted Cap One Platinum to Quick Silver using this upgrade link https://verified.capitalone.com/sic-ui/#/esignin?Product=Card&Action=ProductUpgrade (Still had $1,100 CL after conversion)

11/7/18: Joined PenFed forgetting they pull credit for membership. Used same pull for auto loan

and credit card app denied both. Bankruptcy cited for both. Called to recon both said they like to see 2 years of trade lines before considering extending credit both times I called.

11/7/18: SCORES - EX: 648 EQ: 593 Trans: 652 – Select Identity

11/7/18: SCORE - EQ: 684 – PenFed Membership App Letter

2019:

1/10/19: Automatic Credit Steps CLI on Cap One Quick Silver (was Platinum) to $1,500 CL

1/10/19: SCORES - EQ 690 Trans: 689 – Credit Karma

1/10/19: SCORES - EX: 648 EQ: 611 Trans: 675 – Select Identity

1/16/19: Applied NFCU used auto loan and was denied stated bankruptcy on file and no re-established credit. When I called to recon I said I have had three credit cards for 6 months, was told I need “installment” loan history. Wish I would have followed advise on starting a NFCU "Shares Secured Loan" after discharge like stated in "HOW TO" linked above...

1/17/19: Applied Cap One auto refi loan based off online pre-approval. Was approved for $27,500.00 for 60 months @ 3.85% $504/mo. (Underwriting said I was not able to use offer because my name was not on current truck loan I was trying to finance and sale was a private party sale not from a dealer) lesson learn on this wasted inquiry...

1/17/19: Applied Cap One "Venture One" card and was approved for $1,000 CL (Was NOT pre-approved online before I applied)

1/17/19: Denied for auto loan at SnoCope credit union for $27,000. (Was counter offered $8,500 which I denied)

1/18/19: Applied One Main Financial for auto loan only approved $10k even after recon pulled EX (I denied offer)

1/19/19: NFCU secured card automatically graduated to unsecured with $2,0000 limit day after 6th statement cut moderate usage around of around $200-$500/mo. I always paid in full( I called to product change to GoRewards visa and account start date stayed the same)

1/18/19: Approved for used motorcycle loan through dealer's CUDL program. Lender was WSECU for $5,462.38 w/$1,000 down for 48 months @ 10.5% $114.75/mo.

1/22/19: SCORES - EX: 648 EQ: 698 – WSECU motorcycle application letter

4/27/19: SCORES - EX: 700 EQ: 694 Trans: 691 – Select Identity (New Vantage Score)

4/27/19: SCORES - EQ 694 Trans: 691 – Credit Karma

4/30/19: Received letter from Wells Fargo saying Platinum Card will automatically upgrade to unsecured on June, 4 2019. No mention of CLI in letter. Called to try to increase limit by paying into deposit amount but was not successful. Sated I had to wait for graduation process to occur them apply for a CLI after account unsecured.

6/8/19: Called to request Wells Fargo cli after receiving deposit refund asked for $1,500 from $300 accepted counter-offer of $400 without a credit pull. (Said a hard pull was required to process $1,500 request)

6/26/19: Applied NFCU truck loan again used same pull for CLOC app. Pulled EQ. Was denied truck loan did not re-con because I was pre-approval at WSECU using online site but did call to check on CLOC approval status and accepted $500 offer (Applied for $10k CLOC)

6/26/19: Applied WSECU truck loan APPROVED $23,000 5.69% APR for 72 months. Pulled Trans. (Accepted this loan)

6/26/19: SCORE - EX 684 - WSECU Truck App

7/1/19: Pre-approved online at WSECU for $5,000 LOC 8.47% APR. Applied using same pull as truck loan. Was officially approved and account opened 7/2/19 after calling for status.

7/1/19: Used WSECU pre-qual for credit card chose low rate card with 11% APR and $5,000 limit and was APPROVED

7/8/19: Denied QS CLI because usage of existing credit limit too low

7/8/19: SCORES - EX: 700 EQ: 695 Trans: 695 – Select Identity (New Vantage Score)

7/9/19: Denied NFCU GoRewards CLI request of $7,500. Said reason was “recent change credit line on this credit account” (Was 5 months out from automatic graduation to unsecured and new limit of $2,000)

7/10/19: Applied WSECU Can-Am loan for $12,500 approved 72mo at 7.39%

7/16/19: Applied Venture CLI at 6 month statement asked for $3,000 and accepted 1,100 counter offer

8/6/19: NFCU Go Rewards CLI asked for 7,500 got 24hr review message and hard pull on EQ. logged in a few hours later and showed CL of $6,000. (Seems to be every 6 months for CLI for NFCU since I was denied at 5 months stating recent change to credit limit)

8/6/19: Applied PenFed cash rewards visa and LOC for 10k went to review denied both (Reconned via email and said they would only revisit app if any details needed to be changed; income, joint applicant, etc..)

8/6/19: SCORES - EQ 701 Trans: 701 – Credit Karma (With ALL new/current accounts reporting)

8/8/19: EX: 706 EQ: 701 Trans: 701 – Select Identity (New Vantage Score) With ALL new/current accounts reporting

Summary:

7/11/18 Start: Day of BK7 discharge score - Trans: 577

8/8/19 Rebuild scores: EX: 706 EQ: 701 Trans: 701

Notes: Cap One and WSECU seem to be very BK friendly while Pen-Fed not at all in my case and NFCU only around 12 months post discharge with ample prior rebuild history. I also recently app'd at Barclays, Amex & Discover this week with denials and NO hard pulls stating something to the affect of prior account status so safe to say their blacklists are alive and well.

Closing: I know people say don't trust the FAKO scores of Credit Karma and other reporting agencies but being as I received physical letters from lenders showing my scores at (EQ: 698 & EX: 684) based off actual hard pull credit applications I consider my 700 score range to be accurate at 13 months post discharge since these apps were a couple months prior to my most recent credit monitoring scores I listed. I plan to be in the garden now and let these accounts age before applying for anything in the near future.

Re: BK7 Discharge to 700 in 13 months!!!

Maria80386 — Mon, 12 Aug 2019 13:37:54 GMT

Congrats!
My scores are hovering around 680s but BK discharge delayed for a year because court refused to process paperwork. I guess I’m two months in and two months without pay. This is gonna be interesting.

Re: BK7 Discharge to 700 in 13 months!!!

gorgon — Mon, 12 Aug 2019 15:22:08 GMT

Good job on your rebuild efforts so far.

I have no doubts you are in the 700 range, but so am I at 11 months post BK7. Getting close to FICO 700 can be easy, but actually getting there and over is more of a battle. I am actually over 700 on Credit Karma, but my closest FICO score to 700 is Experian at 682. You should sign up for a $1 trial at Credit Check Total (Experian) so you get your actual FICO scores. And the cool part is that you can cancel and sign up for a new trial every few weeks.

Re: BK7 Discharge to 700 in 13 months!!!

Anonymous — Mon, 12 Aug 2019 15:41:22 GMT

Thanks for the info, I will give that a shot!

Re: BK7 Discharge to 700 in 13 months!!!

Anonymous — Mon, 12 Aug 2019 15:55:01 GMT

Thank you! Good luck on your rebuild! I was 1 month with no payments before my BK got processed.

Re: BK7 Discharge to 700 in 13 months!!!

pizza1 — Mon, 12 Aug 2019 19:02:56 GMT

Congrats on your rebuild and scores, but CK are not fico scores, (your TRUE scores). I would pull your fico scores from here, and you'll see what they truly are, and you'll have a better idea of where you're sitting. Just keep plugging along, and doing what youre doing

Re: BK7 Discharge to 700 in 13 months!!!

Hockeypnc1 — Mon, 12 Aug 2019 23:59:01 GMT

what is a Can-Am loan?

My BK7 discharged in December 2016, I am at about 665 on EQ and Transunion. About 640 with Experian.

My overall credit usage is low (3 percent), with a total of $31,130 of total limits.

I was approved for a DCU auto loan refinance, getting me down from over 14 percent to 6 percent on my 12,000 car loan early 2019.

I was also approved for a DCU personal loan for $1900 a couple months later.

I was also approved for a DCU credit card ($3000 limit) which is at zero.

Finally, I was approved for a Summit Credit Union unsecured card ($3000 limit) which is at zero, this year as well.

One small medical collection JUST popped up on my EX and TU reports (for $44). It is being disputed now and it has been completely paid directly to the hospital. The hospital has informed the collections agency.

Re: BK7 Discharge to 700 in 13 months!!!

Anonymous — Tue, 13 Aug 2019 03:23:57 GMT

@Hockeypnc1 wrote:
what is a Can-Am loan?

My BK7 discharged in December 2016, I am at about 665 on EQ and Transunion. About 640 with Experian.

My overall credit usage is low (3 percent), with a total of $31,130 of total limits.

I was approved for a DCU auto loan refinance, getting me down from over 14 percent to 6 percent on my 12,000 car loan early 2019.
I was also approved for a DCU personal loan for $1900 a couple months later.
I was also approved for a DCU credit card ($3000 limit) which is at zero.

Finally, I was approved for a Summit Credit Union unsecured card ($3000 limit) which is at zero, this year as well.

One small medical collection JUST popped up on my EX and TU reports (for $44). It is being disputed now and it has been completely paid directly to the hospital. The hospital has informed the collections agency.

Nice work! Getting that collection off should help things. Sorry I should have specified that the "Can-Am" loan is in reference to what I was buying which was a Can-Am side by side. It is a normal loan with the vehicle as collateral through WSECU.