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6 months after BK7.....what's my next move?

Valued Member

6 months after BK7.....what's my next move?

I'm alittle over 6 months from my Chapter 7. As soon as I was discharged, I was approved for a Capital One QS1. The starting limit was 1k. I got a 100.00 cli 3 months ago and today I received a 500.00 auto increase thru credit steps. Two store cards made it thru my bk because they were zero'd out. I've used them since and always pay in full. I know it's time to open a new Visa or MasterCard. I burned most places in the bk. Amex, Discover, Citi and Chase. So should I go for another Capital One card? I checked the site and it shows I am prequalified for the Capital One platinum preferred. Should I go for that one or is it still too soon?
Message 1 of 6
5 REPLIES
Frequent Contributor

Re: 6 months after BK7.....what's my next move?

I'm not a fan of getting multiple cards from the same credit card lender. I'd check out Ollo, Merrick Bank, or a BK friendly credit union. Ensure that your card is reporting a low (>10%) balance on your credit bureau report (CBR) before you apply for the new card. 

 

Also, if you have no loans on your CBR, then it also makes sense to look into that. A secured loan from a credit union or Selflender would be a low-cost way to do this.

Message 2 of 6
Valued Member

Re: 6 months after BK7.....what's my next move?

I do have an auto loan that I've been paying in for almost 4 years now. I kept my vehicle thru the bk. So I have the auto loan, capital one and 2 store cards. I'll check into some of the credit card companies you listed. Thanks for replying.
Message 3 of 6
Established Contributor

Re: 6 months after BK7.....what's my next move?

Check Merrick and Discover prequal.

Nothing wrong with Merrick but it will not grow after the initial credit increase.

I never paid a fee or dime of interest so I never closed mine.

 

Nothing wrong with multiple Cap One cards if you can keep up with them.

They have treated me like a king.

I started with 3k and ended up with 80k in under 4 years.

YMWV - I charge A LOT and make large payments WEEKLY.

 

 

credit rebuild started 01/01/14
$100k credit card goal achieved 10/01/17
now in the garden with $140k in credit cards
--------------------------------------------------------------------------------------------------
  $ 30,000          $ 25,500          $ 23,750             $ 13,500             $ 7,000            $ 1,800     


  $ 17,000          $ 10,000              $ 6,000            $ 4,000     
Message 4 of 6
Community Leader
Valued Contributor

Re: 6 months after BK7.....what's my next move?

Hi snowkitty2017, it sounds like your rebuild is off to a great start!

 

With the Cap1, the two store cards, and your auto loan, you have what you need to grow your scores. But, depending on where your scores are at right now, you could apply for something from Barclays. I know many might disagree, but I know when I got my Barclays NFL MC (since closed), I was about 8-9 months post-BK, had CreditOne, Cap1, and Discover. Barclays likes to beat your highest CL. Cap1 was my highest at $3000, and Barclays gave me $3500 to start. I really don't think you need to go with Ollo or Merrick. Your Cap1 is better than those. I actually like the idea of apping for a second Cap1, going through Credit Steps, and then eventually combining the two cards to have a card with a higher limit. 

 

Just my ideas based on my own rebuild. I wish I'd never gone with CreditOne but, honestly, it served its purpose too before I closed it. I'm looking forward to seeing your story unfold. I think you're off to a great start! Smiley Happy


Current Scores------ EQ 675; TU 656; EX 689 FICO 08--- Gardening 5/25/18 to ~12/15/18
Beginning Scores-- EQ 632; TU 576; EX 619 FICO 08 (06/13/16) - BK7 discharged 11/2015

Take the myFICO Fitness Challenge
Message 5 of 6
Established Contributor

Re: 6 months after BK7.....what's my next move?


@wrote:
I'm alittle over 6 months from my Chapter 7. As soon as I was discharged, I was approved for a Capital One QS1. The starting limit was 1k. I got a 100.00 cli 3 months ago and today I received a 500.00 auto increase thru credit steps. Two store cards made it thru my bk because they were zero'd out. I've used them since and always pay in full. I know it's time to open a new Visa or MasterCard. I burned most places in the bk. Amex, Discover, Citi and Chase. So should I go for another Capital One card? I checked the site and it shows I am prequalified for the Capital One platinum preferred. Should I go for that one or is it still too soon?

I would go for the Platinum Preferred from Capital One, it seems to come with a higher credit limit and more potential for growth.

Message 6 of 6