I filed for chapter 7 BK, 07/27/2021. I noticed when I check my credit reports through Experian that it only shows the filing date not the discharge date so I wonder if that's what these credit card issuers go off of time wise. That would make me six months post BK. I have a cap one platinum with a 2k limit and a mission lane with a 2k limit.
My scores are all in the 640-650 range FICO8, no other debt besides student loans that are current. Income 82k yearly. Do you think I can get approved for a PayPal MC? I know two cards isn't enough just need advice on a third. Both the cards I have now have zero AFs and are unsecured. Any and all help is appreciated. Only two banks I burned in BK are NFCU and Discover.
I heard you needed three open trade lines or credit cards to report constantly with good payment history, in order to maximize the best results to keep your FICO score rising month after month with little utilization under 9%. The reason I chose the PP one is because I use them often for purchases and they have a 2% back card. I also didn't want to apply so quick and be denied and get a HP on my report. I spoke to a rep at synchrony and he claims they do a triple pull like capital one. I've seen others say they only pull TU. Also the two cards I do have I've had them both four months now. Also my avg age of accounts is about 14.5 years currently probably due to my current student loans. 2 Inquiries as well.
Thanks for that advice it's appreciated. Do you know what credit bureau they pull? I'll definitely wait sometime then before applying to play it safe. Also trying to work on getting my cap one platinum upgraded to a regular quick silver. I've heard the more usage cap one sees and paying it off they'll increase your limit and give you a card upgrade. I usually spend 1500 monthly on the card and keep the utilization to 6-7%.
@pip3man wrote:If you qualify and haven't already, PLEASE definitely start a membership with PenFed. I got approved for my first card with a $2k limit at 5 months post DC, then the 2nd card for a $2,500 limit at 8 months post DC and most recently, the 3rd card for $10k at 17 months post DC. I think you need at least 3 cards for optimal scoring. Thank me later and I recommend applying for the Power Cash card as your first. Good luck! @Jmjm2530
I have to be a member correct? The nearest PenFed is two hours north of me. Sounds like you have some great cards with them. You have any other recommendations on post BK cards 6 months and up?
I'll go with 2 yrs. I got the PP card at 4 yrs. They dont triple pull. Thats Cap1. Depends where you live who they'll pull. PENFED has a 2% card. You need a checking account with 500 in direct deposit or keep 500 in it for the 2% CB. It $25 in savings to join and go from there.
@Guyatthebeach wrote:Jmjm2530,
Welcome to the forum!
You are in a solid place for being 6 months out post bankruptcy. You are doing the right thing so far with having 2 cards and your student loans. Use the Creditwise app from CapitalOne to make sure you student loan payments are posting correctly. I'm a firm believer in Soulmaster's 700 in 24 plan. I personally would hold off on getting a third card until you are 13 months post bankruptcy discharge. You will improve your changes as you build those trade lines and gain positive payment history.
Synchrony is know to be BK friendly. I got back in with them during the year 1 mark post bankruptcy. I believe that you can get approved for the PayPal Mastercard. It's a solid card and worth it if you use PayPal a lot. I would just have into after you hit year one post bankruptcy. When I applied for mine, Synchrony only pulled TU. When I got mine, I was either in year 7 or 8 of my rebuild.
At this point of your rebuild, you will want to minimize your HP's. Only apply for what you want to use in rebuild. I would als focus on increasing your payment history. Personally I would not apply for anything until you have at a year of positive payment history post bankruptcy on your credit cards and student loans. I would definitely work on making sure one card reports with a zero balance and the other reports with a balance at 9% or yes. That score will rise, just let accounts age.
Don't worry about burning NFCU and Discover. You will find other institutions that will lend you money.
Kepping on working on that rebuild.
Guyatthebeach
I appreciate that advice. Helps alot. Do you suggest a self credit builder loan as well or something or just keep doing what I am doing with both of these cards? I'll wait til the one year mark and apply for the PP Mastercard. My DC date doesn't show up on any reports only my initial file date so I'll base it off that.