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Bankruptcy Friendly Credit Cards Pt.2

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Disregard
New Contributor

Re: Bankruptcy Friendly Credit Cards Pt.2

 

 

Utilization: Hoovers around 2% every month

Inquiries: ~7

 

 










Message 1401 of 1,427
FLLGuy
Frequent Contributor

Re: Bankruptcy Friendly Credit Cards Pt.2

*Quick Update* since BK 13 Discharge on 7/31/21 (6wks and counting as called ou by  @Horseshoez & @FireMedic1)

  • 9/9/21 - Cap1 pre-approved 3x (QS Rewards no/AF, Savor1 Rewards, Venture Rewards)
  • 9/6/21 - Discover pre-approved 3x (Cash Back, Gas & Rest, Miles) w/fixed APR @ 20.99%
    • Discover reliable approval w/fixed APR but, holding off longer until APR improves.
    • Positive momentum reading through other posts 20.99% barely crossed the approval threshold. 
  • 8/1/21 - Cap1 pre-approved for 3x (QS1 w/AF, Platinum, Secured) Day after discharge.

 

As many have mentioned throughout the boards, if you're coming off a recent discharge doesn't hurt to wait it out.  So far I've not applied and holding off several more months ----- eyeballing AMEX prequalify page to gauge where i'm at.  So far no love from Amex but, i'm an AU for now. 

 

 

 

 

Adding a few more data points for the community. Obtained with BK Trustee Approval begining 2nd year into the BK13 5yr plan.

 

  • [OSLA] Student Loans $8000 (Oaklahoma Student Loan Assoc) (since 2018)
  • [Comenity] OverStock $15,750 / SL $750 (since 09/2018) - Never IIB / SP every 3months guranteed / SCT first card
  • [Unsecured MC] OllO rewards $600 / SL $500 (since 10/2019) - Never IIB / PreQual from Experian
  • [Unsecured Visa Plat] Credit1 no/AF $700 / SL $600 (since 10/2019) - Never IIB / PreqQual from Experian
  • [Synchrony] Lowes $17,000 / SL $6,000 (since 11/2019) - Yes, IIB (recon'd CLI same day asked $25K countered w/$17K)
  • [AU] Amex Cash Magnet $15,000 / $1,000 bal (since 07/2021) *New - Never IIB
  • [Secured] NFCU secured $200 / $0 bal (since 07/2021) *New - Never IIB (have banking relationship since 2018)

 

After 5 Long Years - I now prequalify for Cap1 cards (Secured, QS1 w/AF, and Platinum) - Currently on the fence at the moment with the brake lights on.

 

 




Message 1402 of 1,427
OldLadyStartingOver
Established Member

Re: Bankruptcy Friendly Credit Cards Pt.2

Not sure if I'm doing this correctly...only my second time writing in.  My BK7 DC is days away (8/29/21)...I've read ALOT of posts in this thread starting on the last page back to page 122...I'm looking for the highest probability for my first 3 cards ASAP after DC hits.  I've already gotten NFCU SSL and a SELF loan.  Thinking about the Self cc you get after 3mths.  It obviously will be VERY low.  NFCU HP for their secured card and I'm gunshy about HP right now.  
BURN LIST

Cap1

Cap1

Cap1 Auto ($36,000😬)

Amex Delta Gold😭😭

Amex Delta Plat😭😭

Disc😭😭😭($13,000😬)

Chase😭

Synchrony

WF

Comenity (I think🤔)

I maybe forgetting something...but you get the idea.

Really overwhelming me and I know it's a process I'm just looking to get started since I'm a bit older and will need 3yrs before I can qualify for the type of Mortgage I want...


Starting Score: 483
Current Score: 000
Goal Score: 801


Take the myFICO Fitness Challenge
Message 1403 of 1,427
MileHigh96
Frequent Contributor

Re: Bankruptcy Friendly Credit Cards Pt.2


@OldLadyStartingOver wrote:

Not sure if I'm doing this correctly...only my second time writing in.  My BK7 DC is days away (8/29/21)...I've read ALOT of posts in this thread starting on the last page back to page 122...I'm looking for the highest probability for my first 3 cards ASAP after DC hits.  I've already gotten NFCU SSL and a SELF loan.  Thinking about the Self cc you get after 3mths.  It obviously will be VERY low.  NFCU HP for their secured card and I'm gunshy about HP right now.  
BURN LIST

Cap1

Cap1

Cap1 Auto ($36,000😬)

Amex Delta Gold😭😭

Amex Delta Plat😭😭

Disc😭😭😭($13,000😬)

Chase😭

Synchrony

WF

Comenity (I think🤔)

I maybe forgetting something...but you get the idea.

Really overwhelming me and I know it's a process I'm just looking to get started since I'm a bit older and will need 3yrs before I can qualify for the type of Mortgage I want...


My Ch7 was just discharged a little over a month ago.  Through Credit Karma, I applied for and got the Mission Lane Visa with a $1,000 CL and the Ollo Rewards Mastercard with a $1,500 CL.  Then, through Experian, I was offered the Mercury Mastercard and was approved with a $3,000 CL, so those are three that I would definitely recommend trying for just from my personal experience.  And I applied and received those three within a few weeks after discharge.  YMMV of course.

BK7 discharged - 06JUL2021
Loans:

Revolving Accounts (in the order they were opened):

Closed accounts:
Message 1404 of 1,427
Horseshoez
Senior Contributor

Re: Bankruptcy Friendly Credit Cards Pt.2


@OldLadyStartingOver wrote:

Not sure if I'm doing this correctly...only my second time writing in.  My BK7 DC is days away (8/29/21)...I've read ALOT of posts in this thread starting on the last page back to page 122...I'm looking for the highest probability for my first 3 cards ASAP after DC hits.  I've already gotten NFCU SSL and a SELF loan.  Thinking about the Self cc you get after 3mths.  It obviously will be VERY low.  NFCU HP for their secured card and I'm gunshy about HP right now.  
BURN LIST

Cap1

Cap1

Cap1 Auto ($36,000😬)

Amex Delta Gold😭😭

Amex Delta Plat😭😭

Disc😭😭😭($13,000😬)

Chase😭

Synchrony

WF

Comenity (I think🤔)

I maybe forgetting something...but you get the idea.

Really overwhelming me and I know it's a process I'm just looking to get started since I'm a bit older and will need 3yrs before I can qualify for the type of Mortgage I want...


A few comments:

  • Don't stress over hard pulls right now, your main goal is to get yourself three credit cards (i.e. "revolvers").  Even if you rack up a dozen or more pulls in the first year, that still will not hurt you; also keep in mind, hard pulls stop counting for FICO calculations after a year and fall off your reports after two.  FWIW, I got something like 15 hard pulls in the year after my discharge last year, and it didn't hurt me hardly at all (yeah, maybe a few points here and there, but those will recover).
  • I'm not a fan of SELF, so I'm not going to comment any further on that.
  • In your shoes, I'd look at a getting two secured credit cards from any of the following financial institutions:
    • TDBank (if you live in the eastern part of the country where they have branches) -- their secured TDCash card can be had with up to a $5,000 credit limit and graduates to unsecured quickly (mind did in 6 months)
    • FNBO -- I've read numerous comments regarding their secured credit card and the bank itself; they are routinely highly recommended.
    • CITI -- I see you didn't burn CITI, so they are an option, but they seem to take their sweet time graduating cards to unsecured.
    • BofA -- While I'm no fan of BofA, you didn't burn them either and they too have a secured card which offers a high credit limit (I think $4,900 last time I checked).

Chapter 13:

  • Burned: AMEX, Chase, Citi, Wells Fargo, and South County Bank (now Bank of Southern California)
  • Filed: 26-Feb-2015
  • MoC: 01-Mar-2015
  • 1st Payment (posted): 23-Mar-2015
  • Last Payment (posted): 07-Feb-2020
  • Discharged: 04-Mar-2020
  • Closed: 23-Jun-2020

 

I categorically refuse to do AZEO!

In the proverbial sock drawer:
Message 1405 of 1,427
OldLadyStartingOver
Established Member

Re: Bankruptcy Friendly Credit Cards Pt.2

@Horseshoez @MileHigh96 

I'm just now seeing your replies..thank you so very much.  What I did (before I saw your replies) is PreQual on Cap1 and 4 showed (QS, QS1, PL, SEC).  They recommended QS so I applied, was declined and it crushed my confidence in rebuilding soon after DC.  At the same time I tried PreQual on NFCU and DISC.  NFCU approved Sec and I did $200 because reading here I often see it's not necessary to do more than that as it will grad in 6mths prob $2000.  I didn't burn any Comenity.  They all showed Paid and closed (I didn't know they would close if I didn't use them😟.  So the rest of the month I will pursue the suggestions from the 2 of you.  The thought of too many HP is giving me horrible post dc anxiety🤪but I'm in these forums to learn from the "been there and done that".  So I will roll with it...I'll just take some meds before I press any buttons🤣🤣🤣


Starting Score: 483
Current Score: 000
Goal Score: 801


Take the myFICO Fitness Challenge
Message 1406 of 1,427
chalupaman
Super Contributor

Re: Bankruptcy Friendly Credit Cards Pt.2


@OldLadyStartingOver wrote:

@Horseshoez @MileHigh96 

I'm just now seeing your replies..thank you so very much.  What I did (before I saw your replies) is PreQual on Cap1 and 4 showed (QS, QS1, PL, SEC).  They recommended QS so I applied, was declined and it crushed my confidence in rebuilding soon after DC.  At the same time I tried PreQual on NFCU and DISC.  NFCU approved Sec and I did $200 because reading here I often see it's not necessary to do more than that as it will grad in 6mths prob $2000.  I didn't burn any Comenity.  They all showed Paid and closed (I didn't know they would close if I didn't use them😟.  So the rest of the month I will pursue the suggestions from the 2 of you.  The thought of too many HP is giving me horrible post dc anxiety🤪but I'm in these forums to learn from the "been there and done that".  So I will roll with it...I'll just take some meds before I press any buttons🤣🤣🤣


Don't sweat it. Just take all this one step at a time and know that in the long run, this will all pay off for sure! 

Tradelines: Macy’s - $18k, Penfed Power Cash Rewards - $10k, Ethan Allen (TD Bank) - $5.7k, Kay Jewelers - $5.5k, Appliances Connection - $5.3k, Jared - $5.25k, Best Buy (Citi) - $5k, Dell Preferred Account - $3.5k, Samsung - $3.2k, Firestone CFNA - $3.2k, Capital One Platinum - $3k, Mercury MC - $2.25k, Williams Sonoma - $2.1k, Wayfair (Fortiva) - $2k, Amazon Store Card - $1.8k, Apple Card - $1.7k, NFCU cashRewards - $1.5k, CareCredit - $1.5k, B&H Photo - $1.5k, Adorama - $1.25k, Ebay MC - $1k, Sam’s Club MC - $1k, American Eagle - $1k, Ollo MC - $600, Mission Lane Visa - $500, NY & Company - $500, Walgreens - $500, Home Depot - $500, Target RED Card - $500, CapOne Secured MC 0 AF - $500, Penfed Overdraft LOC - $500

Current FICOS: Mid 640s-50s on all reports, Ch 7 BK D/C Aug 2019
Starting scores: EX - 534, EQ - 574, TU - 516 | Total TLs: $91k approx | Total Utilization: 17%, getting this back down
Message 1407 of 1,427
FireMedic1
Community Leader
Mega Contributor

Re: Bankruptcy Friendly Credit Cards Pt.2


@FLLGuy wrote:

*Quick Update* since BK 13 Discharge on 7/31/21 (6wks and counting as called ou by  @Horseshoez & @FireMedic1)

  • 9/9/21 - Cap1 pre-approved 3x (QS Rewards no/AF, Savor1 Rewards, Venture Rewards)
  • 9/6/21 - Discover pre-approved 3x (Cash Back, Gas & Rest, Miles) w/fixed APR @ 20.99%
    • Discover reliable approval w/fixed APR but, holding off longer until APR improves.
    • Positive momentum reading through other posts 20.99% barely crossed the approval threshold. 
  • 8/1/21 - Cap1 pre-approved for 3x (QS1 w/AF, Platinum, Secured) Day after discharge.

 

As many have mentioned throughout the boards, if you're coming off a recent discharge doesn't hurt to wait it out.  So far I've not applied and holding off several more months ----- eyeballing AMEX prequalify page to gauge where i'm at.  So far no love from Amex but, i'm an AU for now. 

 

 

 

 

Adding a few more data points for the community. Obtained with BK Trustee Approval begining 2nd year into the BK13 5yr plan.

 

  • [OSLA] Student Loans $8000 (Oaklahoma Student Loan Assoc) (since 2018)
  • [Comenity] OverStock $15,750 / SL $750 (since 09/2018) - Never IIB / SP every 3months guranteed / SCT first card
  • [Unsecured MC] OllO rewards $600 / SL $500 (since 10/2019) - Never IIB / PreQual from Experian
  • [Unsecured Visa Plat] Credit1 no/AF $700 / SL $600 (since 10/2019) - Never IIB / PreqQual from Experian
  • [Synchrony] Lowes $17,000 / SL $6,000 (since 11/2019) - Yes, IIB (recon'd CLI same day asked $25K countered w/$17K)
  • [AU] Amex Cash Magnet $15,000 / $1,000 bal (since 07/2021) *New - Never IIB
  • [Secured] NFCU secured $200 / $0 bal (since 07/2021) *New - Never IIB (have banking relationship since 2018)

 

After 5 Long Years - I now prequalify for Cap1 cards (Secured, QS1 w/AF, and Platinum) - Currently on the fence at the moment with the brake lights on.

 

 


Cool. Now JMO. I've had 2 Disco's. The first one was higher than 20% APR. Used it like mad. Dont know if you can still do it. The second approval was 13.4%. Combined the 2 and closed the first one. The closed one is still on my dashboard 2 yrs later. But really you cant beat Disco. That 1st year CB match I abused it. And then did it again on the 2cd card. Sleep on new mattress/remote controlled adjustable bed for over a year now.


Message 1408 of 1,427
FireMedic1
Community Leader
Mega Contributor

Re: Bankruptcy Friendly Credit Cards Pt.2


@MileHigh96 wrote:

@OldLadyStartingOver wrote:

Not sure if I'm doing this correctly...only my second time writing in.  My BK7 DC is days away (8/29/21)...I've read ALOT of posts in this thread starting on the last page back to page 122...I'm looking for the highest probability for my first 3 cards ASAP after DC hits.  I've already gotten NFCU SSL and a SELF loan.  Thinking about the Self cc you get after 3mths.  It obviously will be VERY low.  NFCU HP for their secured card and I'm gunshy about HP right now.  
BURN LIST

Cap1

Cap1

Cap1 Auto ($36,000😬)

Amex Delta Gold😭😭

Amex Delta Plat😭😭

Disc😭😭😭($13,000😬)

Chase😭

Synchrony

WF

Comenity (I think🤔)

I maybe forgetting something...but you get the idea.

Really overwhelming me and I know it's a process I'm just looking to get started since I'm a bit older and will need 3yrs before I can qualify for the type of Mortgage I want...


My Ch7 was just discharged a little over a month ago.  Through Credit Karma, I applied for and got the Mission Lane Visa with a $1,000 CL and the Ollo Rewards Mastercard with a $1,500 CL.  Then, through Experian, I was offered the Mercury Mastercard and was approved with a $3,000 CL, so those are three that I would definitely recommend trying for just from my personal experience.  And I applied and received those three within a few weeks after discharge.  YMMV of course.


ASAP doesnt work right after DC. Theres no rush. Make sure all accounts are listed as IIB and $0 balance before any moves so you can get the ascore bump when it happens. But I agree with @MileHigh96 on their collection as a start. But spread it out a month at a time. Please dont rush it. Its a marathon and not a race we say. You only need the NFCU loan. You can close out the Self. More loans doesnt mean higher scores. Just 1 is needed for FICO and 3 cards.


Message 1409 of 1,427
Anonymous
Not applicable

Re: Bankruptcy Friendly Credit Cards Pt.2

@OldLadyStartingOver Have you tried Discover? I was just got DC'd on 9/10 and I tried Discover's pre-qual tool the same day for the heck of it. I was pre-approved for their secured card that graduates in 8 months. Give it a shot if they were not IIB. You may get lucky, good luck Smiley Happy

Message 1410 of 1,427
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