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Bankruptcy Recovery (1 year later) -- Seeking Advice

JR_TX
Valued Contributor

Re: Bankruptcy Recovery (1 year later) -- Seeking Advice

@OP
If you're prequalified for Cap1 then I say go for it especially if it's unsecured. Their prequal is known to be pretty solid. Cap1 was my 1st rebuilder card 14 months after my BK7 dc'd in 2011 with a SL of 2K. It now sits at 10.5K. Cap1 likes heavy usage though so I will use it as my primary card for at least 6 months if I were you. I will also cancel Credit One as soon as the Cap1 starts reporting especially if they give you a SL of 1K or more. Grow that Cap1 and garden for at least the next 6 mos. Time and patience is our only friend in rebuilding though I understand how anxious it can get sometimes having the urge to app for CCs.
Wish you all the best!
Mission Accomplished on Dec 07 2020! Rebuild Complete!

New cc TLs : 2/6 ; 2/12 ; 3/24
HPs EX 3 EQ 3 TU 1
AAoA 5y4m
UTIL 1% - 3%

$250K+ Total Limits











Message 11 of 20
nate2nate
Valued Member

Re: Bankruptcy Recovery (1 year later) -- Seeking Advice

Thanks for all the advice! 

 

Got approved for a Capital One $1000 credit line. 

 

Going to close the Credit One card once it starts reporting. 

 

 


Starting Score: 547
Current Score:685
Goal Score: 700


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Message 12 of 20
Scupra
Super Contributor

Re: Bankruptcy Recovery (1 year later) -- Seeking Advice

Don't close it until the AF hits unless there is fees. Congrats on the approval!
Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
759 EQ FICO 03/2021
754 TU FICO 03/2021
743 EX FICO 03/2021
$29k NFCU Platinum | $30k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold
Message 13 of 20
nate2nate
Valued Member

Re: Bankruptcy Recovery (1 year later) -- Seeking Advice

Are you saying keep it open for at least 1 year?  

 

I paid the entire annual fee already... first payment I made. 

 

 


Starting Score: 547
Current Score:685
Goal Score: 700


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Message 14 of 20
Scupra
Super Contributor

Re: Bankruptcy Recovery (1 year later) -- Seeking Advice

Yep, keep it open and cancel before the next AF.
Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
759 EQ FICO 03/2021
754 TU FICO 03/2021
743 EX FICO 03/2021
$29k NFCU Platinum | $30k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold
Message 15 of 20
nate2nate
Valued Member

Re: Bankruptcy Recovery (1 year later) -- Seeking Advice

Just closed it.  Wouldn't waive any fees,  wouldn't offer a better rate...  wanted to charge me $30 just to accept their $200 CLI offer.  Woudln't even negotiate to keep me a customer.  Not sad to see Credit One eliminated from my cards. 


Starting Score: 547
Current Score:685
Goal Score: 700


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Message 16 of 20
nate2nate
Valued Member

Bankruptcy Recovery (Continual Updates)

Thought I'd share my experiences so far, and provide my journey through Bankruptcy recovery. 

 

So far it's been 1 year 6 Months, 15 days.

 

Started with Credit One ($400 CL...  they suck, big time...  but hey, they gave me a card, and that helped me get a start).  I just canceled the Credit One card.  They wanted to charge me $29.95 to accept their gracisous offer of a $200 CLI, and NOT waive the anual fee. 

 

Next was my Capital One Card, unsecured, platinum, $1000 CL (Great builder card - kudos to them).  I just upgraded the card to the Quicksilver which gives you some benefits, and got an automatice CLI to $1500.00

 

Figured, might as well get all the cards I wanted benefits wise at one time, so all the inquires fall off around the same time... So next was Discover IT @ $800(Another great card - came with good benefits off the bat) APR% on all my cards are about the same 22-25%  ... working on getting that lowered - but that's just a time factor.   Just got a $300 CLI from them. 

 

Got a PayPal extras card... along with a Walmart card.  Didn't realize they were the same underlying lendor (Synchrony Bank)  So - that was a bit of a misstep.  The PP Extra was a measely $300 CL, and the Walmart $500 ... neither will give me a CLI yet. 

 

I also got a Navy Federal Rewards CC and account.  $1000/CLI - great APR%15.99...  but can get that lower also.  

 

I've left it at that for now, and am going to just try and grow these cards.  I've paid in full for all these cards with a couple exceptions, keeping the total credit used well below 40% ... and usually 10% and under.  

 

Checked my score today and I'm at 685 (Creditkarma) ... not sure how super accurate they are, but I like seeing that number.

 

I'm aiming for 700 by the 2 year mark... and if I can keep moving along, hopefully 750 by July 2018

 

Anyone think that's realistic.  Any tips on what I should do better... let me know! 

 

 

Thanks!! 


Starting Score: 547
Current Score:685
Goal Score: 700


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Message 17 of 20
Irish80
Moderator Emeritus

Re: Bankruptcy Recovery (Continual Updates)

@nate2nate

 

I merged your two threads together so that everyone could follow along with your rebuild.  Great job!

Message 18 of 20
nate2nate
Valued Member

Re: Bankruptcy Recovery (Continual Updates)

Awesome - Thanks!

 

... I was thinking I should just reply under my first, but the subject wouldn't make sense. 

 

 


Starting Score: 547
Current Score:685
Goal Score: 700


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Message 19 of 20
NormanFH
Super Contributor

Re: Bankruptcy Recovery (1 year later) -- Seeking Advice


@nate2nate wrote:

I did...   it wasn't for a lot,  but I doubt that matters. 

 

On the idea of closing my Credit One card,  I haven't had it for a year yet - would that look bad to have a closed account? 

 

If it would look bad, or negatively effect my credit score, should I keep the Credit One and just look to get a major issuer card?

 

 


No real good reason to keep a bad card past the one year mark. Close it.

Most Recent FICO 8 Scores EX616/TU587/EQ607 01/09/2018 Starting scores 553/485/543 08/25//2017
~~~Credit lines~~~~
SDFCU VISA Secured $250
Discover Secured $200
Message 20 of 20
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