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Bankruptcy discharged today- trying to get rebuilding started

Jenniferinfl82
New Member

Bankruptcy discharged today- trying to get rebuilding started

So, ended up getting extremely lucky and got to do a chapter 7 instead of a chapter 13. Bankruptcy discharged today, trying to get rebuilding started right away. 

 

I'm trying to fix my whole life- going back to school starting April 1st to finally finish my degree. Qualifed for Pell grant, should only have to borrow about $2000 to finish. I'm so frustrated with myself, should have dealt with all of this years ago. Still haven't fully recovered from the last recession and now worried I won't be ready for the next one. 

 

My income is crappy, $26k a year. Spouse makes more. We did get lucky and bought our house very close to the low. We both have newer cars, we are slightly underwater on my car- but only a couple grand. We kept both cars and the house in the bankruptcy. 

 

In other words, rebuilding isn't a huge rush because my car is only 9 months old and we have no plans to move- but, you know how life is. Never know when you will need credit immediately. 

 

I burned all the typical starter cards, not for very much, but, still burned them. Burned Cap 1 for about $5k, Merrick for a measly $500, Barclay for about $1200. Carecredit for about $800. American Express for $500, FNBO for about $750. I wouldn't have filed, but, my husband needed to and since we were already paying an attorney I filed too. I was on several of his accounts, so, it would have been messy with just him filing. 

 

I checked prequalifications on Cap One and of course didn't have one. I had an Overstock store card with a $2200 dollar limit that I didn't owe anything on, but, it closed for nonuse a couple months before bankruptcy. I tried requesting a credit line increase because I could still access the account, but, that didn't work. 

 

I had a ton of Comenity cards with $0 balance. 

 

I checked out Credit Karma and they had recommended the Secured Discover (declined) and Lendup Arrow (approved, $750) CreditOne (approved $500, with $36 or $39 annual fee, can't remember exact, but, it was $30-something.) I do have a student loan that I owe right around $1000 on, hopefully that will start reporting again. I'm also hopeful my reaffirmed car loan will start to report again. 

Obviously, I don't want to do a bunch of pointless apps. Any thoughts for other prequalification sites? I thought you were supposed to have three credit cards for optimum scores, but, I don't want to pay hundreds in annual fees. 

 

I don't know my real FICO scores. The equifax score from DCU was 591 this month. 

Starting scores, CH 7 discharged 2/20/19
2/21/19 EQ 595 TU 538 EX 577 (approved for CreditOne, $500 CL $30-ish annual fee; Approved for Lendup Arrow, $750 CL, $59 annual fee 2/20/2019)
Message 1 of 7
6 REPLIES 6
Overmedicated
Community Leader
Valued Contributor

Re: Bankruptcy discharged today- trying to get rebuilding started

It sounds like none of your cards survived the BK so I would wait until your new Credit One and Lendup report to the bureaus.  That will certainly be a score bump to have at least 1 active revolving account reporting.  I would then see what your scores do and wait.  I would keep trying the Discover prequal at least 1 time per month.  Yes 3 cards would help better with score optimization but I would rather have cards known to graduate to unsecured and knowing I can keep those cards open forever rather than applying for anything I can get.  I would still try the Capital One prequal monthly also even though you burned them.  I have read reports that they can be quite forgiving.  GL!

 FICO 8
Message 2 of 7
Jenniferinfl82
New Member

Re: Bankruptcy discharged today- trying to get rebuilding started

I will keep checking both Discover and Capital One. 

It looks like I didn't end up with too many inquiries, I don't see an inquiry from Creditone, I did use their prequalify page, so maybe one is coming later. Otherwise I just have an inquiry from Lendup arrow and three inquiries from when I bought my car back in April. 

 

I had a 645 (DCU score) even during the bankruptcy, but, I guess now that everything is closed my score is much lower. 

I wish score monitoring was cheaper! If it was $9.99 a month I'd be all over it.. lol

Starting scores, CH 7 discharged 2/20/19
2/21/19 EQ 595 TU 538 EX 577 (approved for CreditOne, $500 CL $30-ish annual fee; Approved for Lendup Arrow, $750 CL, $59 annual fee 2/20/2019)
Message 3 of 7
StartingOver2018
Frequent Contributor

Re: Bankruptcy discharged today- trying to get rebuilding started


@Jenniferinfl82 wrote:

I will keep checking both Discover and Capital One. 

It looks like I didn't end up with too many inquiries, I don't see an inquiry from Creditone, I did use their prequalify page, so maybe one is coming later. Otherwise I just have an inquiry from Lendup arrow and three inquiries from when I bought my car back in April. 

 

I had a 645 (DCU score) even during the bankruptcy, but, I guess now that everything is closed my score is much lower. 

I wish score monitoring was cheaper! If it was $9.99 a month I'd be all over it.. lol


Just an FYI, Credit One pulls EX, LendUp Arrow pulls TU.

Also, I received a prequal from Capital One 6 days post DC. Chose the Platinum and was approved for $2000 SL. I burned them bad in my Ch7 BK.

Congratulations on the ones you just got approved for! Your scores will be improve in a month.

 

BK CH7--Filed September 25, 2018--D/C Jan.4, 2019
{FICO8 Feb.12, 2019--TU 580--EX 600--EQ 626}

Credit One Visa CLOSED by me May 2020!! :-)($500 now $700) Nov. 2018
SelfLender (2 year) Nov. 2018
Capital One Platinum MC ($2000 now $2500) Jan. 2019
Target RedCard ($500 at 4 months $800 six months later $1900) April 2019
Venus Comenity ($500 now $1500) May 2019 no HP
Ann Taylor Loft MC ($1000) June 2020 no HP
Overstock ($350 now $2350) June 2020 no HP


FICO 8 SCORES: 06-04-2020633 TU656 EX652 EQ
Message 4 of 7
Jenniferinfl83
New Contributor

Re: Bankruptcy discharged today- trying to get rebuilding started

I thought I was using the prequalify for Capital One, but, somehow they sent me a rejection letter via email today which I thought I wouldn't get with a prequal, so, guessing I did something wrong. Doesn't look like they ran my credit though, so that's a good thing. I was rejected for a delinquent Capital One account. Of course, that would be the one included in bankruptcy, it was never actually late, but, I know a lot of companies just tag any derogatory status as a late. 

Starting Score: EQ 595, TU 538, EX 577
Current Score: EQ 642, TU 604, EX 641
Goal Score: 700


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Chapter 7 discharged 2/20/19
Message 5 of 7
FiresOut
Super Contributor

Re: Bankruptcy discharged today- trying to get rebuilding started

It takes roughly a year for Cap1 and Disco to get the pre-qual to pop up. Keep trying. Good luck and congrats on the fresh start!

Message 6 of 7
Jenniferinfl83
New Contributor

Re: Bankruptcy discharged today- trying to get rebuilding started

Thank you!

Funny thing is, I've never wronged Discover in any way, I've never had one of their products. Even years ago when my score was in the 700's I couldn't get a secured Discover card.. lol 

Discover hasn't liked me ever and I have no idea why. 

Starting Score: EQ 595, TU 538, EX 577
Current Score: EQ 642, TU 604, EX 641
Goal Score: 700


Take the myFICO Fitness Challenge

Chapter 7 discharged 2/20/19
Message 7 of 7
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