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CH7 Discharged 5/21 - Burned Everybody(even Credit One and other subprimes) - Advice on next steps

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CH7 Discharged 5/21 - Burned Everybody(even Credit One and other subprimes) - Advice on next steps

Ok lets start with a list of who i burned

 

CC's 

Amazon Store card

Bank Of America 

Barclays 

Chase 

Capital One 

Credit One

Discover

DCU Visa

Macys Store Card

New Egg Store Card

Total Visa Card

Acima(lease)

Flexshopper(lease)

 

Auto

One Main Financial - Did not reaffirm as the car's value is lot less than the loan balance

 

Also burned a bunch of payday installments loans

 

I learned from my grave mistakes and now i am into a fresh start but i do not know where to start, almost all the rebuilding threads start the advice with aquiring Credit One Bank which is not an option for me as i must have been blacklisted with them. Pre qualify tool says the same that i have a previously charged off account.

 

Now since i have a stable job and salary i am planning to go for a secured card but i do not know even that would be approved for me and i may be left with a wasted HP

 

My Credit was mid 400s when filed for BK7( its so low because i waited too long for the accounts to get charged off and even report 180 days late, i was messed up then).

Now its in Low 500s - EX 523 TU 480 EQ 518

 

I did not know about this forum before and hell i regret that so much, i did not even know that there are so many types of credit scores like FICO 4, 8, 9 and bankcard score, vantage scores etc until last year.

I have been reading this forum recently a lot and you guys awesome, there is so much info and help here now that i am kind of addicted to it and determined to bring my score to >700 and keep it that way for rest of my life.

 

Please advice on how to go further to achieve my goal, it does not need to be fast but i am planning to buy a house in 2 years just FYI.

 

 

 



Cap One Platinum - $300
Cap One Walmart - $300
Merrick Bank DYL Visa - $600
Mission Lane - $750
Target/TD Bank - $300
Fingerhut - $400
Self Lender CD
Message 1 of 14
13 REPLIES 13
Valued Contributor

Re: CH7 Discharged 5/21 - Burned Everybody(even Credit One and other subprimes) - Advice on next ste

In all honesty,  using Cash for a few years is a great experience.  I didn't even apply for any credit cards until 8 yrs post BK!  Learning how to use cash and getting a budget in place can take time.  I wish more people would see the value in going that route instead of jumping back into the fire.   

I hope your rebuild goes good and you come out better than ever!




UNpopular opinions have served me well and will offer that which has worked for me.
Message 2 of 14
Community Leader
Super Contributor

Re: CH7 Discharged 5/21 - Burned Everybody(even Credit One and other subprimes) - Advice on next ste


@Hasselfree wrote:

In all honesty,  using Cash for a few years is a great experience.  I didn't even apply for any credit cards until 8 yrs post BK!  Learning how to use cash and getting a budget in place can take time.  I wish more people would see the value in going that route instead of jumping back into the fire.   

I hope your rebuild goes good and you come out better than ever!


@Hasselfree , While I respect your "cash is king" attitude, and you may have not started your  rebuild till 8 yrs post BK, doesnt mean everyone else wants to wait that long to rebuild themselves.  Ive seen several of your posts where you push cash and savings on just about everyone wanting to rebuild and looking for credit. People can do both at the same time, and frankly, the sooner you rebuild the better after a BK.  Just becasue they want to start rebuilding immediately, doesnt mean they aren't saving money either. 


My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 3 of 14
Frequent Contributor

Re: CH7 Discharged 5/21 - Burned Everybody(even Credit One and other subprimes) - Advice on next ste

Self Lender, Fingerhut, Secured card at local CU or try Penfed secured. (Anyone can join PF) After awhile Synch can be forgiving. 

Message 4 of 14
Valued Contributor

Re: CH7 Discharged 5/21 - Burned Everybody(even Credit One and other subprimes) - Advice on next ste


@pizza1 wrote:

@Hasselfree wrote:

In all honesty,  using Cash for a few years is a great experience.  I didn't even apply for any credit cards until 8 yrs post BK!  Learning how to use cash and getting a budget in place can take time.  I wish more people would see the value in going that route instead of jumping back into the fire.   

I hope your rebuild goes good and you come out better than ever!


@Hasselfree , While I respect your "cash is king" attitude, and you may have not started your  rebuild till 8 yrs post BK, doesnt mean everyone else wants to wait that long to rebuild themselves.  Ive seen several of your posts where you push cash and savings on just about everyone wanting to rebuild and looking for credit. People can do both at the same time, and frankly, the sooner you rebuild the better after a BK.  Just becasue they want to start rebuilding immediately, doesnt mean they aren't saving money either. 


Everyone's rebuild is different- however, the one common thing every single peson has in common is WHY they had to file a BK. If  one cannot learn to budget and manage paying with cash, why bother filing BK?  What are you learning?  Seriously, wanting to apply for credit while the ink is still drying on a discharge does not teach anyone how to live off their means.  You can discredit my advice all you want and even take a jab at my sound advice, but it is just plain ol' fact.  No one should be trying to rebuild UNLESS one has their finances under control and 1 year post BK, your finances are not under control. 

It is reckless to push rebuilding if you have no handle on a budget or your finances, period.  No, you cannot do both at the same time.  (Mod cut-non FSR)






UNpopular opinions have served me well and will offer that which has worked for me.
Message 5 of 14
Frequent Contributor

Re: CH7 Discharged 5/21 - Burned Everybody(even Credit One and other subprimes) - Advice on next ste

@Hasselfree Everyones circumstances are different
Message 6 of 14
Established Contributor

Re: CH7 Discharged 5/21 - Burned Everybody(even Credit One and other subprimes) - Advice on next ste


@Hasselfree wrote:

@pizza1 wrote:

@Hasselfree wrote:

In all honesty,  using Cash for a few years is a great experience.  I didn't even apply for any credit cards until 8 yrs post BK!  Learning how to use cash and getting a budget in place can take time.  I wish more people would see the value in going that route instead of jumping back into the fire.   

I hope your rebuild goes good and you come out better than ever!


@Hasselfree , While I respect your "cash is king" attitude, and you may have not started your  rebuild till 8 yrs post BK, doesnt mean everyone else wants to wait that long to rebuild themselves.  Ive seen several of your posts where you push cash and savings on just about everyone wanting to rebuild and looking for credit. People can do both at the same time, and frankly, the sooner you rebuild the better after a BK.  Just becasue they want to start rebuilding immediately, doesnt mean they aren't saving money either. 


Everyone's rebuild is different- however, the one common thing every single peson has in common is WHY they had to file a BK. If  one cannot learn to budget and manage paying with cash, why bother filing BK?  What are you learning?  Seriously, wanting to apply for credit while the ink is still drying on a discharge does not teach anyone how to live off their means.  You can discredit my advice all you want and even take a jab at my sound advice, but it is just plain ol' fact.  No one should be trying to rebuild UNLESS one has their finances under control and 1 year post BK, your finances are not under control. 

It is reckless to push rebuilding if you have no handle on a budget or your finances, period.  No, you cannot do both at the same time.  



Learning to budget and paying with cash are not even remotely the same thing. It is your opinion that your advice is sound. The fact the we now live in world where credit has an increased control over the life we live (even employers now check it) says otherwise. Waiting 8 years to rebuild will only do one thing. Put you 8 years further away from where you need to be.

BECU | Apple | Discover | Key
Message 7 of 14
Established Contributor

Re: CH7 Discharged 5/21 - Burned Everybody(even Credit One and other subprimes) - Advice on next ste

@OP. Capital One will be the most forgiving the soonest. I would start with a secured card. Cap1, and Self Lender loan. After 6 months that would boost your score enough for an unsecured low level cards like QS1. Join Credit Karma. Yes, it’s marketing but you will get a few preapprovals through them. 

 

I would resist the urge to get too many starter cards. Especially ones with annual fees. They become a hassle to manage once you start to get better cards. Fingerhut is underrated. Buy one thing. Pay it off. They will report a paid off loan and revolving account opened when you graduate. You never have to buy another thing and they will never close your account, and report good standing, forever. Good luck.

BECU | Apple | Discover | Key
Message 8 of 14
Senior Contributor

Re: CH7 Discharged 5/21 - Burned Everybody(even Credit One and other subprimes) - Advice on next ste

Start with open sky. No HP and they report. Then give Merrick a try. Closer to 1 yr out Cap1 will forgive. Good Luck.





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 9 of 14
Valued Contributor

Re: CH7 Discharged 5/21 - Burned Everybody(even Credit One and other subprimes) - Advice on next ste

Check for Cap One and Merrick prequels monthly.

Rebuild started in 2014  -  $100k+ unsecured credit in 2017  -  $250k+ unsecured credit in 2019.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

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Message 10 of 14
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