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Can I even rebuild after BK7 if I had almost every CC?!?

Blazesian
New Contributor

Can I even rebuild after BK7 if I had almost every CC?!?

I am truly worried about possibly filing for BK7 because RIGHT before I crashed I applied for almost every card mentioned in the forums (same day, same time) and was approved for most of them. So I'm unsure if I can even rebuild with the plans being mentioned.

 

Here is my list of cards & limits when I 

 

Credit One - $650 limit 

Synchrony Bank/Amazon - $3000

Discover / Walmart - $1,500

Barclays Card - $3000

Capital One - $5,750

Capital One - $2,000

Discover - $3,000

Macys - $1,000

Jared - $4,500 limit that was lowered to my balance of $900 after two missed payments and after having the account since 2011 with NO issues & multiple large purchases paid off

Kay Jewelers - $2,000 limit (no balance - it shows paid as agreed)

Nordstrom - $3,000

Rooms2Go: $1,000 (no balance - shows paid as agreed but was also closed during my struggle)

JC Pennys: $300 (no balance, closed during struggle)

Synchrony Bank/PayPal - $3,000

Walmart - $650 (No balance, perfect payment history but was closed when I was late on my Discover/Walmart account)

TD Bank/ Target $300 

Texas Trust Credit Union CC - $2,000

 

 

 

 

Loans: 

 

First Convenience Bank - $1,500/$800 balance when charged off.

Texas Trust Credit Union - $8,000/$7467 balance when charged off.

 

 

Currently, I have the following in good standing and have timely payments for the past year. I've had all of the accounts for TWO years but only in the past year have I used them to try and help rebuild my credit.

 

- Capital One/Justice - $500 limit 

- Capital One/Neiman Marcus -  $700 limit

- Khols - $300 limit

- Comenity Capital Bank? /Zales - $500 limit (no payments or purchases ever but it's still open)

Message 1 of 16
15 REPLIES 15
medicgrrl
Valued Contributor

Re: Can I even rebuild after BK7 if I had almost every CC?!?

Which one's have balances?  They'll only include in bankruptcy the accounts that are open or have balances.  You can close the $0 balance accounts.



EQ 778 EXP 782 TU 729
Message 2 of 16
Blazesian
New Contributor

Re: Can I even rebuild after BK7 if I had almost every CC?!?

Every card above listed had a balance unless specified. They've been in collections for over a year at this point (Except Discover & Nordstrom). 

At the bottom, I listed the four cards that are active and have no delinquencies. 

 

 

Message 3 of 16
SteelerNYC
Valued Contributor

Re: Can I even rebuild after BK7 if I had almost every CC?!?


@Blazesian wrote:

I am truly worried about possibly filing for BK7 because RIGHT before I crashed I applied for almost every card mentioned in the forums (same day, same time) and was approved for most of them. So I'm unsure if I can even rebuild with the plans being mentioned.

 

Here is my list of cards & limits when I 

 

Credit One - $650 limit 

Synchrony Bank/Amazon - $3000

Discover / Walmart - $1,500

Barclays Card - $3000

Capital One - $5,750

Capital One - $2,000

Discover - $3,000

Macys - $1,000

Jared - $4,500 limit that was lowered to my balance of $900 after two missed payments and after having the account since 2011 with NO issues & multiple large purchases paid off

Kay Jewelers - $2,000 limit (no balance - it shows paid as agreed)

Nordstrom - $3,000

Rooms2Go: $1,000 (no balance - shows paid as agreed but was also closed during my struggle)

JC Pennys: $300 (no balance, closed during struggle)

Synchrony Bank/PayPal - $3,000

Walmart - $650 (No balance, perfect payment history but was closed when I was late on my Discover/Walmart account)

TD Bank/ Target $300 

Texas Trust Credit Union CC - $2,000

 

 

 

 

Loans: 

 

First Convenience Bank - $1,500/$800 balance when charged off.

Texas Trust Credit Union - $8,000/$7467 balance when charged off.

 

 

Currently, I have the following in good standing and have timely payments for the past year. I've had all of the accounts for TWO years but only in the past year have I used them to try and help rebuild my credit.

 

- Capital One/Justice - $500 limit 

- Capital One/Neiman Marcus -  $700 limit

- Khols - $300 limit

- Comenity Capital Bank? /Zales - $500 limit (no payments or purchases ever but it's still open)


It may be a more difficult rebuild, but you can certainly do it. Perhaps by getting in with NFCU and getting a secured card that will graduate in time. Also Capital One tends to be pretty forgiving and you could likely get back in with them in a relatively short time.

Ch 7 Discharge May 2015
Discover/Target/NFCU CLOC/NFCU More Rewards Amex/NFCU Platinum/PenFed Power Cash Rewards/PenFed Pathfinder Visa/Citi Costco Visa/CapitalOne SavorOne/Apple Card - $139,100 total revolving, 21% utilization
3.25% mortgage July 2020, $20k used Auto Loan October 2020, $20k PenFed Personal Loan Dec 2020
687/683/673 EX/EQ/TU w/ 5/6/6 INQs as of Jan 2021
Spending 2021 in the Garden
Message 4 of 16
Sebastian503
Established Contributor

Achieving a successful & generic rebuild after BK-7 is very possible

 

Is there a legitimate religious reason or health concern that you can't live without having the following vendors?


In all seriousness, couldn't you just use a regular visa or mastercard at these locations during a three year rebuild?

 


Amazon


Walmart


Macys


Jared


Kay Jewelers


Nordstrom


Rooms2Go


JC Pennys


PayPal


Target

..

05/03/16 Fico 8 Scores: EQ 546, TU 501, EX 548
09/01/16 Fico 8 Scores: EQ 662, TU 628, EX 657
10/04/16 Fico 8 Scores: EQ 692, TU 665, EX 686
01/15/17 Fico 8 Scores: EQ 706, TU 670, EX 687 * all Yellow / Good
Message 5 of 16
wa3more
Established Contributor

Re: Achieving a successful & generic rebuild after BK-7 is very possible

OP,

 

 

what is the total amount of debt you owe and why are you considering BK ?

Message 6 of 16
JGGM
Frequent Contributor

Re: Can I even rebuild after BK7 if I had almost every CC?!?

I don't mean this to sound rude, so please do not take it that way. But if you're currently contemplating filing for bankruptcy, shouldn't applying for new credit be the last thing on your mind? Time heals all wounds, so I think you need to take a step back and understand how you got to the position you are in, and what you can do in the future to prevent this from happening again. Best of luck. 

Current Score 6-11-20: TU: 821 EX: 837 EQ: 813
Goal Score:ACHIEVED - 800 Across the Board
In My Wallet: Cap1 QS - PenFed Power Cash Rewards - PenFed Promise - AmEx Delta Gold - AmEx Platinum - DISCO - NFCU Cash Rewards - AmEx Simply Cash Business - Chase Sapphire Preferred

Message 7 of 16
Blazesian
New Contributor

Re: Achieving a successful & generic rebuild after BK-7 is very possible


@Sebastian503 wrote:

 

Is there a legitimate religious reason or health concern that you can't live without having the following vendors?


In all seriousness, couldn't you just use a regular visa or mastercard at these locations during a three year rebuild?

 

 

..


I don't believe you understand my question. I asked is it possible to rebuild when all of the cards listed (outside of the four below) would be included in BK. According to all of the guides as soon as you come out of BK you're supposed to open another card and other steps etc which is why I asked if it's even possible when most cards are going to be included. 

 

Now, if all I have to do is keep the cards I have already open, then I may be fine but I don't see any topics on this. 

Message 8 of 16
Blazesian
New Contributor

Re: Achieving a successful & generic rebuild after BK-7 is very possible


@wa3more wrote:

OP,

 

 

what is the total amount of debt you owe and why are you considering BK ?



$60,000. 

Message 9 of 16
Blazesian
New Contributor

Re: Can I even rebuild after BK7 if I had almost every CC?!?


@JGGM wrote:

I don't mean this to sound rude, so please do not take it that way. But if you're currently contemplating filing for bankruptcy, shouldn't applying for new credit be the last thing on your mind? Time heals all wounds, so I think you need to take a step back and understand how you got to the position you are in, and what you can do in the future to prevent this from happening again. Best of luck. 


 Hm, I am unsure you understood the question as well.  My question is based on all of the guides that are out on this board and how they say I am to open up another card. I have not seen a post explaining rebuilding with existing cards. 

 

To answer your question honestly, no, I think if I am contemplating bankruptcy I should know exactly what I am getting ready to go through and the steps I will need to take to rebuild my score and file to what it was previously, after everything is said and done. I do not want to go into this blind. 

Message 10 of 16
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