Re: Can't seem to get credit after bankruptcy

Anonymous · ‎01-11-2018

OK so my husband and I had our 341 meeting on 12-21. The lawyer gave approval to start applying for cards to rebuild credit. My trans score is 635 equifax is 645. I burned 3 capital ones in the filing and a synchrony card. My husbands scores are exactly the same as mine. He burned 2 capital one cards. He got approved for 2 capital one unsecured cards right away. I've been denied for capital one, synchrony and a card through my credit union. My next step is to get a secured card from my credit union but I need $300 and don't have that right now. Do I have any other options?

Anonymous · ‎01-11-2018

@Anonymous wrote:
OK so my husband and I had our 341 meeting on 12-21. The lawyer gave approval to start applying for cards to rebuild credit. My trans score is 635 equifax is 645. I burned 3 capital ones in the filing and a synchrony card. My husbands scores are exactly the same as mine. He burned 2 capital one cards. He got approved for 2 capital one unsecured cards right away. I've been denied for capital one, synchrony and a card through my credit union. My next step is to get a secured card from my credit union but I need $300 and don't have that right now. Do I have any other options?

If those scores are from credit karma those are not real credit scores but entertainment scores.

If you don't have $300 to open a secured card, you aren't really ready for rebuilding. Try focusing on cutting your spending and raising your income for the next 2-3 months to save up $1000 to do rebuilding correctly (3 secured cards + 1 secured loan and then garden for 12 months).

Anonymous · ‎01-11-2018

Where would I get real credit scores from and when is a good time to pull them?

pizza1 · ‎01-11-2018

First your reports need to be in order, meaning any acts that were IIB need to reflect $0 bal/IIB, and your BK itself needs to actually say "discharged", and the date.

Some folks are able to get cap1 immediately, others can't get them for a month or two. Wait till BK is officially DC'ed, then pull your actually reports from all 3 CRA...TU, EQ, EXP, and make sure everything is reporting correctly. This can take up too 30-45 days after DC.

Keep checking the Discover and Cap1 pre-qual pages. If the page says Congratulations with a SET apr, not a range, then go for it. If it says anything other than that, don't.

Also, after making sure your reports are in order, and they are reporting correctly, you can pull a 3-B report here at FICO, and get your true FICO scores, which is what you need and want to know.

Anonymous · ‎01-11-2018

Thank you so much for the advice. I have a 2 year budget plan to help get us back on our feet and I'm going back to school for a degree for money that my job is paying for. We're hoping to trade in our cars later this year to drop the monthly payments too but I'm nervous about the interest and approcal odds for car loans

Anonymous · ‎01-11-2018

@Anonymous wrote:
Thank you so much for the advice. I have a 2 year budget plan to help get us back on our feet and I'm going back to school for a degree for money that my job is paying for. We're hoping to trade in our cars later this year to drop the monthly payments too but I'm nervous about the interest and approcal odds for car loans

A 2 year plan is awesome! Make it a family/household habit to sit down once a month (set the date in advance) to go over your previous month's spending to highlight when you didn't follow the budget!

You can get your scores up by following some advice given above, namely get 3 secured credit cards and 1 secured personal loan. This can boost your scores anywhere from 50 points to 100 points instantly.

I would check the Discover prequalification page to see if they'd offer you a $200 secured card. If so, save up money to get it. In fact, I suggest trying to save enough to get the $200 card right away and then add another $100 deposit to it every 2-4 weeks so you can get a higher limit.

Capital One will approve you for a secured card in 3-6 months.

A credit union/bank secured card is a good idea. As is a credit union secured personal loan ($500 is great).

12 months after you do all those things you can have seriously higher scores in time for an auto loan.

Anonymous · ‎01-11-2018

If you just had your 341 meeting, there has not been enough time for you to be discharged. I don't think you are supposed to try to get credit until you are officially discharged. That's what most people here say. Maybe your luck will improve when you are discharged.

chosen4th · ‎01-11-2018

I dont get it either, I see people in here that arent discharged that burned cap1 IIB, get approved. I burned them for 1 but only $750 (when i had 10k Amex and 15k chase, they would never up my limit). Im 2 months out of discharge and they still wont even run my credit.. I app'd for it and they just stated becasue of my former accounts.. I would love to know why some can and some cant, its gotta be something.

Anonymous · ‎01-14-2018

@Anonymous wrote:
OK so my husband and I had our 341 meeting on 12-21. The lawyer gave approval to start applying for cards to rebuild credit. My trans score is 635 equifax is 645. I burned 3 capital ones in the filing and a synchrony card. My husbands scores are exactly the same as mine. He burned 2 capital one cards. He got approved for 2 capital one unsecured cards right away. I've been denied for capital one, synchrony and a card through my credit union. My next step is to get a secured card from my credit union but I need $300 and don't have that right now. Do I have any other options?

Not sure about the secured card, but you can and should be an authorized user on any of your husband's account(s). The credit/history of those accounts will translate to you. I was kind of in your boat, my scores were lower, my wife didn't file, I didn't try for any credit until after I was discharged. I became an AU on each of her accounts and was able to get a Cap1 card 2 weeks after DC. Still, we were broke and didn't spend a dime on or off the card without it being in hand. WIth my wife's help (mainly) and some common sense, I was above 700 very quickly. and BTW I've found the best thing about the higher scores isn't getting credit cards (we still don't spend a dime without money in hand) but the things like when we needed a new car, we got 0% from the dealer and our insurance rates have dropped precipitously (literally less than half than what they were). Congratulations and best of luck.

MyDataMyChoice · ‎01-14-2018

I beleive Capital One is 12 months (1 years) from prior CHARGE OFF Date.... AND 3 Months after DISCHARGE Date (if you burned them)

Before applying for ANYTHING get yout credit and make sure everything is reflected correctly....

Start with a Soft Pull Account for Savings Secured Somewhere.... and see if credit one (not capital one) will grant you credit. Use the 24 months to 700 thread