cancel
Showing results for 
Search instead for 
Did you mean: 

Certainly been a rocky 60days

SSH0126
Established Contributor

Certainly been a rocky 60days

Certainly been a rocky 6wks for those counting since DC 2nd of  November I have learned at a cost that some info applies and some did not to my cirumstance at the time..certanily following 700 in 24 breakdown..can't wait to see where I am 6 months post DC or 12 mos. 

 

One question I do have for those that have actually experienced it...

What is the best recourse other than time and building a good history for the denials that state.

  • Deliquent past or present obligations with others
  • High Oustanding account balances in relation to credit(Have no balances)
  • Limited recent credit expereience(sure this is due to the BK7)
  • Presence of trades with past due balances(Nothing is late and have no balances)
  • Existing balances on past due accounts Insufficent number open retail trades recently reported( only thing that is open and are student loans and they are not in repayment)
  • Percentange of accounts reported deliquent or deragtory with in the last 24 months too high(true)
  • Ration of total balances to total loan amounts on all recently reported open installment trade is too high(????)

.yes, we struggled for a long period of time before we did BK..lots of lates, collections..credit unions..Capital one and comienty were highly reccommended and ended up in denials for as well as spouse..I know rebuild takes time. yes, everything is reporting IIB 0 balance...but while rebuilding if we keep getting denials such as above what are we to do? wait 3 yrs or so for time to pass before this is not so much a factor?

Message 1 of 15
14 REPLIES 14
StartingOver10
Moderator Emerita

Re: Certainly been a rocky 60days


@SSH0126 wrote:

Certainly been a rocky 60days since DC in November. I have learned at a cost that some info applies and some did not to my cirumstance at the time..certanily following 700 in 24 breakdown..can't wait to see where I am 6 months post DC or 12 mos. 

 

One question I do have for those that have actually experienced it...

What is the best recourse other than time and building a good history for the denials that state.

  • Deliquent past or present obligations with others
  • High Oustanding account balances in relation to credit(Have no balances)
  • Limited recent credit expereience(sure this is due to the BK7)
  • Presence of trades with past due balances(Nothing is late and have no balances)
  • Existing balances on past due accounts Insufficent number open retail trades recently reported( only thing that is open and are student loans and they are not in repayment)
  • Percentange of accounts reported deliquent or deragtory with in the last 24 months too high(true)
  • Ration of total balances to total loan amounts on all recently reported open installment trade is too high(????)

.yes, we struggled for a long period of time before we did BK..lots of lates, collections..credit unions..Capital one and comienty were highly reccommended and ended up in denials for as well as spouse..I know rebuild takes time. yes, everything is reporting IIB 0 balance...but while rebuilding if we keep getting denials such as above what are we to do? wait 3 yrs or so for time to pass before this is not so much a factor?



I think you started a little bit early. You were just discharged a few weeks ago (November 2016 was two weeks ago, not 60 days ago). I don't think you need to wait 3 years at all, but you do need to make sure that each and every CR reflects your discharge and the notation IIB and zero balance for every tradeline that was open when you filed (unless it was reaffirmed).

 

From the responses you received, it sounds like some of your accounts were showing delinquent without the IIB notation. It may have been just a tad early to apply for new credit accounts. 

 

Check all three of your Credit Reports using www.annualcreditreport.com to see how the TL's are actually reporting. Check to make sure the discharge date is showing up on your credit report. 

 

What you might want to do is recon your denials with Comeinty and Cap One to make sure they  have the right information. 

Message 2 of 15
SSH0126
Established Contributor

Re: Certainly been a rocky 60days


@StartingOver10 wrote:

@SSH0126 wrote:

Certainly been a rocky 60days since DC in November. I have learned at a cost that some info applies and some did not to my cirumstance at the time..certanily following 700 in 24 breakdown..can't wait to see where I am 6 months post DC or 12 mos. 

 

One question I do have for those that have actually experienced it...

What is the best recourse other than time and building a good history for the denials that state.

  • Deliquent past or present obligations with others
  • High Oustanding account balances in relation to credit(Have no balances)
  • Limited recent credit expereience(sure this is due to the BK7)
  • Presence of trades with past due balances(Nothing is late and have no balances)
  • Existing balances on past due accounts Insufficent number open retail trades recently reported( only thing that is open and are student loans and they are not in repayment)
  • Percentange of accounts reported deliquent or deragtory with in the last 24 months too high(true)
  • Ration of total balances to total loan amounts on all recently reported open installment trade is too high(????)

.yes, we struggled for a long period of time before we did BK..lots of lates, collections..credit unions..Capital one and comienty were highly reccommended and ended up in denials for as well as spouse..I know rebuild takes time. yes, everything is reporting IIB 0 balance...but while rebuilding if we keep getting denials such as above what are we to do? wait 3 yrs or so for time to pass before this is not so much a factor?



I think you started a little bit early. You were just discharged a few weeks ago (November 2016 was two weeks ago, not 60 days ago). I don't think you need to wait 3 years at all, but you do need to make sure that each and every CR reflects your discharge and the notation IIB and zero balance for every tradeline that was open when you filed (unless it was reaffirmed).

 

From the responses you received, it sounds like some of your accounts were showing delinquent without the IIB notation. It may have been just a tad early to apply for new credit accounts. 

 

Check all three of your Credit Reports using www.annualcreditreport.com to see how the TL's are actually reporting. Check to make sure the discharge date is showing up on your credit report. 

 

What you might want to do is recon your denials with Comeinty and Cap One to make sure they  have the right information. 


Hi there! 

 

I have been checking on here I have a subscription and all the accounts have been showing IIB and zero but like I said we were struggling with no payments, lates, high balances for a long while before we filed so if it was deragtory before it will still be deragtory with the IIB 0 balance right? I don't want to apply for anything else just to be declined now anyways. we both have one card and car loan..

Message 3 of 15
Creditwiser
Valued Contributor

Re: Certainly been a rocky 60days

Find out where you truly stand on all 3 CRA's before you do anything else.  Recon with Cap One to see if you can get in.  You need to be very careful with your INQ's and avoid going overboard unnecessarily.   What cards do you currently have?  How many INQ's   As mentioned above, be certain everything that was DISCH is IIB.  What are your current scores?

 

Know exactly where you stand and then develop a plan going forward for 2017 and beyond.  Are you eligible for NFCU in any way?  If not there is a thread where you can join some organization for a few dollars which would allow you eligibility. Worth looking in to as NFCU was an outstanding source for my rebuild.  Again though, don't do anything else except RECON attempt until you know and understand exactly where you stand. Stay on this. It will take a good bit of your time but believe me when I tell you it will be time well spent.  Stay in this forum daily if you can and read read and read some more. You have to educate yourself so you can move forward and navigate your way toward better scores and an overall credit profile that will open doors as you need them.  Try not to be discouraged. I did it and find myself in a very good place a little over 2 years post disch.  I did it with a plan derived from the knowledge I gained in this forum with the many good people that helped along the way.  Patience is paramount in your situation. It gets easier as the months pass. You can do this. 



 

NFCU Visa 25k | Cap1 QS 11K | Cap1 QS 10.5K | Barclay Apple Rwds 9k | Amex AU 20k | Citi AU 10k | Delta Amex 5k | CFNA FS 3200 | VS 1200 | Car Loan 10/14 |
Message 4 of 15
SSH0126
Established Contributor

Re: Certainly been a rocky 60days

Reconing with cap one didnt change anything this time.

Decided to wait. The inquries came from the dealership where we advised to only run two banks and they did not. 

Cards now Credit one. 

Already a member of NFCU they are not going to give us anything now not even going to waste our time now maybe much later a year or so?

 

In the forum all the time daily but a lot depends on what happens before bk..which is wy score spring back quicker for others and better offers. I know it will take time. Just was wondering about the intial post with the list..

 

Thanks..not too discouraged just learning what advice to take and what not to take. I have spent the last almost 6months reading..I will go back through the reports again and obviously keep an eye on them. Ever heard of 3b reporting wrong? I may cancel that subscription and just order paper reports..

Message 5 of 15
jw2016
New Contributor

Re: Certainly been a rocky 60days

If your reports are correct, then time is probably the biggest factor.  The further you get away from the late payments and the bankruptcy itself the easier it will get.  In the meantime you may have to to go with a secured credit card to get your foot in the door.   In my experience it was around 1-2 years post discharge before things really started to open up beyond the normal rebuilding cards.  I'm impatient so I understand how difficult and frustrating the rebuilding process can be, but it does gets better.

Chapter 7 Discharge 12/2011
12/2016 TU 726 EX 724 EQ 719
Message 6 of 15
srloring13
Regular Contributor

Re: Certainly been a rocky 60days

Within the first 30 days post my BK discharge I was able to get a Capital One ($300.00 credit steps), Merrick Bank Secured ($200), SDFCU Secured ($500), and Credit One ($300).  Before my discharge I made sure all accounts that were IIB reflected as so on my credit reports along with a 0 balance.  If you are eligible for membership with SDFCU, they have a no credit check secured card.   

 

Also make sure none of the accounts you IIB are reporting late payments after your filing date.  It is my understanding that they cant report you deliquent after your BK filing.  (I'm sure someone will correct me if I'm wrong)

 

Have you discussed a obtaining a secured card with NFCU?


Gardening since 06/01/2019
FILED CH7 BK 02/25/13 -- DISCHARGED 06/10/13
Starting Scores 06/10/13 EQ474 EX538 TU503
Message 7 of 15
SSH0126
Established Contributor

Re: Certainly been a rocky 60days


@srloring13 wrote:

Within the first 30 days post my BK discharge I was able to get a Capital One ($300.00 credit steps), Merrick Bank Secured ($200), SDFCU Secured ($500), and Credit One ($300).  Before my discharge I made sure all accounts that were IIB reflected as so on my credit reports along with a 0 balance.  If you are eligible for membership with SDFCU, they have a no credit check secured card.   

 

Also make sure none of the accounts you IIB are reporting late payments after your filing date.  It is my understanding that they cant report you deliquent after your BK filing.  (I'm sure someone will correct me if I'm wrong)

 

Have you discussed a obtaining a secured card with NFCU?


Everyone's situation is different a lot weighs on what happened before yet that is hardley ever mentioned. Congrats on your cards and sucess so far.

@AS stated before we both were denied for cap one..I burned them for @ 1k in credit cards..spouse did not. we both have (1)credit one card each..according to 700 in 24 thread we should be applying for another card in roughly 5 months..we did not get the credit builder but do have a car loan now. 

SDFCU denied me membership because they could not verify who I was despite sending all proper documentation and will not open account unless I come in person. 

I too, before my discharge made sure everything was showing IIB and zero balance which it was as stated above...

I did not say they are currently reporting me deliquent. what happened before on our credit late payments and etc will remain. the balances are at 0 and including in Bk of course. We are not pressed to get 20 cards just to do it..Our focus is being able to get a home in two years. Not to get into this situation again..to have a healthy savings and to get to 700 across the board. As someone else stated it may just need time.

Message 8 of 15
SSH0126
Established Contributor

Re: Certainly been a rocky 60days

Discharged 11/02 still rocky regardless trying to figure things out! so neither here nor there lol. 

scores. 

558 582 557
550 571 567

Message 9 of 15
agoodplan
Member

Re: Certainly been a rocky 60days

I would agree with the NFCU secured card route.

Message 10 of 15
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.