I've been lurking here for a while now and have finally gotten the guts to share my journey....
I filed ch.7 in September 2022 and was discharged December 21, 2022. Burned Navy FCU, AMEX, Mercury, Barclays, Sunbit, Alliant, and Ally Auto. It looks likes all credit reports have been updated with the exception of Sunbit and are showing discharged. I have filed disputes with each of the credit bureaus for Sunbit and provided Sunbit my discharge paperwork. My current scores (according to the FICO B report) are EQ 572, TU 472, and EX 607. Im waiting for a few more things to update with the Transunion report. I took a few tips from the 700 in 24months thread and have opened the following:
Self Lender rebuilder loan - 12 months at $48 per month
RBFCU Rebuilder loan (currently bank with them)- 18 months at $150 per month
Capital One Savor 1 - $500 SL (not sure why SL so low with annual income of over $100k per year)
Discover - $500 SL (piggy backing on my sister's card)
Credit One Bank - application still pending.. had to mail in identity verification documents
Capital One Auto - $32000k loan at 15% APR with only a $1000 down payment
I moved back home with my parents this past December in order to save up for a downpayment on a home. I am hoping to get my scores in the mid 600s by end of 2023 and hopefully obtain a preapproaval for a mortgage. While it will have only been 12 months since my discharge, I do think I can prove extenuating circumstances as my mom was diagnosed with stage 4 pancreatic cancer in 2020, I quit my job and relocated to Texas from Los Angeles end of 2021 to help take care of her, and went from earning $125k a year to nothing for almost a year. Bankruptcy was most certainly the only way to rebuild as I had over $70k in revolving credit which a significant portion went towards paying for treatments for her clinicl trial in which her grant had expired end of 2020.
I still haven't been able to get a preapproval for Discover on my own. But I do need one more credit card (am even willing to do secured card).
My questions are as follows:
1) When will Capital One preapprove for a second card? My inital preapproval included Platinum, Quicksilver, and Savor One and they seem very willing to establish a relationship with me.
2) I have 27 inquiries on my Transunion credit report (mainly from the car shopping) so I really don't want to take another HP. Is there a secured card I can obtain without a HP?
3) Are there any additional recommendations to help with the rebuild at this point?
Once I have 3 cards I do plan on gardening for a bit until inquiries fall off and I can hopefully obtain a preapproval for a home end of this year.
Thank you all for your help and time reading this post. You have all been such a blessing to so many of us without even knowing it.
With much love and appreciation,
Hopefully your trek forward won't be long and you'll be back on your feet in no time....
Best wishes on your rebuild
The 2 rebuilder loans you can pay off. Only need 1 reporting which is your car. More loans dont do much. Cap1 is every 6 months to apply. Disco is a couple yrs out. Mission lane is a good card. You only need 3 cards. Then garden till the home comes along. Its 2 yrs post BK for FHA. Yes once you hit the 3 cards. Let those inq's fall. Age will do the rest till then.
I was approved for a US Bank secured card $500 limit. I now have my 3rd card. I'm gonna keep the rebuilder loan from RBFCU because they are now my primary bank and I want to build a relationship with them for an auto loan refi later on. They also have a great secured card as well so I will be replacing the credit one bank card with their secured card because I don't need to take a HP to get it and that will get rid of the annual fees. I do have a penfed savings and checking account and I deposit about $50 a month into the savings account. I will apply for their unsecured gold card some time next year. Gardening for now. I will keep you all updated on the journey.
Thats a good strategy. No AF. Keep us updated on how its going. Good Luck!