Lurker for a week or so and figured I would reach out, say hello, and get input.
Long story short, bought a business in 2015, put all resources in it, it tanked in 2017...I started borrowing money in 2018 to keep it afloat (big mistake), ended up in Ch 7 Bankruptcy court with 1.3m in unsecured notes. Burned Bank of America, Chase, Capital One and Syncrony for lots of money. My case was discharged Dec (2018) middle of the month and credit was 630ish +- 20- points across the board. Now that my car note and house note have reappeared I'm at a 597. First CC approved was Credit One 400 bucks. Second billing cycle on that hits in 3 days. Paid down to 15 dollars after charging about 1k. Paid mortgage and car note ahead of time and hoping to get over 600 once they report. Also have late payments from Mortgage and Car note from last year some months 90 days late.
My questions as follows.
I am growing Credit One hopefully this month or next, which CC should be my next app that would yeild a likely approval without the preditory fees that follow CO? I don't need the money, I need the trade lines as my goal is to purchase a car in July and refi my current car note which is 9% in a few months also. I can refi it now to 7.9% but it isn't worth it to me because I have perks with the current note that make the extra 1.1% worthwhile. Aiming for maybe 5%...Is this possible?
Is it worth it to utalize Sky Blue Or Lexington Law or some other agency to help with the late payments...IE Have companies like this worked for you...I see some have and some have not. Looking for people who can share data on what was done for them.
Notice I didn't ask should I do it myself, and do in fact realize I can do all of that myself...I have way too little time on my hands and absolute zero interest in trying this myself.
Thanks in Advance!
Welcome to the boards!
First...Your title says "Dismissed", but in your thread it says "Discharged". Which is it? They are two totally different things, and outcomes .
Before applying for anything else, make sure your reports(all three), are reporting correctly. Any accounts that were IIB need to reflect $0 bal/IIB. Make sure your BK in the PR section says "Discharged", and the date.
After your reports are updated correctly, then if money isn't an issue, Apply for a secured Discover card. It will/can graduate between 7-12 months with use, and payments. Wait a few months after that, then check the prequel for Cap1 again, and see what it offers you.
You need 3 CC's only for optimal reporting during rebuilding, and 1 loan. That loan can be school, car, house, personal, and looks like you already have one, so you don't need another one.
I would not go with any credit repair agency period. They will take your money and do nothing. IF you had lates prior to filing BK, then they are reporting correctly. Filing BK doesn't make those lates go away. Those accounts with lates will follow the DOFD rule, which is 7 yrs from the DOFD.
Those lates will fall off those accounts 7 yrs from the DOFD, (if those account are still open and active), and then that account will turn into a positive one. Your negative closed IIB accounts will follow the same DOFD, except the entire TL will fall off at 7 yrs.
Thank you for your reply...Yes it was discharged. I ran my credit report this week and all are showing 0 balance. Had an interesting thing happen...I prequaled for Discoverit on my phone and was approved for the secured then a few days later went to my computer to get it started and the prequal was declined. I tried Cap 1 as well...So for now I am stuck with Credit One 400 line. They gave me a credit which was nice but they haven't reported yet my most recent payment and utilization of 4% but that should happen in the next day or so from what I've read. So looks like time is the key to getting this turned around...For now I'm at 597...Will update my progress as I go.
Cap1 will usually let you back in after a year from your DC when burned.