Ch. 7 Just Discharged

[enjoimorenow]

So I got the letter from my attorney that my Ch. 7 was discharged.  On the road to rebuilding from here.  Been reading around on the forums and have definitely learned a lot of valuable information.

Current scores: 528-EQ, 486-TU, 530-EX; according to this website.

I have signed up for a credit builder loan.  Got approved today, $1,100 and 12 months.  They put the money in a CD, I set up auto pay for the first of each month, and after 11 payments I get the money and they report to all 3 bureaus.

Other than that, I have a student loan that I've never been late or missed a payment on, and will keep paying that.

Now looking to get a CC.  Not gonna use it for any purchases, just going to set up the MyFICO service on it, then set up an auto pay so that utilization stays low and it doesn't miss any payments.

Looks like CapOne is one of the better ones to start with, but I did burn CapOne in BK on a CC and Auto loan.  I did the pre-qual on their site and it says I could get the Quicksilver.  What do you guys think the odds of this are?  I didn't even have it before BK.  From what I've read, there is no harm in trying to apply right?  If I'm blacklisted they won't do a hard pull from what I understand?  I guess I have three questions before I do the CapOne app....

1. How will I know if i'm blacklisted vs denied on CapOne?

2. Should I try QS or try for a secured card instead?

3. If I try QS and am denied, is it possible to recon for a secured?

Thanks for any help!  I'll be sure to update my story in time, but I know this will be a long journey.

[beezer32]

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@enjoimorenow wrote:

So I got the letter from my attorney that my Ch. 7 was discharged.  On the road to rebuilding from here.  Been reading around on the forums and have definitely learned a lot of valuable information.

Current scores: 528-EQ, 486-TU, 530-EX; according to this website.

I have signed up for a credit builder loan.  Got approved today, $1,100 and 12 months.  They put the money in a CD, I set up auto pay for the first of each month, and after 11 payments I get the money and they report to all 3 bureaus.

Other than that, I have a student loan that I've never been late or missed a payment on, and will keep paying that.

Now looking to get a CC.  Not gonna use it for any purchases, just going to set up the MyFICO service on it, then set up an auto pay so that utilization stays low and it doesn't miss any payments.

Looks like CapOne is one of the better ones to start with, but I did burn CapOne in BK on a CC and Auto loan.  I did the pre-qual on their site and it says I could get the Quicksilver.  What do you guys think the odds of this are?  I didn't even have it before BK.  From what I've read, there is no harm in trying to apply right?  If I'm blacklisted they won't do a hard pull from what I understand?  I guess I have three questions before I do the CapOne app....

1. How will I know if i'm blacklisted vs denied on CapOne?

2. Should I try QS or try for a secured card instead?

3. If I try QS and am denied, is it possible to recon for a secured?

Thanks for any help!  I'll be sure to update my story in time, but I know this will be a long journey.

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1. How will I know if i'm blacklisted vs denied on CapOne?

I'm not really sure. I can tell you however that burned them on an auto loan and and a CC as well. I was approved for a QS1 and Platnium card within a few months after burning them. I'd say, if they pre-qualify you through the Card Finder Tool, then your likely not blacklisted. Even if you are BL'd, they are VERY forgiving to BK folks.

2. Should I try QS or try for a secured card instead?

Try for the QS1 or the Platnium before a secured card. Either way, you're going to take a HP across all three CRB's. If you are denied for the the unsecured cards mentioned, just app for the secured. It won't cost anymore HP's within a short window of time/days. Someone more qualified can elaborate.

3. If I try QS and am denied, is it possible to recon for a secured?

They'll likely auto-offer it to you in leiu of an unsecured option right away. I could be wrong though.

[enjoimorenow]

So, I did the CapOne app...

Got this message at the end... should I try to call or send a message or just wait it out?

 https://postimg.org/image/4ra93owl1/

Thanks for any help!!

[Anonymous]

If it's been under a year since your account was charged off, they might make you wait a year. However some have gotten back early. If they did blacklist you, it won't pull your credit.

[enjoimorenow]

Is the "we will contact you via mail in 7-10 days" generally a good or bad sign?  It didn't say declined, but not sure if I should try to message or call them, or just let it play out!

[enjoimorenow]

Well, I never got anything in the mail from CapOne, guess it still might come next week.

Anyways, decided to try again and app for CapOne Platinum instead of the QS card this morning!  Approved with $500 SL!

I know it's not that much, but I'm pretty excited, because I thought I was gonna have to sign up for the Visa SkyPass secured card.

Now for my question.....

Is it better to only have 10% utilization and pay it off each month, or would it look better to CapOne and help increase my SL if I use the card for most of my purchases and pay multiple times during the month, making sure to pay the card down to 10% before the bill cuts, then pay the balance on the due date?

I'm looking to increase my credit scores as quickly as possible, and I do understand it will be a long and slow process, but any way I can help speed it up would be awesome.

Thanks in advance for all of your help!  This board has been awesome so far!

[enjoimorenow]

Also, have a question about whether I should dispute some items on my credit report.  They show no balance and IIB but they are appearing as collections/derogatory.

Based on reading the BK to 700 thread it says they should not be reporting as in collections?  Is this correct, or am I misunderstanding?

here is a screenshot for reference.  I have 4 accounts that are all the same as this, $0, IIB but they show under the collections tab on my credit report from this site.

https://s29.postimg.org/cqwt2d3mv/Screen_Shot_2016_12_17_at_10_58_40_AM.png