Ch 7 discharged on Monday

[681jim]

Hey everyone!

I used to post at these forums long ago, but I got sidetracked.

I wound up filing for Chapter 7 bankruptcy after a couple of years struggle with high CC balances and moving from business owner to employee.

Here's who I burned in BK: NFCU, Cap One, Cred One, Goldman Sachs Apple, Discover, and Synchrony Paypal.

Anyway, now that my Ch. 7 BK is discharged, and I'd like to start the rebuild. 

I know my attorney told me to be patient with getting my first post-BK credit card, but I am looking for ideas of what card I should apply for, and when. Any advice is appreciated.

[Cowboys4Life]

"Here's who I burned in BK: NFCU, Cap One, Cred One, Goldman Sachs Apple, Discover, and Synchrony Paypal."

NFCU:  does not forgive.  Unless you make them whole on the amount discharged in BK they will not issue any new credit.

Cap1:  very forgiving.  Might take a few months but will issue a new card.  Depending on amount discharged could be a secured card.

Discover:  takes time could be a year or more but does eventually forgive but not right away.

I have no experience with the other creditors.  

[FireMedic1]

Cap1 is forgiving. Might be a Plat that you upgrade to a QS in time with a low limit. But its a start. CL doesnt mean much now. Its the account on your reports. Merrick bank is ok or Misssion Lane also.

[MileHigh96]

Check with CK and Credit Sesame, one of them might get you an invitation to apply for an Ally card.  Same with Merrick Bank, you need an invitation to apply for their card as well.

And as has already been mentioned, CapOne is going to be one of the more forgiving ones.  Just keep checking their pre-qual page and see if anything comes up.  Their pre-qual is rock solid and if it comes up that they are offering you a card, you will be guaranteed to get it if you apply for it.  I burned them and 10 months post discharge they let me back in, but some people have gotten back in with them a lot sooner than that.

I burned Synchrony and Disco like you did, and I am now more than 3 years post discharge and neither one of them will let me back in even though for others, they have been forgiving with. 

[681jim]

I appreciate your replies.

I burned Cap1 for less than 1600 between a Spark Biz Card and a QS Card. I'll keep checking their Pre-Qual page.

Re: NFCU, yeah, I told myself "That ship done sailed" when I knew I was going to file for BK and read that they won't let you back into their "Credit Club" unless you make them whole. C'mon, Powerball... lol

I'm waiting for Ally or Merrick Bank to invite me. All I'm seeing in CK right now is "Milestone" and a few others that I don't want.

Also, @MileHigh96, is that a Broncos Visa I see in your sig? Go Broncos!!!

[IsambardPrince]

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@681jim wrote:

I appreciate your replies.

I burned Cap1 for less than 1600 between a Spark Biz Card and a QS Card. I'll keep checking their Pre-Qual page.

Re: NFCU, yeah, I told myself "That ship done sailed" when I knew I was going to file for BK and read that they won't let you back into their "Credit Club" unless you make them whole. C'mon, Powerball... lol

I'm waiting for Ally or Merrick Bank to invite me. All I'm seeing in CK right now is "Milestone" and a few others that I don't want.

Also, @MileHigh96, is that a Broncos Visa I see in your sig? Go Broncos!!!

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It is what it is. Some lenders won't forgive you unless you pay them. AmEx and Citi are like this. I burned Citi in mine and I've been told never expect another card from them.

I'm fine with that. What they did to me during and after the bankruptcy was horrific, and possibly unlawful.

They called me many times in a manner that might be against the state's Disorderly Conduct statute as pertains to debt collection, and they continued reporting missed payments for 6 months after I filed for bankruptcy, and I had to dispute it (won the dispute) with the bureaus).

Their particular practices make me doubt I'd ever want to be their customer again anyway.

Capital One is easy. Just wait about 12 months and see if they offer you anything.

Didn't burn Discover, got a card from them three months post-discharge.

Capital One doesn't even seem to care that they lost a lot of money in my bankruptcy, they simply locked me out of their system for a year and then started giving me new cards again, even ones with SUBs and normal interest rates and high limits.

With Capital One, you'll probably need to wait 2-3 years before you get their better cards, but a Platinum with a potential PC to QuickSilver should be doable after one year. But I wouldn't hold onto that for long. Use it as a credit builder until you can get the QuickSilver for Excellent Credit.

They gave me one with a FICO of between 670 (TU) and 686 (EQ), so their definition of Excellent Credit appears to be different than FICO's.

[MileHigh96]

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@681jim wrote:

I appreciate your replies.

I burned Cap1 for less than 1600 between a Spark Biz Card and a QS Card. I'll keep checking their Pre-Qual page.

Re: NFCU, yeah, I told myself "That ship done sailed" when I knew I was going to file for BK and read that they won't let you back into their "Credit Club" unless you make them whole. C'mon, Powerball... lol

I'm waiting for Ally or Merrick Bank to invite me. All I'm seeing in CK right now is "Milestone" and a few others that I don't want.

Also, @MileHigh96, is that a Broncos Visa I see in your sig? Go Broncos!!!

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It's hit or miss what you will find offered to you with CK.  All you can do is keep checking them as sometimes they change fairly often.  Also, check Experian, they do card offers as well and a lot of times they are different than CK.  And definitely keep checking CapOne because I can almost guarantee that one day the card preapprovals will start to show up.

And yes, that is definitely a Broncos Visa!  Was really happy when I was approved for that one.  Looking forward to this season and am so happy that Bo has been named QB1.  Let's go Broncos!

[isaemm76]

That's good to hear Disc let you in after 3 months. I'm in the same boat, didn't burn them either. I was wondering what their time frame was for them. Was discharged 8/12 so hopefully they'll let me in soon. And yes I know everyone is different bout at least I know they let people in doin after discharge. 

[CaptainConcorde]

Ally and Merrick Bank were both good for me.  One Main also approved quickly.  I'd never done business with any of the three in the past.  The Merrick card can be "double your limit" after six on-time payments which is nice.  

[radgrapes]

Did you have to wait for an offer from Merrick Bank post discharge? It doesn't look like you can just apply for one willy nilly...