Chapter 7 DC - What now?

[lapersad]

Hi!! Kinda new here although i've been lurking dor a few years.

Our chapter 7 was discharged November 2019 along with the discharge our BK firm included 720 credit score.com to use. Was wondering if anyone has used them before and was it or is it effective? We want to open a secured card but think it may be too soon? Is it possible to get decent scores in less than 1 yr? Also, Does reporting rent payment increase or help my credit score?

Side note: Only thing left after DC was my student loan and we reaffirmed our car loan which has always been in good standing. Thanks! :-)

[Jnbmom]

You don’t need to use a company to get you credit cards . I would read and read some more in the credit rebuilding forum, you can learn everything here.

What creditors didn’t you burn in your BK? That will give us any idea of where you should start. What are your FICO scores and is everything reporting correctly 0 balance and IIB?

[Jnbmom]

Welcome by the way

[FireMedic1]

^^^^^^^ This. I checked out the links on that site and they lead to creditcards.com. Its just a pass it on to sites that make money off of you applying with them. No different than Credit Karma. We need to know who got burned first to lead you in the right direction. No one knows what anyones scores will be in a year. Its has to do with what baddies that happened before you filed. But if its done correctly. You can have a successful rebuild. Welcome to the forums!

[lapersad]

Thank You!

We both burned a few cap ones, disc, target visa (td bank) indigo and a whole buncha retail cards. I had an amex card that was in good standing but obv was closed as soon as we filed. I had a BoA card that was closed by the bank itself when they noticed we fell on hard times and were accruing debt prob like 1-2 yrs ago (although it was in good standing with 0 balance)

Now, can we both start by getting 2 secured cards AND see if cap one approves us for the platinum for a 3rd card OR are we ok with just TWO secured cards each for now? Do all secured cards report to all 3 agencies?

Current score per CK
Me: 599/594
Hubby: is mid 500's

[twono]

I'd pass on a secured card unless it will graduate into an unsecured card and won't create an entirely new acct that will report to the bureaus.

Most secured cards don't graduate and if they do, they usually will close the secured acct in order to give you an unsecured acct which means another hard pull and another new acct reporting that will hurt your AAoA.

Try Credit Ones' pre-approval link.  https://www.creditonebank.com/pre-qualification/data-entry/index

And the OLLO card.  It is generally by invite only, of which i went thru a pre-approval link from Credit Karma and i was approved.

I was DC'd in Oct and have....Credit One  $2200....OLLO  $1100....and KOHLS $3000 which survived BK....and student loans reporting positive, never late.

So at a little over 100 days post DC, i'm at :  EQ 639, EX 615, TU 611

I waited about 45 days after DC to apply for Credit One.....a few days later i was approved for the OLLO.  I am done with new credit for 2 yrs.