Credit after bk7

[Iamceeceeuc2u]

Hi everyone! I'm new here to the site but I've been reading old and new threads and I've gotten so much information. So I'm in the waiting period of my bk7 discharge, about 2 weeks left. Any suggestions on new cards to rebuild credit? Only want to start off with 1-2. I'm getting a bunch of mail from Mission Lane so are they decent? Thanks! 

[ForwardLooking]

Mission Lane was one of my better rebuild cards.  They have different ones, so you will want to make sure you know what you are getting.  Mine is their no annual fee card with 1% cash back in the form of statement credit.  They are a little hard to get limit increases with, but they should give you one in about 6 months if you are good to them.  They don't have a mobileapp, but their website is mobile friendly in a we browser.  Payments are quick after you get established, but it may take a little longer for your first ones to complete.  They are better than a lot of alternatives for starting on a rebuild.  I still have mine, even though the limit is small compared to my better cards, but with no anual fee, not in a hury to close it.

[Linnaea]

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@ForwardLooking wrote:

Mission Lane was one of my better rebuild cards.  They have different ones, so you will want to make sure you know what you are getting.  Mine is their no annual fee card with 1% cash back in the form of statement credit.  They are a little hard to get limit increases with, but they should give you one in about 6 months if you are good to them.  They don't have a mobileapp, but their website is mobile friendly in a we browser.  Payments are quick after you get established, but it may take a little longer for your first ones to complete.  They are better than a lot of alternatives for starting on a rebuild.  I still have mine, even though the limit is small compared to my better cards, but with no anual fee, not in a hury to close it.

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I have a Mission Lane app.   Personally I wish I got the cash rewards.... but it's a rebuild for me after paying off Charge Offs. They are decent.  Another decent one and forgiving is Capital One.   But maybe a secured Navy Fed is a gray one or Discover Secured

[Creditwiser]

You may be able to skip the bottom feeders altogether depending on who you burned in your BK.

Welcome to the forum and congrats on getting started with a rebuild plan !

[MileHigh96]

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@Iamceeceeuc2u wrote:

Hi everyone! I'm new here to the site but I've been reading old and new threads and I've gotten so much information. So I'm in the waiting period of my bk7 discharge, about 2 weeks left. Any suggestions on new cards to rebuild credit? Only want to start off with 1-2. I'm getting a bunch of mail from Mission Lane so are they decent? Thanks! 

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Welcome to the forum!

Mission Lane is a fairly decent one coming out of BK7.  They were the first card I got after my discharge along with Ollo (now Ally), and Mercury.  I got the invitation to apply for all three of those through Credit Karma and Experian.  Lots of people have had good luck with ML, but I did not.  Started with a $1K limit and only got one auto increase of $100 in almost 2 years of having and using the card.  The one I had came with an annual fee, so I dumped it before that came around for the second time.  Of course YMMV, and they do have a mobile app.

In contrast, Ollo (at the time) was great for me.  I got their rewards card with no AF and the limit started at $1500 and after two auto increases, it sits at a $4800 limit. I have no experience with Ally yet since the card only changed over last month, so I'll have to wait and see how it goes going forward. Again, YMMV.  But they are definitely two worth looking into starting out of the gate.  They will come with high interest rates, but so long as you PIF every month, the interest rate doesn't matter.

Also as was mentioned, if you didn't burn CapOne, they are an option as well.  I did burn them in my BK, so it took awhile for them to let me back in, but after 10 months I was able to qualify and now I have three of their cards.

Also, look into some credit unions. Both PenFed and Navy (if you qualify for membership) are both BK friendly.  I got my PenFed card only 4 months after my discharge (I had opened my savings account with them 3 months after discharged and then applied for their card a month later and was approved), and at the time, that was my highest credit limit card for a long time until I got in with Navy.

Just know there are a lot of options out there and you can most likely avoid the worst bottom of the barrel lenders and not need any of those horribly predatory ones.  So good luck on your rebuild!

[Iamceeceeuc2u]

Hi there! Great information thank you. So I did burn Cap 1 on 2 cards so I'm not sure on how long it will take for me to get back in their good graces. Because of what I've read on these threads I opened both a checking and savings account at PenFed but I don't know how to get into NFCU as I don't have anyone in the military to use to gain entry. Do you have to have an actual account with them to be able to get a cc? 

I've never had a ML card before but they keep sending me stuff about the card with no interest. And on Credit Karma the Ally Platinum card keeps showing up as well. I don't want any bottom feeder cards if I don't have to. My credit scores range from 684-732 as I've never had any delinquent accounts so hopefully just one bottom feeder card is enough to start me off LOL

[Iamceeceeuc2u]

Thank you so much!! This forum has been great for so much information! I did burn Cap 1, some Synchrony and a TD Bank. I just want to make sure I rebuild slowly and not get too much too fast. I have a bad habit of doing that and it doesn't serve me well so I am being very intentional this time around 

[ForwardLooking]

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@Iamceeceeuc2u wrote:

Hi there! Great information thank you. So I did burn Cap 1 on 2 cards so I'm not sure on how long it will take for me to get back in their good graces. Because of what I've read on these threads I opened both a checking and savings account at PenFed but I don't know how to get into NFCU as I don't have anyone in the military to use to gain entry. Do you have to have an actual account with them to be able to get a cc? 

I've never had a ML card before but they keep sending me stuff about the card with no interest. And on Credit Karma the Ally Platinum card keeps showing up as well. I don't want any bottom feeder cards if I don't have to. My credit scores range from 684-732 as I've never had any delinquent accounts so hopefully just one bottom feeder card is enough to start me off LOL

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LOL, I have tha Ally Platinum too in addition to the Mission Lane.  My Ally Platinum is not a bad card either.  No annual fee card for rebuilding means I won't be rushing to close it even though it has a low limit compared to my other cards.  I also was able to get auto financing through Ally in single digit rates.  They have treated me well.

Capital One may black list you for unsecured if you burned them.  I can get nothing from them besides a secured card offer at the moment because I had some trouble with them during covid.

[FireMedic1]

Welcome @Iamceeceeuc2u 

You'll want to wait until 30-45 days after you get your DC. Then check your reports to make sure every creditor isnlisted as IIB. You will have a score rise due to being legally out of debt. Then start with your first card. Dont go by what Credit karma or any of those other sites that show approval ratings show. Its all marketing.

Next who was burned in your BK? Then we hve something to work with until then.

[Namaste7]

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@Iamceeceeuc2u wrote:

Hi everyone! I'm new here to the site but I've been reading old and new threads and I've gotten so much information. So I'm in the waiting period of my bk7 discharge, about 2 weeks left. Any suggestions on new cards to rebuild credit? Only want to start off with 1-2. I'm getting a bunch of mail from Mission Lane so are they decent? Thanks! 

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@Iamceeceeuc2u : welcome to the forums!

I strongly suggest you read this master tread How To: From BK7 discharge to 700 in 24 months

This guide works you through the mechanics of credit management and card strategy so that you build your profile with national bank cards and avert the sub-prime / store card trap. When paired with a good personal finances strategy, you could find yourself in a better financial position in 24 months that your time pre-BK.