DISCHARGED TODAY....NOW WHAT?

[Anonymous]

Hello all,

I just received notification from my lawyer that I am discharged as of TODAY 1/20/21. It feels great

So far, I have not been able to follow the 700 in 24 month thread because I'm being denied by Credit One and pretty much everyone..

I only burned Cap 1 and Discover in my bankruptcy. 

Current scores (according to FAKO) is TU 592 and EQ 519

Denied by Credit One, Kohls, Cap 1, Discover etc.

I was approved for a OpenSky with a $200 security deposit

I also have a new auto loan which hasn't reported yet.

Any suggestions?

[Mjhall85]

Congrats on the discharge. Before applying for anything over the next few weeks you need to make sure your credit report is reporting accurately. You can join here and get all 3 and all your various fico scores. You can also pull your reports for free weekly at annual credit report.

I started with an open sky and honestly it's a no thrills card but it will open doors to other lenders. Remember this is a marathon not a sprint so don't go apply all over and get bunch of inquiries. Did you try the prequals for discover,credit one and capital one ? Worse case get the open sky no hard pull use it for 5-6 months then do prequals again and see what mailers you get in that time as you may luck out and get some of the decent rebuilder cards like merrick,ollo,mission lane etc 

[Bankrupt2019]

I'm gathering that you're not following the program that you refer to since one of the very first steps is to make sure your reports accurately reflects the bankruptcy.

You need to make sure your report is updated to show the BK as Discharged before you apply for anything, otherwise you will likely be denied for everything that you apply for. 

[Anonymous]

Congrats on the discharge. Bummer on the denials. Hopefully your CR will update soon. I was discharged on the 13th equifax abs transunion already updated waiting on experian. I also was fortunate enough 2 of my cards survived the BK just had to get back my Navy Fed secured card. If you have a way in with them I would recommend also like the other poster I would try mission lane. Good luck on your rebuild 

[Anonymous]

Try to get some sort of credit lines (avoid those with fees if possible). My go-to was capital one platinum as they are very bk friendly. Getting your credit score up and establishing new lines to make them age is the best thing that can be done now. Don't spend more than you have. 

[Getty59]

Keep your head up its a marathon not a sprint.... Congrats on the discharge! 👍

[angelofmusic86]

Congrats on the discharge!  To echo everyone else - it's a marathon and things will improve with time.  I'd highly recommend doing pre-quals were you can before applying for any cards to lessen the impact of hard inquries.

[anniea4001]

Congrats!

I filled on Dec 2020, currently waiting on my discharge.

Today I got approved $1000 with a company called TomoCredit. 

No HP, no credit check. Approval is based on the balances of your bank account(s) at the time of applying.

This is a charge card thou. They require you to link you bank for autopay as the balance must be paid in full every month.

But I figured I would be a good way to start rebuilding without a HP or giving a deposit. Probably will not keep for the long run but the plan is that by the time I get my discharge I can wait a few months and apply for something better like Cap One or Discover and have better chances since I would already have some credit history by then. 

This card reports to all 3 bureaus and has a 1% cash back. No AF either 

Maybe that helps.

For the record, I asked my lawyer about rebuilding after my creditor's meeting and she said I could start as soon as I wanted but I did not wantt to risk a HP or anything that could blemish my credit any futher until after the discharge. 

[RSX]

I think your plan of waiting 3-6 months is a good one

then Get a secured card (from a lender that will graduate), wait another 2-3 months, and then start checking for prequals

good luck to you!

[jmcmillan]

I recommend SDFCU's secured card. I discharged last month, and they instantly approved me. Hard pull on Experian to open membership, but the secured card is no credit check. It's $0 annual fee, so it's good for the long haul, unlike OpenSky. And they now graduate cards.