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Well, I'm not going to write a novel, but I did want to come share some good news to this online community. Before I filed bankruptcy, I came on here to get adviced. I learned alot and decided, I should file. When I filed, I included all my cards (about 40k in debt) and I left one card that I've had for the past 2 years, it has a 0 balance on it and I have maintained excellent payment history, so decided I should keep it to help my credit score, because if you file bankruptcy you dont have credit history. By keeping this one card with a 0 balance out of bankruptcy, I think its gonna help me build alot quicker post discharge, heres why.
I filed for Chapter 7 on 7/1/12 and I know back in June, the MYFICO scorewatch was 548 EQ.
As I filed and things were getting taken off my credit report, my score was jumping up alot and even before discharge it was at 648.
I get my discharge last week, it said 10/10/12 Discharged. So my credit score is still 648 as of now, and all I have is that one secured 500 dollar card I kept out of bankruptcy with a 2 year history, which is why my score is 648 even during/after discharge.
Well, I know its only been a week since discharge, but I felt that I should apply for my first credit card today. I read so much on here and I again want to thank everyone for the advice.
I read the fourms and went to the threads that talked about "Friendly creditors post BK" and stuff. From reading so much, I noticed Capital one is something alot of ppl get, so I decided I should give that a shot. Someone mentioned doing a "Pre-qualify" check on thier site, which they let you do without checking your credit score, so I did and they offered my the Capital platnium for 19 a year or the Capital classic platinum for 39 but it comes with the 0 APR till june 13 and seems like a more classier card
So I took the plunge guys. One week post discharge, with only one credit card with a 500 secured credit limit, and a MYFICO score of 648, I applied for the Capital one platinum classic card and here is what I just got:
Account Terms
They said I'm approved and my new card will arrive in the mail within 7-10 days. I am posting this because I am excited for getting approved, and for getting a high credit limit right after bankruptcy. I am 26 and I put my yearly income at 64k if that helps you guys.
For those that just got out of discharge or are getting out soon, don't be afraid to apply. Don't wait one year like people tell you to because you are only prolonging your growrth.
By getting a 2k credit limit, I am only gonna grow faster and my score is only gonna get better if I keep my balance really low or just pay it in full for a month or two.
About 2 months from now, I will apply for another "BK friendly" card that many of the forum members reccomend, and I bet I will get approved. Maybe Fingerhut or a department store card, but I'm excited and I hope this motivates you guys to start re-building. REMEMBER, don't get carried away with applying, if you get declined then leave it alone for a month or two, watch your credit report and scores, and wait for credit offers in the mail, maybe I just got lucky, maybe my secured 500 dollar card with 2 years history that i kept out of BK saved me.
Good luck to all and happy re-building. Will post again soon.
Current EQ MYFICO Score: 648
Public Savings Bank secured card: $500 (2 years old, kept out of BK)
NEWLY APPROVED: Capital One Classic Platinum ( 2,000k ) 0 apr 39 a year, approved one week after discharge
That's awesome! Congratulations!!!
I like reading good news like yours.....another example of life after BK
Congratulations!! Barclay's is also BK friendly. I was approved for the priceline visa card with $2,400 limit about one month after discharge.
Thats amazing news congrats!
Hispanic208...can you give me a little information on the barclays card?
Apple.com card
@feras04 wrote:Well, I'm not going to write a novel, but I did want to come share some good news to this online community. Before I filed bankruptcy, I came on here to get adviced. I learned alot and decided, I should file. When I filed, I included all my cards (about 40k in debt) and I left one card that I've had for the past 2 years, it has a 0 balance on it and I have maintained excellent payment history, so decided I should keep it to help my credit score, because if you file bankruptcy you dont have credit history. By keeping this one card with a 0 balance out of bankruptcy, I think its gonna help me build alot quicker post discharge, heres why.
I filed for Chapter 7 on 7/1/12 and I know back in June, the MYFICO scorewatch was 548 EQ.
As I filed and things were getting taken off my credit report, my score was jumping up alot and even before discharge it was at 648.
I get my discharge last week, it said 10/10/12 Discharged. So my credit score is still 648 as of now, and all I have is that one secured 500 dollar card I kept out of bankruptcy with a 2 year history, which is why my score is 648 even during/after discharge.
Well, I know its only been a week since discharge, but I felt that I should apply for my first credit card today. I read so much on here and I again want to thank everyone for the advice.
I read the fourms and went to the threads that talked about "Friendly creditors post BK" and stuff. From reading so much, I noticed Capital one is something alot of ppl get, so I decided I should give that a shot. Someone mentioned doing a "Pre-qualify" check on thier site, which they let you do without checking your credit score, so I did and they offered my the Capital platnium for 19 a year or the Capital classic platinum for 39 but it comes with the 0 APR till june 13 and seems like a more classier card
So I took the plunge guys. One week post discharge, with only one credit card with a 500 secured credit limit, and a MYFICO score of 648, I applied for the Capital one platinum classic card and here is what I just got:
Account Terms
- Credit Limit:$2,000.00
- Purchase APR: 0% intro APR until June 2013; after that, 19.8% variable APR
- Transfer APR: 19.8% variable APR
They said I'm approved and my new card will arrive in the mail within 7-10 days. I am posting this because I am excited for getting approved, and for getting a high credit limit right after bankruptcy. I am 26 and I put my yearly income at 64k if that helps you guys.
For those that just got out of discharge or are getting out soon, don't be afraid to apply. Don't wait one year like people tell you to because you are only prolonging your growrth.
By getting a 2k credit limit, I am only gonna grow faster and my score is only gonna get better if I keep my balance really low or just pay it in full for a month or two.
About 2 months from now, I will apply for another "BK friendly" card that many of the forum members reccomend, and I bet I will get approved. Maybe Fingerhut or a department store card, but I'm excited and I hope this motivates you guys to start re-building. REMEMBER, don't get carried away with applying, if you get declined then leave it alone for a month or two, watch your credit report and scores, and wait for credit offers in the mail, maybe I just got lucky, maybe my secured 500 dollar card with 2 years history that i kept out of BK saved me.
Good luck to all and happy re-building. Will post again soon.
Current EQ MYFICO Score: 648
Public Savings Bank secured card: $500 (2 years old, kept out of BK)
NEWLY APPROVED: Capital One Classic Platinum ( 2,000k ) 0 apr 39 a year, approved one week after discharge
Your story is SO similar to mine it is crazy to read! I was just discharged today after 2 months of waiting. Through the bk I kept a $500 cap1 card that has 7 yrs of perfect payment history!! My fico eq score is a 651 right now, veryyy simalar to you! On the captal one "offer checker" I am offered the cap1 cash and cap1 platinum, not too sure what to do about that.. I'm worried I wouldnt get approved and take a hard hit. I was thinking of 10% util my secured for a couple months and then app.