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Filed for BK Ch. 7 Need Advice to Reestablish Credit

AbrahamWells
New Member

Filed for BK Ch. 7 Need Advice to Reestablish Credit

Hey everyone, I'm new to the forum here. I unforntately had to file for BK when I was only 23 years old. I filed in June 2015, and it was disharged September. I was able to get a hold of a Capital One Platinum Card in February 2016 with $300 and then increased to $500 over time. Then I was pre-approved for a First Premier for $700 in December 2016. 

 

I checked my Equiflax credit Report, I have a lot of closed accounts, those closed on my behalf, car loans that were paid off when another dealership paid off the car so I can get a new car, Credit cards burned in BK. Like Chase, Barclays and another Capital One card, I also included two cars. 1 was taken away, and the other car was returned on my behalf, without an reaffirmative to pay back. 

 

I haven't don't anything except for pay my cads on time, in the beginning I was only pay a couple hundred to both cards, and not paying off in full each month, it was only recently I started paying them off in full each month. My combined credit limit is 1200 at the moment. 

 

I've been on time with all my payments, and don't have any other debts except those two cards, as well as PayPal Credit for $1,200 which apparently don't report to any of the bureaus, but it does take a Hard Inquiry on report. 

 

I also have about 6 hard Inquiries since 2016, the earliest being in January 2016, and the latest was April this year for PayPal.

 

Does anyone have advice on how to clean up my report, and help getting into better CC's to help my credit score? I would appreaictate any and all helps! 

15 REPLIES 15
medicgrrl
Valued Contributor

Re: Filed for BK Ch. 7 Need Advice to Reestablish Credit

First, pull your reports from annualcreditreport.com This will show you all information, including the dates that derogatory accounts are going to fall off your report. Make sure everything that was included in bankruptcy (IIB) is showing correctly on your report as IIB. Once you have those reports post any questions you have. There's many great people on the forums here to help!


EQ 778 EXP 782 TU 729
Message 2 of 16
AbrahamWells
New Member

Re: Filed for BK Ch. 7 Need Advice to Reestablish Credit

I've used annualcreditreport.com and I pulled my Equalifax report only, but I don't see a date when it shows when reports will fall off, am I looking at this wrong? 

 

Should I pull all my reports? 

Message 3 of 16
medicgrrl
Valued Contributor

Re: Filed for BK Ch. 7 Need Advice to Reestablish Credit

It should either show a date of first delinquency or reporting until date. After your discharge, did you pull your credit to make sure it was accurate?


EQ 778 EXP 782 TU 729
Message 4 of 16
AbrahamWells
New Member

Re: Filed for BK Ch. 7 Need Advice to Reestablish Credit

This is what I have, and no, i did not pull my credit after the discharge, I had bad advice that I took :/

 

MAB&T: Closed due to Inactivity. Date Closed: Auguest 1, 2015 PAID AND CLOSED

 

CHASE CARD: Doesnt show loan amount/ First Delinquency: Aug. 01. 2015. Included in BK. 

 

BarClays: 1st Delinquency Jult 1st 2015 Included in BK

 

Capital One: Pays As Agreed? Closed on my behalf back in 2012. 

 

VW Credit: 1st Delinquency Sep 1 2015 Included in BK

 

Toyota Financial Services: 1st Delinquency July 1, 2015 Inluded in BK

 

VW Credit: PAYS AS AGREED? 

 

FORD: PAYS AS AGREED

 

The last two were paid and closed when I traded in a car to get antoher car and the new car dealership bought the old car. if that make sense. 

 

 

Message 5 of 16
medicgrrl
Valued Contributor

Re: Filed for BK Ch. 7 Need Advice to Reestablish Credit

Everything looks pretty close to being accurate except the accounts that are IIB but don't show the date of first delinquency as July 1.

Have you pulled your FICO score yet? Based on what you're stating, I'm going to guess they're pretty decent.


EQ 778 EXP 782 TU 729
Message 6 of 16
AbrahamWells
New Member

Re: Filed for BK Ch. 7 Need Advice to Reestablish Credit

When will these drop from my report? and am I able to call the bureaus and ask them to remove them?

 

I've been using Credit Karma to check on my credit score, but I've read it isn't accurate. 

 

Off Credit Karma: 

 

TransUnion: 657 "Fair" 

 

Equifax: 662 "Fair" 

 

Off Equifax pulled from Annualcredreport:

 

662 

Message 7 of 16
medicgrrl
Valued Contributor

Re: Filed for BK Ch. 7 Need Advice to Reestablish Credit

Those accounts will stay on for 7 years. The bankruptcy will stay on for 10 years. I'm assuming you filed Ch 7.

I would pull your FICO scores. You can get them from $1 from Credit Check Total. It's a trial membership so make sure to cancel in the first week. I think you're scores may be good enough to apply for a Discover card. Don't expect your Cap1 card to grow much because you're probably considered a rebuilder.


EQ 778 EXP 782 TU 729
Message 8 of 16
AbrahamWells
New Member

Re: Filed for BK Ch. 7 Need Advice to Reestablish Credit

thank you so much. 

 

I'll pull my credit scores and report back. I kept reading on forums deep on this site about the best number of credits cards to have are 3 for rebuilding, and I took a chance, I literally just got approved for the Capital One Quicksilver Card for $1000. 

 

Increasing my CL and lowering my Utilization. 

 

 

Message 9 of 16
medicgrrl
Valued Contributor

Re: Filed for BK Ch. 7 Need Advice to Reestablish Credit

Congrats... you'll want to get rid of the First Premier as soon as you can. Replace it with a no AF card.


EQ 778 EXP 782 TU 729
Message 10 of 16
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