cancel
Showing results for 
Search instead for 
Did you mean: 

Finally discharged from CH7, not sure of next steps

bortiz212
New Member

Finally discharged from CH7, not sure of next steps

Hi everybody! After lurking this forum for months and finally pulling the trigger on filing after a severe long term hospital stay while uninsured and losing my dad to cancer (we had a few accounts we were co signed on I couldn't keep up with alone) completely annihilating my credit into the 400s I'm ready to embrace this light at the end of the tunnel!

 

Filed on 1/6, had my 341 hearing on 2/15, and discharge was granted 4/27!

FICOs as of the time of this post are

EQ 558

TU 562

EX 556

 

Looks like everything is posting as IIB and accurate on my credit so I'm ready to start moving.

My car was totaled in November and as soon as I filed I went out and replaced it but have a 17k loan at 21.9% for 60 months, I was just grateful to get a car after everything but the interest rate makes my stomach turn each time I think about it. Would it be worth trying to trade out of it now or hold it for awhile? It's a 2014 Hyundai Santa Fe Sport with 109k miles.

I also am not sure which cards to go for yet. I burned Discover, Cap 1, and Credit 1 in my BK but nothing over 1k each. I've gotten pre quals for indigo and first premier in the mail and credit karma recommends the Credit One Amex and Merrick Double Your Limit card as Outstanding odds but I know Indigo is supposed to be predatory.

 

I currently bank with BofA and opened a Penfed savings account back in February after seeing a few threads here. Would it be worth trying to apply for a BofA secured card?


Goal is to have a few good cards for emergency and put myself in place to buy a home in the next two years. Thank you!

 

Message 1 of 12
11 REPLIES 11
FireMedic1
Super Contributor

Re: Finally discharged from CH7, not sure of next steps

Since your with BoA. You can go secured with them since they werent burned. It will graduate in most cases. Mission Lane is a good one too. They'll double your limit with good history. Cap1 will be 6-12 months till approval. For emergencies you need a savings account for now. Pay yourself first with 10% of your take home pay. It grows rather fast. By the time those 2 cards age. Time for Cap1. It will take a couple years to get on track for the better cards. Its prove yourself time to the other creditors. Since your with PENFED. Try to re-finance that auto loan while your at it. Cant rush a rebuild. Slow and steady wins the race. Just takes time. Congrats!

 

Ignore what CK says. Its marketing so they get paid......





Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 2 of 12
Horseshoez
Valued Contributor

Re: Finally discharged from CH7, not sure of next steps


@FireMedic1 wrote:

Since your with BoA. You can go secured with them since they werent burned. It will graduate in most cases. Mission Lane is a good one too. They'll double your limit with good history. Cap1 will be 6-12 months till approval. For emergencies you need a savings account for now. Pay yourself first with 10% of your take home pay. It grows rather fast. By the time those 2 cards age. Time for Cap1. It will take a couple years to get on track for the better cards. Its prove yourself time to the other creditors. Since your with PENFED. Try to re-finance that auto loan while your at it. Cant rush a rebuild. Slow and steady wins the race. Just takes time. Congrats!

 

Ignore what CK says. Its marketing so they get paid......


I was with BofA for years before and all of the way through my Chapter 13, they were not burned, and even with a fairly large amount of money in my BofA savings account, they refused me a secured card after my discharge; I appealed and they denied me a second time.  Trying to get a secured BofA card after a bankruptcy to me is just a way to waste a hard pull.

I categorically refuse to do AZEO!
Message 3 of 12
FireMedic1
Super Contributor

Re: Finally discharged from CH7, not sure of next steps


@Horseshoez wrote:

@FireMedic1 wrote:

Since your with BoA. You can go secured with them since they werent burned. It will graduate in most cases. Mission Lane is a good one too. They'll double your limit with good history. Cap1 will be 6-12 months till approval. For emergencies you need a savings account for now. Pay yourself first with 10% of your take home pay. It grows rather fast. By the time those 2 cards age. Time for Cap1. It will take a couple years to get on track for the better cards. Its prove yourself time to the other creditors. Since your with PENFED. Try to re-finance that auto loan while your at it. Cant rush a rebuild. Slow and steady wins the race. Just takes time. Congrats!

 

Ignore what CK says. Its marketing so they get paid......


I was with BofA for years before and all of the way through my Chapter 13, they were not burned, and even with a fairly large amount of money in my BofA savings account, they refused me a secured card after my discharge; I appealed and they denied me a second time.  Trying to get a secured BofA card after a bankruptcy to me is just a way to waste a hard pull.


Really? Well another reason now I dont care for them. Just for people with lower scores and need a rebuild I guess. That stinks. Thanks.





Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 4 of 12
bortiz212
New Member

Re: Finally discharged from CH7, not sure of next steps

Thanks for the advice! I tried the mission lane pre qual and got denied...maybe my discharge is too recent?


I had already planned on setting the 10% of my pay into savings, I usually do but had to use it for an unexpected death in the family so I'll be building that back up.

 

I get paid between tonight and tomorrow morning so I will try BofA then and see if they'll give me the secured card. 

Message 5 of 12
FireMedic1
Super Contributor

Re: Finally discharged from CH7, not sure of next steps


@bortiz212 wrote:

Thanks for the advice! I tried the mission lane pre qual and got denied...maybe my discharge is too recent?


I had already planned on setting the 10% of my pay into savings, I usually do but had to use it for an unexpected death in the family so I'll be building that back up.

 

I get paid between tonight and tomorrow morning so I will try BofA then and see if they'll give me the secured card. 


@bortiz212Save your HP from BoA. They wont approve you. As @Horseshoez posted and i peeked around looking. It is true. Even people that have been with BoA and they never burned with banking accounts. It was a no go. Learn something on here each day.

https://ficoforums.myfico.com/t5/Credit-Card-Applications/BofA-CC-denied-because-of-Ch7-despite-not-... 

 





Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 6 of 12
bortiz212
New Member

Re: Finally discharged from CH7, not sure of next steps


@FireMedic1 wrote:

@bortiz212 wrote:

Thanks for the advice! I tried the mission lane pre qual and got denied...maybe my discharge is too recent?


I had already planned on setting the 10% of my pay into savings, I usually do but had to use it for an unexpected death in the family so I'll be building that back up.

 

I get paid between tonight and tomorrow morning so I will try BofA then and see if they'll give me the secured card. 


@bortiz212Save your HP from BoA. They wont approve you. As @Horseshoez posted and i peeked around looking. It is true. Even people that have been with BoA and they never burned with banking accounts. It was a no go. Learn something on here each day.

https://ficoforums.myfico.com/t5/Credit-Card-Applications/BofA-CC-denied-because-of-Ch7-despite-not-... 

 


Oh wow.

 

Guess I'll have to look for another way to get a credit line. Luckily I at least have the car for now, maybe in a few months with some more payments it'll be easier. I'd rather not have to put the money up for a secured card anyway but if it's the only way I'll do it.

Message 7 of 12
Horseshoez
Valued Contributor

Re: Finally discharged from CH7, not sure of next steps


@bortiz212 wrote:


Oh wow.

 

Guess I'll have to look for another way to get a credit line. Luckily I at least have the car for now, maybe in a few months with some more payments it'll be easier. I'd rather not have to put the money up for a secured card anyway but if it's the only way I'll do it.


In your shoes I would consider one or both of the following options:

  • A secured credit card, from NFCU (if you are qualified to join), TDBank, Discover, Fifth Third Bank, FNBO, or possibly a credit union you are qualfied to join.
  • An unsecured card from CapitalOne (I tried their secured card and disliked it so much I closed it after less than 7-weeks); CapOne has a reputation for being very forgiving and will often approve a $3,000 QuickSilver card shortly after discharge.
I categorically refuse to do AZEO!
Message 8 of 12
bortiz212
New Member

Re: Finally discharged from CH7, not sure of next steps


@Horseshoez wrote:

@bortiz212 wrote:


Oh wow.

 

Guess I'll have to look for another way to get a credit line. Luckily I at least have the car for now, maybe in a few months with some more payments it'll be easier. I'd rather not have to put the money up for a secured card anyway but if it's the only way I'll do it.


In your shoes I would consider one or both of the following options:

  • A secured credit card, from NFCU (if you are qualified to join), TDBank, Discover, Fifth Third Bank, FNBO, or possibly a credit union you are qualfied to join.
  • An unsecured card from CapitalOne (I tried their secured card and disliked it so much I closed it after less than 7-weeks); CapOne has a reputation for being very forgiving and will often approve a $3,000 QuickSilver card shortly after discharge.

I'll check out one of my local credit unions. I'm in Atlanta so there's bound to be one with a secured card.

Unfortunately I burned CapitalOne so they auto deny me every time I try the pre-qual.

Message 9 of 12
SUPERSQUID
Valued Contributor

Re: Finally discharged from CH7, not sure of next steps


@bortiz212 wrote:

Hi everybody! After lurking this forum for months and finally pulling the trigger on filing after a severe long term hospital stay while uninsured and losing my dad to cancer (we had a few accounts we were co signed on I couldn't keep up with alone) completely annihilating my credit into the 400s I'm ready to embrace this light at the end of the tunnel!

 

Filed on 1/6, had my 341 hearing on 2/15, and discharge was granted 4/27!

FICOs as of the time of this post are

EQ 558

TU 562

EX 556

 

Looks like everything is posting as IIB and accurate on my credit so I'm ready to start moving.

My car was totaled in November and as soon as I filed I went out and replaced it but have a 17k loan at 21.9% for 60 months, I was just grateful to get a car after everything but the interest rate makes my stomach turn each time I think about it. Would it be worth trying to trade out of it now or hold it for awhile? It's a 2014 Hyundai Santa Fe Sport with 109k miles.

I also am not sure which cards to go for yet. I burned Discover, Cap 1, and Credit 1 in my BK but nothing over 1k each. I've gotten pre quals for indigo and first premier in the mail and credit karma recommends the Credit One Amex and Merrick Double Your Limit card as Outstanding odds but I know Indigo is supposed to be predatory.

 

I currently bank with BofA and opened a Penfed savings account back in February after seeing a few threads here. Would it be worth trying to apply for a BofA secured card?


Goal is to have a few good cards for emergency and put myself in place to buy a home in the next two years. Thank you!

 


I have a story of calamity a little different from yours but still similar in some ways. i was cruising along in life making 100k plus and carrying debt with ease, i had all the coveted cc's such as chase etc. suddenly in january 2014 i had a bad stroke at 54 years old. i was in icu for 10 days and then in a rehab hospital for 2 months. i managed to keep current with my cc's during this period. i returned to work walking with a cane and not being able to talk properly but got away with it because i was mid management and was a supervisor. then in 2016 i broke my back, fractured my L1 vertabra and damaged 5 discs, one badly.

i took my 2 weeks vacation time and then with plenty of pain killers i stumbled my way back to work.

June of 2017 i was called into a board meeting and told i was a liability and i was dismissed with severance pay.

i applied for and was approved for social security disability after 6 months but due to no income i wheeled thru my 20k plus savings. my income went from 100k plus down to 30k in the blink of an eye. at the time i was carrying about 50k in debts.

i managed to hold things together by my fingernails until sept 2019 when i could go no further and had to file bk7, i really didnt want to but had no choice.

december of 2019 it was discharged.

At first i just took a deep breath and enjoyed being debt free until sept of 2020. then i got a few subprimes

among them was,

Fingerhut

Applied bank 300 sl

First digital bank 300 sl

reflex mc 500 sl

big lots 750 sl

target red card 300 sl

kohls 300 sl

ikea 500 sl

firestone 750 sl

after a few months i added via credit karma,

mission lane 750 sl

ollo 500 sl

then after one year i got some preapproved malers and took all except blaze

mercury mc 3k sl 1 pct cb high interest

legacy 1500 sl high interest

first savings 1500 sl high interest

then at 1 1/2 years post bk7 dc 

discover 3k sl 22.99 int

cap 1 platinum 300 sl 26.99 int, it was a shocker since i burned cap 1 for 5k in my bk7

Then close to 2 years post bk7 dc i started getting good cards

cap 1 savor one 3k sl 26.99 int

penfed PCR 7.5k sl 17.99 int

Nfcu cash rewards 3700 sl 16.99 int

commenity rewards mc 1k sl

my cap 1 platinum was upgraded to quicksilver and i received a cli to 1800 cl

my legacy got a cli to 2k

my first savings bank got a cli to 2k

my mercury got a cli to 3350

   last month

my nfcu cash rewards got a 6k cli to 9700

my cap 1 QS got a cli to 2k

my savor one got a cli to 3100

i got a nfcu platinum 1k sl 14.99 int

i closed some of the starter cards before they started incurring the crazy 2nd year monthly fees

{ BK7 DC 12/2019 } target 1000/ kohls 2500/ discover 3k /mercury 3350 /ollo 600 /mission lane 1050/ ikea 750/ firestone 2800 /legacy 2000 /first savings bank cc 2000/ cap1 QS 2k/ cap 1 savor one 3100 /comenity rewards mc 1k, Penfed PCR signature visa 7.5k, NFCU >signature visa cash rewards 9700/bread cashback amex 6k

>/ nfcu platinum 1k, BABY NEEDS NEW SHOES !!!!!
Message 10 of 12
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.