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HOW TO: From BK7 discharge to 700 in 24 months or less!

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SoulMaster
Established Contributor

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!



Can I ask at what point post BK you applied for your NFCU visa and NavCheck? Day of discharge I opened the secured card from NFCU to build a relationship with them, graduates in a year.. I am gardening until 10/2013 at which point I plan to app for a barclays (following your advice Smiley Happy ) Thank you so much for your help/advice!

 

edit: Im just worried as my TU score is so low and I know thats what they pull :/ Hopefully it will rise quick..


18 mo Post-Discharge, my EQ score at the time was 677, according to Score Watch.

 

I also had a Federal Tax Lien I was paying on at the time.  Both the Flagship and the NavCheck were put in "review" status and they called me to do recons.  For the card, I had to send them last 2 or 4 pay stubs, for the NavCheck I had to send stubs, tax returns and proof that I was paying the IRS.   Card took about 4 days, Navcheck took about 2 weeks.  Both approved @ $5K.

 

 

-SM

I am not an attorney and none of what I write should be construed as legal advice. For legal advice please consult an attorney.

Starting Score: ~470 preBK(8/2010)
Current Scores as of Late January 2016 All 700+. Last CR pull from a lender(housing) was mid-score 749.
Goal Score: 700+ - reached.
Message 51 of 1,877
SoulMaster
Established Contributor

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

Oh, and they pulled TU for me to Join NFCU, EQ 2x for the credit (once for the card, once for navcheck).

 

-SM

I am not an attorney and none of what I write should be construed as legal advice. For legal advice please consult an attorney.

Starting Score: ~470 preBK(8/2010)
Current Scores as of Late January 2016 All 700+. Last CR pull from a lender(housing) was mid-score 749.
Goal Score: 700+ - reached.
Message 52 of 1,877
Scupra
Super Contributor

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!


@SoulMaster wrote:

Oh, and they pulled TU for me to Join NFCU, EQ 2x for the credit (once for the card, once for navcheck).

 

-SM


Thank you so much for the information, it is much appreciated! I have faith now. hopefully they pull EQ for me then because its my higher score. They also pulled TU to open checking/savings and also for the secured card. How do you think my plan sounds? Waiting 12 months post discharge to app for apple barclays and 24 months for NFCU visa NavCheck combo? Once again, thank you and congrats to you and your journey!

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
801 EQ FICO 06/2022
797 TU FICO 04/2022
793 EX FICO 04/2022
$30k NFCU Platinum | $30.7k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold | NFCU Platinum #2 $19.3k | Apple $8.5k
Message 53 of 1,877
SoulMaster
Established Contributor

Re: HOW TO: From BK7 discharge to 700 in 24 months or less! - UPDATE

Stupid mid-cyle reporting.

 

Ok, 686 is apparently the higest I can get my real EQ Fico in 24 mo after my BK (though I have several FAKOs over 700).  Glad I put the +/- 15pt Disclaimer in it.  Rather than reporting a 0 balance on all accounts and <9% on one card, I wound up with $500 on one and $630 on the other.  It's still <9%, but I'm sure I'm losing points for having more than one card report.  Oh well, 686 ain't too shabby considering ~2 years ago I was @ 470ish (pre-filing).

 

I don't care you you are or how you do it, dumping the debt is the fastest way to raise a score... whether you pay it all off, settle it, or BK it all away like I did.

 

Still gardening this thing higer. 700 can't be too far around the corner!

 

-SM

I am not an attorney and none of what I write should be construed as legal advice. For legal advice please consult an attorney.

Starting Score: ~470 preBK(8/2010)
Current Scores as of Late January 2016 All 700+. Last CR pull from a lender(housing) was mid-score 749.
Goal Score: 700+ - reached.
Message 54 of 1,877
stormb28
New Contributor

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

I didnt use your method outlined, I took the path less traveled, making mistakes along the way.

I filed in 7/2011, discharged in 10/2011. Got the Capone secured card, paid $49 to get the $200 limit. I got this card days after my discharge, about 10 months later, the card got a CLI to $300, when I responded to a letter they sent me.

In this time, I app'd for about 5 cards, prime cards. CreditKarma had a ”credit card” selection tool, I listened to it. I was rejected by Discover, BOA, Chase, Citi, & Barclays. Dejected, I app'd for the Capone rewards card, approved for $2500. I got the card, but I have a ton of inquries. 7 mos of using the Capone rewards card, I reapp'd for a barclays card, the NFL extra points card, approved for $500.

My score right now is 680, I figured id groom these cards for six months and go for a Discover around then. Good idea?
Message 55 of 1,877
grassfeeder
Frequent Contributor

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!


@stormb28 wrote:
I didnt use your method outlined, I took the path less traveled, making mistakes along the way.

I filed in 7/2011, discharged in 10/2011. Got the Capone secured card, paid $49 to get the $200 limit. I got this card days after my discharge, about 10 months later, the card got a CLI to $300, when I responded to a letter they sent me.

In this time, I app'd for about 5 cards, prime cards. CreditKarma had a ”credit card” selection tool, I listened to it. I was rejected by Discover, BOA, Chase, Citi, & Barclays. Dejected, I app'd for the Capone rewards card, approved for $2500. I got the card, but I have a ton of inquries. 7 mos of using the Capone rewards card, I reapp'd for a barclays card, the NFL extra points card, approved for $500.

My score right now is 680, I figured id groom these cards for six months and go for a Discover around then. Good idea?

 

 Certainly sounds like a good idea to me.  I might even consider waitinga year while gardening those others.  It allows account maturity and some time for some of those other hard inquiries that were rejected to age some more and potentially drop off.

Fico 8 Scores 5/1/22 :
799 EQ | 793 TU | 809 EX
Message 56 of 1,877
stormb28
New Contributor

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

Youre right, I have two rewards cards, ill massage those for the next 12 mos. I also PIF & utilize between 10-13%. Hopefully, Discover.is in my future.
Message 57 of 1,877
shols44
Frequent Contributor

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

Soul master my rebuild is incredibly similar to yours as you already know. 

 

I got approved for a Signature Rewards Visa today from NFCU with a 672 score. 


Starting Score: 501
Current Score: 754 EQ,TU 745,EX 750
Goal Score: 800

Message 58 of 1,877
somotao
Frequent Contributor

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

@stormb28,

I think it is a great idea....Barclays might be slightly easier to get.....they like to see around 6 months of post bk credit history. Discover should be OK in a year...I was able to get my discover about a year after using two capital one cards.


Starting Score: 500s
Current Score: EQ: 708myFICO(7/15/17), TU: 721myFICO(7/15/17), EX: 701myFICO(7/15/17)
Goal Score: 750

Wallet: Discover IT $50300, Capital One Platinum $17000, Barclays Rewards $6700, Walmart $6000, Amazon Store Card $6000 Chase Sapphire Preferred $5000, Chase Sapphire Reserve $10000, Bank of America Cash Rewards $500. BestBuy $10000
Message 59 of 1,877
a504dl
Member

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

Hi,

 I thank you for the great info you have provided.

 

Is there a legal statue that I can use in my letter that forces them to change the status from derogatory to current in regard to bk's?

 

................Ex:

b. Included in Bankruptcy

c. Current (not "default/derogatory" status"

3. For any accounts that do not meet all of the criteria in #2, file a dispute "Included in Bankruptcy" and "Incorrect Balance"

Message 60 of 1,877
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