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

[Anonymous]

Hey,

So instead of credit one as my first card, I was approved for Capital One QuicksilverOne Credit card, what can I do for the 2nd card after 5 months? I didn’t want to go with Credit One, so I pulled the trigger on Cap1. Should I apply for a different Capital One Credit Card version?

Thanks in advance.

UsoDak

[Anonymous]

i was discharged in sept 17. navy federal just gave me a 10k CL. i didnt do any secure cards, went straight to them. my scored are high 500's

[Anonymous]

I’m so jealous😞. My scores are around 630, my discharge is over a year old and they only gave me $1000. Capital One gave me $3000. I hope to get to that limit. I would like to make Navy my primary card. Can’t do that with $1000. Have u cleaned up your reports yet? I’m just starting that process.

[Anonymous]

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@shols44 wrote:

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@Desiflavour101 wrote:
Hello everyone.

My bankruptcy was discharged on July 5, 2013. I have been reading posts on this board for over a month and decided to try my luck at Cap 1 even though I did include them in my bankruptcy. I was declined and did call for recon but nothing. I am planning on applying for a secured card at my local credit union but I am afraid of too many inquiries.

My current FICO score is 581 and like many others want to rebuild my credit.

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Congrats on your discharge. Did you pull all three reports to make sure everything is reporting correctly? If you haven't done that, don't app for anything until you do. A lot of things could still be reported wrong with non-zero balances. Fix that first. 

Once that is correct my favored approach is Capone, Credit One, CU-with credit builder and turn around secured. i.e take the credit builder loan and fund a secured card with the same CU. That IMO is a great way to have 4 lines reporting ASAP. Remeber nothing works unless CR is cleaned and scrubbed appropriately. Make sure you vet the CU before joining. Ask specifically about their BK policy since not all CU's are actually BK friendly. 

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"Make sure you vet the CU before joining. Ask specifically about their BK policy since not all CU's are actually BK friendly. "

What does this mean?  What should their BK policy look like?

[Anonymous]

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@SoulMaster wrote:

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@Desiflavour101 wrote:
Hello everyone.

My bankruptcy was discharged on July 5, 2013. I have been reading posts on this board for over a month and decided to try my luck at Cap 1 even though I did include them in my bankruptcy. I was declined and did call for recon but nothing. I am planning on applying for a secured card at my local credit union but I am afraid of too many inquiries.

My current FICO score is 581 and like many others want to rebuild my credit.

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With a 581, it sounds like there's still something that isn't reporting IIB.  In fact, as your discharge was 7/5 and today is only 7/15, I can practically guarantee it.

Go back and read the guide again.  Follow it step-by-step, without racing to get a card before you've got your CR fixed.

Then, the order is: Credit Builder Loan, CreditOne (unsecured only), CapOne.

If you absolutley cannot get anything unsecured.  Get a secured card that you are 100% certain will graduate to unsecured in 12 mo.  When it graduates the "Secured" designation will be removed from your CRs.

-SM

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I currently have a capone secured mastercard and a firestone complete autocare card (which qualifies as a department store card to me since I can only use it there).  Should I close these accounts before I start this program.  For context, my BK was 6 years ago and my current scores are eq 672, tu 660, and ex 668.

[Anonymous]

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@Anonymous wrote:

Make sure you vet the CU before joining. Ask specifically about their BK policy since not all CU's are actually BK friendly. "

What does this mean?  What should their BK policy look like

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Some banks/credit unions are not bankruptcy friendly. For example, I responded to an offer for a Fidelity visa card. I learned after applying that their bankruptcy policy is to deny applications from customers who do not have 5 years between BK discharge and application date.

Navy Federal's bankruptcy policy, to compare is as follows:

For credit cards, no unsecured approval within 12 months of discharge; 12-24 months max credit limit is $1,000. Secured can be approved as long as discharge is reflected on the credit report.

For loans/CLOCs, members must have established credit post-discharge: Minimum 3 trade lines with 6 months of payment history.

Hope that helps!

[Anonymous]

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@Anonymous wrote:

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I currently have a capone secured mastercard and a firestone complete autocare card (which qualifies as a department store card to me since I can only use it there).  Should I close these accounts before I start this program.  For context, my BK was 6 years ago and my current scores are eq 672, tu 660, and ex 668.

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You should not close the cards, unless they charge an unreasonable fee. Part of your score is determined by the average age of accounts. By closing the cards, you are putting a cap on this number. While closed accounts may continue to age, they will eventually drop off your credit report. Given that you have a thin file now, your goal should be to add credit, not remove it.

This program may not be suitable for you, considering your discharge was 6 years ago. Instead of starting out with subprime cards like Credit One, you should be able to get an approval from a lender like Discover or maybe even Chase/BoA, etc. If these two are your only cards, you should consider a loan like a secured loan from a credit union or a loan from Selflender, if you cannot qualify for an unsecured loan.

[stinastina]

I got my navy account 2 months post discharge and my cash rewards card from them 3 months later. this was in 2016. I know USAA is not bk friendly. If you eq score is greater than 650, Penfed is also bk friendly. I have a card with them and a checking line of credit.

[Anonymous]

I am currently waiting to my BK to be discharged, all my account of closed reported 0 balance and IIB. I have a prequal for CreditOne. Should I go ahead and apply now or wait until discharge?

[Anonymous]

I would hold off on the Credit One. See if u can get into Navy Federal, they are great to rebuild