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New credit apprehension!

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Member

New credit apprehension!

Hey all, I’m new to myFICO and I’m trying to find my way back to the excellent credit rating I had just a couple years ago. I know it’s going to be a long road.... My CH7 discharged 4 months ago and I have yet to apply for any new credit for fear of being denied and taking an unnecessary HP. I burned just everyone in town, so I know it’ll will be awhile before I can get into their good graces (AE: 14k, BB: 3.8k, CO: 8.5k, Chase: 35k, and Citi: 13k, Synchrony: 6k).

According to Credit Karma and NerdWallet my scores are TU: 683, Equif: 689, and Experian: 632 (Experian site). I’ve tried the pre-qual for CO, Disc, and Citi - no offers. BofA recommended a secured card and Kohl’s said that I am Weldon’s to apply. I’d like to apply for a BofA travel rewards card and if not approved, I can contact them and request a secured CC using the same HP.

Let me know what you guys think. I’m open to suggestions!
Message 1 of 10
9 REPLIES 9
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Valued Contributor

Re: New credit apprehension!

Do you have a banking relationship with any of these credit cards? If so, I would pursue a secured card with them and Discover.*

 

CreditKarma scores are Vantage scores so they are pretty much frowned upon by everyone as a gauge of if you are qualified for credit or not. Try creditchecktotal for $1 and cancel before their trial period is over. It will provide you with all 3 FICO scores as well as detailed credit reports.

 

*I don't have experience with a bankruptcies and timing so I would wait on advice on that.

 

https://ficoforums.myfico.com/t5/Bankruptcy/Bankruptcy-Friendly-Credit-Cards-Pt-2/td-p/3999737

Message 2 of 10
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Valued Contributor

Re: New credit apprehension!


@Johan1 wrote:
Hey all, I’m new to myFICO and I’m trying to find my way back to the excellent credit rating I had just a couple years ago. I know it’s going to be a long road.... My CH7 discharged 4 months ago and I have yet to apply for any new credit for fear of being denied and taking an unnecessary HP. I burned just everyone in town, so I know it’ll will be awhile before I can get into their good graces (AE: 14k, BB: 3.8k, CO: 8.5k, Chase: 35k, and Citi: 13k, Synchrony: 6k).

According to Credit Karma and NerdWallet my scores are TU: 683, Equif: 689, and Experian: 632 (Experian site). I’ve tried the pre-qual for CO, Disc, and Citi - no offers. BofA recommended a secured card and Kohl’s said that I am Weldon’s to apply. I’d like to apply for a BofA travel rewards card and if not approved, I can contact them and request a secured CC using the same HP.

Let me know what you guys think. I’m open to suggestions!

BOA is a no go this close to your discharge. Might need to try something like Merrick Bank to get going. They are a subprime card, but one of the better options. 

 

And while they get a lot of bad-mouthing here, I started my rebuild with a Credit One card with a starting limit of $1500. They have some wonky policies and you have to watch their fees and be careful, but it will get you going.

 

If you have a way into Navy Federal, open an account with them (but note they won't approve anything unsecured until 1 year post discharge. I do believe you can get their secured card before that year, and it's a great card that will graduate.

 

PenFed is also an option and anybody can get membership, but I think they take a little longer to approve unsecured.

 

Don't get a bunch of stupid toy limit score cards. Keep your inquiries low. Slow and steady wins this race. 

 

I am 4 years and 5 months discharged and have just shy of $100k in available credit . . with Navy most recently giving me an instant approval for a $25k platinum card @ their lowest interest rate offered of 7.99%.

 

Ch 7 Discharge May 2015
Discover/Target/NFCU CLOC/NFCU More Rewards Amex/NFCU Platinum/PenFed Power Cash Rewards/PenFed Pathfinder Visa/Citi Costco Visa/CapitalOne SavorOne/Apple Card - $132,100 total revolving
5% down Conventional Mortgage @ 3.25%
Message 3 of 10
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Member

Re: New credit apprehension!

Thanks for the info. I just pulled my actual FICO scores and they are much worse than I thought (Equifax: 644, Transunion: 615, Experian: 632). Guess I will look into Merrick and Credit One. Perhaps, I will also look into Discover secured since I didn’t burn them.
Message 4 of 10
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Frequent Contributor

Re: New credit apprehension!

@Johan1 - Your scores aren't bad considering you just went through bankruptcy.  I'm in the process of filing.  Question: Were any of your accounts past due before you filed? I'll be happy as hell if my scores resembled yours after discharge.  TD Bank's secured card graduates... as well as NFCU.

 

 

Chapter 13
Date filed: 3/17/20
Meeting of the creditors (341): 5/20/20
Confirmation hearing: 6/11/2020
Deadline for filing claims: 6/17/20
Plan confirmed: 7/2/2020
Deadline for filing claims (Government): 9/14/20

Scores as of 10/9/20 (MyFICO Monthly Subscription/updates on the 8th of every month)
Equifax 624
Transunion 605
Experian 615

Open Accounts
Great Lakes (Student Loan) Pd Never Late - Perfect History/will not update until PIF $4,220 balance at $140 per month
Target (Survived Bankruptcy) Pd Never Late - Perfect History $3,000 limit/$0.00 Balance
Cartier (Survived Bankruptcy) Pd Never Late - Perfect History $8,000 limit/$0.00 Balance
NFCU Amex (AU) $25K limit/$11K balance (removing soon)
NFCU Secured Card (Trustee Approved) $2K limit/will PIF each month before statement cuts
TD Bank Secured Card $500 limit/will PIF each month before statement cuts

All closed accounts are reporting correctly with $0.00 balance

Message 5 of 10
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Member

Re: New credit apprehension!

@Justme79... Prior to filing Ch 7, I did not have any lates and all accounts were current. So, I guess that worked in my favor. Also, I applied for a secured NFCU card today and was approved for a $200 SL (w/$200 deposit). The rep I spoke with mentioned that I could request a higher limit, but I didn’t want to take any chances - so I stuck with the minimum limit. Good luck!! **Slow & Steady**
Message 6 of 10
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Valued Contributor

Re: New credit apprehension!

 


@Johan1 wrote:
@Justme79... Prior to filing Ch 7, I did not have any lates and all accounts were current. So, I guess that worked in my favor. Also, I applied for a secured NFCU card today and was approved for a $200 SL (w/$200 deposit). The rep I spoke with mentioned that I could request a higher limit, but I didn’t want to take any chances - so I stuck with the minimum limit. Good luck!! **Slow & Steady**

This is great news!

 

The amount of your secured card doesn't matter . . just have to make sure it only reports a very small balance so you don't have high utilization. Find a $10-ish recurring subscription to put on each month and autopay it and let it roll.

Ch 7 Discharge May 2015
Discover/Target/NFCU CLOC/NFCU More Rewards Amex/NFCU Platinum/PenFed Power Cash Rewards/PenFed Pathfinder Visa/Citi Costco Visa/CapitalOne SavorOne/Apple Card - $132,100 total revolving
5% down Conventional Mortgage @ 3.25%
Message 7 of 10
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Member

Re: New credit apprehension!

Thanks, SteelerNYC! Will do. As I better understand my credit and learn how to operate myFICO, I see that my FICO 8 scores are EQ: 652 , TR: 607 , EX: 621 and FICO 9 scores are EQ: 666 , TR: 657 , EX: 655. Should I consider another secured CC, perhaps Discover since I didn’t burn them or give it sometime and wait?
Message 8 of 10
Frequent Contributor

Re: New credit apprehension!

@Johan1 - I would definietly get a secured card that graduates.   

Chapter 13
Date filed: 3/17/20
Meeting of the creditors (341): 5/20/20
Confirmation hearing: 6/11/2020
Deadline for filing claims: 6/17/20
Plan confirmed: 7/2/2020
Deadline for filing claims (Government): 9/14/20

Scores as of 10/9/20 (MyFICO Monthly Subscription/updates on the 8th of every month)
Equifax 624
Transunion 605
Experian 615

Open Accounts
Great Lakes (Student Loan) Pd Never Late - Perfect History/will not update until PIF $4,220 balance at $140 per month
Target (Survived Bankruptcy) Pd Never Late - Perfect History $3,000 limit/$0.00 Balance
Cartier (Survived Bankruptcy) Pd Never Late - Perfect History $8,000 limit/$0.00 Balance
NFCU Amex (AU) $25K limit/$11K balance (removing soon)
NFCU Secured Card (Trustee Approved) $2K limit/will PIF each month before statement cuts
TD Bank Secured Card $500 limit/will PIF each month before statement cuts

All closed accounts are reporting correctly with $0.00 balance

Message 9 of 10
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Member

Re: New credit apprehension!

Good luck! Keep us posted.
Message 10 of 10
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