Hey all!
I filed ch 7 end of May, MOC middle of June. Now I wait for discharge. Is that usually 60 days?
The list of creditors I burned is a mile long. I had STELLAR credit prior to an overnight flip from two to one income, with no help and becoming a single parent with no financial help (a story of it's own). I had to quit paying creditors to pay my rent and buy the basics like food and gas. I worked so dang hard to get to where I was credit wise so it was sickening. I finally saved up enough to file and here I am. I want to build back up quickly and I know it's a process. I am so impatient.... Here is the very freaking long list of those I have burned.
Capital one (x's 3), Citi (x's 3), US Bank (x's 2), Amex Delta and Green Card (the one I feel the WORST about, sounds like I wont see them again), Discover, Barclays (Frontier & Old Navy), Kohls/Cap One, Target/TD Bank, Chase (x's 2), Comenity (A&F). I became obsessed almost with getting approved and my score, obviously.
When llife hit I worked hard and got promoted and increased income yet it wasnt enough to dig me out. I used all that credit to make it for too long. I've learned a whole lot though this process and all these life changes. I have no desire to have a wallet full of plastic liability but I'd like a solid 3 for car rentals, credit building etc. I did apply for an auto loan through a Ford Dealership (my attourney referred him as he's helped his previous clients with great rates) as the car I am using is on it's very last leg. He said my scores are 610 on one and 640 on another. The bankruptcy has hit my credit files and everything is 0 on all 3. I am waiting to hear the percent. I dont want to go over 5% or I'll ride it out with my beater 
What cards should I go for first? From reading it sounds like Capital One might forgive me? I'd prefer unsecured and am willing to wait it out. I opened an account at Penfed based off what I have read here. I want to build a relationship in hopes of a future vehicle refinace and CC there. Any other tips? Has anyone gotten a car before discharge? It's possible I'll DC next week.
Thanks! Looking forward to building here with you all!
@newstart2022 wrote:Hey all!
I filed ch 7 end of May, MOC middle of June. Now I wait for discharge. Is that usually 60 days?
The list of creditors I burned is a mile long. I had STELLAR credit prior to an overnight flip from two to one income, with no help and becoming a single parent with no financial help (a story of it's own). I had to quit paying creditors to pay my rent and buy the basics like food and gas. I worked so dang hard to get to where I was credit wise so it was sickening. I finally saved up enough to file and here I am. I want to build back up quickly and I know it's a process. I am so impatient.... Here is the very freaking long list of those I have burned.
Capital one (x's 3), Citi (x's 3), US Bank (x's 2), Amex Delta and Green Card (the one I feel the WORST about, sounds like I wont see them again), Discover, Barclays (Frontier & Old Navy), Kohls/Cap One, Target/TD Bank, Chase (x's 2), Comenity (A&F). I became obsessed almost with getting approved and my score, obviously.
When llife hit I worked hard and got promoted and increased income yet it wasnt enough to dig me out. I used all that credit to make it for too long. I've learned a whole lot though this process and all these life changes. I have no desire to have a wallet full of plastic liability but I'd like a solid 3 for car rentals, credit building etc. I did apply for an auto loan through a Ford Dealership (my attourney referred him as he's helped his previous clients with great rates) as the car I am using is on it's very last leg. He said my scores are 610 on one and 640 on another. The bankruptcy has hit my credit files and everything is 0 on all 3. I am waiting to hear the percent. I dont want to go over 5% or I'll ride it out with my beater
What cards should I go for first? From reading it sounds like Capital One might forgive me? I'd prefer unsecured and am willing to wait it out. I opened an account at Penfed based off what I have read here. I want to build a relationship in hopes of a future vehicle refinace and CC there. Any other tips? Has anyone gotten a car before discharge? It's possible I'll DC next week.
Thanks! Looking forward to building here with you all!
Congrats on filing. Now you can put that all in the past and start over. Within two years you can get decent cards with decent lenders.
Yes, Capital One is very forgiving and if you apply you will likely get approved, it's just a matter of whether you get a $300 limit that will never grow or a $3K limit that can grow.
Why do you prefer unsecured cards? Aside from the obvious, most people will spend $300 in fees for a $300 credit limit sub prime card over two or three years. Get secured cards and establish a relationship with credit unions who can help you down the road to get an unsecured card, auto loan, mortgage, etc. Credit One is not one of those lenders. If you want the crap lenders that will approve you for low limit, high fee, high aggravation cards, there are probably a dozen of them. And they will take you for every dime you've got -- starting your rebuild with a repeat of the bad choices that got you here to begin with. Just say no! to subprime lenders. Or send me your money.
Forget about AMEX and Chase if you burned them. After 10 years you start the clock on "maybe."
Comenity will likely give you new cards within 6 months, but do you really want a Victoria's Secret or J. Crew card? Those are junk cards.
Kohls is easy post discharge.
Make a plan. Think strategically. Rebuild with a solid foundation, not one built on Quicksand and gimmicks.
You will do great. Just take your time and research each and every app you make.
Oh, and you have a zero percent change of getting an auto loan at 5% anytime close to discharge. 18% would be good because it's less than 24%. But you can refinance out of that 18% loan to 12% or 8% within a year and get down to a market rate, say 4% within 2 years.
Make good choices. Ask questions. Ice your reports. And have a strategic plan. Know your lane.
Sorry about the hardball thrown at you @newstart2022 and welcome to the forums. For now. Its best to let the DC happen. Then check your reports on annualcreditreport.com and make sure all accounts reflect a $0 balance. Many have had one account lag in doing so. And zombie debt collectors also. Once all the accounts do list 0 and I hope they did. You'll see a score bump for the good. Your legally out of debt. Yes Cap1 will probably approve you. PENFED has a secured card also. Step by step you can recover. Dont rush out an grab everything and anything out there just to have credit. Each move I made after BK I researched over and over here. Didnt want to be denied. It worked out. (See Below) Once its all done wth the BK. You can start threads in the Rebuild Your Credit (RYC) sub-forum. Many people will help you as they did myself. Good Luck!
i gotta commend all these people who file - you guys all will kill it in this credit game . the reason why im posting is because i saw @FireMedic1 mention a PENFED secured card - does this still exist? i dont see anywhere on their site that mentions this ?
I cant keep up with some of these banks. "Pentagon Federal Credit Union has offered secured credit cards in the past, but they stopped taking new secured card applications in 2019". 
@newstart2022 wrote:Hey everyone! Thank you for your replies. I really appriciate it. I am attempting something like the 700 in 24 months approach. I want a home in the next few years.
UPDATE:
I checked pre-approval for Capital One. Applied for and received a Platinum with $3000 limit no annual fee. (you are right, very forgiving indeed)
I received a Mission Lane letter. Applied and received $2000 no annual fee.
I am wanting that 3rd card but plan to wait for an Ollo offer. I pre-qualify for the Credit One but don't want an annual fee and feel like they are not the best move. I cant bring myself to apply. I dont know how I feel about Mission Lane but I feel decent about no fee at least and it gets my rebuilding started.
3rd card wait out for Ollo? Or wait out for a couple months with PenFed and see if I get an offer to apply? Or any other reco's?
Revolving will likely be a car as mine is on its last leg. I want to wait a bit until I pay off my daughters braces and free up more money each month.
(I did verify on all 3 that everything is 0 and up to date after discharge)
@newstart2022 I personally like the OLLO option if and when it comes your way. You should get the invite by either Credit Karma or Experian Credit Offers page (free by the way). OLLO is my lowest CC which started me during BK13 slow to grow for me but that's just me i've heard of many success stories and they don't practice the predatory fee game.
I don't have experience with PenfFed but i opted for secured card with NFCU (Navy Federal Credit Union) $200 deposit then 3x months later they gave me a dump to $600 and returned my $200. In 6months the card graduated to unsecured with a $2,000 limite and 6months after that limit is now at $6,000. Just throwing it out there if you need to go down the secured avenue short gain for a long term plan pick a card that graduates......Discover also i know graduates. Just my $.02 and congrats btw welcome!.
@newstart2022 wrote:Hey all!
I filed ch 7 end of May, MOC middle of June. Now I wait for discharge. Is that usually 60 days?
The list of creditors I burned is a mile long. I had STELLAR credit prior to an overnight flip from two to one income, with no help and becoming a single parent with no financial help (a story of it's own). I had to quit paying creditors to pay my rent and buy the basics like food and gas. I worked so dang hard to get to where I was credit wise so it was sickening. I finally saved up enough to file and here I am. I want to build back up quickly and I know it's a process. I am so impatient.... Here is the very freaking long list of those I have burned.
Capital one (x's 3), Citi (x's 3), US Bank (x's 2), Amex Delta and Green Card (the one I feel the WORST about, sounds like I wont see them again), Discover, Barclays (Frontier & Old Navy), Kohls/Cap One, Target/TD Bank, Chase (x's 2), Comenity (A&F). I became obsessed almost with getting approved and my score, obviously.
When llife hit I worked hard and got promoted and increased income yet it wasnt enough to dig me out. I used all that credit to make it for too long. I've learned a whole lot though this process and all these life changes. I have no desire to have a wallet full of plastic liability but I'd like a solid 3 for car rentals, credit building etc. I did apply for an auto loan through a Ford Dealership (my attourney referred him as he's helped his previous clients with great rates) as the car I am using is on it's very last leg. He said my scores are 610 on one and 640 on another. The bankruptcy has hit my credit files and everything is 0 on all 3. I am waiting to hear the percent. I dont want to go over 5% or I'll ride it out with my beater
What cards should I go for first? From reading it sounds like Capital One might forgive me? I'd prefer unsecured and am willing to wait it out. I opened an account at Penfed based off what I have read here. I want to build a relationship in hopes of a future vehicle refinace and CC there. Any other tips? Has anyone gotten a car before discharge? It's possible I'll DC next week.
Thanks! Looking forward to building here with you all!
Your list is not long. I had to burn about 15 or so cards in my ch 7 which discharged early 2016. Capital 1 and commenity will give you a chance again. I read that Amex doesn't but I got a platinum Amex after burning a gold Amex in bk. I believe it depends if you owed money or not. My Amex cards were at zero balance before my first bk. I actually only carried a balance on 3 cards. Most of my cards had limits over 5k and highest I believe was my Nordstrom visa at 15k. I burned Nordstrom for 8k and they never forgave me. Can't even get a department store card with them. My macys was at a zero balance and 8k limit. They haven't forgiven me yet.
I would try for the following first (In this order):
- Kikoff (immediately, they don't pull credit. Reports as revolving line one Ex and Trans)
- Fingerhut
- Milestone (if in the 500s after bk discharge)
- Capital 1 (only if pre approved)
- Mission Lane (only if pre approved)
- Dover FCU Credit Card (if pre approved for cc and in mid 600s, must have solid, verifiable income)
Keep utilization below 5%, make small purchase (less than 10%) of limit on each card including Fingerhut. I always get one or two approvals then wait til at least 3 payments post before moving on to the next items on my list. I pay off all balances 5 to 6 months into my build then keep one card with a balance below 5%. (Life happens, I owned businesses and have had to rebuild now 3x, currently in my 3rd rebuild)