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Next Steps

msbritt
Member

Next Steps

Good Afternoon, 

My bankruptcy was discharged at the end of January and I'm currently trying to decide the best route to rebuild. Just to give a quick background I (unfortunately) burned all of the major CCC ; Capital One, Amex, Discover, Chase, NFCU, Citi..etc. I've been reading the different posts on here and even read through the forum about the steps to take for a score of 700 in 24 months. However, since I burned both Discover and Capital One, I know it'll be some time before I can get back in with them. My question is what steps should I take next? I currently have school loans, auto loan (it wasn't included in the BK), a credit rebuilding loan and unsecured credit card from my bank. I was reading on here how it's ideal to have 3 cards but I'm not sure which cards I could even get at this point. Any suggestions on how to proceed?

6 REPLIES 6
sccredit
Valued Contributor

Re: Next Steps

It took me some time to build up to 3 cards, probably like 6-8 months. Capital One was a year after discharge for me. I burned them for about $26k on business cards.

Ch 7 Discharge 3/12/2018
Cap One VentureOne $3,500, CapOne Savor $5,300, Kohls $3,000, BBVA $2,500
Infiniti Financial Lease
Goal: New Mortgage 3/2022
Message 2 of 7
ImTheDevil
Community Leader
Super Contributor

Re: Next Steps

Check your CapOne prequal. They're funny like that and many have gotten a card within weeks of burning them in a BK.

 

If nothing is there, look at OpenSky and GreenDot - neither even does a credit pull and you will be approved. That'll get you your three revolvers.



Platinum NPSL | Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | FNBO Prime Visa | PenFed PCR | Navy cashRewards | Navy Platinum | Apple | IT Cash | IT Chrome | GHSFCU Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Sams MC | Firestone | Overstock | Kohl’s | Key Bank auto loan (2017 Audi A6 Premium Plus S-Line)





Message 3 of 7
msbritt
Member

Re: Next Steps

I've checked the Capital One prequal  but no offers yet so I'll give it some time. I got a preapproval for Credit One that I applied for but then was told that my application is processing. I'll have to look into the other two that you suggested. I am a member of PenFed, so I'm hoping that I can get a card with them at some point during my rebuilding process.

Message 4 of 7
ImTheDevil
Community Leader
Super Contributor

Re: Next Steps

Being a member of PenFed may help you with credit relationships and it'll be worth having. With CreditOne, watch them carefully. They're known to be fee harvesters - certain cards will have an annual fee and possibly a monthly fee as well. Use it cautiously and once you have a couple better cards, I would ditch it.



Platinum NPSL | Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | FNBO Prime Visa | PenFed PCR | Navy cashRewards | Navy Platinum | Apple | IT Cash | IT Chrome | GHSFCU Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Sams MC | Firestone | Overstock | Kohl’s | Key Bank auto loan (2017 Audi A6 Premium Plus S-Line)





Message 5 of 7
ballysdad
Contributor

Re: Next Steps

My friend burned CapOne for 18k. Two months later he has unsecured 3k line

Message 6 of 7
jazmar
Established Contributor

Re: Next Steps

After my BK I applied for cap one few times without any HPs, I think cap one wasn't ready to take me back. About 3 months after my discharge I got approved 1K. Good luck



Message 7 of 7
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