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So we are officially discharged, no asset BK 7. This is a huge relieve. I now want to do this rebuild right and thought I'd get some opinions on the first step credit card. I have read the entire 700 in 24 thread. I am working to plan the rebuild of DH and I.
Once the credit reports update we will both have installment loans in place. Me - Several federal student loans and two Sallie Mae private loans. DH - mortgage reaffirmed and cosign on my Sallie Mae student loans. All were current and/or deferred and should update as current eventually with no lates ever. I also set up a Self Lender loan for myself, since I like the forced savings and another positive credit line shouldn't hurt.
I need to get the first credit card for each of us. We burned Capitol One, and were current at the time of filing, so they are not an option for a while. I'd love to set up a secured card at NFCU but don't have the cash funds that I can lock up at this time. We each are preapproved for CreditOne but I'm hesitant on them. I have also gotten SCTs to pop up (on Overstock specifically). Which is the lesser of two evils? Which would help the most? Are there any other options you can think of? Any help would be greatly appreciated!
Did you try the Capital One prequal? There are many stories here of them letting folks back in immediately post discharge. (I'm not one of them, though)
Store cards are okay, but make sure it's for a store you use and resist getting a ton of them.
Credit One is lame with their fees and policies, but I don't think they're a bad place to start your rebuild if you want to go unsecured. I did and they're fine providing you keep close tabs on your account/payments/etc. I've had no issues with them.
@Anonymous wrote:Did you try the Capital One prequal? There are many stories here of them letting folks back in immediately post discharge. (I'm not one of them, though)
Store cards are okay, but make sure it's for a store you use and resist getting a ton of them.
Credit One is lame with their fees and policies, but I don't think they're a bad place to start your rebuild if you want to go unsecured. I did and they're fine providing you keep close tabs on your account/payments/etc. I've had no issues with them.
I agree, I would still try Cap1 as there have been plenty of success stories right after d/c. NFCU is amazing and very helpful to us who files BK. I would at the least join and start a relationship.
Thank you guys! I will definitely try with CapOne as soon as the discharge posts to my credit reports (anyone know how long that takes?). I tried the prequl with no luck.
I very much would like to do NFCU as soon as I can. Finances were sucked dry these last few months so it may be a bit till we have extra funds we can tie up. We have joined (DH is a disabled Vet) and will treat them right in the meantime.
Thanks! I went ahead and tried with Capitol One for both DH and I with no luck. Looks like we are blacklisted. Bankruptcy is now showing discharged on EQ and EX, TU has not yet updated. So I think I'm off to get CreditOne for each of us. At least it's a starting point.