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Officially Discharged - Best First Step?

nomadicpixie
Valued Member

Officially Discharged - Best First Step?

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!

 

 

Rebuilding from BK 7
EQ-554 TU-567 EX-542 ~ Day of Filing (2/2017)
EQ-559 TU-496 EX-510 ~ Day of Discharge (6/2017)
EQ-696 TU-677 EX-679 ~ Current (4/18)
Credit One, Merrick, Paypal, Overstock, Pottery Barn, NFCU Secured & CapOne
Live, learn, and overcome
Message 1 of 6
5 REPLIES 5
SteelerNYC
Valued Contributor

Re: Officially Discharged - Best First Step?

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.

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 - $139,100 total revolving, 21% utilization
3.25% mortgage July 2020, $20k used Auto Loan October 2020, $20k PenFed Personal Loan Dec 2020
687/683/673 EX/EQ/TU w/ 5/6/6 INQs as of Jan 2021
Spending 2021 in the Garden
Message 2 of 6
Scupra
Super Contributor

Re: Officially Discharged - Best First Step?


@SteelerNYC 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.

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
759 EQ FICO 03/2021
754 TU FICO 03/2021
743 EX FICO 03/2021
$29k NFCU Platinum | $30k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold
Message 3 of 6
nomadicpixie
Valued Member

Re: Officially Discharged - Best First Step?

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. 

Rebuilding from BK 7
EQ-554 TU-567 EX-542 ~ Day of Filing (2/2017)
EQ-559 TU-496 EX-510 ~ Day of Discharge (6/2017)
EQ-696 TU-677 EX-679 ~ Current (4/18)
Credit One, Merrick, Paypal, Overstock, Pottery Barn, NFCU Secured & CapOne
Live, learn, and overcome
Message 4 of 6
NotSavvy
New Member

Re: Officially Discharged - Best First Step?

I was d/c'd yesterday (BK7) and today approved for Capital One Venture card, tiny $300 limit but still, it's unsecured. I burned Capital One in the bankruptcy for 2 cards, maybe $3500 total. I was shocked when they approved me. I say go for it!
Message 5 of 6
nomadicpixie
Valued Member

Re: Officially Discharged - Best First Step?

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.

Rebuilding from BK 7
EQ-554 TU-567 EX-542 ~ Day of Filing (2/2017)
EQ-559 TU-496 EX-510 ~ Day of Discharge (6/2017)
EQ-696 TU-677 EX-679 ~ Current (4/18)
Credit One, Merrick, Paypal, Overstock, Pottery Barn, NFCU Secured & CapOne
Live, learn, and overcome
Message 6 of 6
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