Post BK 7 Advice

[Anonymous]

Hi guys,

I've been lurking around here forever and finally became a member and wanted to get input on if I'm doing things right.

My wife and I had our Chapter 7 discharged in Feb. Since then she has a Navy Fed secured card with a $500 limit. I'm an authorized user on it. I have a Citibank secured card with a $200 limit (I thought I would be able to increase my limit after opening it but they said I couldn't do that.) I also have a car loan, opened in Aug, that I want to refinance in March or April.

In our bankruptcy we burned Capital One, Bank of America, Credit One, First Premier, Merrick Bank, Campus USA CU, Synchrony, and Celtic. For a while there we were taking on new credit to pay old credit so thats why we had so many bad cards.

As it stands right now my scores are

Equifax 559 (some things included in my bankruptcy don't reflect that. I have opened disputes to have the info corrected)

Transunion 596

Experian 609

I have tried applying for a Discover secured card and was denied due to the BK. I get credit card offers in the mail sometimes, but I am hesitant to apply because sometimes it seems too good to be true. For example, two days ago I received an invite for Chase Ink Preferred (or something like that) for their business card. We do own a business that is debt free and has very little credit. The little credit the business has is good credit. 

What more can I be doing to improve? Should I reach out to my other banks and get more secured cards? I have bank accounts at BoA, US Bank, and PenFed. I'm starting to realize that it'll be years before my scores are "good" again, but I want to do everything possible to make it faster.

[Anonymous]

@Javylab - How many months have you have your NFCU secured card?  I've read that it graduates after 91 days with heavy usage... On the forums here look up the AZEO method.  I plan on using that method when I file.

[FireMedic1]

The main objective to rebuilding is to obtain 3 cards. Secured or unsecured. You have the loan already as you said. FICO doesnt care what the name is on thew card. Its how you handle it. You got one secured. You can go with OpenSky with no HP for another card. Stay away from the bottom feeders who charge a yearly and monthly fee. Thats nuts. Give it 6 months of responsible use and try again for Cap1 and Disco. It will be a slow climb. But once you get over the hump. Things will come easier. We all been there. Me too. Be patient and play the game. Then things will open up that werent there before.

If you can get into NFCU on your own. Grab their secured card. The card your AU on. Is this a family member or someone that you couldmuse to get in? If so. Go for it.

[Anonymous]

We have had the Navy Fed secured card since March. We do not use it heavily. Usually we charge a bill, like our electric bill to it, and then pay it off right away. I will look into the AZEO thing. Thanks!

[Anonymous]

The Navy Fed card it my wife's. We have a joint account at Navy Fed, so I am a member. I applied for their secured card right after my bankruptcy and they declined me. 

Thanks for the advice. I truly appreciate it. Its frustrating seeing things move so slow. But I will keep grinding. I just applied for a secured card at US Bank. They are supposed to get back to me and let me know. Hopefully its not another decline. If it is, I'll call their reconsideration line and hopefully they can see that I just want a secured card and have had a bank account and business account in good standing for years.

[FireMedic1]

Ah ok. You didnt mention NFCU in your burned list on your opening post. Well thats good. Eventually they'll give in. Thats is if they did get burned. If so. Pay them back and all is forgiven. Good Luck on the US Bank app.Keep us updated on how its going. Feel free to ask any further questions. Good Luck!