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Post Bankruptcy Beginnings

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Post Bankruptcy Beginnings

I need a lot of help and advice. 

 

I almost lost my battle to depression going on three years ago due to job loss. The medical bills compounded causing me to file for bankruptcy last summer, and it was discharged Sept 2017. I went from a 750 score and 25 credit card accounts to a 538 and 0 cards. Some of the companies that were included were prime cards including but not limited to AmEx (had three cards), Southwest Rewads Visa by Chase, Capital One, and Barclay Card as well as a plethora of Comenity Bank (Victoria's Secrets store card, Express store card, PayPal Credit, etc) and Synchrony Bank cards (Amazon Store card, Best Buy store card, Tires Plus store card, etc).  I even had a Dell credit account, Fingerhut, and Kay Jewelers.

 

I have since re-established my credit within six months, as well as my life. In October 2017, my scores were near the mid 500's. As of today, May 8, 2018, I am currently at 643 for Experian; Transunion is 651; and Equifax is 664. I know it's been a short time but I am eager to get back to where I was credit wise. The bankruptcy has prohibited me from getting my own apartment, so while living with family, I'm able to save even more and see more of my current salary (over $60k). 

 

I currently possess:

Capital One Pl CL: $3k;

NFCU Secure CL: $500;

Discover Secured CL: $200;

Legacy Visa CL: $750;

Credit One CL: $600;

First Access CL: $300

Carvana Auto Loan: $29k

0% utilization || 6 inquiries on Eq and TU; 8 on Exp.

 

Since my bankruptcy, Cap One was generous in their kind reconsideration by giving me a $3k limit.  I'm eager to know if and when will I be able to reapply for AmEx, Barclays, Southwest, Synchrony, etc.  Comenity approved me for a new paypal account with $400 limit through cheapoair but after two weeks, they snatched the account back.  I paid the balance off then contacted them about reconsideration but they brought up the old Paypal account that is included in bankruptcy. Why does it matter to them and not Capital One? Am i blacklisted from AmEx, Chase and Barclay?  I got an AmEx pre-approval as well as Southwest Rewards by Chase but I am very scared to apply because I do not want the inquiry. When will my secure cards graduate into unsecured accounts?  I would like to apply for CareCredit loan of $5k but wanted to know my odds of approval since they are monitered by Synchony Bank.

 

If anyone who has bankruptcy experience and rebuilding advice can reach out to me, that would be totally awesome. 

 
 
Bankruptcy Chapter 7 d/c 9/3/17; May 7 2018 - Experian: 643;  Transunion: 651; Equifax: 664 ||Jan 18, 2018 - Experian: 627; Transunion: 627; Equifax: 627 || Capital One Pl CL: $3k; NFCU Secure CL: $500; Discover Secured CL: $200; Legacy Visa CL: $750; Credit One CL: $600; First Access CL: $300 || Carvana Auto Loan: $29k
2 REPLIES 2
Valued Contributor

Re: Post Bankruptcy Beginnings


@Minka wrote:

I need a lot of help and advice. 

 

I almost lost my battle to depression going on three years ago due to job loss. The medical bills compounded causing me to file for bankruptcy last summer, and it was discharged Sept 2017. I went from a 750 score and 25 credit card accounts to a 538 and 0 cards. Some of the companies that were included were prime cards including but not limited to AmEx (had three cards), Southwest Rewads Visa by Chase, Capital One, and Barclay Card as well as a plethora of Comenity Bank (Victoria's Secrets store card, Express store card, PayPal Credit, etc) and Synchrony Bank cards (Amazon Store card, Best Buy store card, Tires Plus store card, etc).  I even had a Dell credit account, Fingerhut, and Kay Jewelers.

 

I have since re-established my credit within six months, as well as my life. In October 2017, my scores were near the mid 500's. As of today, May 8, 2018, I am currently at 643 for Experian; Transunion is 651; and Equifax is 664. I know it's been a short time but I am eager to get back to where I was credit wise. The bankruptcy has prohibited me from getting my own apartment, so while living with family, I'm able to save even more and see more of my current salary (over $60k). 

 

I currently possess:

Capital One Pl CL: $3k;

NFCU Secure CL: $500;

Discover Secured CL: $200;

Legacy Visa CL: $750;

Credit One CL: $600;

First Access CL: $300

Carvana Auto Loan: $29k

0% utilization || 6 inquiries on Eq and TU; 8 on Exp.

 

Since my bankruptcy, Cap One was generous in their kind reconsideration by giving me a $3k limit.  I'm eager to know if and when will I be able to reapply for AmEx, Barclays, Southwest, Synchrony, etc.  Comenity approved me for a new paypal account with $400 limit through cheapoair but after two weeks, they snatched the account back.  I paid the balance off then contacted them about reconsideration but they brought up the old Paypal account that is included in bankruptcy. Why does it matter to them and not Capital One? Am i blacklisted from AmEx, Chase and Barclay?  I got an AmEx pre-approval as well as Southwest Rewards by Chase but I am very scared to apply because I do not want the inquiry. When will my secure cards graduate into unsecured accounts?  I would like to apply for CareCredit loan of $5k but wanted to know my odds of approval since they are monitered by Synchony Bank.

 

If anyone who has bankruptcy experience and rebuilding advice can reach out to me, that would be totally awesome. 

 
 

My advice is to slow down!

 

  • Garden until all these cards are at least a year old and practice AZEO.
  • Develop a good budget and stick to it
  • Build an emergency savings
  • Save for retirement
  • Save just for saving's sake
  • Work on paying extra on that car loan and refinancing at a better rate. $29k is too much to owe.
Ch 7 Discharge May 2015
Discover/Target/NFCU CLOC/NFCU Cash Rewards/NFCU Platinum/PenFed Power Cash Rewards/PenFed Pathfinder AMEX/Citi Costco Visa - $96k total revolving
EQ/EX/TU: FICO 8's November 2019: 696/679/668, 14% utilization, AZE2 (w/ those 2 cards reporting 30% util), INQ's: 4/2/1
Message 2 of 3
Valued Contributor

Re: Post Bankruptcy Beginnings

Also - apartment complexes owned by big management companies are difficult for BK'ers early on. You can absolutely find a nice place to rent from a private party.

 

Or stay with the family and keep banking $ Smiley Wink Maybe for a house in 2 years!

Ch 7 Discharge May 2015
Discover/Target/NFCU CLOC/NFCU Cash Rewards/NFCU Platinum/PenFed Power Cash Rewards/PenFed Pathfinder AMEX/Citi Costco Visa - $96k total revolving
EQ/EX/TU: FICO 8's November 2019: 696/679/668, 14% utilization, AZE2 (w/ those 2 cards reporting 30% util), INQ's: 4/2/1
Message 3 of 3
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