Post Chapt. 7 & I burned some major players!

[TheFeagster]

Hello, me again I am FINALLY 2 months post bankruptcy after a very long ride, with a terrible lawyer! I want to start building my credit back up, so I wanted to get some advice on whom I can build with. My dear husband still has pristine, perfect credit with significantly high limits and is willing to make me a AU to get me started back on my road, BUT I burned some major players, so I wanted to know who/how long does it have to be before I can be a AU with them.

Included in the bk were:

AMEX

CITI

CAP ONE 

NAVY FED

PEN FED

TD BANK/TARGET 

COMENITY 

DISCOVER 

BARCLAYS 

DH currently has: 

CITI

AMEX
NAVY FED 

DISCOVER 

CAP ONE

Thanks In Advance 

[Shooting-For-800]

Cap One will let you back in soon.

Amex and Discover will eventually.

Check with Merrick Bank also (they are a fair bank for credit challenged)

It will get better.

[FLLGuy]

@TheFeagster- The talk all around these boards specific to Amex/NFCU.

• Amex:  If you burned them in BK and owed them money, you will have to repay them.  They'll put you on a credit health restoration path via Optima or something else.  If not paid, then it's a long credit prison sentence, like 10yrs or more.
• NFCU: Also read the same, you will have to pay them back if you want back into their graces.
• CITI:  Long memory, credit will mostly require BK off your reports and their internal system to clear the BK residue. 10yrs also.
• CAP ONE:  Will let you back in the day after discharge.
• PEN FED: Not sure
• TD BANK/TARGET: Not sure
• COMENITY: Will let you back after within the first 6mos after BK discharge. 
• DISCOVER: Not sure, some say they can only get secured CC until graduation. 
• BARCLAYS:  Forget about this one, life sentence. 
  
  

Maybe others more experienced in this particular scenario can add more color. 

[TheFeagster]

Thank you for that insight!! I appreciate it. Those rules apply for being a authorized user as well correct? 

[FLLGuy]

Good question, if memory serves me correctly the answer is "No".  Authorized users are not deemed "obligated" per contractural credit agreement. 

[FireMedic1]

Its best to build on your own for now. Cap1 will be the most forgiving. Yes you may end up with a bucket card. So what. Its a revovling credit line to build credit. Theres Merrick Bank who will double your CL with on time payments. Whoever you all bank with. TD Bank? Go to the branch and see if they'll do a secured card. One that graduates. Once you hit the 3 card bonus. Then a card or 2 as AU will be ok. Many lenders ignore AU accounts on apps and some wont let you in due to the BK as an AU. Just like surgery. The operation is done. Little physical therapy. Then fully heal. Just takes time.

[SUPERSQUID]

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@TheFeagster wrote:

Hello, me again I am FINALLY 2 months post bankruptcy after a very long ride, with a terrible lawyer! I want to start building my credit back up, so I wanted to get some advice on whom I can build with. My dear husband still has pristine, perfect credit with significantly high limits and is willing to make me a AU to get me started back on my road, BUT I burned some major players, so I wanted to know who/how long does it have to be before I can be a AU with them.

Included in the bk were:

AMEX

CITI

CAP ONE 

NAVY FED

PEN FED

TD BANK/TARGET 

COMENITY 

DISCOVER 

BARCLAYS 

DH currently has: 

CITI

AMEX
NAVY FED 

DISCOVER 

CAP ONE

Thanks In Advance 

---

I burned a few of the same banks in dec 2019 bk7 dc.

Capital one let me back in after one year with a 300 sl platinum, at 5 months i upgraded to QS and a few days later they gave me a cli to 1800, then 6 months later to 2k. at about 1 1/2 years post dc they preapproved me for savor one 3k sl, now 3100.

cap 1 kohls i got 9 months post bk7 dc 300 sl, now 2500..

I burned cap 1 for 5k in my bk7.

I burned td bank for 8k in my bk7 but 9 months post dc they gave me the target red card 300 sl, now 1000.

[Guyatthebeach]

TheFeagster,

Your profile is very similar to mine.  You actually aren't in a bad place.

Amex will not approve you for anything in the short term until after you repay them. There are people that got back in at the 7 year and 10 year marks, so it's a mixed review. There are many reports of people not being able to be added as AU for burning Amex. I would not even bother with them. The same goes for Navy Federal and Penfed.

CapitalOne will let you back in. Some got approved the day after their bankruptcy was discharged.  I got back in at 13th month mark.  I would check the preapproval site once a month until you get a preapproval, then I'd apply. 

You can get approved for a Target RedCard in time. I was approved for the store card at the 13th month mark. After a few years, it was upgraded to the Mastercard. As for the TD Bank Visa, I don't know when they will let back in, but they will in time.

You will be able to back into Citi in time. I was approved for the Best Buy store card at year 2 as well the Macy's Amex.  A few years later, I was approved for the Costco Visa. If you can be added as a AU, do it.

Comenity will let you back in. It may take a while. I got approved for the Buckle card a year or so after my bankruptcy was discharged.  I was approved for Sportsman Guide Visa using the SP shopping cart tactic, and I got the Toyota Visa with an instant approval.  There is an entire thread on cards that can be approved without HP's. Comenity has been very good to me after letting me back in.

Discover will let you back in given time.  I would simply keep checking the preapproval site until they give you an offer.

With regards to Barclays, they let me back in, but my cards are bucketed. I haven't had a CLI in years. I never worried much about it because they serve a purpose and are PIF monthly. Some people reported they still can't get back in with them. 

Since you are already use to credit unions, take a strong look at State Department Credit Union.  They are a very conservative CU, but they are bankruptcy friendly. I was initially declined for an unsecured Visa, but it was approved after a recon.  Since then I regularly get preapprovals for loans and Visas.  I just got CashPlus card with a $15k trade line.  Another reason I like them is they have always given me the lowest rates available with no issues.  They remind me of government agencies.  You follow their rules, you get exactly what you want.

Also take a look at PNC after the 2 year mark. You may want to research your local banks and CU's.

Best of luck in your rebuild. 

Guyatthebeach