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Post Discharge (April) Update

engineer86
Contributor

Post Discharge (April) Update

Hi,

 

Here to share a few data points. I discharged Chapter 7 last month. My credit reports are all updated correctly. Although I burned just about every bank except Chase and Wells Fargo, I was able to get a Target Red card ($300), Golden 1 credit union secured card and a secured card from Union Bank. I'm going to rebuild with these three cards and try Cap one in about a year. I want Discover and Cap one but they are IBB. I may try Barclay sometime in the future. My goal is to wait at least one year before trying for Cap one, Discover and Wells Fargo. I was honestly shocked with the Target instant approval. I'm in California btw. 

Message 1 of 15
14 REPLIES 14
FireMedic1
Super Contributor

Re: Post Discharge (April) Update

Welcome @engineer86 

Good way to start. If you dont have any loans. Check out Self Lender. Congrats!






Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 2 of 15
engineer86
Contributor

Re: Post Discharge (April) Update

@FireMedic1 Thank you! I've been seeing you reply to others posts. Your advice seems like it comes from some solid experience. I appreciate that! I will definitely look into a self lender. I would love to get into NFCU but I know no one affiliated with NFCU and the military. They seem like the golden ticket around here. 

Message 3 of 15
FireMedic1
Super Contributor

Re: Post Discharge (April) Update

Yes they are. Absolutely no one in your fam was in the militray? I joined last month from my grandfathers Hon DC papers.






Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 4 of 15
engineer86
Contributor

Re: Post Discharge (April) Update

@FireMedic1 I have a cousin who is in the Army. What would be some of the NFCU products that someone out of chapter 7 would qualify for? 

Message 5 of 15
mrcraft
Valued Contributor

Re: Post Discharge (April) Update

I think you're on the right track with your credit strategy at this stage.  With NFCU, I think just becoming a member and opening a savings account would be another good start too.  You'll build your relationship with them, and can get unsecured credit products in the future as you re-build your credit.  NFCU also has a secured card, so that might be a short-term option too.  Good luck!




Message 6 of 15
engineer86
Contributor

Re: Post Discharge (April) Update

@mrcraft Thank you! 

Message 7 of 15
Buchajo
Contributor

Re: Post Discharge (April) Update

My sister's husband was formerly in military and now in Air Force. Would that be enough to get me in??

Message 8 of 15
Mike2hard
Member

Re: Post Discharge (April) Update

Yes that would get you in.

 



Message 9 of 15
FireMedic1
Super Contributor

Re: Post Discharge (April) Update

That should work.






Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 10 of 15
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