Post Discharge Credit Apps

[t_fins]

Now that my BK7 has discharged I am wondering how much credit I should start with and when.

I currently have a auto lease through MBFS that is active through August 2023 and I have a mortgage through Rocket Loans.

I was prequlified by both Credit OIne and Mission Lane for unsecured crds with no annual fee.

Is there a better choice? Should I apply for both now? Wait longer for one or both? (I read that 3 CCs and 1 LOC was ideal)

TIA

[digitalakers]

Hey and welcome. Depending on who you burned you can check Discover and Cap1 pre approval sites. Soft pulls so no harm and way better choices. i burned both so i have to waiy lol. As for Credit1 or Mission, i applied for Mission just to get my history started again. Itll do its job and help me build a path for bigger players down the road. I waited around 3 weeks from my discharge date just to let the dust settle and make sure all reports were reporting correctly then applied. A few days later i tried for Ally and got approved as well. Im still looking for a 3rd cc and installment loan to keep fico happy. 

[t_fins]

Unfortunately I burned both Cap1 and Discover. I did pull all 3 reports today and all show the discharge. 

Went ahead and applied for Mission and was approved for 1k. Now i am debating if I should do C1 now or wait a few months. I already have my loan w my car/mortgage but need 2 more CCs.

[Jeffster1]

Forget Credit One. The cards frequently come with annual fees, and they can be very uncooperative about closing them when you request.

If you haven't joined, CreditKarma; CreditSesame and Wallethub, you should consider doing so. I got my CH13 DC exactly two years ago today. I received an invite from OLLO through one of them (can't remember which) the very next day. I have nothing but nice things to say about OLLO. It's a subprime card which doesn't make you feel subprime. They have a rewards program; their customer service was outstanding; and they started me out with a SL of $2500. 

The other card I recommend highly is Mercury. Excellent service.

I have since moved on from those cards (current cards in my siggy) but I look back on my time with OLLO and Mercury with satisfaction. 

Also, consider checking with the Cap One Pre-Approval page. 

I will admit that I caught a few breaks early on which helped open doors later, but I was very happy with the cards I listed. 

[Guyatthebeach]

Congratulations on getting the approval for Mission Lane!

Personally, I'd do some more result on cards 2 and 3. There are so many other cards better than Credit One. You should take a look to see if your mortgage provider or car loan provider offers credit cards.  Also check your local banks/credit unions too.

Guyatthebeach

[t_fins]

Thanks. Unfortunately I burned a lot of companies. (Cap1, Ollo, Chase, BOA, Discover, AMEX, BB-Citi)

In review of CreditKarma, Experian, and Credit Sesame it looks like my options are:

CreditOne (PreApproved, Experian; CK Guarantee)

Ally (PreApproved, Experian; Outstanding odds, CS)

Upgrade (Outstanding odds, CK)

Indigo (CK Guarantee)

Revvi (PreApproved, Experian)

Thoughts?

[Guyatthebeach]

Personally, I would look at Ally. If it's a real pre approval, then you are definitely good to go. Ally is an excellent bank with some solid loan products that will help you during the rebuild. Also avoid CreditOne, you can do better.

Guyatthebeach

[t_fins]

Thanks! I applied w Ally and was approved for 1k. 

I think i will start working with these two cards and see if I get any better options for card 3 in the coming months...

[hoosier64]

@t_fins I didn't use Experian or Credit Sesame, but Credit Karma was not showing me the best cards I was able to get approved for immediately after discharge, so I would take their recommendations with a grain of salt. If you are going to wait a little bit, I would check the Capital One pre-approval even if you burned them. I got my biggest FICO score bump after discharge after my first credit card started reporting, so you may want to at least wait for that to happen before getting a third card.

I went with Capital One, Discover it secured, and Mercury for my three cards. Discover graduates their secured cards, so I chose to go that route rather than waiting to hopefully get approved for unsecured in 6 months.

[ButtercremeQueen]

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@t_fins wrote:

Now that my BK7 has discharged I am wondering how much credit I should start with and when.

I currently have a auto lease through MBFS that is active through August 2023 and I have a mortgage through Rocket Loans.

I was prequlified by both Credit OIne and Mission Lane for unsecured crds with no annual fee.

Is there a better choice? Should I apply for both now? Wait longer for one or both? (I read that 3 CCs and 1 LOC was ideal)

TIA

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If you are looking for a 3rd card with soft pull pre approvals you can try Petal Card or Prosper Card (AF $39 after year 1 with auto payment enabled). Grain is a $1000 LOC that you can get without an inquiry (completely virtual - Apple app store only - no android version as of yet - $80/AF) or  OppFi is a fintech as well , no frills $1000 ($99/AF)  you can get without an inquiry.

Good Luck!