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REBUILDING

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New Contributor

REBUILDING

Hello! Be patient with me, it's lengthy.

 

Filed For Ch. 7 BK- 9/2017.

Discharged- 1/2018.

 

1) Was added as an authorized user to a family member's Living Spaces (Synchrony) account 9/2018 and paid off $2400 balance over 5 months (by 2/19).

2) Opened a Credit 1 Bank Visa 10/2018 with a $500 limit. Made first payment ($38 AF) and the next month it went up to $700. Currently have a balance and am paying it off.

3) During BK, did NOT sign an affirmation to an Auto Title Loan, thus it was discharged. Have been paying it on time with no issues and owe less than $4500 on it. 

 

All 3 credit scores pulled 9/18 directly from each site:

Experian 596

Equifax 539

Transunion 496

 

CK shows scores as of today as:

Equifax 683

Transunion 653

Experian N/A

 

Decided to look into a CK "personal loan" offer and scores came back as:

From Avant (Pulled Transunion) 570

From BestEgg (Pulled Experian) 600

 

 

Now, I know Credit Karma is meant to be taken with heaps of salt, but curious on what you think:

Why is CK showing my TU score as 653, but Avant did a inquiry and reported that Transunion shows as 570?

That's a huge discrepancy!

 

Credit 1 Bank Shows my score as 621...although it does not say who it pulled it from?

 

These are the accounts I burned in BK sadly Smiley Sad

Amazon Store card

Babies R Us Mastercard

BofA Visa CC

BofA MC (formerly EBay MC)

Barclay's Visa

Best Buy Store card

Care Credit

Check N Go (payday lender installment loan)

Gap, Inc Visa

JC Penney's Store card

Kohl's Store card

LAFCU Auto Tile loan

Lenscrafters Store card

Macy's Store card

Macy's Am Ex

Paypal Store card

QVC Store card

Speedy Cash (payday lender installment loan)

Target store card

Ulta Store card

 

That's a long list....and I feel horrible. I was ON TIME with everything. Just had zero money left after bills were paid and the payday loans and Auto title loan I took out for family were killing me. They fell behind and were unable to pay them back so I had to take over. Fooish, lesson learned. I had no choice but to file BK or starve. My credit scores were higher even then, even though I was broke. BUT, starting over. So, as an Authorized user on 1 account and only having 1 Visa CC, what should I do next? I Have that %90 preapproval odds recommendation from CK for the Ollo Mastercard tempting me...should I avoid it or give it a shot? Will it make my sad scores go even lower?

 

Help? Guidance? Words of Wisdom? Encouragement? Anything?

Please and thank you. 

11 REPLIES 11
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Super Contributor

Re: REBUILDING

Do not go by any websites approval odds. Check pre-qual sites from the lenders directly. CK and FICO can be higher on one and lower on the other at this time for you. Or vice versa. I noticed you didnt burn Cap1. You can try their pre-qual site and grab the Plat, not the QS1. Too hard to upgrade or do anything else with it. No reason to pay $39 a year when you can upgrade the Plat a few months after approval for the cash back QS. Since the car loan isnt reporting. You could grab a Self lender loan for the credit mix. Give it some time and let things grow. Then go for more down the road.

You can get all 3 FICO score for a buck on Credit Check Total for $1 and cancel before the trial ends. Report back what ya got.

Message 2 of 12
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Valued Member

Re: REBUILDING


@FiresOut wrote:

Do not go by any websites approval odds. Check pre-qual sites from the lenders directly. CK and FICO can be higher on one and lower on the other at this time for you. Or vice versa. I noticed you didnt burn Cap1. You can try their pre-qual site and grab the Plat, not the QS1. Too hard to upgrade or do anything else with it. No reason to pay $39 a year when you can upgrade the Plat a few months after approval for the cash back QS. Since the car loan isnt reporting. You could grab a Self lender loan for the credit mix. Give it some time and let things grow. Then go for more down the road.

You can get all 3 FICO score for a buck on Credit Check Total for $1 and cancel before the trial ends. Report back what ya got.


Probably want a Discover secured too.

CH 7 BK DC: 07/18
FICO 04/19: EX 601, EQ 632, TU 589
FICO 05/20: EX 660, EQ 670, TU 638
IIBK: Chase, BoA, Citi, CapOne, Discover
Rebuild: 03/19: CreditOne $300, FingerHut $400, Merrick $200, LendUp $750, CapOne Plat $500, Self Lender 2 year.
07/20: Mission Lane $950, CapOne Plat (QS) $850, QS1 $1,000, Avant $1,000, Overstock $300, Amazon Prime Store $2100, Mercury $3000
Message 3 of 12
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Regular Contributor

Re: REBUILDING

1. I agree with the Capital One- check their prequal and accept any without an annual fee.
2. Also check with Discover... you may get an offer without it being secured... but if you only get a secured offer, take it. Discover tends to graduate to unsecure in a reasonable amount of time (as long as you pay on time EVERY TIME), and will usually give a credit limit increase when unsecuring.
3. If you have a way to join Navy Federal Credit Union, do so. If you read the forums, you will see A LOT of praises for their cards and people with CH 7.
4. Walmart and Amazon MAY let you back in with them after a period of time. Again, read the forums about those.

Try to stay away from any other cards that have annual fees if possible. If you are patient, you may find that rebuilding is very rewarding!

Good luck!
Chapter 7 DC 10/23/18
Starting FICO 8 11/22/18

Current FICO 8 9/28/20

GOAL 680 by 12/20
Current FICO 9 7/28/20

Student loans and car payments reporting positive



Message 4 of 12
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New Contributor

Re: REBUILDING

Thanks for your reply!

I am trying to avoid doing so. I'm thankful I got the Credit 1, but that took me a couple months of mulling over before I took the plunge. 

So here's the thing with pre-quals. I have tried all the companies I didn't burn/never had accounts with. They all come back negative. Idk if it's because my credit still sucks, or because of the credit block I had place on my credit reports a few years ago after being the victim of identity theft for years. Stolen wallet=unauthorized accounts sents to collections with people using my name, DL and social. Several hours spent filing police reports, fighting collections and clearing my name. 

Will def look into the credit reports! Thank you and will update. 

Message 5 of 12
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New Contributor

Re: REBUILDING

Thanks for your reply! 

I did not think of NFC! My brother was in the navy so I applied through him this morning. Let's see how it goes. 

Amazon is one I'm ok with not having again. Never had Walmart, just knew it was too dangerous. I hate walmart and avoid shopping there like the plague, but I can see how it would be too tempting to "buy my monthly list and pay it off after."  

 

Like I mentioned in a previous response, checking prequals has been tough. I have been getting negative replies, and IDK if it's becaus my credit still sucks, or because of the credit holds I've placed on my credit reports due to being a victim of identity theft. Unauthorized accounts opened, fighting with collections, filing police reports etc....Have always been able to fight them with success, but credit bureaus all recommended I place an alert on my file and I think that might be affecting my chances for pre-qualifies. 

Message 6 of 12
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New Contributor

Re: REBUILDING

Thanks for your reply! 

IDK why I've been hesitant to get a secured card......but maybe I should go for it. 

 

Message 7 of 12
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New Contributor

Re: REBUILDING

A word of my experience with OLLO.....they sent me a letter/envelope every week for last two months (I am six months post discharge) telling me I was preapproved for their no fee card!  WHOOHOOO!  I went to their website with their "acceptance" code and BOOM.  FLAT DENIED.  So, don't believe that "prequalified bs" they are slinging.   I did and now, I have a hard inquiry on my credit report Smiley Mad

Chap 7 BK discharge date 10/15/18
FICO's as of 2/13/20:
Experian - 663 TransUnion - 633 Equifax - 667
Credit cards: Kohls $300
Merrick card $1400
Cap One Quiksilver $6K
OLLO $1.5K
Self Lender Loan
Message 8 of 12
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New Contributor

Re: REBUILDING

Thanks for your reply!
Sorry to hear that Smiley Sad
You convinced me; I’m not going to even try.
Message 9 of 12
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Established Member

Re: REBUILDING

Tex what are your data points? This is exactly what I’m afraid of. Don’t want to waste a hard pull.
Message 10 of 12
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