I'm a little over two months into my post-Chapter 7 rebuild and am very pleased with how it's going. I found a lot of great information on this forum.
Immediately as soon as my BK7 showed discharged I applied for several cards. All were approved.
- Capital One Quicksilver $3000
- NFCU Secured Visa $1500
- Ally Bank Mastercard $1000
- Credit One Visa $400
- Target Red Card $200
I reaffirmed my mortgage and my car loan. I had a decades long good history with Capital One and didn't burn them. Same with Target. I've never banked with Ally before but saw a lot of people post they were a good card to try for.
Then this morning I applied for a One Main Financial Bright+ Mastercard and was approved for $2000. It showed up on Credit Karma (which I ordinarily don't use) but showed as a "guaranteed card". It has no annual fee so very nice. After eleven months I'm going to probably cancel the Credit One card as it is the only card with a fee. I'm hoping my NFCU secured card will graduate in six months. Then I'll take that $1500 and get a pledge loan. Now I'm just going to garden for two years. Right after I filed I had a ton of inquiries (from my creditors) so it's skewed it big time. There's like 18 showing up so no plans to apply for anything now for two years at least.
My FICO 8 scores have stabilized too. I was around 690-700 before filing and I was having visions of dropping into the mid-500s. Instead a week post-discharge they were 589-603. Now two months in I'm already in the 651-665 range. I'm kind of shocked (but happy). It gives me hope I can be back to the 700s in two years.
Rebuild Started March 2024
@CaptainConcorde wrote:I'm a little over two months into my post-Chapter 7 rebuild and am very pleased with how it's going. I found a lot of great information on this forum.
Immediately as soon as my BK7 showed discharged I applied for several cards. All were approved.
- Capital One Quicksilver $3000
- NFCU Secured Visa $1500
- Ally Bank Mastercard $1000
- Credit One Visa $400
- Target Red Card $200
I reaffirmed my mortgage and my car loan. I had a decades long good history with Capital One and didn't burn them. Same with Target. I've never banked with Ally before but saw a lot of people post they were a good card to try for.
Then this morning I applied for a One Main Financial Bright+ Mastercard and was approved for $2000. It showed up on Credit Karma (which I ordinarily don't use) but showed as a "guaranteed card". It has no annual fee so very nice. After eleven months I'm going to probably cancel the Credit One card as it is the only card with a fee. I'm hoping my NFCU secured card will graduate in six months. Then I'll take that $1500 and get a pledge loan. Now I'm just going to garden for two years. Right after I filed I had a ton of inquiries (from my creditors) so it's skewed it big time. There's like 18 showing up so no plans to apply for anything now for two years at least.
My FICO 8 scores have stabilized too. I was around 690-700 before filing and I was having visions of dropping into the mid-500s. Instead a week post-discharge they were 589-603. Now two months in I'm already in the 651-665 range. I'm kind of shocked (but happy). It gives me hope I can be back to the 700s in two years.
Congrats on your rebuild progress. You definitely want to garden for a few years and allow what you have to age. Keeping UTL low will be a big plus as these accounts age. NFCU was a major player in my post DC rebuild process. In 2014 they were very BK friendly and was able to skip the scecured card and received a Cash Rwds Visa soon after DC. Be good to them and you'll graduate like many others.
Happy to see that your plan includes getting rid of Credit One soon ! As your BK ages, better cards will be in your future. Good Luck !
NFCU Visa 35k | NFCU Platinum 35k | Cap1 QS 13K | Cap1 QS 11.5K | Barclay MC 15k | Delta Gold Amex 34K | Discover IT 16K | CFNA FS 3200 | CareCredit 20k| Paypal Credit 6.5k |
Congrats; keep grinding.
