@ClnRcd wrote:Recently filed chapte 7 and had my 341 meeting.
Execting discharge around April, so I'm mapping my rebuild. I've stalked these forums so I've got a wealth of information thanks to this awesome community.
My question is should I be concerned about HP? I've see threads saying not to worry about racking them up during rebuilding and other threads that frown on having too many hp. I've compiled a list of creditors I'd like to apply for after seeing the forum reviews but I'm concerned that all of the hard pulls may get me denied.
Insight please?
Hard pulls will happen; fact of life.
In my case, I didn't do my homework before I started applying and racked up 18 hard pulls in the first 9 months after my discharge. Had I done my research first and started my rebuild with a few very judicious applications, I could have landed the same three cards with a total of 4 or 5 HPs. My advice, which is purely "my" advice; apply for a few cards, and once you get to three, sit on them for a year (HPs stop factoring in your FICO scores after 12 months), and then start looking into better cards so you can prune your starter cards.
One other bit of advice, I may be in the minority here, but once I wised up, I believe the fact I applied for a high limit secured card ended up being what ultimately opened a lot of doors for me from a credit perspective.
Coming out of fresh bk I doubt many of the lenders that will approve will care much about HP. What you need to keep in mind is they'll stay on your reports for 2 years. So if you go crazy and then the rebuild goes well, down the line is when you'll wish you were a bit more prudent.
I would echo the same advice as @Horseshoez be selective in which cards you get and stop at 3 for now. Many people here including myself have had good luck with Capital One and Discover post bk.
@Rogue46 wrote:I would echo the same advice as @Horseshoez be selective in which cards you get and stop at 3 for now. Many people here including myself have had good luck with Capital One and Discover post bk.
I had good luck with CapOne as well, but was denied for Discover (denied for even a secured card even though I'd never even had a Discover card before). PenFed seems very BK forgiving and gave me my third card.
That was the order I went, CapOne, Discover then Penfed
@Rogue46 wrote:That was the order I went, CapOne, Discover then Penfed
In the end I went CapOne Secured (closed after 7 weeks; hated that card), TDBank Secured, CapOne Quicksilver, and then PenFed.
@Hex wrote:I started with a Cap1 platinum and a secured credit union card on the same day and then about six months later I got a Kohl's card (also Cap1). Six moths later Cap1 approved me for a $15K QS and six months after that they approved me for a $30K Venture card. Since then it appears that I've tapped out Cap1.
It was nice to get the triple pulls out of the way early in my rebuild (not that I knew I was doing it). I think Cap1 might treat you better if they think they're your go-to bank. Once people have a bunch of other cards I think they lose interest in them. All just speculation but it's an approach that I think will probably work with not much of a downside if it doesn't. Don't load up on their starter cards though. Only apply for one stater card, Kohls and then their Prime cards. Of course this of one of many ways you could start a successful rebuild.
I can second the advice to only get one starter Cap1 card.
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