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Rebuild after Chapter 7

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msml_2020
Established Member

Rebuild after Chapter 7

I am awaiting discharge from Chap 7, which should happen around mid-November.  I am planning to start the re-build process the first of the year, but wanted to get some advice on how to proceed.  Here's a list of who got burned:

 

Cap One

Credit One

Synchrony (CareCredit, PayPal MC, Guitar Center)

Comenity (Ulta, GameStop, Torrid)

 

I ordered a copy of my mom's DD214 (she was in the Navy) so I can, hopefully, open an account with NFCU.  I ended up getting a car a couple of weeks ago, 2016 Toyota Rav4 with 39k miles, because the CU holding the note on my other vehicle obtained an order to lift the stay and took the vehicle.  It was pretty far into negative equity anyway, so no loss.  I happen to live in an area with no mass transit, and rideshare fees were quickly approaching the monthly cost of a car payment and insurance.  I also have two student loans (totaling $18k) that are deferred as I'm currently enrolled, pursuing my masters.  I should finish next spring, so those payments won't start until late next year.  I'm hoping I can do a re-fi with NFCU after 6-12 car payments.  I know I'll probably have to put some money down, but that's fine.  

 

Any suggestions on which card I should try first?  I'm in no rush, but I don't want to drag this out, either.  Really hoping to put myself in a position to buy a house in early 2022.

Message 1 of 7
6 REPLIES 6
Anonymous
Not applicable

Re: Rebuild after Chapter 7

I’d start with first pulling your FICO scores at www.creditchecktotal.com on a seven day trial for $1 (cancel once you have them), but do this after your BK is discharged and you’ve scoped our your reports to be sure everything that was supposed to be included in the BK is reporting as such. If it’s not as it should be, you need to get that squared away first.

Once all three reports are showing as they should, then pull your scores so you know where you stand. At that point you can check the prequal sites for CapOne, Discover, and Citi. CapOne has been known to approve cards very soon after a BK even if you burned them. If none of those offer anything, go with OpenSky - it’s a secured rebuilder card with no credit check. Get it and use it for six months, paying your bill down to about $10 each month. Then recheck the prequals - you may find offers waiting at that point. Good luck and read/ask away on this forum - you’ll learn everything you need to know and then some!
Message 2 of 7
Anonymous
Not applicable

Re: Rebuild after Chapter 7

Is Opensky Secured better that Discover Secured?  I went with Discover Secured while I rebuild.

 

 

Message 3 of 7
Anonymous
Not applicable

Re: Rebuild after Chapter 7

Either one will serve the same initial purpose of reestablishing credit but long term Disco is the better option, as it can unsecure and grow, and you still get all the rewards of the unsecured card even while it’s still secured. You made the right choice.
Message 4 of 7
FireMedic1
Community Leader
Mega Contributor

Re: Rebuild after Chapter 7


@Anonymous wrote:
Either one will serve the same initial purpose of reestablishing credit but long term Disco is the better option, as it can unsecure and grow, and you still get all the rewards of the unsecured card even while it’s still secured. You made the right choice.

@Anonymous  Yo man. Did they change the bene's? Looks like the secured is a lot like the Chrome now. I was under the impression like you its the same as the iT. Guess Not. Hmm........

Earn 2% Cash Back

"At gas stations and restaurants on up to $1,000 in purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases — automatically."

 

Either way OP its a win win situation. And will graduate in time. Good Luck!


Message 5 of 7
Anonymous
Not applicable

Re: Rebuild after Chapter 7

I have heard things like that too just recently. In a way though it’s a moot point. Get secured, earn Disco Chrome benefits. Unsecure, receive refund of deposit and get CLI, then PC to It Cash. Still winning Smiley Wink
Message 6 of 7
FireMedic1
Community Leader
Mega Contributor

Re: Rebuild after Chapter 7


@Anonymous wrote:
I have heard things like that too just recently. In a way though it’s a moot point. Get secured, earn Disco Chrome benefits. Unsecure, receive refund of deposit and get CLI, then PC to It Cash. Still winning Smiley Wink

Yep.


Message 7 of 7
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