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Rebuilding, any suggestions?

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Member

Rebuilding, any suggestions?

My discharge was 5/7/19 (a little over 5 months). Since DC, I have been approved for Credit One ($500 SL), Indigo Platinum ($300 SL), Kohl’s Charge Card ($300 SL), and a Comenity Children’s Place Card ($300 SL). I’ve been utilizing these cards and paying off balances in full before each statement’s due date. As a result, Credit One gave me an $200 increase.
I’m currently seeking someone who will refinance my vehicle due to being forced into an outrageous car loan with an high interest rate. I totaled my previous vehicle during my bankruptcy process. They actually gave me the loan a month prior to discharge. The refinance journey haven’t had any success.
Freshly discharged, I made the stupid decision to get an high interest rate/APR personal loan through Lending Club ($4250). Long story short, that’s a decision I regret!
I gained access to PenFed and applied for both the Promise VISA and a personal line of credit, both were immediately denied. When I called to get an explanation, the representative told me they have a 2 year post discharge policy before approval. I thought this was very strange due to seeing all of the success stories on here. I still sent in a recon email and got a response to send in supporting documents to support my claims. So. I’ll see how that goes.
I want to get back in with Capital One, but got denied today for a QS. I burned them for a $3250 CC. Called, and was told they weren’t able to see the decision why I was denied, and no reviews of applications were allowed!
So, reading my story, does anyone have any advice? My issue is, I want to see fast results, knowing that’s pretty much impossible. I don’t want to keep applying for credit just to receive more inquires and denials.

My current scores are Trans: 669 EQ: 673 Exp: 650
6 REPLIES 6
Valued Member

Re: Rebuilding, any suggestions?

There are not really any 'fast results' 5 months after discharge. You've already got 4 new accounts and the car loan, I think it's time to garden those and not worry about any more new accts for a while. Your Ficos are not terrible considering it's only been 5 months.

 

It might be a year before you can get back in with Cap1, but I'd use pre-quals to avoid INQ/HP.

 

You're on the right track, just need some time to pass.

 

Just my 2 cents.

Fico 8 Scores 9-5-19
Message 2 of 7
Member

Re: Rebuilding, any suggestions?

Thank you for your feedback! I’m definitely going to take this advice and wait it out for now.
Message 3 of 7
Valued Member

Re: Rebuilding, any suggestions?

Hey there,

my Chp 7 discharged on 10/15/18.  I was a loyal CapOne customer prior to the BK.  Two cards, never late but, per my attorney I had to declare all of my cc's, so I lost my two cards.  I was told it would take a year to get back in.  After six months I tried every two weeks on the pre qual page, nothing.  In mid August I got in on the Quicksilver card, $3K limit.  So, give it time.  You CAN get back in!  Good luck and this board, all of the MyFICO pages are loaded with great info to help you out!  I swear by this website!
Texbucky in Dallas

Chap 7 BK discharge date 10/15/18
FICO's as of 6/13/19:
Experian - 613 TransUnion - 671 Equifax - 672
FICO's as of 7/19/19:
Experian - 613 TransUnion - 580 Equifax - 623
Credit cards: Merrick card $700
Cap One Quiksilver $3K
Self Lender Loan
Message 4 of 7
Member

Re: Rebuilding, any suggestions?

Thank you so much for your response! I’m going to give it a while before I try the prequal again. I had a lot of cards with $0 balances that my lawyer made me include in my bankruptcy as well. It sucks, but I’m going to be patient.
Message 5 of 7
Moderator Emeritus

Re: Rebuilding, any suggestions?

Slow and steady wins the race. As others have pointed out, you are making good progress and your scores for being only five months since DC are very good. Well done. Keep it going. 

Message 6 of 7
Member

Re: Rebuilding, any suggestions?

I’m learning slowly, but surely. Thank you for your feedback.
Message 7 of 7
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