I filed Chapter 13 in 2017 and got my DC in January 2021. My experience may be a bit different than some because it all kinda fell into p
place but here goes. I did do LOTS of reading on the best approach so you are doing the right thing.
2 days after DC, I received an invite via Credit Sesame for an OLLO Rewards MC. Instant approval for 2.5K. GOOD rebuild card that doesn't make you feel subprime. A day later, I used the Cap One prequel and ended up with a Cap One Platinum with a 3K CL. No rewards but I knew it was temporary.
I did more reading and the following month, I applied for the Jasper Rewards MC (it's been discontinued). Quick approval for 5K. They were a new card comoany eager to get their cards into people's hands.
The month after that, I applied for a BoA secured card. Approved and I funded it for 5K, to which I added later. This was my big break, IMHO. I had a really good relationship with BoA so I'm sure that helped.
A week later, I applied for the TD Secured card; was approved and funded the account with 1.5K.
BOTH cards graduated in about 8 months.
Offers for rebuilders came flooding in. I threw out all the Credit One; Best Egg; Aspire invites.
A month later, I received a pre-approval for a Mercury MC. I pulled the trigger and was approved for 2.5K. A few weeks later, I received a pre-approval for a Merrick Double-your-line Visa. Approved for 1K and doubled to 2K in 6 months.
I slowed down. Backed off. And PIF each month. 5 months later, I was approved for the Cap One Walmart MC at 2K.
I sat on those for a few months. The BoA and TD graduated.
Fast forward 6 months to this past Spring, and let my (by now) good scores and low utilization work for me. I did research and began applying cautiously at first. Amex Gold was my first approval once I hit 5 years and 1 month since my filing.
Join a credit union and take out a small share secured loan to pump up your score. Do some research into secured cards offered by major banks, credit unions and do some research into which ones graduate. Skip the ones who don't.
Good luck. You can do it. Don't judge yourself by others' progress. Keep your utilization low. And take baby steps.
FICO 8 EX 829 EQ 824 TU 844
American Express Blue Cash Preferred 30K I American Express Blue Cash Everyday 25 K I American Express Cash Magnet 5K I Bank of America Customized Cash Rewards Visa 20K | Kinecta MyPerks Rewards MC 35K | Wells Fargo BILT World Elite MC 30K I BMO Harris Cash Back MasterCard 12K | Capital One QS MC 12.5K I NFCU Flagship Rewards Visa 32K I NFCU Amex 28K | NFCU CashRewards Visa 20K I America First CU Cash Visa 20K I Citi Best Buy Visa 10K I Macy’s Amex 20K I Bread Financial American Express 13K I AAA Daily Advantage Visa Signature 8.5K I Saks Fifth Avenue World Elite MC 8.3K I JCPenney Mastercard 6K I UCLA Wescom CU Rewards Visa 7K I Pottery Barn Visa 5K I PayPal Cash Back Visa 9K I TD Bank Double Up Visa 5K I USBank Cash Visa 5K I
Siggy updated Feb 16 2023
