Redemption: My Rebuilding Update

[Guyatthebeach]

Hi everyone!

2016 has been a great year for me. It's the first year where I didn't have to send documents in for recons.  My chapter 7 bankruptcy was discharged in February 2012.  

In June, I was able to join Navy Federal and PENFED through membership in the Navy League. I got a credit card and line of credit with NFCU and 2 cards through PenFed.

I also got a car loan through PNC.

In December, I got approved for an Amex Everyday Blue Card. This was four years 9 months after my discharge. I applied for a Visa from PNC. I was immediately declined due too many new accounts opened in the last 12 months and too many new inquiries. A few days later, I logged in to PNC to make my car payment and saw a PNC cashbuilder in my profile. I called to asked if it was legit. After talking to the credit department, it appears I hit the refresh button and created 2 apps. I now have a legit Prime Visa. 

I'm still unable to get cards with Chase, Citi, or Discover.

Now that I have a prime card and an Amex, I feel I have now redeemed myself from bankruptcy. I have enough cards that easily make up for the Chase.Citi cards. I do wish I could have a Discover just for the rewards, but my life goes on. My goals for 2017 are no new apps, stay on the beach, and work on saving up for a new house or major remodel in 2018.

Thanks to everyone on the forum.

Happy New Year!

Guyatthebeach

[NYFan63]

Congrats - Happy New Year!

[TXinandout]

Congratulations on your progress! When are you going to go for a CLI with NFCU?

[Guyatthebeach]

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@TXinandout wrote:
Congratulations on your progress! When are you going to go for a CLI with NFCU?

I did a week after the third statement cut. It was shot down to due bankruptcy and too many new accounts in past year.  I did recon by phone and email, and both attempts were declined. I'm not going to hit the CLI button for a whle. I really use NFCU more for the rates on CD's and my Roth IRA than the Visa. 

To be honest, I have over $160k now in unsecured credit and the biggest balance I carried was 10k. I don't think I really need anymore credit. With companies like Synchony sending the dreaded blue envelope and Barclay cutting credit lines on a whim when "they" think you have too credit, I have developed the maybe I don't need $500k in available credit. Since my bankruptcy, I've gotten very conservative and don't hit the CLI button for new months. Now when I do get an auto CLI, I do call the credit card company to get an APR reduction. 

My future financial goals are to get the financing for either a new house or a major remodel, get my FICO score above 750, save more money, and increase my retirement savings. I'm actually quite happy with my lines of credit now that I got back in with American Express. It proved to me that I have moved well beyond my bankruptcy.

Guyatthebeach

[TXinandout]

I think I've read the 6 months mark gets a better chance for CLI. 01/04/2017 will be my 6th statement, but I'm a chicken and don't know if I will go for it LOL!

[Guyatthebeach]

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@TXinandout wrote:
I think I've read the 6 months mark gets a better chance for CLI. 01/04/2017 will be my 6th statement, but I'm a chicken and don't know if I will go for it LOL!

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If I were in your shoes, I would wait atleast 6 months and until your Exprian and TU FICO scores get about 650.

[Anonymous]

 Nice progress Guy! 

[Guyatthebeach]

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@Justagirl73 wrote:

 Nice progress Guy! 

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Thank you very much Justagirl73! How's your rebuild going?

Guyatthebeach

[Anonymous]

I can't complain.....there are only a couple more additions (and closures) I need to make to solidify my line up. My lines range from 1k Discover to 10k NFCU. Avg limit is 4.8k. 

Im happy with the progress I've made in the last 6 months. 😬

[Scupra]

Woooohooooo! huge congratulations to you on getting the AMEX. I am sure that had to feel good So glad to see your rebuild is progressing, keep up the good work