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Six months post BK7 data points

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FireMedic1
Community Leader
Mega Contributor

Re: Six months post BK7 data points

Your on your way. Nice job. Remember its not a race. The time will fly by. I cant believe its been 3 yrs already. Seems like yesterday.


Message 11 of 21
Guyatthebeach
Valued Contributor

Re: Six months post BK7 data points

Hotter,

 

Congratulations on your awesome rebuilding efforts.  You are doing excellent and keep on doing what you are doing!

 

Here are a couple of recommendations I have:

 

1. You have enough credit for the moment.  Don’t apply for any new credit unless it is needed. Let those inquiries fall off and let’s those accounts age. You will see another small boost in your FICO when those inquiries fall off and all those cards turn two years old. I think I had about a 30 point boost.

 

2. PENFED is an excellent credit union. It’s looking like you have a really healthy relationship with them. I would schedule an appointment with one of their financial advisors and let them review your credit for any improvements. You might as well as use their resources since it’s free. I would use them for your mortgage. 

 

3. For your credit cards with low credit limits, Discover and Target for example, I would make sure that they have a zero balance and no more than 10% when the statements close.

 

4. As soon as your Capital One card hits the 6 month mark, I would upgrade it to the Savoy card where you get 3% card back when you eat out. Find a card that works for you. You might as well as use it since you got it.

 

5. Since you already have a great relationship with PENFED, I would open a savings account with another credit union or bank, so you can have a back up emergency savings account in case of emergency.

 

Keep doing what you are doing!

 

Guyatthebeach

 

 

Message 12 of 21
Anonymous
Not applicable

Re: Six months post BK7 data points

Thanks Guyatthebeach! I’m going to call cap1 in the morning about changing to a rewards card. I just hit my 7th statement so hopefully they have something for me.
You’re right about no more credit for now. I don’t need anything, I was just so excited to be getting cash back discounts from from places I shop either way. Before BK the interest I was paying monthly prevented me from seeing this side of the credit world! I’m on track to earn about 1K this year from purchases I would be making either way and not paying a penny in interest.
Message 13 of 21
Anonymous
Not applicable

Re: Six months post BK7 data points

Update called and I was offered venture or quicksilver (no AF) . I took the quicksilver!
Message 14 of 21
Anonymous
Not applicable

Re: Six months post BK7 data points

Congrats on your rebuild especially getting in with Penfed. 

Message 15 of 21
Kasuito39
Frequent Contributor

Re: Six months post BK7 data points

Congrats on your rebuild efforts!
Message 16 of 21
Anonymous
Not applicable

Re: Six months post BK7 data points

Hotter, thanks for the DP info but may I ask for a ballpark annual income as well? Hoping Cap1 will approve me before end of month for an auto loan with a lower interest rate. Can you use HHI for that application?
Message 17 of 21
Anonymous
Not applicable

Re: Six months post BK7 data points

Great Job. 

I am weeks from my 341 meeting, and the road to good credit. Thanks for the breakdown Smiley Happy 

Message 18 of 21
csl1
Contributor

Re: Six months post BK7 data points

Awesome job. Your rebuild is already a great success. Best wishes.
☞ Credit Cards: NFCU AmEx, NFCU Visa Signature, PenFed Pathfinder Visa, Truist Enjoy Cash, Discover It, Capital One SavorOne, Citi BB Visa, Paypal MC, PayPal Store Card, CareCredit, Cap1QS1
♛ Total Credit Lines: $52,750
⚖ Chapter 7 Discharge: October 2018
☼ Credit Scores: Mid to High 600s
☮ Gardening As of May 13, 2022

Message 19 of 21
MDCruiser
Valued Member

Re: Six months post BK7 data points

I just got a new card from a company called Ollo. 24% and no annual fee! CapOne isn’t trying to help me 6 months out of discharge, but I also burned them for $11k. Same for Discover, $2k. PenFed told me 2 years post bk before they’ll give me a card which is fine.
Message 20 of 21
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