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Six months post BK7 data points

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Super 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.





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 11 of 21
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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
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New Contributor

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
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New Contributor

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
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Moderator

Re: Six months post BK7 data points

Congrats on your rebuild especially getting in with Penfed. 

Got some pruning to do... No more new cards!
Message 15 of 21
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Contributor

Re: Six months post BK7 data points

Congrats on your rebuild efforts!


In the garden until 12/11/2019
Goal is 720+
11/15/17 EQ 591 TU 469 EX 545 FICO 8
12/25/18 EQ 676 TU 669 EX 659 FICO 8
EQ 8 INQ l TU 10 INQ l EX 14 INQ I
BK 7 Discharge 12/2017
Message 16 of 21
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Frequent Contributor

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?
BK CH7--Filed September 25, 2018--D/C Jan.4, 2019
{FICO8 Feb.12, 2019--TU 580--EX 600--EQ 626}

Credit One Visa ($500 now $700) Nov. 2018
SelfLender (2 year) Nov. 2018
Capital One Platinum MC ($2000 now $2500) Jan. 2019
Target RedCard ($500 at 4 months $800 six months later $1900) April 2019
Venus Comenity ($500 now $1500) May 2019 no HP


FICO 8 SCORES: 03-25-2020667 TU653 EX668 EQ
Message 17 of 21
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New Member

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
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Valued Member

Re: Six months post BK7 data points

Awesome job. Your rebuild is already a great success. Best wishes.


Message 19 of 21
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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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