Strategy after BK Rebuild

[tdslf1]

Here is my current list of cards. Realized when i posted previous..didnt have all cards listed. BK 3/2018. Closed some based on usage and AF. Next cut is if I have use and is it a store card worthy of keeping. Wanna drop store cards but they belong to Citi and currently I can't get regular Citi cards. Wanna drop Penfed cause its not growing and I'm confused as to why. Can't get any love from Comenity except that Cashback AMEX. 

NAVY AMEX 25k              

Penfed 3.5k   Never got CLI 2 years  

Home Depot 4k Store 

Best Buy 3k  Store

LL Bean 2.6k

Tractor Supply 2k

Amazon 5k   Store

Target 1.5k   Store

Walmart $550  Never got CLI 2 years

Apple $600   $100 CLI increase after 1 yr

Navy Flag 20k  Has AF

Navy GO 15k

Truist 1 7k

Truist 2 7k

Lowes 7.5k  Store

Care Credit 6k   Store

Bread Cashback AMEX 5k

Sams Club 5k

At Home 3k

Capital 1 3.5k   Never got CLI 4 2 years Has AF

Plan is to garden till 4/2023 when I take a shot at CITI, AMEX and Discover because these amounts have been paid back. I use one card at a time and let less than 1% report each month. PIF except one each month. All bills run thru credit cards.  I pick 2 cards each month and only use those two for everything. I have a calender i use each month to keep up with any payments. Works for me.  

What next?

[DogwoodLynx]

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@tdslf1 wrote:

Here is my current list of cards. Realized when i posted previous..didnt have all cards listed. BK 3/2018. Closed some based on usage and AF. Next cut is if I have use and is it a store card worthy of keeping. Wanna drop store cards but they belong to Citi and currently I can't get regular Citi cards. Wanna drop Penfed cause its not growing and I'm confused as to why. Can't get any love from Comenity except that Cashback AMEX. 

NAVY AMEX 25k              

Penfed 3.5k   Never got CLI 2 years  

Home Depot 4k Store 

Best Buy 3k  Store

LL Bean 2.6k

Tractor Supply 2k

Amazon 5k   Store

Target 1.5k   Store

Walmart $550  Never got CLI 2 years

Apple $600   $100 CLI increase after 1 yr

Navy Flag 20k  Has AF

Navy GO 15k

Truist 1 7k

Truist 2 7k

Lowes 7.5k  Store

Care Credit 6k   Store

Bread Cashback AMEX 5k

Sams Club 5k

At Home 3k

Capital 1 3.5k   Never got CLI 4 2 years Has AF

Plan is to garden till 4/2023 when I take a shot at CITI, AMEX and Discover because these amounts have been paid back. I use one card at a time and let less than 1% report each month. PIF except one each month. All bills run thru credit cards.  I pick 2 cards each month and only use those two for everything. I have a calender i use each month to keep up with any payments. Works for me.  

What next?

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Which BK? 7 or 13? What are your current FICO scores? That's a crap load of cards for 4 years. Most people on here seem to have a lot less. 

No advice for you as I am just starting on my own rebuild. Good luck to you!

[tdslf1]

BK 7 and my scores range from 680 to 715.  The amount is average but on the high side. 

[DogwoodLynx]

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@tdslf1 wrote:

BK 7 and my scores range from 680 to 715.  The amount is average but on the high side. 

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Sounds like you are doing good then. You should get some good feedback from the fine folks here in the next day or two.

[DogwoodLynx]

How many inquiries do you have? If its a lot, I would probably keep what you have until some of those drop off. Thats what I will have to do I think. See my siggy.

[FinStar]

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@tdslf1 wrote:

Here is my current list of cards. Realized when i posted previous..didnt have all cards listed. BK 3/2018. Closed some based on usage and AF. Next cut is if I have use and is it a store card worthy of keeping. Wanna drop store cards but they belong to Citi and currently I can't get regular Citi cards. Wanna drop Penfed cause its not growing and I'm confused as to why. Can't get any love from Comenity except that Cashback AMEX. 

NAVY AMEX 25k              

Penfed 3.5k   Never got CLI 2 years  

Home Depot 4k Store 

Best Buy 3k  Store

LL Bean 2.6k

Tractor Supply 2k

Amazon 5k   Store

Target 1.5k   Store

Walmart $550  Never got CLI 2 years

Apple $600   $100 CLI increase after 1 yr

Navy Flag 20k  Has AF

Navy GO 15k

Truist 1 7k

Truist 2 7k

Lowes 7.5k  Store

Care Credit 6k   Store

Bread Cashback AMEX 5k

Sams Club 5k

At Home 3k

Capital 1 3.5k   Never got CLI 4 2 years Has AF

Plan is to garden till 4/2023 when I take a shot at CITI, AMEX and Discover because these amounts have been paid back. I use one card at a time and let less than 1% report each month. PIF except one each month. All bills run thru credit cards.  I pick 2 cards each month and only use those two for everything. I have a calender i use each month to keep up with any payments. Works for me.  

What next?

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With the exception of your recent NAVY More Rewards CC:

• How many of the above listed accounts did you open in the past 6-12 months?
• How many inquiries on each of your CRs within the past 12 months?
• How long ago did you pay Citi, AmEx and Discover?

A few items to keep in mind. Regardless if you paid Citi, obtaining any Citi Retail cards doesn't necessarily influence the legacy side of things. They're separately managed divisions of Citi. 

Chase will be a no-go for 2 reasons: (1) you're over 5/24 and, (2) they typically want to see no BK on reports if you apply.

PenFed likely detects you currently have escalating liabilities and since BK is still on your reports they're certainly more concerned about risk and potential default. You may need to re-review the reasons they cited when you were last denied for any CLIs.

[CWESTL]

I agree with @FinStar. At this point in your rebuild, I'd recommend gardening for some time (possibly 1 year or more). The questions that come to mind are the following:

1. What are your credit goals (i.e. score, credit leverage/access)?

2. What do you want to achieve financially?

These questions aren't posed with an expectation that they would be answered on this platform, but just as a means of doing a self evaluation of what you are pursuing financially. Rebuilding credit is in part restablishing a credit profile, but ideally a walk in self discipline and strategy to achieve greater financial milestones.

For example, store credit cards may be limited in what they offer toward advancing finanical milestones. Such credit accounts serve as a tradeline for credit history, but I'm unsure store credit cards serve a substantial service unless they offer the ability to purchase materials with beneficial promotional terms used to allow for additional revenue to be generated. An example would be use of a Lowes or Home Depot card (0% interest for 6-36 months) to invest in a property or to purchase materials used in completing a contracting job that generates more revenue. Such a use of credit helps to serve multiple purposes with the most important component of advancing financial positioning being achieved. Just food for thought.  

[tdslf1]

Little background.  I look like a risk on paper. Long story short. DH was leveraged to the eyeballs when he died. Something shady that touched me before I knew to cover myself. I almost got away semi- clean but his shady caught me slippin just a bit and I had to file BK. Never late for ANYTHING in my life. I have had more cards than this before and since. Filed Chapter 7 even after 6 figures showed up in his bank account 3 days after his very untimely demise. Navy shut that bank account down for darn near a year. Yet still they came for me, but my exit plan was in progress. So here I am. Rebuilding. I have a strong constitution. Discipline is standard. 

INQs - I got at least 50 on 2 reports and 75 on one. I got the bulk of those within the last year.  I plan to garden now completely, except in 4/2023 when I take a run at Citi, Discover and AMEX regular credit cards. Then either way, if I get lucky or not, I'm gardening out my seven years so all INQ fall off. Stay tuned. Will post.

PenFed is not benefitting me so I cant see the appeal.  I'll sock drawer it. Using it nets nothing for me. 

Discharged 3/2018 exactly 13 months after DH bit the dust. I paid  Disco 5/2018 waved them off. Didn't realize any benefits if any at the time. Citi and Amex just paid them a Xmas gift.  Credit Goals - Currently, get back in with AMEX. Long Term- Can I buy a car with credit if it offers a 0% interest for a year or two. Thats a goal. Almost did it once. 

[FLLGuy]

@tdslf1  I agree with the questions and you answered get in good graces with Citi, Amex, and get a great auto rate in the future.  You'll most probably get a car with no problem regardless of your credit situation but the best rates require some squeaky clean on your credit reports. 

You've got some pretty good cards in you line up - Personally not a fan of retail cards unless they are like Lowes and Home Depot, you can get more from your revolving major credit cards most of the time anyhow so retail pay no dividends here. I'd keep your NAVY, TRUIST, and PENFED they can offer some good rates when it comes time to buy an auto unless you get a much better deal from auto captive lenders.  I'm in the same boat, waiting for Bankruptcy to fall off my reports before considering going with a captive lender for their best rates can't have any baddies on your credit reports.

NAVY AMEX 25k  (Keep this ask if you can lower your APR, assuming  you had it more than 1yr, also good for auto loan)

Penfed 3.5k   Never got CLI 2 years  (I wouldn't close this out, sock drawer Yes you'll have to seaon a bit longer besides they could provide a great auto loan in the future).

Home Depot 4k Store  (Keep it if you maintain your home plus it's more affordable than Lowes)

Best Buy 3k  Store ( retail Pay it off , close it)

LL Bean 2.6k (Pay it off and sock drawer or close it out - retail cards not ideal unless you need it)

Tractor Supply 2k (Pay it off and sock drawer or close not sure what APR you're getting here do you really need it?)

Amazon 5k   Store (Not a bad card keep low utilization depends on heavy you use this card)

Target 1.5k   Store  (if you take advantage of the saving then could be worth it for groceries but this is a sock drawer for me)

Walmart $550  Never got CLI 2 years  (better cards for groceries and major CC is better used here sock drawer pay it or close)

Apple $600   $100 CLI increase after 1 yr (Hard justifying this card as a keeper - pay it, sock drawer or close it)

Navy Flag 20k  Has AF (NFCU always a keeper if AF is a concern ask if you can move to your more rewards - some state it can't be done but others had success calling in multiple times and getting it done, don't close this out.)

Navy GO 15k (Keep it - it's Navy)

Truist 1 7k (Keep it)

Truist 2 7k (Keep it)

Lowes 7.5k  Store (On the fence, i have it too only because HD wouldn't give me credit.  Lowes grows fast but I think Sync Bank is HP'ing these days ask customer service for a credit increase BUT ASK - do they softpull or hardpull)  If they HP then don't incresase Worth keep some great deals during holidays.)

Care Credit 6k   Store (Pay off and Close it )

Bread Cashback AMEX 5k (Not sure of the hype on this card i think it's 2% cash back - keep it)

Sams Club 5k (Pay off and close it - I can't justifying this card)

At Home 3k  (don't know what this is sounds like retail pay it and close it)

Capital 1 3.5k   Never got CLI 4 2 years Has AF (You've got better CC options from your list - pay it close it you're probably bucketed)

[tdslf1]

Excellent Advice

I have only 6 store cards

Home Depot

Lowe

Amazon

Best Buy

Care Credit

Target

The rest are Masters or Visa. I want to dump all the store, but they have big limits. My utilization is always 1%. Sorry, made it seem like I needed a car. I don't but its a fantasy thing about paying with credit. Just bought a Jeep for my Xmas present at 4%. I'm good. 

Chopping block kinda matches mine.  I hesitated with Capital1 just cause they showed me love early in the BK, but now I think I'm in that bucket, which means...I'm in their sock drawer. Penfed is beggin me to close it.  The list for close this week:

Apple

Walmart

Capital One

Care Credit

Penfed....?

Best BUY - This was one of the dream cards. 

Much love really quick from SYNCH. I wanna close Lowe's , Amazon and Care Credit, but the combo amount is 18k. I'm over 120k in credit with these dumped in. Always wanna make the util make sense. Very rarely use Amazon and Care Credit used one time. I hate buying things at Amazon on credit.