Wanted to share out a quick update as I'm getting closer to 12 months post-discharge here. As a reminder, I filed BK7 on 2/7/17, and received my discharge on 6/1/17 (the delay was due to an auto redemption that sat for a while). When I filed my scores were in the mid-500s. My immediate post-discharge scores were FICO8 6/6/17: EQ 620 / TU 565 / EX 561.
My original BK7 thread is here: Starting my post BK7 rebuild and need some advice if folks want to reference it.
Currently my scores are as follows:
FICO 8 - as of 4/12/2018
EQ 692 / TU 665 / EX 689
Right now I have a NFCU cashRewards card with a $2k CL, which was opened immediately after my discharge as a $500 secured card. The card unsecured and upgraded to a $2k CL w/o a HP last November. I also have a $500 SSL with NFCU which is paid down to a balance of $25 remaining, due to be paid off in June. Finally I have an unsecured $500 CL Visa from Associated CU in Georgia, which I'm told they'll likely increase in June (had a chat with their head teller, whom I'm friends with, and she says they typically auto-review new cards at 12 mos, especially if they were opened post-BK, and if they have good usage and payment they'll increase). I'm also an AU on a family member's NFCU Visa Sig w/ a $13.2k CL , which wasn't done for score reasons but to give me access to a high-limit card for travel. I've kept my overall utilization under 7% (usually closer to 3-4%) most of the time, with a high of 10% one month when a payment was mis-timed and didn't post before the statement cut.
I'm slightly baffled by why my TU score is significantly lower than EQ/EX, as the data between the three is the same. I'll look again when I run this month's report, but I didn't see any negatives that were reporting only on TU, or other derogatories or extra INQ's that might explain the 30 point difference. Is that wide a difference in otherwise fairly similar scores typical? Anybody have thoughts on how to address this, or if it's even worth trying to?
I'm giving consideration to my next steps come June once I'm a year post-discharge. I'm wondering if it makes sense to reach out to NFCU at 12 mos and see about a CLOC, and perhaps ask about an increase on the Visa with the same pull, once my SSL is paid off. I've been doing a lot of relationship building, and now have certificates, an IRA, and my primary checking/savings with them. I also spoke with PenFed earlier this week as I've got some accounts there, and in talking to their loan folks they said they like to see a year post-discharge, so I opted to hold off on applying for their card in spite of the "invitation to apply" I got in the mail from them. I'm thinking it might make sense to give Cap1 a shot at the 12mo mark, just to see if I'm off their blacklist yetm since it won't cost a pull if I am. Their pre-qual still doesn't give me any love. I burned them, Barclays, HSBC, BofA, WalMart (Synchrony), and Amazon (Snychrony) in my BK7. Long term, I'd like to get in with Amex, due to their partnership with Delta, but that's a 5-year goal.
Thanks all for your thoughts and support. For everyone just starting the BK7 journey, you can look right here to see that it does get better afterwards, and you can get credit and do a solid rebuild, it just takes a bit of time, persistance, and care.
I would not waste the HP on Penfed. They say one year but they mean two to four years. They are way different than Navy.
I would for sure apply with Capital One -- but apply for a Venture or Venture One since they hand out bigger limits. I would try Barclay's to see if you are on their BL. If you are blacklisted, they won't pull your credit so it's a low risk move (but be prepared to talk to an underwriter on recon if you make it past a credit pull). Also how about Discover? Does it still work that if you apply for unsecured they can approve or offer you a secured Discover? I think lots of people have done the $200 secured Discover and then gotten it unsecured in six to eight months and get a CLI to at least 2K. Also, I would apply for a second card with Navy. You might be able to score a limit more like 10K. And ask them to raise the limit on your existing Navy card to 15K. It is not uncommon for folks who started with a $500 secured Navy card to have a $25K limit after one year. Be sure to make your moves before the SSL is paid off since if it is your only installment loan, your FICO scores will drop a fair amount when that SSL loan reports as paid in full.
Hi CH-7 Rebulding! Thanks for your advice.
I just hit the 1 year post-discharge mark on June 1, so thought I'd post a quick followup update of where I'm at now.
As of 6/20, EQ FICO8 688, EX FICO08 689, TU FICO08 655.
I went ahead and applied for a new card and a CLI at NFCU (asked to see if they could do it on the same HP), and was denied for both, and denied on the messaged reconsideration request. They stated $2k was my current maximum credit. However they did at least consider (and deny) both on the single HP. A bit surprised - and disappointed - by that, since I've done a ton of relationship building with them over the past year, but oh well.
My Associated CU (of Georgia) card, which had been opened as an unsecured $500 CL immediately post-discharge was upgraded to a $2k limit (I'd asked for 5). That card is at 7.9% APR, btw.
I also applied took your advice and hit the Discover pre-qual, just to see what it would say, and was surprised to have it come back with a pre-approval, so I went ahead and submitted the application. Was just immediately approved for a Discover it Chrome card with an $11,500 CL.
I had considered Capital One, but decided to give that some more time before trying to see if I'm off their BL or not. Same thinking with Barclay's, especially now that I've got a considerable limit from Discover.
So, at present just over 12 months from BK7 discharge (Discharged 6/1/2017) my total revolving CL is 16k, not including the NFCU card I'm an AU on which has been bumped to a 15.2k limit (from 13.2k).
Thanks to everyone for the knowledge, advice, and support!