What am I doing wrong???

[nursekb]

Hello,

      This is my current situation and I just would like to know is there anything I should be doing differently. I have been reading and reading the boards so maybe the problem is I have not mastered the art of  patience.

My husband and I filed for BK 7 due to his business not prospering as it had been in the past. Long story short we filed on 8/31/2016, it was discharged on 12/12/2016.  MyFICO scores after DC  12/2016 were: TU-553  562-EX  555-EQ. After reading SoulMaster's post instead of applying for CreditOne I took a chance with CAP1 and I was able to open their Journey Rewards Card with a small limit of $300.00 no biggie , I was thankful that  I was able to get them back with my scores being low and I had burned CAP 1 in BK7. I was also able to use their CAPAUTO Navigator and was approved for auto financing up to $35,000, I didnt use the whole amount but was able to get a nice used vehichle but my APR was 11.16%, I know its a  bit high, but I needed a vehichle ASAP.

As of today my FICO scores are : EQ= 621 TU= 610 EX 617, why am I not able to get a higher credit limit with a credit card? I called CAP 1 today just to see about an increase or applying for a different CC, I was told that for a different CC it has to be six months since my last approval, so I must wait unitl June, I did req CLI on my Journeys card but it only gave me an extra $100- but it will automatic increase after my 5th payment. I never charge more than $20.00 on my CC and I make sure to pay that as soon as I recieve my statement. Any suggestions on another CC to apply for that will give me a larger CL or should I just chill and wait unitl June? I applied with Barclays for Apple Financing denied they said I need to wait a little longer too recent with BK, also applied with Alliant CU their rewards card but told the same thing.

Thanks

[medicgrrl]

At this point it's more about reestablishing your credit at the lowest cost so that you can app for better cards in the future.  I started similar to you.  My Ch 13 bk discharged 9/16.  I got the Cap One auto and a small Cap One QS.  In December I opened a Comenity/Victoria Secret and Comenity/Marathon.  I use one of the cards and my son uses the other.  Get cards that you will use and pay off.  Since that time I have opened a Cap 1 Plat, a visa with my CU, a CLOC with NFCU, refinanced my auto to 4.59& and today was approved for my second Amex with a $6000 SL.  You'll get there, it just takes planning and (the hardest) patience.  Make a strategic plan for how you app so you don't end up with too many inquiries or too many cards you won't use.  Good luck!

[nursekb]

Congratulations on your progress!! Do you mind sharing what your FICO scores were and how long did you wait before you refinanced your auto loan? I just made my first auto payment so I was not for sure if I needed to wait a little longer? I will just wait until June before I apply for any other cards. Hopefully my scores will have climbed more and I will be able to get a CC with a larger limit.

Thanks for sharing!

[medicgrrl]

I joined NFCU a couple of weeks ago.  They have been absolutely awesome to work with!  Literally, I just refinanced it...the check will arrive tomorrow.  My scores that they used are TU 644 and Eq 666.  They refinanced 125% (It was a new vehicle 6 months ago but because of my previous commute, my miles exceed refinancing as a new vehicle)  My current score with Exp is 681.  Patience is truly the hardest part of this.  Read the forums.  Learn from those that have come before us lol and make sure you don't waste inquiries on lenders that aren't going to approve you.

[Anonymous]

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@nursekb wrote:

Hello,

      This is my current situation and I just would like to know is there anything I should be doing differently. I have been reading and reading the boards so maybe the problem is I have not mastered the art of  patience.

My husband and I filed for BK 7 due to his business not prospering as it had been in the past. Long story short we filed on 8/31/2016, it was discharged on 12/12/2016.  MyFICO scores after DC  12/2016 were: TU-553  562-EX  555-EQ. After reading SoulMaster's post instead of applying for CreditOne I took a chance with CAP1 and I was able to open their Journey Rewards Card with a small limit of $300.00 no biggie , I was thankful that  I was able to get them back with my scores being low and I had burned CAP 1 in BK7. I was also able to use their CAPAUTO Navigator and was approved for auto financing up to $35,000, I didnt use the whole amount but was able to get a nice used vehichle but my APR was 11.16%, I know its a  bit high, but I needed a vehichle ASAP.

As of today my FICO scores are : EQ= 621 TU= 610 EX 617, why am I not able to get a higher credit limit with a credit card? I called CAP 1 today just to see about an increase or applying for a different CC, I was told that for a different CC it has to be six months since my last approval, so I must wait unitl June, I did req CLI on my Journeys card but it only gave me an extra $100- but it will automatic increase after my 5th payment. I never charge more than $20.00 on my CC and I make sure to pay that as soon as I recieve my statement. Any suggestions on another CC to apply for that will give me a larger CL or should I just chill and wait unitl June? I applied with Barclays for Apple Financing denied they said I need to wait a little longer too recent with BK, also applied with Alliant CU their rewards card but told the same thing.

Thanks

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I actually think your rebuild is progressing nicely.

I was discharged in May 2015. I got CreditOne first . . Merrick Bank about 4 months after that . . TargetRedCard . . and got my Discover IT almost exactly one year post d/c. NFCU and PenFed approvals were just last week.

[nursekb]

Thank you!!

I know I must be patient but Its kind of hard sitting back and waiting now that I understand a little better how important credit is and the steps to take to keep it together. I have learned a lot from these forums.

Congrats to you on your rebuild!!!!

[sarge12]

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@nursekb wrote:

Thank you!!

I know I must be patient but Its kind of hard sitting back and waiting now that I understand a little better how important credit is and the steps to take to keep it together. I have learned a lot from these forums.

Congrats to you on your rebuild!!!!

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Having filed both ch 13, and ch. 7 in my life...I would urge you to slow down and use the time to both learn how to manage without much credit, and how to maximize the credit scores with the credit you now have. Credit habits, both bad and good, are learned and developed over time. Having been a 2 time loser, I finally learned the hard way, and my scores have been 800+ since 2010. This is often repeated but still true...Credit score is a marathon, not a sprint. Steady and patient rebuilding is the best way.