What next ?

[pat0812]

Hi,

Need some advice on what to do next.

In October 2018 I filed for Chapter 7 and it was discharged in January 2019

I included in my bankruptcy many lenders, pretty much burned the bridge with all the big lenders, the list includes:

Amex

Bank of America

Barclay's

Capital One 

CitiBank

Chase

Discover

Synchrony / Walmart

Wells Fargo

I also had 2 vehicles discharged

I was fortunate to never be late on any account so my credit shows 100% on time payments on all my credit report.

All my accounts show as always on time and IIB.

Since discharge I have started to rebuild my credit.

I first started with a Credit One credit card, I have been added as an authorized user on 4 different credit cards from a family member (Citibank, capital one x 2, discover) and all in good standing.

About 7 months ago I applied for a car loan with Capital One and they approved me, even though IIB for credit card. After 3 months with a car loan with them I got approved for a $1,000 credit card with them as well. They are the first one who let me back in from the list of IIB.

I tried to pre qualify for discover as I was told they are the next up to allow people back in but I'm still not pre qualified.

My wife has American Express but it doesn't let me be an authorized user on her account.

Any credit cards you guys recommend to get that is not on the list that I burned ?

When can I expect to get back with some of those creditors ?

I'm waiting for 2 more years so I could refinance my home with a conventional loan, I don't want to go FHA now. I don't want to pull $ out, just want to get a better rate because I'm at 4.375% APR.  I didn't reaffirm my mortgage but I heard it's a good idea to do it just before a refi because then it can show my history and improve my score and experience with a mortgage. Any thoughts on that ?

[Jnbmom]

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@pat0812 wrote:

Hi,

Need some advice on what to do next.

In October 2018 I filed for Chapter 7 and it was discharged in January 2019

I included in my bankruptcy many lenders, pretty much burned the bridge with all the big lenders, the list includes:

Amex          extremely long memory

Bank of America not sure on this one

Barclay's beyond a long memory

Capital One ridiculously forgiving

CitiBank very long memory

Chase extremely long memory

Discover will let you back in after some time 

Synchrony / Walmart will let you back in as well after time

Wells Fargo very long memory

I also had 2 vehicles discharged

I was fortunate to never be late on any account so my credit shows 100% on time payments on all my credit report.

All my accounts show as always on time and IIB.

Since discharge I have started to rebuild my credit.

I first started with a Credit One credit card, I have been added as an authorized user on 4 different credit cards from a family member (Citibank, capital one x 2, discover) and all in good standing.

About 7 months ago I applied for a car loan with Capital One and they approved me, even though IIB for credit card. After 3 months with a car loan with them I got approved for a $1,000 credit card with them as well. They are the first one who let me back in from the list of IIB.

I tried to pre qualify for discover as I was told they are the next up to allow people back in but I'm still not pre qualified.

My wife has American Express but it doesn't let me be an authorized user on her account.

Any credit cards you guys recommend to get that is not on the list that I burned ?

When can I expect to get back with some of those creditors ?

You can try PenfedCU they have let people in with BK on reports. I would suggest NOT to get anymore subpar cards (creditone) and just wait until you can get better cards.

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[CH-7-Mission-Accomplished]

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@Jnbmom wrote:

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@pat0812 wrote:

Hi,

Need some advice on what to do next.

In October 2018 I filed for Chapter 7 and it was discharged in January 2019

I included in my bankruptcy many lenders, pretty much burned the bridge with all the big lenders, the list includes:

Amex          extremely long memory

Bank of America not sure on this one

Barclay's beyond a long memory

Capital One ridiculously forgiving

CitiBank very long memory

Chase extremely long memory

Discover will let you back in after some time 

Synchrony / Walmart will let you back in as well after time

Wells Fargo very long memory

I also had 2 vehicles discharged

I was fortunate to never be late on any account so my credit shows 100% on time payments on all my credit report.

All my accounts show as always on time and IIB.

Since discharge I have started to rebuild my credit.

I first started with a Credit One credit card, I have been added as an authorized user on 4 different credit cards from a family member (Citibank, capital one x 2, discover) and all in good standing.

About 7 months ago I applied for a car loan with Capital One and they approved me, even though IIB for credit card. After 3 months with a car loan with them I got approved for a $1,000 credit card with them as well. They are the first one who let me back in from the list of IIB.

I tried to pre qualify for discover as I was told they are the next up to allow people back in but I'm still not pre qualified.

My wife has American Express but it doesn't let me be an authorized user on her account.

Any credit cards you guys recommend to get that is not on the list that I burned ?

When can I expect to get back with some of those creditors ?

You can try PenfedCU they have let people in with BK on reports. I would suggest NOT to get anymore subpar cards (creditone) and just wait until you can get better cards.

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I agree with what was stated above in terms of who will let you back in but with two caveats.    I was able to get back in with Barclay's after about two years and that limit has grown to 12.5K.   They always did an HP for a limit increase so I haven't asked in a few years.   If I remember right, and this may be wrong, I think in my case Barclay's would deny me when applying without pulling my credit, so I was doing it monthly for a while which was their minimum interval you could app.   I got back in with BofA using their $500 secured card.   This was about three years post BK7.   They did unsecure it and I was able to raise the limit to 5K but all future requests for a CLI have been denied.  I did burn them for the same 5K amount.    When you are refused an AU card with AMEX it means you are for sure on their black list.   However, you can have your friend try to add you in later years.   If the AU is ever approved, you are off the black list and can apply on your own.   Good luck.

[pat0812]

I see you have a BECU credit card?

Are you also from Washington?

I have a BECU bank account and I've done a secured loan a year ago to help my credit.

What are the odds of getting approved for a credit card with BECU 2 years past BK ? I never burned them

In the past I was thinkind doing a secured card but I was wondering about doing a regular unsecured card.

[CH-7-Mission-Accomplished]

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@pat0812 wrote:

I see you have a BECU credit card?

Are you also from Washington?

I have a BECU bank account and I've done a secured loan a year ago to help my credit.

What are the odds of getting approved for a credit card with BECU 2 years past BK ? I never burned them

In the past I was thinkind doing a secured card but I was wondering about doing a regular unsecured card.

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With your scores, I think you have an excellent chance with BECU.   When I first filed BK, and I had no idea what I was doing, I opened a couple of $500 credit builder loans that paid off in like six months.   Aside from building a relationship with them, they did nothing more.   My local BECU branch is right around the corner from my apartment, and I went over and sat down with one of their branch reps.    At first he told me they wanted to see at least one year post BK filing, but I showed him my TU FICO scores and he got more interested.   I THINK that their policy was a minimum of one year post BK and a minium of 620 TU FICO.   They gave me a card for 10K upon application.   I later got a line of credit for 10K.   They never asked for proof of income.   Along the way I closed their 10K visa because it was just something I didn't need.   I came to feel that with an income of 100K, I had no business with 300K in revolving limits, so I closed about 100K of revolving limits.   I decided that if I really need a car loan, or an apartment approval, or a mortgage approval, I did not want to be stuck with too much available credit.   Plus it was a total PITA to keep everything going.   Especially because I manage the accounts for myself and my husband, so 12 accounts each is 24 accounts to constantly manage.   You slip up ONE TIME and you will take a 100 point hit for that one 30-day.   The more accounts you have, the easier it is to make a mistake.   And I check both of our accounts, every single day, and have for the past 7-plus years.

BECU is definitely BK friendly if you are at least one year post filing, have at least a 620 TU FICO (it used to be FICO 8 but it may now be FICO 9, I don't know),  and assuming you have NOT tripped up some other thing they don't like.

They are a huge CU, I think number 3 behind Navy.   Once you are in, you are in.   

[CH-7-Mission-Accomplished]

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@pat0812 wrote:

I see you have a BECU credit card?

Are you also from Washington?

I have a BECU bank account and I've done a secured loan a year ago to help my credit.

What are the odds of getting approved for a credit card with BECU 2 years past BK ? I never burned them

In the past I was thinkind doing a secured card but I was wondering about doing a regular unsecured card.

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I didn't fully answer your question.   I'm in Seattle.   I joined BECU many years ago because my (late) father worked for Boeing for his whole career.   They have only recently opened it up to those who, as I understand it, pay some nominal fee to join a charity that helps kids or whatever.    It used to be stuck with their footprint, which was Washington State and a few other places.   I am in Seattle.

[pat0812]

thanks for the help

just applied for penfed and approved 5k instantly

I want to apply for BECU but lost my SS Card during Covid and last time I applied they wanted a copy to approve the account and couldn't provide it. I don't know if it's always needed but is an issue for me to get a new one right now