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Where do I go for rebuild? I'm having no luck.

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Anonymous
Not applicable

Where do I go for rebuild? I'm having no luck.

Hi everyone,

 

I really want to buy a house in a year and a half but need to rebuild my credit and I'm not having any luck. Capital One won't touch me, i'm guessing because my husband and I burned them. I tried the pre approval with discover today for a secured and denied because I burned them (not surprised) but they told me my score was 616 so that was useful. I currently have a Credit One credit card which I had before the bankrupcty and it survived I guess because I never had anything charged to it. I actually forgot I had it until the first year ended like two months ago and now I'm getting billed monthly for the annual fee. I have student loan that is under $1,000 and I pay $50 a month for but neither of those seem to be raising my score at all. I tried my credit union and they said they won't allow me a secured card until a year has passed. 

 

Any suggestions? I read that synchrony bank (who I've never had) is pretty forgiving so I'm considering applying for the Nissan Visa with them since I have a Nissan Sentra and would be paying Nissan for maintenence anyway but something tells me I won't get approved. I also have seen Firestone is BK but I simply would never use it and I've read a lot of poor reviews on it. I heard Barclays is BK friendly as well but want 6 months post Discharge and 3 accounts. I only have two but and about two weeks from my six month mark. 

 

I know I rambled and I'm sorry but does anyone have any suggestions for places I can possibly get an approval from?

Message 1 of 9
8 REPLIES 8
Anonymous
Not applicable

Re: Where do I go for rebuild? I'm having no luck.

Stop. Have you actually pulled your credit reports yet to see if everything on there is accurate? Do you know what could be affecting your scores from going up? Do you know why they aren’t higher 6 mo post BK? I would not be risking any HPs that will lower your score until you knew that everything was accurate. Don’t be applying for cards just to see what you can get- it will work against you in the long run. One of the regular members here is 9-0 on app approvals because he researches & finds out EXACTLY what he needs to have to be approved.
Message 2 of 9
Anonymous
Not applicable

Re: Where do I go for rebuild? I'm having no luck.

I haven't actually applied to anything. I have zero HP's in the last 12 months. Everything was "pre-approvals" with no hit to my score. This is why I'm so timid. I don't want a inquiry on my report and no approval. Everything on Credit Karma is accurate. Nothing is listed other than my CreditOne Card, Student loan, and public record of my discharge. 

Message 3 of 9
Anonymous
Not applicable

Re: Where do I go for rebuild? I'm having no luck.

Try

https://www.openskycc.com/

No credit approval required - just cash to secure the card.
Message 4 of 9
Anonymous
Not applicable

Re: Where do I go for rebuild? I'm having no luck.

I agree with Scooter😉
Message 5 of 9
Anonymous
Not applicable

Re: Where do I go for rebuild? I'm having no luck.

I also agree with Scooter. 

 

I would never apply for a card unless you know 2 things at least, IMO:

  1. Your 3 Credit Bureau scores for that Month 
    • Credit Check Total/MyFico are the 2 credit monitoring services I use on an off.
  2. What Bureau that bank uses for their credit acccount pulls

 

If you have those 2 pieces of information, most of the guesswork will be eliminated. There are plenty of resources on here that will let you know which back uses what Bureau for what products in what location.

EX: For new credit  card inquiries (based solely off of my own searches of these forums. I've also tried to get details about Texas specifially because sometimes the geography makes a difference). Other Loan products may differ

  • Penfed - Equifax
  • Navy Federal - TransUnion for new credit inquiries
  • Discover - doubles up with Experian and Equifax
  • Capital One Uses all three
  • Chase and Bank of America use mainly Experian (I believe)

I've also haven't been denied a card except for when I try to push the banks on seeing what I can get. (When I've been approved already for a card, I'll usually call in and ask about another product. The Hard Pull has already been done, so if you get denied, it would never should up that)

 

Hope this helps, but make sure you do as much research as possible. 

Message 6 of 9
reg45man
Established Member

Re: Where do I go for rebuild? I'm having no luck.

I was just discharged on dec. 12, 2018.  I was able to get a credit one card(bad reviews) prior to my discharge and Target a week prior to mt discharge date.  I wasnt having any luck beside those.  The SCT worked for me, but only try it on the card that you will use. YOu do not have to purchased anything at time of approval. And this is without a hard pull. Today, I applied for a firestore card and was approved for 1600.00CLI. My eyes got big, I wasnt thinking that my CL would be any were near that. So, now I have the following , 

 

Credit one = 550 

Target =300

Firestone 1600.00

Express = 250.00 (SCT)

King size platium - 250(SCT)

J crew  = 250(SCT)

You shouldnt have this many store cards. But, I burned everyone in the Chapter 7 due to a divorce. So, im in gardening mode for a little while. The pre qual for Capital one or Discover is not working for me. Maybe in 6 months, Ill try again. 

 

Hope this helps 

Message 7 of 9
FireMedic1
Community Leader
Mega Contributor

Re: Where do I go for rebuild? I'm having no luck.


@Anonymous wrote:

Hi everyone,

 

I really want to buy a house in a year and a half but need to rebuild my credit and I'm not having any luck. Capital One won't touch me, i'm guessing because my husband and I burned them. I tried the pre approval with discover today for a secured and denied because I burned them (not surprised) but they told me my score was 616 so that was useful. If you got a score then they HP'ed you.  I currently have a Credit One credit card which I had before the bankrupcty and it survived I guess because I never had anything charged to it. I actually forgot I had it until the first year ended like two months ago and now I'm getting billed monthly for the annual fee. I have student loan that is under $1,000 and I pay $50 a month for but neither of those seem to be raising my score at all. What was the amount for the oringinal loan? I tried my credit union and they said they won't allow me a secured card until a year has passed. 

 

Any suggestions? I read that synchrony bank (who I've never had) is pretty forgiving so I'm considering applying for the Nissan Visa with them since I have a Nissan Sentra and would be paying Nissan for maintenence anyway but something tells me I won't get approved. I also have seen Firestone is BK but I simply would never use it and I've read a lot of poor reviews on it. I heard Barclays is BK friendly as well but want 6 months post Discharge and 3 accounts. I only have two but and about two weeks from my six month mark. 

 

I know I rambled and I'm sorry but does anyone have any suggestions for places I can possibly get an approval from?


First off you need to get your FICO scores. Then report back. Discover Scorecard for EX. CCT is wonky right now so that wont help much. Maybe get a 1 time 3B pull from here on MyFICO. How many lates, CO's, judgements anything that is still hurting you now. Your score from Discover's CSR sounds too low. There must be some things that need to be relayed to us to figure out whats hurting you. Forget CK and all the Vantage score sites.

 

The more we know the more we can help you. Got to know the baddies so we can fix that or try to figure out what needs to be done to get your score up. Were all more than happy to help anyone. But as the ole saying goes. We need the facts. Then we can go from there.


Message 8 of 9
Guyatthebeach
Valued Contributor

Re: Where do I go for rebuild? I'm having no luck.

RebuilderHp,

 

Like the others said, I would pull your credit report and your husband’s.  Check and make sure everything is reporting correctly and there are no errors, Then I would find a bankruptcy friendly credit union, like Navy Federal. If you are not able to join Navy Federal, I would join SDFCU. They are very conservative but they are bankruptcy friendly.  I know they are because they worked with me. They have a great reconsideration process if needed.

 

After you get your CR’s error free and everything is reporting correctly, apply for a secured loan for $1000 for a 12 month term. Yes I know you have a student loan, but you need to add some trade lines post bankruptcy to build up your payment history and improve the your credit history.  Also you can use this to show your loan officer when your apply for a mortgage, you can pay off a regular loan with no issues.

 

If you are able to join NFCU, I would apply for a credit card. If it is denied and the counter offer with a secured card, take it.  If they don’t, then tell you them you want to get the secured card.  In the event you can’t join Navy Federal, join SDFCU and do the secured credit card and secured loan.  Hopefully after 6 months of positive payments, your FICO score will hit 650. Then you may see a preapproval for CapitalOne.  At 650 and prefect payment history post bankruptcy, you should be able to get approval for the Apple card.  It’s their easiest one to get.  Use the 700 in 24 months as a reference guide.

 

Please report back on your progress, good, bad, or ugly.  Remember you’re not in this alone.  I just past my seventh anniversary of filing chapter 7 in November.  Now I have 2 car loans, and over 300k in unsecured credit cards with a FICO score between 720 and 735.  I’m not trying to brag, I just want to say if I can do this, so can you.  It may take a while to do it, but you will succeed!

 

Guyatthebeach

Message 9 of 9
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