Where do I go from here?

[Anonymous]

Hi, everyone. This is my first post; however, I have read a lot of valuable information on this site. Thanks for that. Last week, I had my 341 hearing for Chapter 7 bankruptcy. My goal is to achieve a 700 credit score within 2 years (and I have thoroughly read through that post). Additionally, I'm taking steps to try my very best to never be in this situation again. Here is some background information.... IIB is Capital One (almost $30k), Barclaycard, Synchrony (Walmart store card), Discover, Chase, Target, and Credit One. Capital One has a lawsuit against me, for part of the balance (which was put to a hault when I filed). Based on what I have read on this forum, some are easier to forgive than others.I am waiting until closer to my discharge date to pay for my FICO scores. My Transunion FAKO is in the 580s. I have a few questions, and would love your input...

Should I wait until my bankruptcy is finalized to apply for new credit cards?

I expect to need secured credit cards for now, given how many credit card companies I burned in the bankruptcy. Without expecting a result, I checked the Capital One prequalifier. It listed the Platinum card and Quicksilver One. Do you think that I should try to apply for them? I'm concerned that I would take the hit for 2 inquiries and get denied for both, given how much I'm burning them for.

I reaffirmed my auto loan. Previously, I had the payments on autopay. That was cancelled as part of my bankruptcy. What is interesting is that a rep for my auto loan company (my credit union) says that I can never put the loan back on autopay, even after the discharge is complete. Nor can I pay it online. She stated that I have to call in to make the payments every month. I am confused as to why. For the 10 years that this bankruptcy will be on my report, I have to call in to pay any loan through them. The rep claims that it is a law tied into the bankruptcy. Can someone please explain this to me?

Thanks for taking the time to read my lengthy post. I look forward to reading your replies...

[Anonymous]

Update....I pulled FICO scores from all 3 credit bureaus. Equifax-567, Experian-525, Transunion-552. Have any of you been approved for the Cap1 credit cards that I’ve prequalified for with scores similar to mines? I’d really appreciate any input that you guys have to offer.

[Anonymous]

If Capital One is suing you I would assume that you won't be able to get cards from them. The prequal site doesn't necessarily mean you're approved. Once you apply, their internal system would likely pick up the lawsuit. I think you should just take it slow for right now. You may be getting ahead of yourself. Get everything settled and then start planning out your options.

[Anonymous]

I apologize if I seem like I’m trying to get ahead of myself. I’m simply trying to plan and outline the future...I went ahead and applied for Cap1 Platinum. To my shock, I was approved for a $1,000 limit. I was declined for the QS1. The reason on the decline letter was because there system showed that there was a recent application on file. I’m not sure how that’s an issue, but I was so elated to get approved for anything that I didn’t care. I’m also getting a $1,000 limit secured credit card from my credit union. Now I just need to find 1 more card to get, and follow the rules in the “BK to 700 in 24 months” thread.

[Anonymous]

I did not reffirm my auto loan in chapter 7, discharged in March. I cannot make payments online any longer, so either I call in or mail a check. Auto Loan is with Cap One.

[Anonymous]

So you got approved almost immediately after your BK for a Cap One card even though you burned them in your BK? 

We burned them for about $7k in ours and got our discharge in April.  Their prequalification site still shows nothing for us.