Hello - new here, just got discharged from Ch7... like 2 weeks ago! and I'm already trying to rebuild, desperately. I didn't even want to file but I did with my husband out of ease, but I was planning on paying off all my debt below...
So question is: who have burned my chances with for life? I made the mistake of having a cc with like, everyone in existance.
Amex Gold: $2000 (I'm really upset about losing Amex and I desperately want to fix things with them, at the very least)
Discover IT: $5500
Citi Diamond: $5500
Capital One Venture ONE: $5000
Capital One Quicksilver $500
I tried to sign up for the Capital One Secured card but they were like NOPE. Are my chances ruined with them forever? Please note that I am paying my car through them (Cap One Auto Finance) and I didn't reaffirm it correctly so it was discharged - but obviously I want to keep my car so I've been making all my payments for months via check (since they disabled my online app). I just talked to them on the phone today and they were like... oh, we can't reinstate or update this account.. call us later in a while and let us know where you stand.. we won't repossess if you make payments.. But - will they be reporting to the credit bureaus though so at least my efforts are worth something??
I want to pay Amex - I want to call them and set up a payment plan, something... anything.. to fix this mess. I don't care if I don't get a Gold Card ever again but if I could just have them remove me from their blacklist, and give me a **bleep** card - I don't even care... just give me a chance..
Discover - I'm probably screwed forev? I liked that card a lot, it's too bad.
Citi same but I really don't care.
Paypal.. don't care..
Right now my score is like 560 or so - horrible.
I just opened a secured cc with OpenSky - the only place that would have me.
I hope there's light at the end of the tunnel.
I'm 33 years old and have never owned a home or anything and I hope I don't have to wait to be an old lady to get out of my crappy rental
Your auto loan likely won't report anymore, so unless you have another installment loan (student loan/mortgage) you may went to get a self-lender loan to satisfy the installment credit mix.
Don't stress about finding lenders to work with you. They DO exist.
Of all the ones you've posted, the only one that really forgives sometime shy of a decade is Capital One . . sometimes it takes 6 months or 12 months but they will generally let you back in.
In my opinion, paying $ back that was already IIB just to get back in with a lender is a waste. Those dollars are far better used in getting back on your feet, saving, and making sure you never end up in this situation again.
Your secured card is a perfect start for now. What you really want to do down the road is get into a credit union like Navy Federal (if you have a way in) or PenFed (anyone can get in) but beware they won't approve any unsecured credit products for a year and you need to chill and not go crazy with accounts and inquiries up until then and keep your utilization low and all bills paid on time.
Slow and steady wins the race. The worst is already behind you
There is always light at the end of the tunnel and you will be back on your feet within a year if you continue to handle your credit wisely. Cap1 will let you back in but it has to be ONE year post DC or ONE year post file date if your accounts were paid on time up until the day you filed. I believe AMEX may blacklist for life but Discover, Citi, etc prob will let you back in after several years of a solid rebuild.
I didn’ t include Discover in my bankruptcy but I didn’t close the card before I filed so they included themselves. I had a secured card with a 0 balance so they sent me a check after closing my account. It has been a year and a half since I filed and they still won’t let me back in. I check the pre-qualify every now and then but I get denied due to past obligations (I didn’t even owe them money).
I see a few people who were able to get back in 2 1/2 years. I will try then.
I offer a completely different perspective and experience as it relates to Citi (and slightly AMEX). My Feb 2012 filing is now over 6.5 years old, so while I would like to think my BR will drop in Mar 2019, I know most will see it until 2022.
Citibank . . . they haven't been as forgiving with me as other people have posted. I tried a secured card with them 3 years after BR and it was blocked. I tried a secured card with them again an hour ago, 6.5 years aftr my BR, and again, I was denied. I wonder if they blacklisted me.
AMEX . . . was denied by them too last week, but I called them, and while they said their internal records would block my approvals for some time to come, they said I wasn't blacklisted. What would happen is I would get blocked for the forseeable future, but could call in for reconsideration with a hard pull being initiated. But with a BR still on my report, it would always be denied. Only after my BR is off my report, they said, will I have a chance at their cards again. So the takeaway is charging off Amex debt in BR isn't an automatic lifetime blacklist, but it is a long road back into their good graces.
Capital One is definitely forgiving. But OP, give it more time. I waited until 2 yrs 9 months before even applying for credit again and went for CapOne; they gave me around a $2k CL to start. Despie the fact that I charged off my previous debt to them. I'm coming up on 4 years with only Capital One cards, and while I've failed with Citi/AmEx, I just keep sailing with CapOne. I have almost $20k in open CLs with CapOne.
My advice to the OP is only take any secured cards with anyone that will have him, for the first year, then give Capital One a shot for the first unsecured credit line. But it's much too soon. Avoid high annual fee cards. Stick to secured cards because you get the money back.