So, I would love advice and hope to not get bashed! I am 37.... So my ex husband and I divorced and I was left with all our credit card debt (some he was to pay via divorce decree and never did -the contempt case has been put off 7 months now thanks to corona) so I was stuck w either paying or ruining my credit...some I could not afford as it was 300-400 a month..and with 5 kids and him 23k behind in support(Navy didn't mind either well anyhow...I filed br myself to rid of all that debt and also my 50k in student loans that I could not pay back (never late once on those) He drained our bank of 52k took off w our paid off SUV and LEFT for his mistress. I did have to use credit cards as myself and the children had to eat somehow..and yes I was/am working.Also, he did not care HOW that happened btw so I did what I had to do to survive being 650 miles from all friends and no close family alive I managed to move us back to our home state.
I have had No repos no foreclosures etc... My score has already went up to about 670 even though the br isnt final yet (which shocked me). My ex enjoyed charging stuff, partying while I set home, tailored outfits and living above his means and I DO NOT.
Now enough with that...any advice on what steps to take from here on what to do to improve my credit? My vehicle I paid cash for so I do not want/need a loan for that. I do work hard and have built back up...but my score is still lacking.... I would love any advice on anything you guys have to offer.. I have been a member here since I think 2013 and have been reading up on other's posts as well. I filed using UPSOLVE cost 0 and a chapter 7, if that matters.
I got approved for an Indigo card which yuk... I prior had a Fingerhut in good standing but was denied even for a fresh start. I know it takes credit to build your score and I will absolutely use it for that purpose... anything else you guys have for advice or want to add? (no relationship advice haha..br/$/credit advice only.) I only wish I filed sooner..as I have tried for years to get my score up and debt down to no avail no matter what Thanks so much, guys!!!! Would love any and all advice
+1 on what @Scupra said.
If you didn't burn Cap1 (or if it's been 12+ months since) they are very forgiving/love recent BK consumers. I'd recommend their Platinum card and then request a product change at the 100+ day mark (3-4ish statements) to the Quicksilver card...not to be confused with the Quicksilver One that has an Annual Fee. Cap1 is a soft pull for preapproval as well as any CLI requests.
Discover is hit and miss, but their secured card typically can see graduation to unsecured around the 7+ month mark. It's also a soft pull so no impact to your credit unless you follow through after the pre approval process.
Since it seems like your ex was/is in the Navy, you should qualify for membership @ NFCU if you don't already have a membership there. If you do and burned them, disregard this. If you didn't burn Navy, they're great for secured cards that graduate around the 6 month mark and most seem to get a 2k unsecured line at graduation. Navy is also a GREAT GREAT GREAT credit union for any consumer, even BK consumers. I'm proof. If you have a membership, you can use their prequalify tool, but it's not been deemed very reliable and the best card right now is very likely their secured card anyway. Their CLI requests can be done at 91+ days/3 statements and then once every 181 days thereafter and all these requests after account opening are soft pulls, too....up to 25k.
Lastly, for optimal account mix and scoring, you'll need 1 installment loan. SSL from Navy, Self.com, Kikoff.com, etc are all good in their own aspects. Navy can be paid down to 8.9% having those funds returned to you within a couple days for best scoring/reduced interest charge/advancing payment date from the get-go and their SSL's at $1,001+ have 18+ month terms available. Self.com is good, too, but rates are higher and I don't believe you can advance the payment date like you can with Navy. Finally, kikoff.com is completely FREE. Yes, that's right. The only "catch" is they only report to Experian at the moment, but...they verify your identity, loan you $12 and you repay at $1/month for 12 months. No fees. No hoops. That simple.
Anyway, that was a bit winded, but if you have any additional questions or seek clarification, please don't hesitate to ask. If it's directed toward me, please tag me in your response.
Best of luck in your rebuild and your future!
Thanks for all the advice unfortunately capital one and Navy federal are two that I did indeed burn. The Navy federal was a card my ex used and was suppose to been paying on... thats one of the contempt motions I filed. I just signed up for Kikoff and made the first payment so hopefully, that helps somewhat. Thanks @DebtStinks for all the advice on this I appreciate it a lot!
That's unfortunate about NFCU and Cap1.
Cap1, as mentioned before, should hopefully let you in 12 months after IIB.
With NFCU out of it, have you considered PenFed? They're great, too. I'm just over 3 years post-BK and they are my highest CL to date @ $35,000...plus a great rate on my auto loan.
Worth a shot as I've seen some posts lately of individuals getting the PCR card from PenFed at/under the 1 year post discharge mark.
@jj1983 Have you tried the Discover prequal page yet? I can second Discover as having a great secured card. The goal is to get 3 revolvers (3 ccs) and 1 installment loan (which is presently being satisfied by kickoff).
Penfed and SDFCU are great credit unions. If you pick up one additional secured card in addition to the indigo card you currently have, you can wait till your scores improve a bit more then go after an unsecured card with Penfed.
Credit is a marathon not a race, so be patient with your rebuild.
I'm sorry for your previous circumstances, congrats on rebuilding your life after all that chaos.