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Credit post Chapter 13

Baywatch
New Member

Credit post Chapter 13

Greetings,

 

I am looking to start rebuilding my credit post chapter 13. I filed for Chapter 13 in September on 2015 and it was discharged this past December 2021. I have a few cards now (ollo, CreditOne, Merrick and BestEgg), but those are all starter cards and with the excpetion of the BestEgg card the limits are all below $2200. My BK has already fallen off of my experian report for some reason and will fall off of the others in September.

My individual income is ~ $290k and my joint income is ~ $410k.

My current fico8 scores are:
Experian: 764
Equifax: 734
TransUnion: 682

I am looking for a card with a starting limit of at least $10k, is that a realistic expectation? Obviously, if I can find a card that pulls Experian, I will have the best chances.

When considering a card, I am assuming that I should avoid any cards that were included in my BK plan? Does it matter that my Chapter 13 plan was a 100% plan, everyone ended up getting back 100% of what was owed eventually, but I  do not believe that really matters to them.

Thanks for any help/pointers!







Message 1 of 12
11 REPLIES 11
Baywatch
New Member

Re: Credit post Chapter 13

Note: I have a prequal letter here from Capital One QuickSilver, is it worth applying for?

Message 2 of 12
Baywatch
New Member

Re: Credit post Chapter 13

Anyway, I went ahead and applied for the Wells Fargo Active cash card and also the Amex Blue Cash card and was approved for both with a $6k limit on each. A bit under what I was hoping for, but I guess better than nothing at this point.

They both solely pulled experian.

Message 3 of 12
CA4Closure
Regular Contributor

Re: Credit post Chapter 13

Here is what I would do. Go to the bank that you do business with. Apply for a credit card through them IF the APRs are the lowest. If not, go to a credit union and apply for their AMEX card or VISA card. Do you travel? Then get a credit card with rewards. Don't apply all at once. You get dinged every time you apply for credit so apply for two cards every two years. 

I had a foreclosure after 2008. It messed up my FICO score for 7 years until that foreclosure fell off my credit report. During that time, I had a Capital One credit card that I used religiously and paid back every paycheck. Soon I applied for a Discover card and got that. Then Costco Citi card. I did this over time not all at once. 

My FICO scores rose after paying off my debt to where it is today close to 850 across the board. 

Message 4 of 12
babygirl1256
Valued Contributor

Re: Credit post Chapter 13

Congrats on your Wells Fargo Active cash card and your Amex Blue Cash card approvals. Just take yout time and take it slow . . . rebuilding for me was a slow process . . . but it worked out in my favor!!! Smiley Wink

Grow through credit rebuilding clip art.png

Starting FICO 8 Score in 06/2019: EQ-625, TU-649, EX-640
Current FICO 8 Score in 06/2021: EQ-796, TU-806, EX-812
Goal FICO 8 Score in 06/2022: EQ-825, TU-850, EX-850
Message 5 of 12
CreditAggie
Community Leader
Super Contributor

Re: Credit post Chapter 13


@Baywatch wrote:

Anyway, I went ahead and applied for the Wells Fargo Active cash card and also the Amex Blue Cash card and was approved for both with a $6k limit on each. A bit under what I was hoping for, but I guess better than nothing at this point.

They both solely pulled experian.


Congratulations on your approvals!

Current Cards (in order of approval):

            
Current FICO 8 | 9:  
Credit Age:  
Inquiries (6/12/24 M):  
Banks & CUs:                           Goal Cards:
                
Message 6 of 12
KingRue8500
Valued Contributor

Re: Credit post Chapter 13

Congrats on your Wells Fargo Active Cash & AMEX Blue Cash approvals



Message 7 of 12
cashorcharge
Community Leader
Senior Contributor

Re: Credit post Chapter 13

WooHoo!! Congratulations on your Wells Fargo and AMEX Approvals!!👏🏼🍾🥂

Message 8 of 12
Pway
Valued Contributor

Re: Credit post Chapter 13

Congrats on the approval's. 

Chapter 7 in progress
Message 9 of 12
Baywatch
New Member

Re: Credit post Chapter 13

Thank you, I was really just trying to work my way into a JetBlue card, but I was declined for that one.

I called the Barclays recon line this morning and was told they can't recon it because my old Barclays card was included in my Chapter 13 plan and is reporting on their end as discharged, even though it was eventually paid off 100% as part of my reorg plan Smiley Sad

 

Message 10 of 12
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