Life After Bankruptcy!

[Anonymous]

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@Anonymous wrote:
I was discharged last month. And I have a few cards with small limits! What are some suggestions!

I have Belks $500
JCPenney $400
Capital 1 $200
Walmart 700
Lowes 300
Amazon 700
Care Credit 800

This is my first time having cards ever! But utilization is under 10% so far!

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Congratulations to you!...Thanks for sharing.

[daveg38]

Yes, most definitely congratulations on your many approvals!

I burned 1 Synchrony, discharged 5/14/2016.

Comenity wouldn't stop loving me, so I put the brakes on - I have a feeling they would have kept approving anything I wanted, the SOLE exception (for some weird reason) being a denial for Wayfair.

Then Cabelas approved me, so I knew it was time to stop until late-2017 as I need these INQs to go away so I can get in with Barclays and Discover next year.

Too many store cards is asking for a utilization nightmare BUT the good thing is, according to a Kohls rep (for example), store cards never die off since the lenders understand people don't shop for clothes like they buy gas or groceries. Using once every 2-4 months is sufficient on store cards.

[aussiesareforever]

Congratulations.

I agree with everybody who recommended taking it slow. I had only one credit card for almost 2 years after my BK was discharged and was able to rebuild pretty well with it. Read and read and read a lot of the helpful advice on rebuilding on this site. There is great life after BK!

[Anonymous]

Having too many cards at once will probably hurt your credit score more than a little higher uti. The credit card companies look at that , especially after bk, as extremely risky behaviour. Which they will watch very closely.
Also in building your credit just use it at the pump, for example... then the rest of the time pay cash... then pif every statement, you will find over time and fast your scores will rise and your cl will increase nicely.

Good luck

[Vegas4Play]

Congrats to you, Garden a while and work on increasing limits as needed.

[Anonymous]

If you don't mind me asking what was your credit score after bankruptcy? We just discharged and trying to find out where to start the rebuild

[Aduke1122]

Congrats and please be careful opening up so many Synch or Comenity cards in a short amount of time, it may seem that they LOVE you at the time you are getting approved for them all but I know someone who started their rebuild about 8 mths ago and over the course got approved for lots of Comenity and Synch . Comenity shut down and closed all of her cards recently with little or no other explanation besides too many Inquires.
Not trying to tell you what you should do just wanted to advise you to please be careful . I hated seeing it happen to my family member after all the work that was put into her rebuilding.

[Anonymous]

Congrats!

[Anonymous]

First of all congrats!....I 100% agree with Mia25 and Mimsof4...I think using these cards wisely and showing some positive payments...will show them you are trustworthy...and give you time to develop better habits...so you dont get back in the same position again....I do believe in 2nd chances...and thats what you have been given...an opportunity to have a better financial future...Good luck!

[grillandwinemaster]

Congrats to both Nekia and Cobra!

Now as it has been mentioned repeatedly, stop applying and start gardening!! That's more than enough store cards. In 6 months to a year, both of you could be week into an excellent rebuild with better cards. 

Patience is key!

Congrats again!