@Dhani76 wrote:Ch 7 discharged 7/21. Burned AMEX for only $500 & Cap1 for $700. Still have banking & car loan with them. All in good standing. CreditOne offered me $300 CL now at $450. Loft & Ulta through SCT similar CLs. Current CU 8%. Current scores TU 648 EXP 621 EQ 644. Not going after any HPs. Just SCT & checking on pre-qualify sites. I see some on here post BK with way higher CLs & even refinancing their car loans. Am I doing something wrong?
Hello - Welcome and Congrats on your discharge. Time for a refresh and new beginings.
I wouldn't say you're doing something wrong but rather an opportunity and recommend looking from a different perspective. Many of us once discharged are eager to rebuild (nothing wrong with that) BUT the narrative throughout the community you'll notice a fine balance between beign tactical and strategic. I do agree with you do SP where possible to gauge where you stand and if you decide on HP make sure it counts - however, don't expect high limits considering the circumstances - focus is to grow and establish credibility.
Highly notable recommendations are the following to optimize scoring:
- Obtain 3 revolving credit cards (primarily Visa,MC, or Discover) advice is to completely avoid store credit cards if possible.
- Options are limited who will provide recent dischargee with unsecured credit - so consider secured options that will graduate and grow like "discover, nfcu, FNBO, TD Bank". Don't get discouraged we all have to restart somewhere.
- Use your cards PIF before statement cuts
- Allow one card to report small balance to CRAs less thatn 8.9% (rotate the cards - following AZEO) all zero except one
- Even though you burned CAP1 like many of us have - they are very forgiving and will welcome you back. Remember, CAP1 has a large footprint opening the doors back into credit. HIGHLY recommend you check out their prequalify site.
- Discover is also a great option make sure you do their prequalify site
- Also, you may get an offer from OLLO rewards card they are decent and don't have the predatory fees like Credit One. If OLLO comes your way take it.
- Becareful not fall victim to CreditKarma's "outstanding approvals" as they are paid advertisers. Always go directly to the main credit provider and do SP where all possible.
- As previously stated minimize your store credit cards - keep focused on mid to long term strategy (aging and growing your credit).
- 1 installment loan
- (self starter loan, student loan, mortgage,auto)
- there are plenty of postings here on SSL - self starter loans.
some reading for your knowledge maybe dated but overall principle remains the same - https://ficoforums.myfico.com/t5/Bankruptcy/HOW-TO-From-BK7-discharge-to-700-in-24-months-or-less/m-...
@Dhani76 wrote:That is an AMAZING response. I will take this to heart. THANK YOU 🙏
Experian app has been telling me I am "pre-approved" for the Ollo card. Was hesitant to take the bait as per your Credit Karma advice. I pulled the trigger. Approved for $2K!!!! ❤️
That's great news and congrats on the new $2K! I also have OLLO with a smaller limit than yours, i like they don't have predatory fees and payments post much quicker than CreditOne. It's a decent card and it will grow with you - many on here report getting regular auto increases every 6mos. Keep the formula in mind to help optimize your scores (3x bank CC revolvers + 1x Installment loan w/all ZEROs & only ONE card reporting less than 8%).
A few things to keep in mind as you continue your rebuild:
Also, every week keep checking CAP1 and Discover pre-approval page they are safe SPs. If CAP1 prompts you with options to choose don't app for the QuickSilver One w/AF. You'd rather get their Platinum card which doesn't have perks but that's OK your focus is mid to long term growth. Depending on your credit file (YMMV) CAP1 may give you between $300 - $3,000 on the Plat card straight outta BK Discharge. BTW - this card with responsible use in 6mos can be upgraded to the QuickSilver Rewards cards w/perks (to be clear not the QS1 w/annual fee) with nice CLIs with due time. CAP1 likes to see you run heavy use through their card and PIF. If you play your cards right you may even get pre-approved for their SAVOR or SAVOR ONE cards with potentially a higher limit all depends on how you treat them. Just remember CAP1 comes with 3x HPs - which is fine don't let that roadblock your moves as long as you strategize your game plan. Think marathon and not race.
Also, Discover may also come around and preapprove you - highly recommend you take this card. They are known for healthy CLIs. If you go through their pre-approval page and they present you with "Congrats You're Pre-Approved" take a good look at the APR %. If you see a range, for example (11.99% - 25.99%) then don't app. However, if you see a fixed and NO range (11.99% or 20.99%) then you are good to app they're pretty solid.
Congrats once more and keep us posted on your progress and journey - don't forget to follow the road to 700 in 24months post BK7.
@Dhani76 wrote:Ch 7 discharged 7/21. Burned AMEX for only $500 & Cap1 for $700. Still have banking & car loan with them. All in good standing. CreditOne offered me $300 CL now at $450. Loft & Ulta through SCT similar CLs. Current CU 8%. Current scores TU 648 EXP 621 EQ 644. Not going after any HPs. Just SCT & checking on pre-qualify sites. I see some on here post BK with way higher CLs & even refinancing their car loans. Am I doing something wrong?
btw - i noticed you burned AMEX for $500. You may want to consider paying this off considering it's such a small amount as you may be blacklisted from their internal system. Not sure if you plan in the future to pursue Amex again but even if you're discharged through BK 7 they may still have you flagged internally. Just so you know AMEX is known to let people back 5yrs + 1mos from filing date (not discharge). However, if you burned them then it's almost a life sentence of credit prison. However, that being said - most on here whom have paid AMEX back are once more welcomed into their arms. Just my $.02.
@Dhani76 wrote:That is an AMAZING response. I will take this to heart. THANK YOU 🙏
Experian app has been telling me I am "pre-approved" for the Ollo card. Was hesitant to take the bait as per your Credit Karma advice. I pulled the trigger. Approved for $2K!!!! ❤️
Speaking of OLLO - I've had them now nearly two years started with $500 then 6mos later upto $600, which sat there until this morning. This morning they bumped me up to $2100. I'll take it - i guess some of your winning spirit rubbed off a bit on me.
Speaking of OLLO - I've had them now nearly two years started with $500 then 6mos later upto $600, which sat there until this morning. This morning they bumped me up to $2100. I'll take it - i guess some of your winning spirit rubbed off a bit on me.
I keep sporadically getting a pre-approved offer for the Ollo Optimum Mastercard (2.5% cash back and no AF) through the Experian app. One day it'll be there, and the next it's gone. I can't figure out if they keep changing their mind about me, or if since their cards are invitation only, they hit their quota for a specific time and pull the offers. I'm gardening in preparation for an auto loan in about a month, so I don't want to apply for anything new just yet, but it sure is tempting every time it pops up. I have DIscover it for 5% rotating categories, Cap One Savor One for 3% dining and streaming, and Cap One Wal-Mart for 5% online, 2% in store, and 2% gas, but I'd really love to have that Ollo for 2.5% uncategorized and to fill out my revolvers before I dive back into the garden. I really hope I'll have a pre-approval offer right before my car loan, so I can grab it, and only have the difference of 1 hard inquiry reporting going into my auto financing. FIngers crossed!
@SoonerSoldier33 wrote:I keep sporadically getting a pre-approved offer for the Ollo Optimum Mastercard (2.5% cash back and no AF) through the Experian app. One day it'll be there, and the next it's gone. I can't figure out if they keep changing their mind about me, or if since their cards are invitation only, they hit their quota for a specific time and pull the offers. I'm gardening in preparation for an auto loan in about a month, so I don't want to apply for anything new just yet, but it sure is tempting every time it pops up. I have DIscover it for 5% rotating categories, Cap One Savor One for 3% dining and streaming, and Cap One Wal-Mart for 5% online, 2% in store, and 2% gas, but I'd really love to have that Ollo for 2.5% uncategorized and to fill out my revolvers before I dive back into the garden. I really hope I'll have a pre-approval offer right before my car loan, so I can grab it, and only have the difference of 1 hard inquiry reporting going into my auto financing. FIngers crossed!
Congrats and I like your approach preparing to strike for a new auto loan i'd say it's methodical and the correct way of doing things. Experian is funny like that both my wife and I experience the same with some other card offers "here today, gone tomorrow". Recently 6wks after my discharge I now see "pre-approvals" for Cap1 (savor1,venture1,QS) and Discover with a fixed apr 20.99% for (cash back,gas/rest,miles) - im itching to strike as my credit profile is on the rise but chicken-out at the end to keep my inq's to minimum. I'd like to buy a new house by Jan/Fe 2022.
