CC Approvals after Chapter 7 Bankruptcy

[iwillprosper]

I have been monitoring my credit since discharge and after disputing a few items all seems to look as accurate as it's going to get for now.

Post discharge, I was extremely anxious on rebuilding credit and was applying for new credit like crazy I gained 8 new credit inquiries and was only approved for the Total Visa Secured CC for $300. This cards first bill is due Nov 16th and I paid off my balance Nov 1st. leaving a 10% balance on card.

I would like to apply for another CC to have more positive revolving credit. I have burned both Capital One and Credit One in Bankruptcy and I'm also very afraid of gaining more inquiries and not being approved for anything. What should I do? Does your FICO score have to be at a certain # to be approved? As I view my FICO scores now they all say POOR should I wait to apply until it reads FAIR? Also, the Total Visa CC has not reported to my credit should I wait until it does and if so, when is that date if bill is due on the 16th. how would I find out? Should I just back off all together on trying to gain new credit? 

Please advise and thank you. Trying to rebuild and be patient is a very hard task for me. Definitely growing through what I am going through.

Ch7 discharged 9/2017. Pre-file FICOs high 400s.
11/2017 EX 542; EQ 519; TU 517

[Anonymous]

This should probably be moved to the Bankruptcy forum. Here's a thread on rebuilding after BK:

http://ficoforums.myfico.com/t5/Bankruptcy/HOW-TO-From-BK7-discharge-to-700-in-24-months-or-less/td-...

[Anonymous]

Patience may not be your strong suit, but it needs to be. 

I wouldnt apply for any thing else for at least 90 days, although 6 months would be better. Let your profile show some positive history. So far out of the 8 attempts, you were only approved for 1, imo this means stop. While HP’s are not the be all end all, with your current profile it is definitely not helping.

As for your statement cut date, I’m not familiar with the card you were approved for or the lay out of the online interface if it’s listed there. Maybe someone else can jump in. But typically, depending on the creditor, the statement date is 3 days after the due date. Again, I said typically, which means not for sure.

Congrats on your approval and good luck! 

[iwillprosper]

Thank you, and how do I move it over to the Bankruptcy forum. Sorry, I'm new to this site. 

[Anonymous]

Exactly what justagirl said, plus head over to the bankruptcy and rebuilding section and read read read then post and ask questions and you'll learn a lot. Dv 

[CreditInspired]

Welcome to the board Iwillprosper

IMHO, you should immediately RUN to the garden, lock the gate, and stay there for a minimum of 1 year, possibly 2 years. This is more for your sanity so you can get off this circuitous roller coaster. I’ll give you a few reasons why to stop applying NOW:

1. After a BK, you say you’ve disputed some things. If I am reading this correctly, it’s not a good sign to have any credit issues after a BK.

2. Unfortunately, you are appearing desperate to creditors. Continuously applying for credit, especially after being declined, is not good.

3. Since $300 is a toy limit, if you are approved for other card, these are the types of CLs you will continue to get when/if approved.

4. Please remember that in addition to those HP inqs, your AAOA is also being negatively impacted.

If you take the advice of going into the garden for a minimum of 12 months, go to prequal sites and see if there is an offer first before applying.

Hope this helps and GL to you.

[Anonymous]

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@iwillprosper wrote:

I have been monitoring my credit since discharge and after disputing a few items all seems to look as accurate as it's going to get for now.

Post discharge, I was extremely anxious on rebuilding credit and was applying for new credit like crazy I gained 8 new credit inquiries and was only approved for the Total Visa Secured CC for $300. This cards first bill is due Nov 16th and I paid off my balance Nov 1st. leaving a 10% balance on card.

I would like to apply for another CC to have more positive revolving credit. I have burned both Capital One and Credit One in Bankruptcy and I'm also very afraid of gaining more inquiries and not being approved for anything. What should I do? Does your FICO score have to be at a certain # to be approved? As I view my FICO scores now they all say POOR should I wait to apply until it reads FAIR? Also, the Total Visa CC has not reported to my credit should I wait until it does and if so, when is that date if bill is due on the 16th. how would I find out? Should I just back off all together on trying to gain new credit? 

Please advise and thank you. Trying to rebuild and be patient is a very hard task for me. Definitely growing through what I am going through.

Ch7 discharged 9/2017. Pre-file FICOs high 400s.
11/2017 EX 542; EQ 519; TU 517

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I would suggest the Discover secured.

And while over in the BK forum, read the BK to 700 thread. Ignore the advice to use the predator lenders like Credit One, use decent secured lenders instead. You've already got one card, you just need the second one - Discover should work there.