Post BK rebuild, yr 2

Anonymous · ‎01-10-2019

Hey everyone, today is my birthday, yay me! so i couldnt resist checking my pre qualify for Capital One. I am comming up on 1 yr post chapter 7, and thought i might have a shot. Well, i got pre qualified for the plat, and the QS with an AF. I dont like AF, so i just thought pull the trigger on the plat, and let it grow into a QS without an AF as i did last time around. I burned Cap 1 in the BK for 2 cards of mine and 2 of my wifes. So the pre qualify was a shock. I bit the bullet, and.... I GOT IT! $3000 starter with a cli after 5 on time payments.
Ok so now this is where i need the help. I am building my credit, as well as my wifes, for buying our first home in 2020 after my BK ages to 2 yrs in Feb. I hope this wasnt a stupid idea, i just am so tired of the BS limits i get and it ticked me off with Ollo to only get a cli of $100 after using the hell out of it since i got it, always paying on time. So do i ...
1. Close any of the 3 low limit cards i dont use VC or gordmans, and their limit is a joke. I only got them through the shopping trick, to get some positive credit going. Credit one, is another joke using it alot they show no love, and i know it looks bad on your report. I dont want to screw anything up before i buy a house in 2020 so if it means waiting i will. Plus Credit one is comeing due for the AF.
2. Leave everything alone, and grow what i got, letting Inq's fall off, and keep paying on time?

3. ANything i am missing i could do to help better my file pre- mortgage ap? thanks in advance, see below for a general breakdown it has not fully updated so AZEO will be comeing hopefully this month when everything updates. Learned alot on these boards!!!

AU - 12/7/14 Cathrines $2500
Credit 1 bank 2/2/18 $650
Self lender 2/24/1 8(344 owed) $25/month X 24 months never late just slow to update at times
Gordmans 3/5/18 $200
VC 3/14/18 $250
Ollo 7/11/18 900 ($100- CLI this month)
AOA 1y3m
8% UTI
22 INQ alot fall off this year)

Does not include the new Capital One for $3000

Anonymous · ‎01-20-2019

1. Close any of the 3 low limit cards i dont use VC or gordmans, and their limit is a joke. I only got them through the shopping trick, to get some positive credit going. Credit one, is another joke using it alot they show no love, and i know it looks bad on your report. I dont want to screw anything up before i buy a house in 2020 so if it means waiting i will. Plus Credit one is comeing due for the AF.

2. Leave everything alone, and grow what i got, letting Inq's fall off, and keep paying on time?
3. ANything i am missing i could do to help better my file pre- mortgage ap? thanks in advance, see below for a general breakdown it has not fully updated so AZEO will be comeing hopefully this month when everything updates. Learned alot on these boards!!!
AU - 12/7/14 Cathrines $2500
Credit 1 bank 2/2/18 $650
Self lender 2/24/1 8(344 owed) $25/month X 24 months never late just slow to update at times
Gordmans 3/5/18 $200
VC 3/14/18 $250
Ollo 7/11/18 900 ($100- CLI this month)
AOA 1y3m
8% UTI
22 INQ alot fall off this year)
Does not include the new Capital One for $3000

1. IMO I would personally not close anything after a chapter 7. Chapter 7 is very serious on a credit report. The more credit you have on mortgage day the better in my opinion. Note: My opinion is my own, and not any bank nor any F/A Advice

2. I would keep doing what you are doing now by paying it off one at a time, and keeping the statuses positive. The UTI is beautiful, and keeping it loan a month or so before you get the mortgage will play a big role on youre interest rate.

3. Its insanely hard to better you're file after something that big. I would keep asking for credit line increases that do NOT DO HARD PULLS. The more credit you are trusted with wise is the more you will end up being approved for a loan.

I hope this helps, and remember that I am just giving my opinion to the issue.

-Iceywarm

Anonymous · ‎01-20-2019

Hey, yes i know everything on here is IMO, no one has the "key" to unlock the secrets.

Since this post, i tried for cli's for the 2 store cards, denied on both... Credit one, denied but refunded the AF for the past year, and waved it for the next. Also threw in a cli upon my anniversary in march.

I closed the 2 store cards, i dont really want to, but the toy limit is just a joke, customer service sucks, and i didnt really use them much. When i go for a mortgage, i know every card will be factored in the DTI, even if paid off... so i figured they were not worth it, and with the cap 1 , it more then makes up for it. Plus it shouldnt effect AOA since they will report for 7 more years. I also bit the bullet with NFCU for a CLOC, after a denial a recon got me 500 to get me in the door with them for the future. Considering the secure $500 card as the last step before gardening for the next 12-15 months. I want to establish useful credit, and build a relationship with NFCU in the process. I figue that time willl allow it to unsecure, and hopefully swell to a decent limit. That will set me up with a nice profile, free of AF's and some decent limits, hopefully all above $1000. UTI is also currently 3% and will be 0 by the end of the month. Will use AZEO to max score. Dont plan on carrying much balance either. Learned a hard lesson with BK... not going back to that. Also have a car loan but was removed from showing on credit. Due to them losing reafirmation paperwork 2 times, still paying but they removed the account. Hope i didnt mess things up

FireMedic1 · ‎01-20-2019

You probably wouldnt have your Cap1 3000 SL Credit card if you didnt have every card you trashed beforehand. They didnt suck that bad when you got approved. Many forget who got them to where they're at now without he crappy cards. Be thankful they did their job. Stop apping for now so you can get your AAoA over 2yrs.

Anonymous · ‎01-21-2019

I appreciate every card i have gotten since BK. Funny everyone says dont close ANY cards after BK... Quote from the board "HOW TO: From BK7 discharge to 700 in 24 months or less"

8. When your CreditOne Card has a Zero Balance (and is reporting that way), it's time to cancel the card. You should have had it for 11 months by now. Cancel it immediately before the end of month 12 to avoid the annual fee.

So that alone goes against what others say. No its not the card i am closing, nor could i follow the steps because of my BK burning alot of the ones they used, but it highlights a contradiction to what others say. I know there is no cookie cutter approach, everyones situation is unique, so what works for 1 may not another. If i had all the answers i would gladly share them, but no one does which is why these boards are here. Closing the cards may hurt me, but i am replaceing them with better accounts. I need to build some history with NFCU. They have an internal score as well, so building a relationship with them for 12-15 months, before asking them for a mortgage, seems wise to me. Boost my credit from good managed accounts, build a relationship with a future lender, and keeping my DTI low by only keeping accounts that i can use. I want to make the changes now, so i can garden for 12-15 months, and show them i can manage debt, that i only keep accounts i use and that i am ready to build a relationship with them. I hear so much good about NFCU and i want to put my best foot forward at the time i apply for a mortgage. I feel like if i can show them hey you took a risk on me for the CLOC and the secure, now unsecure card, and i have not let you down... it will help in the long term. So no i dont forget about the cards i "trash" they helped me get other cards, and i am moving on.. Much like a relationship, we dated for almost a year but it just didnt work, so i am dating a new card. I let them down gently, i told them its not you, its me and i just dont shop at your stores enough. I am sure they will move on, they have a habbit of seeing many people at once.