@MisterAli wrote:Hi I am new to MyFico although I have been viewing the forums for a while. I filed chapter 7 bankruptcy in Feb 2014 with a creditkarma score of 517 and recieved discharge paper last week May 2014 my creditkarma score had jumped to 624.
I wanted to waste no time rebuilding. I didnt know how off that score was so i applied for an unsecured cap1 card and was denied. I then went for the secured and was also denied. As a last resort I applied for credit 1 bank preapproval and was denied.
I finally singed up for mifico and got a score of 542. Is there any card i can get to start reestablishing credit. What about opening a cd and borrowing? Would i even get approved?
My plan was to rebuild enough for a car loun this fall but it doesnt look like it will be that easy. Do i just need to wait and do nothing until the bk isnt so recent?
The first thing you need to do is pull all 3 reports from the CRAs in hard copy form (get them in the mail) then you need to make sure all your accounts are reporting correctly IIB 0 balance due, there can be no payment history reported after the month of BK filing. Once you have your reports in order I would suggest you look into joining a local CU that offers secured cards, you can also check out St Dept FCU, its a sp to join and if you put the funds in savings and then call to open the secured card it is a sp also. I would also look over the reasons you were denied for these cards but I would suspect its mainly due to errors in reporting of the accounts discharged. Good luck 
