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Rebuilding Credit.... 18 months out of BK7

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  • Rebuilding Credit.... 18 months out of BK7

    Hello, BKForum!

    I'm now 18+ months out of my BK7 and I'm thinking it's time to start rebuilding credit - for long term goals such as eventually buying a house. I've been waiting to make sure I have everything under control and to really work on not spending $ I don't have and actually living within my means. Yay! for me!!!!

    I am looking for a reasonable credit card to apply for and have a short list of ones I'd apply to when I'm ready (I only want 1). I'm thinking the Discover card or a Chase card. Thing is, Chase is one of the cards I included in my BK7. What are the chances of them approving me for another card? If unlikely, I'll probably apply for the cash-back rewards Discover.

    I am paying on my student loan and have perfect history with my payments. Will this history show on my credit report and positively impact my credit score?

    I admit, I still haven't pulled my credit reports since before the BK. I'm afraid of what I'll see. :-/

    Thanks for your time.
    PPP

  • #2
    Hi, poorpoorpoor!

    I moved your thread to the rebuilding credit sub-forum. Try looking through this forum for tips on rebuilding credit.

    The first step to rebuilding credit is getting copies of your credit reports and correcting any inaccuracies. Fear won't do you any good. Besides, there is nothing to be afraid of. You know your credit history already, right?
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

    Comment


    • #3
      Forget Chase. They will not approve with a BK showing on your report, much less if you burned them. You will be wasting your time.

      Discover is a possibility. They may decline you and counteroffer a Discover it secured card. If so, I recommend taking it. I've had mine a year and they tell me it will graduate/unsecure next month.

      I recommend looking at Capital One, specifically the Quicksilver. Good rewards card that is BK-friendly.

      You absolutely should pull your credit. Use the free annual report website and have a look.

      Regarding credit cards, remember that it's easy to say you will pay them back and harder to actually do. If you're like me, credit card misuse was a core issue in your bankruptcy. Be very, very careful. Many people end up with a 2nd or 3rd bankruptcy.

      Good luck!
      Chapter 7, above median, no asset. Discharged with no UST involvement.

      Comment


      • #4
        +1 for Capital One Quicksilver MC. Some try BarclayCard, but since its a Visa, its usually the 2nd step in the credit rebuild process with major credit cards.
        Chapter 13 - 100% Payback - Filed 2/2010 - Discharged 4/2014

        Comment


        • #5
          Thanks, everyone!

          Totally nervous, but I finally applied for a card today and was approved!

          Discover IT card with 5% cash back on selected purchases; 1% cash back on all other purchases.
          The interest rate was never a factor in choosing what card to apply to as I will only be making only the key 5% cash back purchases on the card (gas and groceries) and paying it off each month; however, I was (though I shouldn't be) surprised at the 22.9% APR. NO ANNUAL FEE though, which was a factor in my decision.

          First step in rebuilding my credit! Woo-hoo! And I will see my credit score on each statement... which should only go up from here. :-)

          I will soon request my actual credit reports... not feeling as gutsy about that right now.

          PPP
          BK7
          Filed 02/2013
          D/C 05/2013

          Comment


          • #6
            We were approved for Barclay a few months after discharge. Have had it for a few years and with 6 month reviews our credit limit is now 10,000. High interest (22%) but thats not an issue if you pay it off every month.
            Filed Chapter 13 - 7/10/07 - 5 year plan with 2 cars and 10% unsecured payback,
            Last Payment 7/12, DISCHARGED 11/26/12 CLOSED 12/18/12

            Comment


            • #7
              It seems like most credit cards have higher interest rates now. I get some type of 0% balance transfer offer in the mail almost daily, but the normal rates of the cards are anywhere from 12 - 24%. This is with a credit score of just under 800. I wonder if other people are still getting those low interest rates that were so common 10 years ago.

              Comment


              • #8
                Originally posted by youngman View Post
                It seems like most credit cards have higher interest rates now. I get some type of 0% balance transfer offer in the mail almost daily, but the normal rates of the cards are anywhere from 12 - 24%. This is with a credit score of just under 800. I wonder if other people are still getting those low interest rates that were so common 10 years ago.
                With your good credit, you should be calling your credit card company and asking for an APR reduction just like you ask for a credit line increase. If you never ask, they're happy to keep you at 23.99% APR.
                Chapter 7, above median, no asset. Discharged with no UST involvement.

                Comment


                • #9
                  Originally posted by TXskyblue View Post
                  With your good credit, you should be calling your credit card company and asking for an APR reduction just like you ask for a credit line increase. If you never ask, they're happy to keep you at 23.99% APR.
                  I have honestly never considered that. I also never ask for credit line increases. I don't keep much on the cards if it isn't at 0% anyway. I wonder if asking for either of those things will count as a credit inquiry?

                  Comment


                  • #10
                    Originally posted by youngman View Post
                    I have honestly never considered that. I also never ask for credit line increases. I don't keep much on the cards if it isn't at 0% anyway. I wonder if asking for either of those things will count as a credit inquiry?
                    It can be, but they tell you if they're going to pull your credit. You can then agree to the pull or decline. Your call.

                    Inquiries don't count that much on your credit score, and they only last 2 years before being deleted. In general, people worry too much about inquiries.
                    Chapter 7, above median, no asset. Discharged with no UST involvement.

                    Comment


                    • #11
                      What I did:
                      1. Wells Fargo Secured, then
                      2. Barclays, then
                      3. Capital One
                      filed chapter 13..confirmed...converted to chapter 7...DISCHARGED!

                      Comment


                      • #12
                        How about saving up for a 20% down payment and another 5-10% for maint? I doubt CC'rds will determine if you get a mortgage or not.

                        Comment


                        • #13
                          The best advice here was to save the 20% down in cash (and then some) and keep making your payments on time. One credit card is good at this point if you are watching your credit score just do not get caught up in it. We do not have one credit card and live on cash but as we rent by choice (once you have owned and realize how much stress and money it takes to own then go thru bankruptcy after breaking your neck to save your house etc) we are not looking for house buying credit.

                          In March it will be 3 yrs since discharge and we did purchase a 2 yr old "new to us" SUV last August (when our 12 yr old SUV died for the last time and we only have one car by choice), pd 50% down in cash and financed the rest over 24 months (but we have thrown several $1000 at the loan (our only loan outside of 2 small student loans almost pd off) since that time and are due to pay it off this summer. We had absolutely no issues with getting a great rate for the finance and that was with no active credit score (meaning we did not run out and get a cc to "help" build up our credit). Our biggest advantage was cash and still is and this was a quote from the finance guy at the time, so work on that down payment because you become much less of a risk and no PMI (I always cringe when I hear of people that pay this ridicules bank invention in their payments)....Good Luck!!!
                          Last edited by Drazil65; 01-18-2015, 08:01 AM.

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