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rodsren, based upon your post I'd bet dollars to donuts you aren't comparing apples to apples regarding your scores. Said another way, my bet is your TU and EQ scores are Vantage 3.0 scores while your EX score is a true FICO 8 score; if you were to get your FICO 8 scores from the other two credit bureaus I strongly suspect they'd be very near the 618 score you're seeing from EX
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I have some questions:- Regarding the SSL; the most common approach, and the approach I took, is to drop $3,000 (some folks say $3,001) into a savings account at either PenFed or NFCU, let it age for 30 days, and then take out a five year loan for that amount. Once the loan is approved, take the loan money and pay the balance to say, $250, this in turn will push the next payment date out several years.
Very grateful for any replys-as I am new here and newly discharged in ch. 7 (7/29/24). I did get a CapitalOne Savor "for good credit"..HA....with the 3,000 limit as discussed even before it was discharged (that may have been a computer glitch but now is is 3 months old so I don't think they will cancel it. A 1,500 mission bank, which seems to be among the familiar characters, and a $1,000 limit from my credit union - they said I could apply for an increase in 6 months. At the time (not now) I had to take out cash to finance a new apartment. They are now hopefully charged and pay in full every month. I am looking at the PenFed and NFCU (once I find my dad's discharge papers, they are here somewhere I saw them fairly recently) and will explore the Loan option (I. assume that is what SSL stands for.) Any advice I am all ears.
This is such a great forum, thanks so much you all!
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I believe it, about credit unions. I have, still have a business checking account with a credit union. I also had a personal checking account with the same institution. Then, I did my Chapter 13 starting in 2010. I closed the personal account since it had nothing in the checking account. I kept the business account, but surrendered the attached debit card, since it had allowed me a small $1,000 line of credit. I kept the business account, since it will still allow me to buy things from vendors for my online business. About ten years ago, after my discharge, I asked for another debit card for the checking account. I was not even applying for credit. I was never sent one. Then I applied for a car loan, at a place that claimed: We finance anyone! ....I guess not me. The salesman told me it was this one place that was stopping me. The credit union, claimed that I still owed them, $1,500! My bankruptcy was a business bankruptcy and this line of credit was not supposed to be on my report. The credit union about 5 years ago, has since become a bank, do not know if that affects anything. I would like to get a debit card for that account, but don't know if I should.Last edited by lillymarlene; 06-08-2024, 11:40 AM.
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A few answers:- Three revolving credit card are considered by the experts in FICO scoring to be the minimum for maximum points, and while some folks get along with just one or two, it takes longer to see a score bump versus using three.
- I would avoid lenders like Chime, CreditOne, and other bottom feeders; they often do more damage to either your credit scores or your bank account than traditional lenders.
- Regarding secured cards, some folks opt for say three cards with secured limits of $500 or so, and then rebuild from there. Others prefer to swing a bigger hammer and opt for a single card with a multi-thousand dollar limit; I opted for the latter and got a secured card with a $5,000 limit, and without any hard evidence to support this, I believe that one card was the springboard from which sprang all of my subsequent unsecured cards.
- Regarding the SSL; the most common approach, and the approach I took, is to drop $3,000 (some folks say $3,001) into a savings account at either PenFed or NFCU, let it age for 30 days, and then take out a five year loan for that amount. Once the loan is approved, take the loan money and pay the balance to say, $250, this in turn will push the next payment date out several years.
Last edited by shipo; 05-31-2024, 03:44 AM.
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Wow, interesting that Amex could hold it against you for that long. Working on my glass half full self, nice to be part of something legendary. I was just under 10k with them, so interested to see if they let up anytime soon.
Hope to prevent others from making the same silly mistakes as I'm making. I applied for US Bank's secured card and got the we'll review and get back to you response. So thinking I got denied, applied for Chime's secured card. Joke's on me, Chime doesn't report utilization % as they don't have a pre-set limit per se. A lot of current customers complaining that their scores went down based on how Chime reports. You'll still get a boost from timely payments through them, just maybe less so than a traditional secured card. Though take what I say with some salt as my financial literacy is the equivalent of a shiny rock with a happy face drawn onto it. Also apparently it takes up to a couple weeks sometimes for the secured card process to go through (set up your account and debit, pull the deposit, send the cc, etc), so be patient. Now that I have potentially two secured cards in tow (I will keep US bank with high deposit and Chime with lower), would I still need a third card?
For the SSL, are there any recommended parameters on the amount or payment schedule?
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Originally posted by CruzingThru View PostJust came to add some anecdotal. In the same month as the discharge and we got approved for Capital One Savor, 3k. Using preapproval tools, we can't get anything with Discover or Amex (both were in our burn list fwiw, while CapOne was not..not sure if there's a correlation there). Will work towards a secured card and a third card with credit union as suggested above and report back with any luck.
One final point about AMEX; I've read a number of anecdotal reports from folks who burned them for less than $10,000 who got approved 61 (or more) months after they filed. If you fall into the sub-ten-grand-burn category, wait five years plus a month and then reapply.
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AMEX has a blacklist that is legendary. It is second only to credit unions when it comes to a practical permanent ban. For credit unions you generally have to pay back the debt to get back in their good graces. The (direct) ban on AMEX-issued cards will typically last 15-20 years.
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Just came to add some anecdotal. In the same month as the discharge and we got approved for Capital One Savor, 3k. Using preapproval tools, we can't get anything with Discover or Amex (both were in our burn list fwiw, while CapOne was not..not sure if there's a correlation there). Will work towards a secured card and a third card with credit union as suggested above and report back with any luck.
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Definitely try the Discover pre-qualification tool. You can also try Amex's pre-qualification tool. I like these because they don't impact your credit unless a card it selected and you then go to final approval.
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I do want another card but I don’t know from who? Capital one denied me 3x
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Cool, I got secured card with navy federal and pledge loan… my score now 640 and 676
i trying to wait to graduate for new card… I want all 3 of they credit cards
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I applied for a Capital One right after the discharge off of the Experian credit site and was denied with cause being a non discharged bankruptcy and then read this and waited a few days to reapply and was approved. I immediately applied for a Ally credit card since I have been mailed the pre approval status for weeks and was granted m 2nd. So I started with 2 credit cards with $4,500 total credit to start with. I did all my purchases on both to build up a balance to pay off. I financed a used car with new car warranty through Capital One since they financed my last car after my Bankruptcy was thrown out in 2016 (long story) and waited a few weeks to apply for the 3rd credit card and all but a Capital One Platinum denied me on the Experian credit site so I was granted a 3rd credit card with a limit of $400 (ever little bit helps). I am so thankful to read these post and will be applying the strategies here to raise my post discharge 690 credit score.
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I applied to CapOne too soon after my Chapter 13 discharge, got denied, appealed with proof of discharge, got denied again. I reapplied a month later (another round of hard pulls), different story, instant approval with a $1,000 limit. The limit ended up being of no real use to me, so I closed it after less than 7-weeks and refocused on a high(ish) limit $5,000 secured card from TDBank; that is the card which got the ball rolling for me.
Then there was Discover; I applied 7-months after my discharge after I'd received a "pre-approval" letter in the mail; instantly denied for even a secured card. I tried their pre-approval site off and on for a few more months and was always shown nothing available for me. After all of those Discover denials, CapOne resurfaced; they sent me a pre-approval for a Quicksilver card, I bit and was instantly approved for a $3,000 limit.
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