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How soon is too soon?

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  • How soon is too soon?

    So I received my discharge papers on 10/30/2018. I wanted to rebuild credit fast, so I went trigger happy and applied at Capital One on 11/07/2018 and got approved for their Platinum Card with a $3500 limit. I realize that it is probably luck, but I am wondering just how soon is too soon and how much is too much to being? I'm thinking of trying for a store/gas card or second credit card in about 6 months or a year. Would 6 months be too early? Should I get more history under my belt?

    It probably helps that I have good history on my student loans and car note. All paid on time, and that I didn't burn Capital One. I am thinking of trying with Barclays, but probably after 1 or 2 years.

    Thoughts?

    Thanks

  • #2
    Hey khoup ... I would bite the bullet and run a 3-bureau report with credit scores (I personally like MyFico since they give "real" scores) which will cost $35+. The nice thing is that you get multiple score versions used by creditors and they won't be the so-called FAKO scores.

    Make sure all your old accounts are cleaned up. All accounts that were included in bankruptcy should read "Included in Bankruptcy" (IIB), have a $0 balance, and show no history. Since you had a good overall history, your score may bounce back better than others. It is likely already in the mid-600s but you won't know unless it's disclosed to you. (You may be able to get a free Transunion FICO score from CapOne once you can login.)

    I think that 6 months is the perfect time. I was able to get just about anything that I wanted after six months, including pretty good rates on cars (single digit interest rate), credit cards (one that started with $14K limit), an apartment, pass security background checks, and more.

    Congratulations.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog


    I am not an attorney. Any advice provided is not legal advice.

    Comment


    • #3
      Originally posted by justbroke View Post
      Hey khoup ... I would bite the bullet and run a 3-bureau report with credit scores (I personally like MyFico since they give "real" scores) which will cost $35+. The nice thing is that you get multiple score versions used by creditors and they won't be the so-called FAKO scores.

      Make sure all your old accounts are cleaned up. All accounts that were included in bankruptcy should read "Included in Bankruptcy" (IIB), have a $0 balance, and show no history. Since you had a good overall history, your score may bounce back better than others. It is likely already in the mid-600s but you won't know unless it's disclosed to you. (You may be able to get a free Transunion FICO score from CapOne once you can login.)

      I think that 6 months is the perfect time. I was able to get just about anything that I wanted after six months, including pretty good rates on cars (single digit interest rate), credit cards (one that started with $14K limit), an apartment, pass security background checks, and more.

      Congratulations.
      Thanks for your advice!

      I did run a report from a different source that MyFico, and they did indicate the lower to mid 600s. Capital One's creditwise is showing 642. I will probably go for it at 6 months with Barclays as I didn't burn them. I do eventually want to get back with Amex, although that might be a while since I burned them with two cards.

      Comment


      • #4
        Interesting. I was discharged 11/7 and have a similar situation with good payment history on my auto loan (reaffirmed) and student loans. I'm tempted to apply with them to see what happens.

        From what I have read most people wait about a month or two after discharge and then get mixed results.

        Comment


        • #5
          Wow. Just applied and got approved myself. Only $300 credit but that is fine. I only want it for rebuilding purposes. CreditWise gives me a 529 credit score. :/

          Happy Thanksgiving!

          Comment


          • #6
            Originally posted by dlm777 View Post
            Wow. Just applied and got approved myself. Only $300 credit but that is fine. I only want it for rebuilding purposes. CreditWise gives me a 529 credit score. :/

            Happy Thanksgiving!
            Wow! That's great! Any approval is better than none! So it seems just a few days after would work too depending on credit and payment history. Well, as they say....sometimes you have to throw out the rulebooks.

            Comment


            • #7
              Originally posted by dlm777 View Post
              Wow. Just applied and got approved myself. Only $300 credit but that is fine. I only want it for rebuilding purposes. CreditWise gives me a 529 credit score.
              The low score may be because the bankruptcy may not have hit the bureau and/or you have some accounts that still show as past due (none of the pre-bankruptcy -- discharged -- accounts should show as past due).

              Don't quote me -- and someone will -- but I think that most people that have all the accounts marked correctly (IIB) and the bankruptcy public record shows as discharged/closed, will have a score of at least 600 (FICO 8). Just seems to be my experience. If your credit bureaus are a message, and they likely are a mess, then cleaning them up would be the next step after your case id discharged and/or closed.
              Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
              Status: (Auto) Discharged and Closed! 5/10
              Visit My BKForum Blog: justbroke's Blog


              I am not an attorney. Any advice provided is not legal advice.

              Comment


              • #8
                Mkne was discharged only a week ago and I was being curious as well since all my accounts read 0 balance and bankruptcy discharge. My score went up to a 646 now. I had 100% payment history up until 6 months prior to bankruptcy when I ran into divorce. I was denied a secured credit card by capital one, so I assume more time is needed. However, in my case every major lender got screwed in my bankruptcy so I will likely have trouble for a very long time. It might depend on what lenders were involved in your bankruptcy as well.

                Comment


                • #9
                  Certain creditors do not like being burned. I'm blacklisted from American Express, although I think they are warming up to me. The last time I applied for AMEX I received a "standard" denial rather than the "due to your previous history". Amex may be better after 10 years from the bankruptcy so, hopefully, one day they'll take me back under their wing.

                  I would certainly wait until your bankruptcy case is both discharged and closed. I would also make sure that those statuses have hit the credit bureaus and that everything is as clean as possible before trying to obtain credit. Most "large" national banks are very tough on lending and I have not been able to get credit from any major bank with anything less than a 680 score. Smaller creditors, and especially credit unions, are likely to work with scores from 620-679. However, you must realize that creditors use different score algorithms with some using FICO 8, some FICO 9, some Beacon 5, some Fico 4, some Fico 2... and the list goes on and on.
                  Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                  Status: (Auto) Discharged and Closed! 5/10
                  Visit My BKForum Blog: justbroke's Blog


                  I am not an attorney. Any advice provided is not legal advice.

                  Comment


                  • #10
                    Hey Folks, particularly justbroke, so on my credit reports, the accounts should read "zero balance"....what about where it says "highest" or "original balance"? Should that be a zero as well? I am only three months out of discharge. Ordered my three freebie reports today. Thanks for any info you can toss my way!

                    Comment


                    • #11
                      Originally posted by Texster18 View Post
                      Hey Folks, particularly justbroke, so on my credit reports, the accounts should read "zero balance"....what about where it says "highest" or "original balance"? Should that be a zero as well? I am only three months out of discharge. Ordered my three freebie reports today. Thanks for any info you can toss my way!
                      It depends. You can dispute them and make sure they all read $0 balance and Included in Bankruptcy. They may get deleted due to the dispute. However, they can leave your credit limit and other information... just not the history, balance, or how many days you are past due.

                      Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                      Status: (Auto) Discharged and Closed! 5/10
                      Visit My BKForum Blog: justbroke's Blog


                      I am not an attorney. Any advice provided is not legal advice.

                      Comment

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