List your re-established credit since BK Discharge!

[HHM]

Why do you say this?

There are plenty of industry pubs that say this too...the main reason is that you do not need credit to get student loans. Getting student loans does not depend on your credit worthiness, thus their weight in your scoring is negligible. I suppose saying that they "do nothing" is a bit of an overstatement, but student loans measure only a blip in your credit score.

[sharksfan]

And that car loan is highway robbery. I assume that you probably "needed" the car and had no other choice, but jezz, talk about the worst possible financial decision (paying $10k in interest on a $14K loan, ouch), and let me guess, I bet you plan on refinancing, which, ironically, will cost you more money than simply finishing the term of the existing loan.

Care to explain? If the OP were to refinance to a rate of 9%, and match the term to the time remaining on the OPs current term, how will that cost the OP more money?

Current: $343/mo - $12,900 balance remaining - 62 payments remaining
Refi 60 mo @ 9% : $267/mo - 60 payments remaining
Savings: $76/mo

[sharksfan]

I'll bite:

Chaper 7 discharge 6/23/08

Digital Federal Credit Union (DCU) share secured loan $500 (pre discharge)
Capital One Visa $750 (pre discharge)
Best Buy MC $500 (pre discharge)
Household MC $1000 (pre discharge)
Target Red $200 (pre discharge)
Road Loans $11,500 (approved for $17,000) (post discharge)

All 3 FICOs are in the 600-630 range.


WIFE:
Digital Federal Credit Union (DCU) share secured loan $500 (pre discharge)
Capital One Visa $500 (post discharge)
HSBC MC $300 (post discharge)
Orchard Bank $300 (post discharge)
Road Loans $18,500 (approved for $21,000) (post discharge)

[Banko]

There are plenty of industry pubs that say this too...the main reason is that you do not need credit to get student loans. Getting student loans does not depend on your credit worthiness, thus their weight in your scoring is negligible. I suppose saying that they "do nothing" is a bit of an overstatement, but student loans measure only a blip in your credit score.

They may only measure a blip in your credit score if your current but certainly will affect it if your late.

[PaKettle]

Well, funny you should say that...
I actually got an email 2 days ago (found it in my SPAM box) that said that I had been accepted and that I would be receiving my card in the mail. But it did not say for how much credit or what the interest rate was or ANYthing... So I've been waiting but so far have not received anything in the mail. If I don't receive something within next week I will call them and ask them if they sent it; maybe it was stolen?

So it APPEARS that I have been accepted by WAMU but I'm still waiting to see what I am getting... I'll post here when and if I do get something... I HOPE it's $2500 of credit. If it is, that will solve all my credit needs and I can stop worrying about getting credit.

UPDATE:
Woo-hoo!
I got the big white envelope from WAMU today. It says they are giving me $3k credit at 6.99%+ prime (currently 11.99%) and no annual fee.

I never imagined I'd get this much credit within 6 months after our Ch7 discharge! And when I first got my post-bk credit reports all 3 had major errors on there, showing charge-offs, late payments due, etc...

So the moral of this story is: It pays to clean up your credit reports, and the sooner the better, if you want to re-establish credit!

So now I am DONE with applying for credit, this plus the other 3 small ($300-750) limit cards I have is more than enough.

The only other thing I will do is get my wife's credit report cleaned up and then get one in her name.

Funny, though, WAMU turned her down for the same card... I thought they based her credit mostly on me anyway, at least they did pre-bankruptcy when she had $25k or so in credit on cards, with no job... So her own bank turning her down now for the same card I got, doesn't make sense to me. Maybe she has some major problems with her credit reports that I have not seen yet (though I saw one and it did not look that bad).

Anyone run into similar logic from WAMU?

[Logan]

WAMU just sent my credit card out also. 7000 credit line!!!!

I do have a bank account with them and don't know if that influenced them?

Discharged 09/07 (Ch.7)


Logan

[PaKettle]

WAMU just sent my credit card out also. 7000 credit line!!!!

I do have a bank account with them and don't know if that influenced them?

Discharged 09/07 (Ch.7)


Logan

Logan, you must have really raised your score from 9/7 to 9/8, have paid well on a few accounts, etc.. No? Do you know what your score was then and what it is now?

Actually, though, I don't even WANT $7k in credit! ;-) I think the $3k I was given is more than enough and I really don't want to ever have a balance higher than $500 for more than a month or two. I just used one of mine for a plane fare and I know I"m going to be using them for hotels and cars and things, and I really want to get those paid off before I borrow any more.

I was discharged in March 08, so that's a good reason why my credit limit from WAMU was lower. But I raised my FICO score from 550 to 670 in the past 3 months just by disputing wrong items (I was lucky and got a few mistakes made in my favor, as well; that happens sometimes if you faithfully dispute, dispute, dispute!) and getting bad marks like ChargeOffs and pre-BK late payments taken off my reports.

I posted here because I want people to know there is HOPE of getting credit again after BK. I really never imagined that I'd get a card for $3k only 6 months after Discharge!

So, newbie rebuilders, the key is:
Dispute, dispute, dispute!
Keep on all 3 CR agencies and make them take off false info about you! There should be no payments showing as late for the months after discharge, nor any ChargeOffs showing for the months after discharge. Basically there should be no negative info showing except the bankruptcy itself and whatever late payments and charge offs you had BEFORE bankruptcy.

However, I have had a few accounts show Charged Off after I filed, or that same month and I am disputing those and making them prove that they were indeed charged off BEFORE I filed. If they can't prove it they will have to remove that notation.

And sometimes new bad stuff shows up out of the blue, from before bankruptcy so you have to keep disputing!

Disclaimer: Your mileage may vary. ;-)
One thing in my favor is that I did have a lot of open accounts with good records who I did not owe anything to, so I did not have to file against them. So I have many good old accounts, even though they were closed by the lenders when I filed bk. One did ride through with me, though: GM Card. For a whopping $305 of credit! But hey, $305 is better than nothing!

[Logan]

I haven't disputed anything and my TU score is 660. I'm happy with a card for 7K because larger credit lines do help with your score and I will be in the market to buy a home next year.

When I get closer to buy a house I will get a mortgage broker to give me a hand with cleaning my credit up since it's easier for them and then they'll get my business.

Logan

[lillaimof2kids]

DH was just approved with CapitalOne...no annual fee, 0% APR on purchases until March 2009. I don't know what the credit limit is yet. I'll be happy with $200 just to start rebuilding. I want my credit score back up to 760 again! *sniff sniff*

[AMISLANDER]

WAMU interest free till February 2009....9% after that...$4K, no fee, $1K bal., $100/mo. payments

Household Bank 14.9%, no fee, -0- balance
Juniper 16%, no fee, -0- balance
Target 19%, no fee, -0- balance

Hooters 29%, $75/year, first card out of BK, 12/06..CUT UP & CANCELLED!


Own my 4Runner (should have let the bk trustee take it & fill up that tank)
No other debt to speak of....

[Runnin on empty]

Discharged 4/08

Me:
WAMU - $3,000 limit; 9% APR, been using it and paying it off every month.

Wife:
Cap One - $3,000 limit; 12% APR, been using it and paying it off every month.

We will NEVER carry a CC balance again. EVER!