Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Rebuilding credit after a paid/discharged Ch13. Easiest financing to get?

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  • Rebuilding credit after a paid/discharged Ch13. Easiest financing to get?

    I've had a mixed bag with my experience after my Ch13 got discharged. Due to an attorney error about 8 months in, it was dismissed and re-filed, so I have 2 on my credit (one showing as dismissed, later one as discharged), but both show no liability or balance on my end. Not sure if having 2 public records is hurting or not, but it's been hard to get financing on much even 2-3 years after payback/discharge.

    USBank has been great with me so far. Got my first secured card ($300) with them during the Ch13 which was moved to unsecured (on my request) a few months ago. That's a good feeling I looked around and applied at BofA and Wells Fargo, but both turned me down and returned my $300 deposit which seemed kind of silly, but both cited the BK on the public record as the reason.

    Now I'm looking for a 3rd line and a different line than another secured card so I can look more diversified.

    I haven't had luck with my attempts at Home Depot (figured I'd finance an appliance), or Amazon/Chase.

    I stopped by a car dealership to look at a new car that came out that I was interested in. Just curious to see what I'd get, he ran my credit and said it'd be about 18-19%. I could handle that on a car that was 5-8k or so, but this one was 26k, so I figured I'd have to do some more improving on my credit before getting the car I really wanted.

    I used to have a car I really liked that now sells for about 6-8k used. (05 Hyundai Tiburon) I figured I'd stop by one of those dealerships and play some hardball to see if i could get a good price and interest rate.

    Problem is I have a car that I'm upside down on by about 1-2k (in my dad's name so I'd like to let him off the hook and get that sold off asap). I could swing both payments, but I really can't justify another car just for the sake of rebuilding credit. Not to mention there's taxes/tags/insurance and other costs which make it an emotional decision more than a financial one. It'll be about 6-8 months before I'm at a break-even point and can sell the car I'm currently in (but it does need to get sold off as it's out of warranty and getting high in miles).

    I was thinking of other credit secured by collateral and thought about picking up a couch (really could use one of those) for a few hundred, but wasn't sure how stringent furniture financing tends to be.

    I don't have any open collections (I do have one that wasn't able to be disputed off - but it's been paid and is just sitting til it expires) or any bad outstanding debt. My Experian credit score is currently at 657 (was 656 before the 2nd secured card).

    The Capital One/Home Depot/Amazon attempts have knocked my score down 10-15pts due to too many credit inquiries, so now I'm trying to play it smart with my next one.

    I've got a good job and have had it for over a year, make good money, and my debt/income ratio is insanely low since the car isn't in my name and I rent. Employment has been steady before that, so no real issue there.

    Buying a house and buying a car would be the best ways I can think of at the moment to increase my score/standing, but neither is really a smart decision as things can go wrong quickly if I were to get laid off or had an emergency or something.

    Sorry for being so verbose Anyone able to recommend something other than a secured card (unless you really think a 3rd would be that good) to help improve my score/standing?

    Are furniture stores (Roomstore, etc.) pretty friendly to those of us with public records and little recent credit history?

  • #2
    I've read other posts on here that Capital 1 is BK friendly...
    Filed: 5/22/07; 341 Hearing: 6/27/07;
    Confirmed: 8/13/07; DISCHARGED 4/17/2012


    • #3
      Originally posted by Nicollette View Post
      I've read other posts on here that Capital 1 is BK friendly...

      Unfortunately CapOne has denied me for both an unsecured and secured card last month (11/10). They cited my BK showing on the public record.

      I'm not looking for another card though, I'm looking for a different type of credit account to show some diversity. As others have stated here, lenders won't look at approving a mortgage app for those without 3-5 different lines of credit over a year or so.

      Shame too because my only real issue at the moment is lack of recent credit history


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