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2nd Discharge, No idea where to start...

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  • 2nd Discharge, No idea where to start...

    I just completed my Chapter 13. I had also filed Ch 7 back in 2005, so this is my 2nd bankruptcy...I rebuilt my credit a little TOO good after the Ch 7, and when the economy and then my business tanked, I ended up in trouble again. I just kept thinking everything would turn around and didn't adjust my lifestyle, I just put stuff on the cards. Lessons learned...and now I don't want credit cards, but I know it's an important step in rebuilding credit, and I may like to be able to buy a car one day at an interest rate better than 25.99% LOL.

    Background: I BK'd most of the biggies...Cap 1, Merrick, GEMB, HSBC. Credit Karma shows my score as 636, the credit reports are 99% accurate in reporting everything as IIB. I have one collection that popped up a few months ago that I am working to get removed.

    Any thoughts on which card to apply for? If I get a Cap 1 or other secured card will it improve my score?

  • #2
    Yes, a new tradeline and time will improve your score. Cap One is the first card post-BK for many of us, secured or unsecured. I would get that collection off first though. Be aware that Cap One pulls from all 3 CR's, so that's 3 hard inquiries for an app, so you want your reports in the best shape possible.


    • #3
      You have two BKs in your background. Sorry, but it is time for a little bit of 'tough love'. Learn to live on CASH only.
      "To go bravely forward is to invite a miracle."

      "Worry is the darkroom where negatives are formed."


      • #4
        Umm, having just completed Chapter 13, I HAVE been living cash only for years. As I stated, I don't want to change this. But let's be realistic here, ok? The day may come when buying a newer car is a good idea, or buying a rental property is a good investment, or any number of reasons I may want better credit that isn't related to credit cards, which I believe I stated I do NOT WANT. Despite the two bankruptcies, I am actually a very responsible bill paying adult these days who spent 3 years paying off my creditors and getting my life back on track. That was my past and I've learned well from my mistakes. Unless you just enjoy hanging around the BK forum to feel better about your perfect credit history, I imagine you've made mistakes too. So no reason to be rude...

        As a follow-up, I was approved for a Capital One Plat card that I will of course sock drawer. Here's to a brighter future...


        • #5
          987654, I'm 11 mos. from a 7 discharge. My downward spiral started in 2009 with my first job layoff, like many people. I was living off cash for nearly 4 years. Whether we BK because of events beyond our control, or credit mismanagement, we've all had to learn new ways of living. I don't see credit as totally evil. The biggest difference between now and 3 or 4 years ago, is we cannot count on our income for say, 6 months from now, to catch up on anything.

          I started work on credit report/score improvement right after BK, because my last tax return income was fairly decent and The current year not so much. I was approved for two Cap One cards based on that tax return which I had to submit, might not have been approved based on 2013 return. My score has been steadily climbing, and I'm in good shape to finance a car within the next year.

          I am just starting a job now, first decent, steady job in years. I need to use my car for the job. My 2002 Escape is holding up, but I've put a ton of money into it over the last few years, and I will keep it going as long as possible. If I finance a newer used car, I will base the payments on just my soc. security, because I know I can no longer count on having a job. So, I'm going to save as much as possible until my Escape gives out and I have to buy another.

          This will be possible, because my scores are now 650-670, thanks largely to the credit cards I've secured since BK. I only use them for what I'd be paying cash for anyway, and PIF. Even though I don't have to use them, I do. I know 6 mos. to a year from now, my scores will be even better, and I'll be in good shape for a car at a decent rate.

          Once any of us have had to rely on cash only for a long time, most have learned what we need to do differently now. Best of luck to you.


          • #6
            987, I have to agree with Angelinacat, you BK'ed twice in a fairly close time together so please try to learn to live on cash for a period of time and let your finances breathe a bit before applying for a new line of credit, probably Cap 1. Don't jump in too early this time :-)
            Filed Ch 7 08/17/2009
            341 Meeting: Sept. 16th, 2009 (Survived my 341-went just fine)
            Last day of objections: Nov. 16th, 2009
            Discharged 11/23/2009 and closed 11/30/2009


            • #7
              I would do the cash budget. If you are really in need of a cc get a $500 secured card and only put less than 25% on it a month and pay it off every month. It will do wonders for you credit.


              • #8
                Originally posted by 987654 View Post
                ...I rebuilt my credit a little TOO good after the Ch 7,
                It is not your credit that you built too well, it was your debt that you built too much. If you get a credit card to rebuild your credit rating, you should never charge anything you don't already have cash to pay for and always pay your balance in full as soon as you get your statement.

                In addition to Cap1, try Barclays. With two BKs on your reports, you may not be able to get anything other than a secured card.
                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!


                • #9
                  Go secured for a while. When you're using credit with your own personal money backing it, you might realize the importance of it. No rudeness intended.


                  • #10
                    join a credit union, take out a credit builder loan. They give you a loan that you either get a CD on or goes into your savings and you cannot touch it. Or you could take out a Sig loan. Build up your rep with the credit union and they will be your best friend for cars, houses and fun toys (atv, motor home, even cosmetic surgery)


                    • #11
                      Originally posted by 987654 View Post
                      Despite the two bankruptcies, I am actually a very responsible bill paying adult ...
                      Let us all ponder this quotation ...


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