Less than 2 weeks post Discharge- Credit Approved

[LynchByrd09]

Hi,
I'm a new member to this forum (Just registerd), but I would like to send out a huge thanks to all who have posted their experiances and ideas on these threads. I faithfully would read all the threads while my wife and I were in our joint bankruptcy, and it was more than helpful.

I just wanted to share my story of credit after discharge. My wife and I filed a joint Chapter 7 case back in April of this year. We had over 65k in credit card debt, and a deficiency balance on our mortgage of nearly 100k. We currently, and have been renting a home for the past 2 years since we walked away from our home. Anyway, we were discharged 7/21/09 (Not even 2 weeks ago) and my wife was just approved for a Capitol One Unsecured credit card for $1,000 (I also applied but was denied due to including capitol one in my bankruptcy). My wife never had a capitol one card.

I was approved for Premier Bank Card @ 300.00. I know the fees and such are outrageous, but it's a start.

[zscfan]

Congratualations but never forget what forced you to file BK in the first place. Happily, most people only file BK once in their entire lives.

[LynchByrd09]

I totally understand. We are just opening new credit line to rebuild our credit. Lesson definitely learned.

[aces67]

Dh applied for Cap One on Monday and got approved. We have no idea yet if it's a secured or unsecured card. They said it will be here next week.

We are just excited to be rebuilding our credit finally!

Congrats to you!

[Logan]

Hi,
I'm a new member to this forum (Just registerd), but I would like to send out a huge thanks to all who have posted their experiances and ideas on these threads. I faithfully would read all the threads while my wife and I were in our joint bankruptcy, and it was more than helpful.

I just wanted to share my story of credit after discharge. My wife and I filed a joint Chapter 7 case back in April of this year. We had over 65k in credit card debt, and a deficiency balance on our mortgage of nearly 100k. We currently, and have been renting a home for the past 2 years since we walked away from our home. Anyway, we were discharged 7/21/09 (Not even 2 weeks ago) and my wife was just approved for a Capitol One Unsecured credit card for $1,000 (I also applied but was denied due to including capitol one in my bankruptcy). My wife never had a capitol one card.

I was approved for Premier Bank Card @ 300.00. I know the fees and such are outrageous, but it's a start.

I applied for my first card the day after my discharge and ended up with a $500 limit and an annual fee. During the next year I received 3 more credit cards with higher credit lines and canceled the card with the annual fee.

Good luck

Logan

[Flamingo]

Cap One is BK friendly along with Orchard Bank. Most folks after discharge can get approved usually with a low starting limit which will increase in time if you handle the card and payments well. What you need to watch is applying for credit so soon after a BK. Hard inquiries stay on your reports for 2 years and decrease your score and work against you. Expect denials over the next several years as you will receive them but the BK friendly places may grant you credit (i.e., Target, Walmart, Orchard bank, to name some). Remember that BK will be on your credit reports for 10 years from date of filing so don't be surprised if you get denials for any credit during that period of time.

[Logan]

Cap One is BK friendly along with Orchard Bank. Most folks after discharge can get approved usually with a low starting limit which will increase in time if you handle the card and payments well. What you need to watch is applying for credit so soon after a BK. Hard inquiries stay on your reports for 2 years and decrease your score and work against you. Expect denials over the next several years as you will receive them but the BK friendly places may grant you credit (i.e., Target, Walmart, Orchard bank, to name some). Remember that BK will be on your credit reports for 10 years from date of filing so don't be surprised if you get denials for any credit during that period of time.

I apply for credit all the time and sometimes I am denied yet my score keeps going up.

[cupcake]

Just wanted to say that after reading this thread, I went ahead and applied for a Cap One card, as well. I was just discharged on July 10. Anyway, I went through the initial qualification where it tells you what you are qualified to apply for and it selected the platinum card. So, I submitted my application and was given online approval. I wasn't told how much my limit would be, but it did say that I had been approved.

I am not concerned about racking up more CC debt, but I still do not plan to carry the card with me in my wallet. I am going to set up a recurring monthly charge (my cable or gas bill) so I will be paying Cap One instead of the utility company.

[aces67]

Just wanted to say that after reading this thread, I went ahead and applied for a Cap One card, as well. I was just discharged on July 10. Anyway, I went through the initial qualification where it tells you what you are qualified to apply for and it selected the platinum card. So, I submitted my application and was given online approval. I wasn't told how much my limit would be, but it did say that I had been approved.

I am not concerned about racking up more CC debt, but I still do not plan to carry the card with me in my wallet. I am going to set up a recurring monthly charge (my cable or gas bill) so I will be paying Cap One instead of the utility company.

That's we're going to do also. Just use it to pay a few monthly bills and pay it off every month.

[blankslate]

I was just thinking of doing the same thing. I was approved for an Orchard card and want it reported on my credit, but I like being cash only. I've always been cash only and was made to feel bad when everyone else had the latest and greatest stuff because they had good credit and I didn't. Now I'm trendy! LOL. Anyway, my phone/internet/dish bundle account has to be enrolled in an automatic payment because of my credit and their debit dates are not always the same and rarely coincide with my paydays when I have money in the account. Even though I always pay the bill right away if their debit doesn't go through, they've disconnected my internet before for not having a "reliable account" for automatic debit. I'm thinking of putting that on the Orchard card and I will still pay it off at the same time I would pay the regular bill every month.