Cap One Denied

[Amy26]

Did you try hooters? They use Trans Union to pull. I got a credit card with them with a 1,100 limit and no annual fee or anything. I got it last month... my scores jumped up about 30 points or so like the day it hit my reports... hehe... my transunion score is almost 700 already.

[backtoschool]

Right on.

My credit was stellar prior to bk. I didn't have medical bills except for a $1K er visit a friend somehow stuck on me. I bk'd on three cards totaling 60K.

I feel very nervous for those who, IMO, can't wait to get back in the credit game; it's not a good time to play right now, the economy is just way too volatile.

Most people who are getting cards right after discharge are doing so to rebuild their credit and raise their score for long term goals like buying a house. I know that is my reason. In order to get an FHA mortgage you need to show 3 tradelines and a positive credit history. I want to be ready in 2 years to buy a house. I was not going to bother getting cards again, but a LOT of financial savvy friends and ex co-workers, etc advised me to do so to start rebuilding my file.

[ForumReader]

Most people who are getting cards right after discharge are doing so to rebuild their credit and raise their score for long term goals like buying a house. I know that is my reason. In order to get an FHA mortgage you need to show 3 tradelines and a positive credit history. I want to be ready in 2 years to buy a house. I was not going to bother getting cards again, but a LOT of financial savvy friends and ex co-workers, etc advised me to do so to start rebuilding my file.

Yes, that is right especially with buying a house. While it is wise to wait to apply for credit when freshly out of bk, there are long term goals like you said such as buying a house in which rebuilding credit from the start is ideal. I know that for me personally, I hope to buy a house as I have been renting for years and moving around alot. I simply would like to live in a place of my own and live there until it is time for retirement, etc, maybe move somewhere and enjoy the golden years

[AMISLANDER]

Yes, that is right especially with buying a house. While it is wise to wait to apply for credit when freshly out of bk, there are long term goals like you said such as buying a house in which rebuilding credit from the start is ideal. I know that for me personally, I hope to buy a house as I have been renting for years and moving around alot. I simply would like to live in a place of my own and live there until it is time for retirement, etc, maybe move somewhere and enjoy the golden years

Right on, however, people with stellar credit can't get mortgages with 20% down, how do think the banks look at someone two years out of bankruptcy? The new credit laws about to take effect have caused the cc companies to go for the jugular...in another six months, will be a whole new wave of bankrupticies due to increased interest, higher minimum payments and job loss.

[Mi Bankruptcy]

Right on, however, people with stellar credit can't get mortgages with 20% down, how do think the banks look at someone two years out of bankruptcy? The new credit laws about to take effect have caused the cc companies to go for the jugular...in another six months, will be a whole new wave of bankrupticies due to increased interest, higher minimum payments and job loss.

However, greed will kick in and they will find a way to sell these homes they have. So, the person who has a steady job and has been rebuilding credit will be better prepared even if they are not allowing mortgages right now. I am in the same boat. I want to sell my house and buy a new one in two years.