Wow. I got approved.

[onwards]

My discharge was in December of 2009.

I got a $500 HSBC starter card soon after that, but otherwise denied across the board. I gave up applying for several months, but a couple weeks ago decided to give it another shot and made one application to Navy Fed.

They asked for documentation - I am self-employed, so 2009 tax returns and schedules - and took 2 weeks to review the application.

But today I logged in to my account and the status changed from "pending review" to "approved".

No annual fee.
12.4%
$5000 credit limit.

I'm speechless.

Yes, I had excellent credit before filing (mid-700s) and even now my FAKO scores are in the high 600s - they only ever went as low as 590 but bounced right back after the discharge. Still. Somehow, this really lets me feel like I put that whole unpleasant episode of last year's bankruptcy behind me.

[epiphany]

Congrats but....

Be careful with that card..your euphoria is scaring me. Just the fact that you found it necessary to apply for such credit so soon out of bk (you were filing soon enough to be denied across the board?) is worriesome.

Hey, if I'm off base, more power to you. But if I'm not, please take a breath and think about what you are doing and why you need credit. You will hate yourself if you went to all the trouble it takes to file bankruptcy only to find yourself in trouble again a couple of years from now. And then there will be no way out.

The very best of luck to you,

ep

[rck3]

Yeah it all depends on the situation. I'm really hoping for a nice limit on a card soon after. I am not expecting it but just hoping for $1k+ within the 1st year. I also would love it for travel. I would be excited too as it would take alot of stress off my life. At times I travel (airfare, rental car, hotel) for weeks at a time but I am reimbursed within 2 weeks of the expense so it makes it easier to put it on credit as I know it will be paid back to me instead of me being out $1k of my cash which I am sure I will not have handy the 1st year or so

[onwards]

Congrats but....

Be careful with that card..your euphoria is scaring me. Just the fact that you found it necessary to apply for such credit so soon out of bk (you were filing soon enough to be denied across the board?) is worriesome.

Hey, if I'm off base, more power to you. But if I'm not, please take a breath and think about what you are doing and why you need credit. You will hate yourself if you went to all the trouble it takes to file bankruptcy only to find yourself in trouble again a couple of years from now. And then there will be no way out.

The very best of luck to you,

ep

Excellent advice, sir, and I salute you for delivering it in such a kind manner.

My excitement was more along the lines of "wow, I can't believe how quickly I was able to regain personal credit" as opposed to "wow, I can go max out the new shiny card".

As for the credit line - trust me, I was shocked. They didn't ask me how much I wanted; I merely wanted a card with no annual fee, which is why I applied to this one.

[Flamingo]

Excellent advice, sir, and I salute you for delivering it in such a kind manner.

My excitement was more along the lines of "wow, I can't believe how quickly I was able to regain personal credit" as opposed to "wow, I can go max out the new shiny card".

As for the credit line - trust me, I was shocked. They didn't ask me how much I wanted; I merely wanted a card with no annual fee, which is why I applied to this one.

You got the high limit you did because you are debt free from filing and meet some of their other criteria, possibly your good credit prior to filing and they may be BK friendly in some areas. While it is good to feel good about that, remember that BK, if a Chapter 7, is on your credit reports yet until December 2019 and the bank knows you cannot file another Chapter 7 for 8 years. It can also work against you if you keep applying for too much credit cause those hard inquiries stay on your credit reports for two years and those, showing with a recent discharge, work against you.

[Amy26]

Navy federal is generally very generous to members... congrats! I'm happy for you. The higher limit is definately more benefit to your score. Just try not to max it out.

[onwards]

Navy federal is generally very generous to members... congrats! I'm happy for you. The higher limit is definately more benefit to your score. Just try not to max it out.

I won't even min it out... I'll pay it in full every month (like we do with my wife's cards) unless an emergency occurs. I am simply happy to be able to get credit again. It's a relief.

[tanya0525]

I won't even min it out... I'll pay it in full every month (like we do with my wife's cards) unless an emergency occurs. I am simply happy to be able to get credit again. It's a relief.

Are you in the military?

[onwards]

Are you in the military?

No.