First try at a Credit Card after BK7

[whipster1]

My first unsecured card was Orchard. One day out of BK.

After that one reported I was able to get several others.

Now my FICO scores are 732 on TU and 698 on EQ, exactly 3 years post BK discharge. It does get better, so hang in there

[ksgirl38]

Went ahead and applied for a Capital One card and got it. $2000 limit 2 weeks after discharge. Can't remember the interest rate, but it doesn't matter now anyway since I won't be carrying a balance.

[justbroke]

I don't know how recent this is, since the new FICO 08 (FICO 2008) model has come out, but here's what allegedly happens at the credit bureaus which use FICO.

http://www.landsafe.com/webhelp/FICO_Models_and_Credit_Scoring.htm

[TBA]

I don't know how recent this is, since the new FICO 08 (FICO 2008) model has come out, but here's what allegedly happens at the credit bureaus which use FICO.

http://www.landsafe.com/webhelp/FICO...it_Scoring.htm

There are two things going on when it comes to inquiries... First, it is only AUTO and MTG that are affected. CC inquiries do matter and each one is counted individually. (Remember the score calculates risk to the lender - the likeliness you will go delinquent - if you start shopping for lots of CCs, the score thinks, OH SNAP!?!?! What is going on with this guy that he needs all of this credit all at once - the score is there to protect the interest of the lender - not the consumer - as consumers do not use scores for anything...)

First, the FICO score does allow for "shopping" that is usually a 45 day window - all inquiries made within 45 days with the same "coding" (read all mortgage OR all auto inqs) are seen as ONE inquiry when the score is calculated.

Second - all inq with the same coding you are shopping for (mtg and auto only) are ignored when calculating the score if pulled within 14 or 30 days (depending on the bureau) prior to the report you are currently pulling. So those auto loan inqs are "forgiven" for 14-30 days while you are shopping to help the consumer. Oh wait, i guess they did do a little something to help the consumer

I worked for experian and TU affiliates selling trimerge reports - Landsafe was a competitor of mine. Thanks for the memories! LOL. (I just threw away my beacon 5.0 book when i was cleaning as i no longer work for the bureaus - there were all kinds of issues with it when it was released - i think i mentioned before in another thread - with all the negative trade lines running around, i imagine we will continue to see some more tweaking to the score models).