After filing, my FICO is 640; not terrible. Will I be able to rebuild me credit?

[sailing2013]

Hola amigos,

I wasn't late on a single credit card when I filed, and my FICO is now 640. Its not a terrible score--still higher than 24% of the population--but, since I filed in July (and was discharged in October), will the BK still prevent me from rebuilding my credit?

I'm new at this, and still trying to navigate the waters. As much as the BK itself was a leaning process, this rebuilding post-process can seem just as challenging!

Ciao,
Steve

[Logan]

I did the same thing as you and got a CC the day after discharge. I can't remember the card (maybe Orchard?) but a few months later I got a Capital One card and a year after discharge another one.

Good luck

[ccmisery]

The quicker you file with no late payments or collections, your score is higher, I waited a while and tried to right the ship, my credit score tanked and I believe it takes up to 6 months to a year before you can even get credit, I got a car loan pre-filing with Ford Credit that's about it.

[sailing2013]

a day after the discharge? that's impressive. I don't have balls that big to apply so soon. From reading other comments, it seems like two months is a good window to wait; and then apply for only one card. I don't need credit now, but I know it can take a while to rebuild my credit, so I want to get going!

[Pjmax]

a day after the discharge? that's impressive. I don't have balls that big to apply so soon. From reading other comments, it seems like two months is a good window to wait; and then apply for only one card. I don't need credit now, but I know it can take a while to rebuild my credit, so I want to get going!

Before you start apping for anything, it's a good idea to get full copies of all 3 of your credit reports and make sure everything is reporting correctly, it does happen, but usually some accounts need some correction.

[sailing2013]

I was actually surprised that my accounts were reported correctly. Granted, I didn't have any late payments, so everything was pretty straight-forward. But, yeah, I checked all three, and received my real FICO. From my understanding, I'm doing okay with a 640 post-BK score.

[ccmisery]

Too many hard pulls on your credit report will only drop down your score, I have several now from trying too soon. Opensky is the only one that claims they do not look at your credit report.

[dischargedbk]

Agreed with this post. Take a look at your CRs and clean up what is needed after BK. I had errors and currently working on clearing out.

Before you start apping for anything, it's a good idea to get full copies of all 3 of your credit reports and make sure everything is reporting correctly, it does happen, but usually some accounts need some correction.

[Logan]

Too many hard pulls on your credit report will only drop down your score, I have several now from trying too soon. Opensky is the only one that claims they do not look at your credit report.

I researched the card I thought I would have the best chance to get and I started with a $500 limit and an annual fee. Hard pulls fall off after 90 days (they're still on your report but mean very little after 90 days) so over the 1st year after BK I applied for 3 more cards after waiting at least 90 days and cancelled my 1st one with the annual fee before the year was up.
It did go better than planned and I had no idea at first if I would be approved but I learned over time that I could get approved for just about any card that didn't care about my BK. Some banks flat out will not lend to someone with a BK on their report.
Good luck
Logan

[Pjmax]

I researched the card I thought I would have the best chance to get and I started with a $500 limit and an annual fee. Hard pulls fall off after 90 days (they're still on your report but mean very little after 90 days) so over the 1st year after BK I applied for 3 more cards after waiting at least 90 days and cancelled my 1st one with the annual fee before the year was up.
It did go better than planned and I had no idea at first if I would be approved but I learned over time that I could get approved for just about any card that didn't care about my BK. Some banks flat out will not lend to someone with a BK on their report.
Good luck
Logan

Just to clarify, hard inqs. stay on your report for 2 years. They do affect scoring less over time, but some lenders are inquiry-sensitive, and they do see the total number.

[TXskyblue]

My score post-BK was about the same as yours. I applied for CapOne a few days post-BK and approved. I ended up applying for a second CapOne card and was also approved.

It's been 2 1/2 months post-BK now and I wish I hadn't applied for the second CapOne.

[Logan]

Just to clarify, hard inqs. stay on your report for 2 years. They do affect scoring less over time, but some lenders are inquiry-sensitive, and they do see the total number.

Well I can tell you from experience that I had 9 inquires on my report within the 1st 2 years of my BK and my score rose the entire time. Each inquiry can cause a drop but the affect after 90 days is minimal and the benefit from new credit will outweigh any inquiry if you are approved. I can also site many references that say the FICO model only considers inquiries for 12 months.
Today, I have 4 inquiries on my credit report with a mid FICO over 730. My wife who has never declared BK has 8 inquries over 2 years with a mid FICO of 803.
Logan

[sailing2013]

Just curious, why do you regret applying for the second card? I though an extra card would help credit? Thanks! Steve

[TXskyblue]

Just curious, why do you regret applying for the second card? I though an extra card would help credit? Thanks! Steve

The credit line is low, half that of the first Cap1 card I got.

I'd rather build a history with another company than to just get another card for no good reason.

In my case, I had two relatively high limit CCs survive BK intact. I also have a NFCU secured CC. My first Cap1 has good benefits (nice cashback percent, no foreign transactions fees). So, this 5th card doesn't give me anything substantial. If I didn't already have the others cards, I'd be glad to have the 2nd account even though it's with the same companu.

[madms1]

I just got my disharge yesterday in the mail. I have started to correct things in my reports, but like others have stated, it will take time. My question is has anyone had success with getting a Barclays rewards Mastercard after BK? My wife that filed with myself got a pre-approved offer about six months ago but thru it away. Must I get a secured card first (like Capitol One or Quicksilver) all my reports are stating I need a credit card to increase my scores. EQ618,EX622,T610 as of 10-1-13. All I got so far is CreditOne, terrible terms and fees aka legal loan sharking!