Rebuilding after chapter 7

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Rebuilding after chapter 7

Postby Ttoy3kids » Wed Feb 19, 2014 5:44 pm


I went through a divorce and bk two years ago. I received a credit one card right after the bk with $500 limit. Worst card ever! Even though it was paid in full and on time, the compound interest after making the payment killed me. I would pay the full amount online and still get interest charges until they "technically" received the payment. Then they would put a hold on every payment and charge more interest. They wouldn't let me pay extra in payment to cover the interest. Then the monthly fee was crappy, couldn't pay it as a yearly, which I was willing to due. I put up with this for a while :(

Then I received a Capital one platinum - 750 limit, now $1500.
Then got a Barclays rewards card- 800 limit, 1800, and now $5600

Since I had received the two additional cards I decided to close the credit one. I knew that this would hurt credit as it was the longest history since bk but I was so worried that their shady practice would hurt my score more.

I got a capital one journey rewarda shortly after closing the credit one. Limit is 1500.

I pay my cards off monthly, don't carry a balance and pay the lower limit cards once I hit 20% spent.

My score is now 675. What else do you suggest I do to bump credit and should I try for a better card anytime soon? I like the rewards card and wouldn't mind Chase but they aren't bk friendly.

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Postby daniel2304 » Wed Feb 19, 2014 8:05 pm

With 675, I think you should be patient for a while to think about Chase or Discover. Two years are not a short-time but not a long one either. Just continue to do what you can and it soon will come back to help you.

Closing credit one is a very good decision, by the way!
All my posts are my opinions. All my posts mentioned "you" are merely for discussion-purpose only. No advice is given in any post at any time. It is also impossible for me to put effort to verify every statement that anyone has given.

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Postby otter » Wed Feb 19, 2014 8:26 pm

Seems like you are on the right track, but I would read as much as you can about credit that way you can filter out bad advice (that you might get from MyFico or credit karma for instance). An example is the fallacy that closing your oldest card will hurt your credit score. It MIGHT if it affects your utilization, but it will still report for 10 years if all payments were on time. Don't ever be afraid of closing credit lines which cost too much in fees or if it is a card which costs you $$$ to your bottom line. I've closed 6 accounts in the past three months and the same thing which applies in the real marketplace applies in the credit marketplace- if you aren't happy with them, don't do business with them.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

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Postby tbka » Wed Mar 19, 2014 5:39 am

I too need help with recovering after a bankruptcy. I have two cards now too and just finish paying off my car with a ungodly high interest rate. But I did it and raised my score as much as I could. But, I need to work on my new cards and hope it will work so I can get a better card or three. Good Luck to you too!
Capital One Platinum $500
Barclaycard Rewards $500
Wells Fargo Secured Platinum $1,000
Elan Financial Platinum $1,000

Experian 641 3/10/14
Equifax 663 3/10/14
TransUnion 631 3/10/14
Barclay 620 8/24/14
Capital One 632 8/24/14
Credit Karma 632 8/24/14

Bankruptcy till 4/18

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