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Rebuilding after discharge


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My Chapter 13 was discharged in January 2021. 100 percent plan which I completed 1.5 years early.

I wasn’t quite sure how I was going to rebuild my credit, and was kind of OK with just sticking to my debit cards. In fact, I had resigned myself to a future using debit cards only. 

I decided to give Cap One a try anyway a few days after my discharge. I had a Cap One IIB but, again, I had a 100 percent plan. I still wasn’t expecting an approval. I was instantly approved for a Cap One Platinum with a $3,000 limit.

The same week, I received a pre-approved invitation for the Ollo MC. Instant approval for $1,800.

Since then, I have been approved for:

B of A Cash Rewards Visa (Secured) $5,000
TD Cash Rewards Visa (Secured) $1,500
Jasper MC $5,000
Mercury MC $2,500
Merrick Double-Your-Line Visa $1,000

Add those to the aforementioned:

Cap One Platinum MC $3,000
Ollo MC $1,800

I’ve been keeping utilization at around 1 percent, charging and then paying off. My go-to card is the BofA...really good rewards. If you have an existing relationship with BofA, it’s a great card. 

I’ll now wait for these cards to age a bit...and the secured cards to graduate...before maybe applying for another Cap One, or something else. 

My scores right now on (real) FICO are:

EX 650
EQ 659
TU 658

Thank you to all for the great advice on this board. 
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Edited by Jeffster
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10 hours ago, Jeffster said:
My Chapter 13 was discharged in January 2021. 100 percent plan which I completed 1.5 years early.

I wasn’t quite sure how I was going to rebuild my credit, and was kind of OK with just sticking to my debit cards. In fact, I had resigned myself to a future using debit cards only. 

I decided to give Cap One a try anyway a few days after my discharge. I had a Cap One IIB but, again, I had a 100 percent plan. I still wasn’t expecting an approval. I was instantly approved for a Cap One Platinum with a $3,000 limit.

The same week, I received a pre-approved invitation for the Ollo MC. Instant approval for $1,800.

Since then, I have been approved for:

B of A Cash Rewards Visa (Secured) $5,000
TD Cash Rewards Visa (Secured) $1,500
Jasper MC $5,000
Mercury MC $2,500
Merrick Double-Your-Line Visa $1,000

Add those to the aforementioned:

Cap One Platinum MC $3,000
Ollo MC $1,800

I’ve been keeping utilization at around 1 percent, charging and then paying off. My go-to card is the BofA...really good rewards. If you have an existing relationship with BofA, it’s a great card. 

I’ll now wait for these cards to age a bit...and the secured cards to graduate...before maybe applying for another Cap One, or something else. 

My scores right now on (real) FICO are:

EX 650
EQ 659
TU 658

Thank you to all for the great advice on this board. 
Tags: None

Your pace is well done. At the moment, you need time. I mean a lot of time to go back to your previous creditors, namely, American Express, Citi, and Chase. At the same time, I suggest applying for some credit union membership qualifications. Applying for their credit products in the future is a good strategy for further seeking credit rebuilding and reconstructions. 

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You're on the right path with building a solid foundation of positive accounts.

 

I'm not familiar with every card you listed, so I'll ask:  Are the Merrick, Jasper and/or Mercury cards costing you annual fees?  If yes, consider cutting those loose and then rebalancing your portfolio.

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