Reply
Member
ha05
Posts: 9
Registered: ‎02-05-2014

5 week out from discharge-- Is there Hope?

Hi, I'm new to fico and 5 week post DC and just purchased my EQ score today. I want nothing more then to take this fresh start and start over and rebuild great credit, however the whole experience of rebuilding is terrifying. My credit prior to bankruptcy was a absolutely mess. My current fico score is 576. What I can tell it looks as everything was included properly (will do a more intense look later this week)

Here's what say hurting my score the most

1. Serious delinquency, public record ..... 14 account 60 days  1. Public record and 1 collection

2. You have one or more accounts showing missed payment  15 accounts missed payment

2. Missed a payment recently 5 months ago

I have one revolving account showing current never late- it's at a 75% balance (It was a 100% in Nov, been working very hard it get it below 30%)

and several students loans that are current in deferment (I'm currently a student)

I just applied for a Credit one card and was approved for $300 ( I will not be carrying a balance on this card PIF every month)

Is there hope of ever reaching over 600 in the next year with all the negatives? ( most of the late pay would have never happen had I not stopping paying for credit card while was filing for bankruptcy attorney advised to pay nothing.)

Any advised would be helpful

 

 

New Contributor
camille11
Posts: 55
Registered: ‎12-31-2013

Re: 5 week out from discharge-- Is there Hope?

I'll just say it looks like you have a LOT of work to do.  But, there is always hope.  I'm in a bad way myself, but I won't give up "hope."  Sometimes it is all we have.

 

Good luck!

Regular Contributor
ChistineNJ
Posts: 153
Registered: ‎04-04-2013

Re: 5 week out from discharge-- Is there Hope?

Welcome and congrats, there is hope search for bk to 700 on this forum. 

 Bk d/c 6/2013, Cap1 500.00, CU card 800.00, express 250, nrewards 2500.00, VS 500.00, quicksilver 1000.00, BML 500.00, CB Loan 1000.00

Starting Score: 553
Current Score: 630
Goal Score: 650


Take the myFICO Fitness Challenge

 Pre BK score: 565 (Credit-Infonet)
Filed Bk : 3/26/13
Scores: TU 591, EQU 579 EXP 516
BK D/C: 6/21/2013
Post Clean up Scores: TU 569, EQU 553 EXP 587
New Accounts
6/28 Capital One $300.00
7/ Fp $700.00
9/11 Express Retail Charge $250.00
10/28/13- nfcu nrewards $500.00
New Member
Zazu
Posts: 3
Registered: ‎03-05-2013

Re: 5 week out from discharge-- Is there Hope?

[ Edited ]

 I am 11 months post discharge and I can tell you there is hope. Your file looks no worse than mine . After talking to my lawyer, I started with two secured cards even before my discharge. 6 months after discharge I received a preapproval for a Merrick M/C with a $600 limit that since was doubled to $1200. 3 months later I received a preapproval for a Barclays Rewards M/C for $1500. Since than I have received  Amazon , Walmart, Target, and Kohls cards, and I just opened a Capitalone Quicksilver One card with a $1500 limit. All three of my FICO's are right at  620. I intend now to do nothing but gardening for the next 6 to 9 months and expect my scores to be over 650. If you have a good plan and stick to it you will see the light at the end of the tunnel. Good luck.

Member
ha05
Posts: 9
Registered: ‎02-05-2014

Re: 5 week out from discharge-- Is there Hope?

Great information, it does give me hope. Patience is in my favor since I kept my home in the BK and the only other purchase is a new car in about a year. I'm currently a nursing student and do not want to ever put my self in the same position I was in the last few years. 2014 is the year of building and better money management for myself and family.
Valued Contributor
Scupra
Posts: 1,143
Registered: ‎07-12-2012

Re: 5 week out from discharge-- Is there Hope?


ha05 wrote:

Hi, I'm new to fico and 5 week post DC and just purchased my EQ score today. I want nothing more then to take this fresh start and start over and rebuild great credit, however the whole experience of rebuilding is terrifying. My credit prior to bankruptcy was a absolutely mess. My current fico score is 576. What I can tell it looks as everything was included properly (will do a more intense look later this week)

Here's what say hurting my score the most

1. Serious delinquency, public record ..... 14 account 60 days  1. Public record and 1 collection

2. You have one or more accounts showing missed payment  15 accounts missed payment

2. Missed a payment recently 5 months ago

I have one revolving account showing current never late- it's at a 75% balance (It was a 100% in Nov, been working very hard it get it below 30%)

and several students loans that are current in deferment (I'm currently a student)

I just applied for a Credit one card and was approved for $300 ( I will not be carrying a balance on this card PIF every month)

Is there hope of ever reaching over 600 in the next year with all the negatives? ( most of the late pay would have never happen had I not stopping paying for credit card while was filing for bankruptcy attorney advised to pay nothing.)

Any advised would be helpful

 

 


What is this? How did it survive the BK, or why wasn't it included? That is def a major factor bringing your score down. Is everything on your report reporting correctly? Should read $0 bal and IIBK.

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
691 EQ FICO 06/2014
684 TU FICO 06/2014
682 EX FICO 04/2014
$7k NFCU Flagship Sig - $8.5k NFCU cashRewards Sig - $15k NavChek - $2k Cap1 Quicksilver - $3k Barclays Arrival +
Valued Contributor
ezdriver
Posts: 1,446
Registered: ‎08-24-2013

Re: 5 week out from discharge-- Is there Hope?

Best response I can offer is that you spend some time reading the many posts on this forum that answer your very question ... many of them in excruiating detail. All the best with your rebuilding efforts and I encourage you to avail yourself of th emany great tips/recommendations that can be found in previously posted material here.



Starting Score: 618
Scores on 10/9/13: EFX 652, XPN 669, TUC 662
Scores on 3/17/14: EFX 649, XPN 677, TUC 681
Goal Score: 720 ALL


Take the myFICO Fitness Challenge
Valued Contributor
Scupra
Posts: 1,143
Registered: ‎07-12-2012

Re: 5 week out from discharge-- Is there Hope?

Here is a GREAT place to start ha05

 

http://ficoforums.myfico.com/t5/Bankruptcy/HOW-TO-From-BK7-discharge-to-700-in-24-months-or-less/td-...

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
691 EQ FICO 06/2014
684 TU FICO 06/2014
682 EX FICO 04/2014
$7k NFCU Flagship Sig - $8.5k NFCU cashRewards Sig - $15k NavChek - $2k Cap1 Quicksilver - $3k Barclays Arrival +
Member
ha05
Posts: 9
Registered: ‎02-05-2014

Re: 5 week out from discharge-- Is there Hope?

The card with the balance is a care credit card. I'm a AU on the card with a family member. I want to have it paid off by the end of next month. I'm hoping that will boost my score some.

Established Contributor
SoulMaster
Posts: 981
Registered: ‎11-08-2011

Re: 5 week out from discharge-- Is there Hope?


ha05 wrote:

The card with the balance is a care credit card. I'm a AU on the card with a family member. I want to have it paid off by the end of next month. I'm hoping that will boost my score some.


Have the family member remove you as an AU on that CareCredit (this doesn't mean you can't still pay the bill) then follow the thread that Scupra posted...  You'll do just fine!

 

-SM

I am not an attorney and none of what I write should be construed as legal advice. For legal advice please consult an attorney.

Starting Score: ~470 preBK(8/2010)
Current Scores as of 3/15/14 All 700+. Last CR pull from a lender(housing) was mid-score 729.
Goal Score: 700+ - reached.

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+