Reply
Frequent Contributor
ihatemyscore
Posts: 283
Registered: ‎02-05-2012
0

As I am waiting to be discharged

I am waiting to be discharged for a Chapter 7. I have 13 different collection accounts from CMRE Financial Services, I was wondering is this gonna cause a negative effect when it comes time for me to start trying to rebuild?

 

All negative accounts are 13 seperate collections from CMRE,

1 settled card from capitalone from 2011

1 settled card from navy fed 2011,

1 paid car loan in full 4 year car loan paid in 10 months due to car accident,

I had a USAA secured card for 8 months paid on time but USAA canceled me due to filing.

I also have a 14k car loan I am including in my bankruptcy.

 

This is everything on my report that is bad... I also have 14 inquires in 24 months.. Before bankruptcy I wasnt credit smart and still applied for cards, even this year.

 

 

 

I need help! Am I gonna be able to be afloat after discharge?

Last App: 9/16/13
BK Discharge: 6/12
NavyFCU Flagship Visa Sig $10k | NavyFCU nReward Secured $500 | NavChek $5k | Walmart $600 | Capital 1 Quicksilver $750 | Capital 1 Plat $1k | Kays $400 | Amazon $600 | Express $250 |
Frequent Contributor
ihatemyscore
Posts: 283
Registered: ‎02-05-2012
0

Re: As I am waiting to be discharged

After I am discharged, should I send them a PFD, I owe about 5,000. But if I send a PFD of like 1500 you think theyll do it? Since they know bankruptcy means there not getting anything?

Last App: 9/16/13
BK Discharge: 6/12
NavyFCU Flagship Visa Sig $10k | NavyFCU nReward Secured $500 | NavChek $5k | Walmart $600 | Capital 1 Quicksilver $750 | Capital 1 Plat $1k | Kays $400 | Amazon $600 | Express $250 |
Contributor
Misshopeful72
Posts: 185
Registered: ‎03-05-2012
0

Re: As I am waiting to be discharged

You can try for a pfd. I did that with two medical bills that were iib and they removed them and my score went up 40 points.
EQ 480 02/27/12- EQ 617 05/02/12
TU 500 02/27/12 TU 585 05/01/12
All scores are myfico
Frequent Contributor
ihatemyscore
Posts: 283
Registered: ‎02-05-2012
0

Re: As I am waiting to be discharged

I appreciate the advice.

Last App: 9/16/13
BK Discharge: 6/12
NavyFCU Flagship Visa Sig $10k | NavyFCU nReward Secured $500 | NavChek $5k | Walmart $600 | Capital 1 Quicksilver $750 | Capital 1 Plat $1k | Kays $400 | Amazon $600 | Express $250 |
Established Contributor
aussiesareforever
Posts: 740
Registered: ‎10-04-2010
0

Re: As I am waiting to be discharged

[ Edited ]

ihatemyscore wrote:

After I am discharged, should I send them a PFD, I owe about 5,000. But if I send a PFD of like 1500 you think theyll do it? Since they know bankruptcy means there not getting anything?



Why exactly do you want to send a PFD?? Who are the original creditors? BK is meant to give you a fresh start and you should really save that money and use it towards a secured card. Your FICO score is going to be low with the BK reporting and having those accounts deleted probably won't change your score much- unless you can get all of them deleted. It sounds like you have 13 collection accounts and the odds of having them all deleted is pretty slim. How long have those accounts been in collection? They won't have significant effect on your FICO score if they have been on your reports for a while and they will all fall off about 7 years after the DOFD.

 

The bottom line is that there is credit hope after BK. It is NOT going to be easy but if you are determined to learn from your previous mistakes and start afresh, then you can do well for yourself. One you are discharged, check your credit reports about a month later. Make sure ALL those accounts have a zero balance and make sure they all have the designation "included in bankruptcy"

 

Start off with 1-2 cards. You may need to go the secured card route (which is why you should save your $1500). Capital One and Orchard bank are recommended cards for rebuilding post BK. Another option will be to try your local credit union. Those banks may actually be able to give you an unsecured card (I started with a $300 card from Capital One about two months after my discharge). Use it every month and pay your bill on time. Make sure that the balance on the card is only about 9% or less of your total credit limit when the balance reports. FICO likes to see a small balance which indictes you are using the card. Having it report a zero balance all the time may not necessarily help your score. Make sure you only charge what you can pay off. After about six months to a year, apply for a second credit card. Use it the same way as the first card. I won't really recommend getting more than 3 cards. It becomes harder to manage (at least for me).

 

Finally, spend time on this forum and learn as much as you can. Each section has some recommended reading threads for newbies. The BK section, General Credit issues section and Credit Card section are good places to start. The rebuilding section is good too but a lot of the information applies to sending GW letters and PFD- which you shouldnt have to do after you've filed BK. I have learnt so much from this webiste. I wish I had found it before I filed (cause I probably would have worked extra hard to not file) or soon after I filed.

 

You have so much potential to improve your credit post BK. You just need to be delibrate and focused. Don't go on application sprees and don't spend more than you can afford. Pay your bill on time every time and keep yourself educated. There is great credit life after BK and you will stay afloat!!!!!

 

 

p.s don't send any PFD letters. I really don't see how it would help you much!

BK in 2008, after making very stupid financial decisions.

Barclay's Apple Financing Card ($6400) --- Capital One Quicksilver ($10,000)---GEMB CareCredit ($5700) --- AUFCU ($10000)--- Walmart ($5000)

FICO Scores: TU 735 EQ 709 EX 740 (Feb 2013, all pulled by lender)

Frequent Contributor
ihatemyscore
Posts: 283
Registered: ‎02-05-2012
0

Re: As I am waiting to be discharged

Wow, I am impressed on the informative post you have written to me. You have clearly opened my eyes and now I am eager as ever to try my best at this. I will leave it alone and try and keep my chin up. I go see the trustee on Friday and I know ill probably be discharged by july or august. But thank you!

Last App: 9/16/13
BK Discharge: 6/12
NavyFCU Flagship Visa Sig $10k | NavyFCU nReward Secured $500 | NavChek $5k | Walmart $600 | Capital 1 Quicksilver $750 | Capital 1 Plat $1k | Kays $400 | Amazon $600 | Express $250 |
Frequent Contributor
ihatemyscore
Posts: 283
Registered: ‎02-05-2012
0

Re: As I am waiting to be discharged

[ Edited ]

This is my credit picture the medical bills will be included in bankruptcy but the settled cards are whats gonna be killing me and I don't know what todo. I am GWing cap one but navy fed wont budge!

 

]

 

[]

 

 

]

 

 

 

Last App: 9/16/13
BK Discharge: 6/12
NavyFCU Flagship Visa Sig $10k | NavyFCU nReward Secured $500 | NavChek $5k | Walmart $600 | Capital 1 Quicksilver $750 | Capital 1 Plat $1k | Kays $400 | Amazon $600 | Express $250 |
New Visitor
mirajan17th
Posts: 1
Registered: ‎04-24-2012
0

Re: As I am waiting to be discharged

I filed and was discharged from bankruptcy. AFTER I was discharged a collection agency reported an unpaid medical bill to the credit bureaus. I called the Hospital and they said if I sent them a letter showing the bankruptcy, that they would tell the collection agency to REMOVE it...and guess what THEY DID! So, maybe you can try to get a few removed, but either way your score will be lowered of course. Within 6 months I received my first credit card offer from CREDIT ONE..and was approved for $300. I kept paying on time for a few months, then week after week, more PRE SELECTED offers came in the mail. My FICO score was only in the mid 500's. I believe my second offer was from ORCHARD BANK with a credit limit of about $400. GOOD LUCK! Don't pay the discharged monies...save the money and use to for a secured credit card if you need to rebuild credit. Also, watch out, some of those SECURED cards, and even some others, like my CREDIT ONE card only report to 1 credit bureau.

Frequent Contributor
ihatemyscore
Posts: 283
Registered: ‎02-05-2012
0

Re: As I am waiting to be discharged

Thank you, I will go ahead and follow your advice. I hope they do the same thing and I will contact the hospital as soon as possible!

 

Thanks!

Last App: 9/16/13
BK Discharge: 6/12
NavyFCU Flagship Visa Sig $10k | NavyFCU nReward Secured $500 | NavChek $5k | Walmart $600 | Capital 1 Quicksilver $750 | Capital 1 Plat $1k | Kays $400 | Amazon $600 | Express $250 |
Established Contributor
aussiesareforever
Posts: 740
Registered: ‎10-04-2010
0

Re: As I am waiting to be discharged

[ Edited ]

It is not the end of the world if the GW doesn't pan out. I saw in one of your posts that you are in your early 20s. You have plenty to time to rebuild and recover from your BK. Those paid collections will fall off in seven years or less. You will get credit in the interim and you will stay afloat. Work on making sure your credit history is PERFECT after bankruptcy. Even one late payment looks very bad. How you handle your credit after your discharge makes all the difference in the world. Don't make hasty decisions- those are likely to be ones that come back and bite you in the butt.

 

Edited to add that your Capital One accounts will fall off your CR in about five years. Your DOFD was October 2010 so it will fall off seven years from there (October 2017). Keep doing what you are doing. Stay in school, get a degree, work hard, pay your bills and treat your credit well. Your scores will come up and your negatives will start to drop like flies :smileyhappy:

BK in 2008, after making very stupid financial decisions.

Barclay's Apple Financing Card ($6400) --- Capital One Quicksilver ($10,000)---GEMB CareCredit ($5700) --- AUFCU ($10000)--- Walmart ($5000)

FICO Scores: TU 735 EQ 709 EX 740 (Feb 2013, all pulled by lender)


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
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+