Ch 13 rebuild

[medicgrrl]

I'm hoping this post will give some inspiration to other "13er's" out there. There doesn't seem to be a lot of information on us.

I filed 6/11 and was DC'd 9/16. I did not begin my rebuild until after my discharge...which looking back, I regret.

A week after discharge I was approved for a Cap1 cc and auto loan @ ~6%

In December I opened a VS and Marathon card, both with a HP. Since then I have opened various cards with Amex (3 of those with my highest limit being $10,000) NFCU, PenFed, Cabela's, Discover, Overstock and my local CU. I now have over $60,000 in available credit with a very low balance on a couple of cards, which I pay off monthly usually. I am carrying a couple of balances due to work and the kids school but I use my cards to both maximize rewards and not pay interest.

I've also refinanced my car and have a NFCU CLOC.

My TU score is unusually high and will not be typical of a rebuilder because I honestly just lucked out. TU 756, Exp hit 700 today! and EQ hates me at 673 😀

Stay the course, there's light at the end of the tunnel...and it's not a train! I know that the long process of a 13 can be frustrating but in the end you'll learn so much from the journey.

Best wishes to you!!

[Scupra]

Thank you so much for sharing. There really isn't that many Chap 13 rebuild stories around so hopefully this will help someone.

[medicgrrl]

Thanks Scupra!

[pizza1]

Keeping plugging along!! That TU score is awesome, btw...whats not on TU that is on the others??

[medicgrrl]

My BK and any other derogs 😀

[Anonymous]

Nice progress Medicgrl! 

[AverageJoesCredit]

Thanks for sharing MG. I didnt start rebuilding until 8 years post 7 lol, so just imagine. That Tu is a glimpse of your future scores. EQ is the absolute worse for me too nor do i care for how they operate. Worse thing is almost all my good cards use it for increases. Continue the path, it gets better

[medicgrrl]

Thanks AVJ!

[luxeprw9]

Thanks for sharing! Fantastic rebuild! Congrats on reaching 700 on both TU and EX.  That is amazing.  

My CH13 discharge is close to your date (August 2018) and I cannot wait until my reports are clear!  

[tnvols]

That's an inspiring recovery.  We have 2 payments left on our 5 year Chp 13 plan.  All classes and paperwork is already submitted to our attorney.  We have no collections or chargeoffs showing and we got permission late last year to buy a new vehicle thru our credit union.  That loan is coming up on one year of perfect history.  Scores are now 630-657-672 roughly.  The only negative showing at this point is the BK filing.  Counting the days until we are free, probably not until close the end of this year once we get the discharge papers.  My local credit union loves me and promises me a shiny new unsecured card once I'm free to apply.  We plan to do the following in 2018.

1. Card from my local Credit Union.

2. Cap One card, secured or unsecured.  

3. Discover IT secured or unsecured

4. We are new members of NFCU.  We plan to apply for a card after a few months of revolving history and see if we can get our foot in.

I think our scores will hit 700 after a few months of revolving history and we can start to build from there.  Within another 2 years, the bk will be gone and we should be mid 700's by then.  Current DTI is only 3% including the car payment so we don't need credit, we simply need a great credit score for mortgages and car loans down the road.