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Established Member
Posts: 26
Registered: ‎01-22-2017

Discharged... Finally

Greetings, Fellow Fico-ers - 

 
I have been a ‘lurker’ for the last year or so, and felt today was the perfect day to write my first post because I’VE BEEN DISCHARGED!!!! As many others before me have stated, I've found the information on this site invaluable and often times therapeutic - It’s been a long hard road. My journey to, through, and out of bankruptcy started over ten years ago, when I was young and obviously irresponsible. At 25 years old, I viewed credit as carte blanche to do and spend whatever I wanted.  I had multiple $10,000/$15,000 CLs and a Platinum AMEX….You couldn’t tell me anything.  All the while, I was working at a job making $15 p/h and spending like I made $150.  Well, it finally caught up to me, and after years of robbing Peter to pay Paul, I made the decision to file Chapter 13 in October of 2011.  This was one of the most difficult decisions that I have ever had to make, mostly because I felt like a failure. 
 
The 5 year journey through bankruptcy was definitely and eye opening experience.  I truly learned the value of money when I was forced to live within my means.  For this, I am eternally grateful. The process itself was relatively smooth (I know I’m the exception, I’ve read the stats regarding success rates in CH13).  There was a small misstep when my trustee implemented a new online payment option during year 4, where incorrect due dates were listed on the site and I missed a payment.  This was corrected immediately, and outside of that and being asked for my taxes once, I flew under the radar and everything went as expected until my final payment.  
 
I made my final payment in November, 2016.  Unfortunately, I had to wait until the next payment cycle in December for my final disbursement to occur…grrrrrrrr Smiley Mad.  I received notification in mid-December that my case was closed and the status was updated on the NDC website to reflect this as well.  The letter also stated that I needed to wait for the Trustee's Final Report and Accounting and subsequently the Order of Discharge - This process could take up to four months…. double grrrrrr Smiley MadSmiley Mad. I filed my Certification in Support of Discharge and the waiting began. Early January I received the trustee’s final report, and I figured my discharge was right around the corner. WRONG! It’s now March 15th and I’m getting restless, so I call the bankruptcy clerk against my better judgement.  To my surprise, they were very helpful and told me that I’m ready to be discharged immediately, but that they had NOT received the trustee’s final report and I should call their office. I call the trustee’s office and the woman who answered looked at my case and immediately began to apologize profusely.  She stated that everything was done, but for some reason the report was not filed - She assures me that she would do it that day, which I was able to confirm via PACER. I figured at this point it would take a few days, maybe next week, but low and behold this afternoon my discharge appeared.  ***queue the singing cherubs*** Smiley Happy
 
So, here it is … 
Burned: AMEX, BOA, Capital One, Chase, Synchrony (GE) <<< I know, it hurts.
I was delinquent on my student loans. 
I paid my car off the month before filing - I still have it, it’s 12 years old now and sounds like a 767. 
 
I’ve cleaned up my reports to ensure everything shows a zero balance, closed, and included in bankruptcy. 
I joined the Navy League back in July, but was waiting for my discharge to apply for membership with Navy. 
I will also wait until my reports are updated to reflect the discharge before I dip my toes in the credit world. 
I’ve read from discharge to 700 numerous times.
I’ve subscribed to CCT, but will be transitioning to myfico.
I’m a Scupra fan.
 
Scores as of 03/01: EQ FICO - N/A, TU FICO - 516 , EX FICO - 558
 
I’ll update periodically, hoping that my experience(s) can help others, just as yours have helped me. 
BK13 Discharged 03/17
03/17 Fico 8 Scores: EQ N/A , TU 516, EX 558
04/17 Fico 8 Scores: EQ 566 , TU 513, EX 593


Frequent Contributor
Posts: 442
Registered: ‎03-17-2016

Chapter 13 Bk, Discharged... Finally

 

Congratz on getting your Discharge from "your" Trustee, and your local Court.

 

Thanks for the recap of your journey.

 

One glaring omission in your narrative is your PLAN.

 

Have you taken the things you have read, and composed a plan identifying who you will be applying for, and when?

 

* The key here is to apply where you will be approve, and it is something of either short term value, or a long term strategy!

 

Myself, I am less than a year from my Ch 13 Bk Discharge.  Before I took any action, I created an initial plan, and only made one change, and that was to apply to Pen Fed first. (and it worked for me)

 

The plan I constructed has worked quite well, to include a "surprise" where my secured Wells Fargo cc is un-securing at only six months, early next week without myself requesting any action.

 

The point I am trying to make here is that your work is not done, and do you have an existing and written plan going forward which you have put some objective analysis into?

 

Best Wishes!!!!!

.

05/03/16 Fico 8 Scores: EQ 546, TU 501, EX 548
09/01/16 Fico 8 Scores: EQ 662, TU 628, EX 657
10/04/16 Fico 8 Scores: EQ 692, TU 665, EX 686
01/15/17 Fico 8 Scores: EQ 706, TU 670, EX 687 * all Yellow / Good
Contributor
Posts: 134
Registered: ‎12-21-2016
0

Re: Chapter 13 Bk, Discharged... Finally

Congrats on the discharge. You seem to be well on your way to putting this chapter behind you and setting yourself on a firm financial pathway.

 

I too filed a CH 13 and had no idea that the statistics for completion were so low.  I didn't find that out until either the tail end of my BK or shortly after it ended. If I would have known sooner then I probably would have had been paranoid about not completing it.

Established Member
Posts: 26
Registered: ‎01-22-2017
0

Re: Chapter 13 Bk, Discharged... Finally

Hey Sebastian - 
 
I’ve actually been following your journey - It’s impressive. What I noticed about your rebuild is that it has been very ‘intentional’.  I’ve actually tried to piece together your progress based upon your contributions to the forum.  Now, I understand that it’s not one size fits all, but you’ve been very successful, and I’m likely to incorporate some of your experiences into my own plan. Another thing I’ve learned from the forums is that it’s not a sprint …  So, although I have taken some notes, I have not formulated my actual course of action.  I’m in no rush to make any hasty decisions, so I’ll keep reading, work on my plan, and keep everyone posted on my progress.  
 
Thank you for your feedback.
 
BK13 Discharged 03/17
03/17 Fico 8 Scores: EQ N/A , TU 516, EX 558
04/17 Fico 8 Scores: EQ 566 , TU 513, EX 593


Established Member
Posts: 26
Registered: ‎01-22-2017
0

.

[ Edited ]

.

BK13 Discharged 03/17
03/17 Fico 8 Scores: EQ N/A , TU 516, EX 558
04/17 Fico 8 Scores: EQ 566 , TU 513, EX 593


Established Member
Posts: 26
Registered: ‎01-22-2017
0

Re: Chapter 13 Bk, Discharged... Finally

Hi Pedro - 

 

Thank you for the kind words. 

 

I think that if I knew the statistics prior, I may not have gone through with it - It's not for the faint of heart.  However, I'm glad I did and I'm looking forward to a solid financial future. 

BK13 Discharged 03/17
03/17 Fico 8 Scores: EQ N/A , TU 516, EX 558
04/17 Fico 8 Scores: EQ 566 , TU 513, EX 593


Established Member
Posts: 26
Registered: ‎01-22-2017
0

Re: Discharged... Finally

*Update

 

Instant approval one day post-disharge for Capital One Platinum 3,000 CL  < Capital One IIB 

BK13 Discharged 03/17
03/17 Fico 8 Scores: EQ N/A , TU 516, EX 558
04/17 Fico 8 Scores: EQ 566 , TU 513, EX 593


Frequent Contributor
Posts: 442
Registered: ‎03-17-2016

Re: Chapter 13 Bk, Discharged... Finally


NJFresh wrote:
Hey Sebastian - 
 
I’ve actually been following your journey - It’s impressive. What I noticed about your rebuild is that it has been very ‘intentional’.  I’ve actually tried to piece together your progress based upon your contributions to the forum.  Now, I understand that it’s not one size fits all, but you’ve been very successful, and I’m likely to incorporate some of your experiences into my own plan. Another thing I’ve learned from the forums is that it’s not a sprint …  So, although I have taken some notes, I have not formulated my actual course of action.  I’m in no rush to make any hasty decisions, so I’ll keep reading, work on my plan, and keep everyone posted on my progress.  
 
Thank you for your feedback.
 

* * I’m in no rush to make any hasty decisions * *

 

Hey FreshGreat to hear your thoughts, and current intentions.


You are absolutely correct, my choices have been intentional. Okay, maybe closer to obsessively intentional.

 

I am just a few days 12 months plus on MyFico. I was initially overwhelmed, and had NO clue what to do. The more I read and learned, I realized how much I didn't know and how easy it was to get denied.

 

Before my 13 was discharged and I eventually applied, I had over 3 month of reading and learning. I kept notes on different topics, and by credit vendor. Then I learned about credit unions, and my perspective expanded. I also couldn't really find much info specifically on Bk Ch 13's.

 

Baller4Life started a thread on PenFed with Data Points. I asked if people could acknowledge if either a 7 or 13 if they had a Bk. I took specific interest in other 13's and studied their evolution. Additionally, I noticed how "Others" got to a point where they already had pre-determined dates in the future when they would App, for What, and Why.    CreditLuv had a 'long' time line, and I was incredibly impressed with his self-discipline. I also noticed that Baller also developed an intentional process of specific goals over her timeline and progress. *(Baller is INCREDIBLE!)

 

Reading the PenFed thread I learned lots about Data Points, and acknowledged while great info, it had to be SPECIFICALLY applied to each individual person. I also perceived that it required painful honesty and self assessment in a harshly objective manner. Which is basically saying that if I was a Credit Lender, would "I" risk losing money on this applicant? The benefit of this to myself is that I didn't go out applying for things I knew I would get denied on. Nor did I have the self-delusion that "I" should get approved by every Vendor simply because I submitted an application. * I mention this because it is my perception there are many posts Venting their outrage that they were denied. However, they totally fail to acknowledge to both themselves and others that there are many reasons that did not merit their approval. * * a personal example is that I had a Chase co-branded CC which was IIB. Obviously I have "intentionally" avoided Chase because of this, and because Chase automatically denies people with recent Bks, especially if Chase was IIB.

 

In summary, I specifically avoided where I would be Denied, and only went where I strongly believed that I would objectively be approved. Yet, when denied by PenFed, I immediately did a written Reconsideration (credit to TussKing) statement (which I had prepared in advance) and was approved. I haven't done anything special in my process except to be informed and prepared in advance by reading the experiences of other. I aggregated the data, and never took just one data point and believed it and only it would work in my favor.

 

If I had to coin a phrase about my journey, it is that "I wasn't in a hurry to make a mistake". I was going to take my time and do it right. An example is Navy FCU. People are in a hurry to apply for a CLI after 3 statements. (REALLY?) * It is 3 full statements, and 90 days. Myself I waited for FOUR full statements to be cut, and their AR (internal Account Review) to happen. My goal was to get an approval, not to either push my luck or to cut corners.

 

As you have stated "I’m in no rush to make any hasty decisions" will benefit you. Take your time, READ as much as possible, then his singles and doubles. No need to become a Strike Out King like Babe Ruth just for a few quick moments of passing Glory.

 

 

Best Wishes!

 

 

Pentagon Federal Credit Union Data Share
http://ficoforums.myfico.com/t5/Credit-Card-Applications/Pentagon-Federal-Credit-Union-Data-Share/m-...

 

Bankruptcy Friendly Credit Cards
http://ficoforums.myfico.com/t5/Bankruptcy/Bankruptcy-Friendly-Credit-Cards-Pt-2/td-p/3999737

 

Official Credit Unions Guide
http://ficoforums.myfico.com/t5/Credit-Card-Applications/Official-Credit-Unions-Guide/td-p/4768788

 

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

 

The Best (and Worst) Secured Credit Cards according to Beverly Harzog' opinion
http://www.beverlyharzog.com/the-best-and-worst-secured-credit-cards/

.

05/03/16 Fico 8 Scores: EQ 546, TU 501, EX 548
09/01/16 Fico 8 Scores: EQ 662, TU 628, EX 657
10/04/16 Fico 8 Scores: EQ 692, TU 665, EX 686
01/15/17 Fico 8 Scores: EQ 706, TU 670, EX 687 * all Yellow / Good
Established Member
Posts: 26
Registered: ‎01-22-2017

Re: Chapter 13 Bk, Discharged... Finally

[ Edited ]
Hey Sebastian - 
 
* * I’m in no rush to make any hasty decisions * *
 
I was waiting for you to call me out on the Cap One app so soon and without a plan.  Up until yesterday, I never received a match on the pre qual site - Curiosity got the best of me.  However, it was always my *intention* to give Cap One a try to see if they were as forgiving as others have described.  I’m pleased with the outcome .. and happy to grow my relationship with them, since they were willing to give me another chance.  
 
I wanted to avoid Credit One, OpenSky, FingerHut, etc .. but resigned myself to the idea that I may have needed to start with a card through one of these lenders. I also was hoping to avoid store cards and the shopping cart tricks, since it is likely that I’d only obtain toy limits.  I also didn’t want to waste hard pulls apping for products/cards where there is little certainty for approval.  
 
Additionally, I submitted my application to Navy today.  I belong to a local cu, but they are not bk friendly at all - I reached out to them prior to discharge and they were emphatic that they wouldn’t even touch me until two years out.  I was considering opening a credit builder with them, but that’s a no-go as well.  Pending the outcome with Navy, I’ll evaluate whether I want to continue my relationship with my current cu.  I’m hoping that I’ll be able cultivate a relationship with NFCU so that I may successfully apply for their credit products in the future. I may explore a share secure loan and/or a secured card with them near-term to help my mix and maximize scoring.  I also felt a little more comfortable with Navy v. PenFed, because Navy has a branch not too far from me (I know, who goes to the bank/cu?)
 
I am just a few days 12 months plus on MyFico. I was initially overwhelmed, and had NO clue what to do. The more I read and learned, I realized how much I didn't know and how easy it was to get denied.

 

The forums can certainly be overwhelming, but once I identified key threads like the ones you’ve outlined below, I was on a roll.  Additionally, I targeted certain forum contributors whose insight and contribution I found valuable.    
 
Before my 13 was discharged and I eventually applied, I had over 3 month of reading and learning. I kept notes on different topics, and by credit vendor. Then I learned about credit unions, and my perspective expanded. I also couldn't really find much info specifically on Bk Ch 13’s.
 
I too scoured the forums looking for Ch 13 specific threads and information.  Since the information here is primarily Ch 7 related, this was also motivation for me to document my experience. Again, I’ve taken notes, but have not developed a formal plan .. This is what I'm working on currently (journaling my experiences and developing/evolving my long-term plan) .  However, I am anxious to get my rebuild started and will use caution prior to taking any additional action - I’m not in a hurry to make a mistake

 

Baller4Life started a thread on PenFed with Data Points. I asked if people could acknowledge if either a 7 or 13 if they had a Bk. I took specific interest in other 13's and studied their evolution. Additionally, I noticed how "Others" got to a point where they already had pre-determined dates in the future when they would App, for What, and Why.    CreditLuv had a 'long' time line, and I was incredibly impressed with his self-discipline. I also noticed that Baller also developed an intentional process of specific goals over her timeline and progress. *(Baller is INCREDIBLE!)
 
I’ve read PenFed with Data Points,  it’s certainly a robust thread that warrants another read.  I have a particular interest in PenFed due to their great rates - I will need to replace my aging vehicle probably more sooner than later.  So, although I likely will not be able to obtain initial financing with them, it may be a good idea to have them in my back pocket should I need to refi down the road.  I’ve also seen CreditLuv throughout the forum, I’ll track down Luv’s timeline (thanks for the tip).  
 
I have also *noticed* some of the denial posts, but try not to pass judgement, as everyone's journey is their own.  If I've learned anything from these forums, espcially for rebuilders like us, it's that rebuilding takes a bit of skill and finesse.  We have to do the work and be responsible for our outcomes.  
 
So, I guess short-term, my goals are to nurture my Cap One card (CLI/PC) and see what I can do with NFCU.  I’ll mine the threads related to PenFed, with special attention to automotive financing.  I’m also tracking Discover (DiscoverIT), since they were not burned in bk << again, may be put on the back burner pending success with Navy. 
BK13 Discharged 03/17
03/17 Fico 8 Scores: EQ N/A , TU 516, EX 558
04/17 Fico 8 Scores: EQ 566 , TU 513, EX 593


Frequent Contributor
Posts: 442
Registered: ‎03-17-2016
0

Re: Chapter 13 Bk, Discharged... Finally

Hey Fresh,

 

Let me say that all of this stuff is "easier" said than done.

 


I was waiting for you to call me out on the Cap One app so soon and without a plan


Hey, I read it. No big deal, you got a good starting point, and you will be able to grow it will and eventually PC if desired.

 


I wanted to avoid Credit One, OpenSky, FingerHut, etc .. but resigned myself to the idea that I may have needed to start with a card through one of these lenders. I also was hoping to avoid store cards and the shopping cart tricks, since it is likely that I’d only obtain toy limits.

 

If you get to the point where you "need" to get to THREE revolvers, one has to do what they have to do, even if it is not the most attractive choice.



Navy / PenFed


Good luck with Navy! On PenFed, it is my intention to also use them for Auto Financing in the next 12-36 months, the later the better.


My decision to go initially with PenFed was because I thought I had a better chance in the beginning of my rebuild, vs. later where I could be  / denied for being an "Egyptian", aka a Pyramid Builder of credit cards. I also used my previous military status as leverage to get PenFedperceived to take a serious look at me. Similarly, if I was a pilot or aviation electrical engineer, I would target Boeing, ect....


* And yes, I did take the time to scroll thru the entire directory of Federal Credit Unions to consider my options and choices I wasn't aware of.

 

Alliant FCU does a good job for those looking to do a secured loan to build in the Instalment arena vs. Revolving credit.

 

Additionally, keep in mind that tossing a burlap bag on some one will protect them from the elements & keep them warm. However, if it is "Tailored" well so it is a good fit, it can be worn as a flashy & impressive sport coat. It is all about tailoring things for an individual fit. Just because Joe Blow got a suit off the rack doesn't mean it will either fit or look good on me, hence the YMMV is key.


Keep doing what you are doing, only you will know what is best for yourself.

 

05/03/16 Fico 8 Scores: EQ 546, TU 501, EX 548
09/01/16 Fico 8 Scores: EQ 662, TU 628, EX 657
10/04/16 Fico 8 Scores: EQ 692, TU 665, EX 686
01/15/17 Fico 8 Scores: EQ 706, TU 670, EX 687 * all Yellow / Good

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