HOW TO: From BK7 discharge to 700 in 24 months or less!

[Scupra]

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@ordnance1987 wrote:

I know, I'm not trying to do anything right now, I still have a few months. I'm just doing research ahead of time. I don't want to be in the same boat I am right now after this.

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You are doing the right thing then! Learning from our past mistakes is key. Do all the research you can now and you will be in a much better spot! 

[ordnance1987]

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@Scupra wrote:

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@ordnance1987 wrote:

I know, I'm not trying to do anything right now, I still have a few months. I'm just doing research ahead of time. I don't want to be in the same boat I am right now after this.

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You are doing the right thing then! Learning from our past mistakes is key. Do all the research you can now and you will be in a much better spot! 

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Thank You

[twanswife916]

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@ordnance1987 wrote:

I have a question about this rebuilding plan. I just recently filed and have my meeting with the creditors in two weeks. Would I have a problem applying for credit cards and a credit building loan without steady income. I'm currently a full time student and not working. I was also wondering if anyone knew where I can get a credit building loan in Chicago?

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Ordnance1987,

I live in chicago as well and I got my credit builder loan from Credit Union 1. It cost only $10 to open a Shared Savings account. The credit builder loans are from $500 to $100. You will pay about $85-$89 a month. You will need to have some form of income and direct deposit. As for credit cards they have many out there for students. Discover IT for students, Cap1 Journey etc. 

[twanswife916]

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@ordnance1987 wrote:

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@simi_go wrote:

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@ordnance1987 wrote:

I have a question about this rebuilding plan. I just recently filed and have my meeting with the creditors in two weeks. Would I have a problem applying for credit cards and a credit building loan without steady income. I'm currently a full time student and not working. I was also wondering if anyone knew where I can get a credit building loan in Chicago?

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Whatever income you put on your application, you may be required to verify with pay stubs or something.  It is difficult to get credit without an income, I could only assume that it is even more difficult to get credit after a bankruptcy with no income.

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I'm currently using veteran benefits to go to school. I only have income when I'm in school, nine months out of the year. I don't get pay stubs, but I can get a history of payments online. Would that be enough to establish credit? I'm currently looking for a part time job but no-one wants to hire crazy people.
 

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If you have VA benefits then that is income it doesnt matter if you only receive it 9 months out the year. Also try to apply at CTA. or PACE. I work for them and they definately hire military personnel especially in management. Also check with Kelly Services, The Lasalle Network and Spherion Staffing.

[ordnance1987]

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@twanswife916 wrote:

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@ordnance1987 wrote:

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@simi_go wrote:

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@ordnance1987 wrote:

I have a question about this rebuilding plan. I just recently filed and have my meeting with the creditors in two weeks. Would I have a problem applying for credit cards and a credit building loan without steady income. I'm currently a full time student and not working. I was also wondering if anyone knew where I can get a credit building loan in Chicago?

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Whatever income you put on your application, you may be required to verify with pay stubs or something.  It is difficult to get credit without an income, I could only assume that it is even more difficult to get credit after a bankruptcy with no income.

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I'm currently using veteran benefits to go to school. I only have income when I'm in school, nine months out of the year. I don't get pay stubs, but I can get a history of payments online. Would that be enough to establish credit? I'm currently looking for a part time job but no-one wants to hire crazy people.
 

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If you have VA benefits then that is income it doesnt matter if you only receive it 9 months out the year. Also try to apply at CTA. or PACE. I work for them and they definately hire military personnel especially in management. Also check with Kelly Services, The Lasalle Network and Spherion Staffing.

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Thank you for the information twanswife916. I will try CTA and Pace, I tried Kelly Services but they were only offering me jobs that were too far or jobs that were only for two or three days.

[uktaurusbulba]

Definitely an informative thread. I too, am rebuilding from a bk7 in june 2011. I was approved for the quiksilver for 3k in March, even though I burned them in bk. I think it helped that I have some large AU accounts on my profile. I applied for the cap one platinum card, and, I was asked to mail in income verification, which I did. I think I am getting approved for that, too. Im not following this to a T, bc , I actually need the credit now for my business. That said, I found out when my balances are reported monthly and Im going to try and pay the balances down before that date to keep utilization low. I was thinking of applying for a card at my credit union next, and then barclays. A lot if my accounts IIB are more than 4 years old, so they should be coming off in the next couple of years. Hoping to have a solid 750-800 score by then. My business is really thriving and it is awfully tough picking up credit when your personals are in the tanker. Right now, my scores are 626 xp, 636eq, and 646 tu. Not bad, and they would be higher if the UTilization was down. First goal is 650, then 700, then 750. Looking into early deletions for these IIB accounts now. Boards like this have definitely helped a lot. 

[Chilli]

I need advise:

I am rebuilding from my chapter 13 discharge on Jan. 2014. I had a friend add me as an authorized user on a Chase credit card. When I talked to my friend about their utili, I was assured they never go over 25% of the limit. When the trade line hit my credit reports this weekend, my scores dropped!

I pulled my reports, my friend had a $4,000 credit limit; high balance $4,056 and current balance is $3,178.  I confronted my friend about it and they assured me that they will begin paying $500 per month to bring down the balance which will take several months. I suggested requesting a cli from Chase and Chase told her that her balances on all her cards are too high.

WTH!

She has a good payment history from 2008. 

My question is should I wait for her to pay off the cc or should I try to remove the authorized trade line from my credit reports. 

Also, the trade line does not show "authorized user"

Any advise would be appreciated.

[simi_go]

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@Chilli wrote:

I need advise:

I am rebuilding from my chapter 13 discharge on Jan. 2014. I had a friend add me as an authorized user on a Chase credit card. When I talked to my friend about their utili, I was assured they never go over 25% of the limit. When the trade line hit my credit reports this weekend, my scores dropped!

I pulled my reports, my friend had a $4,000 credit limit; high balance $4,056 and current balance is $3,178.  I confronted my friend about it and they assured me that they will begin paying $500 per month to bring down the balance which will take several months. I suggested requesting a cli from Chase and Chase told her that her balances on all her cards are too high.

WTH!

She has a good payment history from 2008. 

My question is should I wait for her to pay off the cc or should I try to remove the authorized trade line from my credit reports. 

Also, the trade line does not show "authorized user"

Any advise would be appreciated.

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Sometimes they don't report as authorized user, that really doesn't matter in your case.  Do you plan on apping for anyhting in the near future?  If so then maybe it would be a good idea to be removed, if not then just ride it out.  When the util gets paid down it will be worth it.  You just have to look at it as a long term investment, your choice though.

[uktaurusbulba]

Id probably get it removed , unless, its like a parent or something. I am noticing that my AUs are pretty much meaningless now. They dont add to my available credit, to help with utilization on any of my reports anymore. Im not sure if this new scoring or not. But, they kinda helped me jump right in and land the quiksilver with a decent 3k limit. 

[Chilli]

I am following the plan as best I can...gave in and fell off track a little..but back on track again...gardening. I currently have the following CC's:

CreditOne $600.

Quick Silver/CapOne $3,000

NFCU - Cash Rewards $500

NFCU - Go Rewards $2,000

Kohls $400

I also have a rebuilder personal loan from another CU for $5,000 

I had thought by adding an authorized user acct would help with my AAoA which took a hit with the new accounts added since my discharge on 1/2014... (my oldest closed acct. opened 2002 and 2003 but will fall off soon). In stead of the auth. user acct. helping it actual dropped my scores because the util. is so high compared to the credit limit.

FYI - I'm still gardening but don't know if I should keep the auth. user trade line on my reports.