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Valued Member
Posts: 58
Registered: ‎05-26-2017
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Longtime Stalker, First Post | 341 Meeting on Tuesday

[ Edited ]

 

 7/5/17 - Update: I received a notification from myFico and I am officially discharged as of today!! My scores are  Equifax: 502 | TransUnion: 534 | Experian: 490

 

Since I had my 341 meeting and was waiting for discharge, I have been also rebuilding my BF's credit.  In doing so, I have been added as an AU on his Discover IT secured card and his Credit One card.  The Discover card just started reporting for me but the Credit One has not.

 

I called my student loan vendor to ask about getting into a rehabilitation program - advised I need to call back in a couple of days when their systems are updated.

 

I will also wait until next week to pull my credit reports to start disputing any inaccurate data and move forward with the BK to 700 plan.

 


 

5/30/2017 -  Update: I purchased the FICO 3B Report and my scores are Equifax: 493 | TransUnion: 496 | Experian: 441

 


 

Sorry for the length of my post, but I am writing this as sort of a starting point to keep myself accountable.    My story is as follows:

 

I am a pretty high wage earner but since 2008 have been laid off 3 times.  My last layofff was while I was 4 months pregnant in 2014 and so I didn't return to a stable job until June 2015 and have been working ever since.  I make about $120,000 per year, but filed Chapter 7 as a last resort due to an Unemployment Insurance overpayment garnishment of $10,000.  I had to go to two lawyers as I almost couldn't file the 7 as my income was too high.  Prior to the garnishment, I was slowly making progress in paying off old debt.  Once the garnishment hit, I was going to just ride it out but they were garnishing $1,000 per paycheck!!!  My debt is primarily medical bills, cable bill, cell phone bill, 2 Capital One cards - limits of $500 each, a judgment for a car that was repo'd in 2009.  Mostly bull**bleep** that I could have handled since I've returned to work.  The garnishment just pushed me over the edge.

 

Knowing that my job got a) the garnishment notice and b) the notice of bankruptcy has been so incredibly embarrassing but I'm moving forward.  I am going to follow the BK7 to 700 plan to try and rebuild, ultimately to buy a home within the next 3 years.

 

I own an SUV that of course (!!) broke down about 2 weeks ago.  Normally, I would just get it repaired, but when I wasn't working, I took a title loan out on it, so in addition to the expensive repair plus the remaining outstanding balance on the title loan, I am going to surrender it.  The value of the vehicle is about $5,000 but the repair will be $2500 and I still owe $4,000 on the title loan (and they wouldn't renegotiate a lower interest rate/payment - even though I've paid on it for 18 months), plus it needs other miscellaneous repairs (new tires, and windshield, new shocks).  My first thought was to go out and purchase another vehicle right away but after reading posts on this board,  I asked around and was lucky to be able to have my boyfriend's mother give us a spare car.  It's a bucket  - my kids beg to be dropped off blocks from their school - but it works and  I'm trying to make better financial decisions!!  Side note: my boyfriend and I share one car.  I use public transportation to get to/from work and he works nights so for now this works for us.

 

Since I've filed, I've been getting these "preapproval" letters for auto loans that I didn't think I would need, but I followed the advice of another poster and put them all in a folder to review after discharge.  My plan is to move forward with the first couple of steps of the BK7to700 plan and apply for a Capital One Blank Check auto loan 8-12 weeks after discharge and go from there (fingers crossed that I get approved).  Plus as a bonus, I'll be getting back the money that was garnished which is a little over $4,000 so that will be helpful.  I'm thinking of using $1,000 for a credit builder loan, $1,000 in savings and $2,000 as a downpayment.

 

My other issue is I had a student loan that is/was in default.  Since I know those aren't dischargeable - I contacted the lender to see about a rehabilitation program but they can't help me until after discharge.  That will be step 1 after I receive the discharge.  

 

About two weeks ago, I applied for a NFCU checking and savings account (my dad is retired military), submitted my ID and paystub (for proof of address) but haven't heard anything either way.  I paid the $5 membership fee so I'll need to follow up with them.

 

I am waiting until discharge to pull my credit report and FICO scores so I have a baseline, but my Credit Karma Transunion score is 552 and Equifax is 529.  These scores show the BK7.  I know those can be way off, but it's a starting point.

 

Thank you to everyone for all of the useful information it has helped tremendously and has inspired me to share my story in hopes that it helps someone else.  Keep sharing your experiences - you really are helping!!

 

Couple of questions - what does IIB mean and how do I put the footer information on the bottom of my posts (date of filing, scores, pictures of credit cards?)

 

Thanks!!

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personal:| Business:
Filed BK7: 3/24/17 Discharged: 7/3/2017 (Starting scores | EQ: 493 | TU: 496 | EX: 441)
7/17 - EQ: 563 | TU: 549 | EX: 570
Valued Contributor
Posts: 1,301
Registered: ‎07-13-2016

Re: Longtime Stalker, First Post | 341 Meeting on Tuesday

Welcome to myFico! 

IIB = Included in BK

 

To add to the footer --> my settings-->personal information-->add scores etc in signature box

 

BK 5-2012 Revolving Rebuild Started 6-2016
AMEX ED & SPG | BOA CR | PenFed PC | NFCU FLAGSHIP | Discover IT | CapitalOne QS | LOWES | Barclays AVIATOR
Valued Contributor
Posts: 2,413
Registered: ‎03-23-2009

Re: Longtime Stalker, First Post | 341 Meeting on Tuesday

With your employment history, I would suggest putting $2000 in savings. The rebuild loan is useful when you don't have installment debt. You plan on having both a car loan and student loans after discharge so I would save your money. I would establish a good savings account before putting too much towards credit. Sounds like you work in an industry that can be volatile.

Best wishes on your rebuild.


EQ 670 EXP 690 TU 759
Valued Member
Posts: 58
Registered: ‎05-26-2017
0

Re: Longtime Stalker, First Post | 341 Meeting on Tuesday

Thanks!

Personal:| Business:
Filed BK7: 3/24/17 Discharged: 7/3/2017 (Starting scores | EQ: 493 | TU: 496 | EX: 441)
7/17 - EQ: 563 | TU: 549 | EX: 570
Valued Member
Posts: 58
Registered: ‎05-26-2017
0

Re: Longtime Stalker, First Post | 341 Meeting on Tuesday

7/17/17 - Update

 

Step one of the BK to 700 - completed!

Once I knew I was discharged, I pulled my credit reports from annualcreditreport.com and disputed everything that was reporting incorrectly - which was mostly everything.  I immediately went to the Credit One and Capital One prequal sites but no pre-approved offers were showing so I checked every day and finally on 7/12, I was approved for an unsecured Credit One card with a $500 starting limit!! 

 

Step 2

As I have a student loan, I am not going to open the credit builder loan.  I have contacted my student loan vendor and am getting back on track with my student loans - received an email today that my new loan should originate by 9/2/2017.

 

I have finally become a member of NFCU (had to resubmit verification details twice) and am adjusting my direct deposit to put $150/month in my checking account and wait it out until it's time to apply for the nRewards Visa.

 

As of today without the Credit One account reporting, my scores are: EQ: 563 | TU: 549 | EX: 570 

 

Personal:| Business:
Filed BK7: 3/24/17 Discharged: 7/3/2017 (Starting scores | EQ: 493 | TU: 496 | EX: 441)
7/17 - EQ: 563 | TU: 549 | EX: 570

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