I just crossed what I feel is a major threshold in my BK 7 Rebuild. I am downright elated and eternally grateful for all of the information I found on these forums. Like most, I went into BK 7 thinking life would be cash only for a looooong time.
The major threshold: This week, I received a CLI on my PenFed Power Cash Rewards (2.5 months old) from my SL of $2,000 to $18,000! This is by far the best card/limit/apr I've ever had even pre-BK.
I closed Merrick Bank and am closing Credit One as soon as I can get somebody there on the phone (LOL.) I know everyone has mixed feelings on these cards, but they were an excellent starting point for me. They can be useful tools if you diligently monitor your account and don't get into trouble.
Each of my FICO scores are up about 100 points since discharge. This is with most cards reporting balances since Merrick and CreditOne had fees that were billed monthly, causing them to always report at least a few bucks. With them gone, I can finally get to all cards reporting zero except one and am expecting my scores to respond nicely.
Where I'm going from here:
- I was able to transfer all of my CC balances ($3700) to the PenFed card and they are at 0% until April 2018. This makes for 21% utilization on this card. It will otherwise be SD'd while I make equal payments each paycheck to be done by the time the 0% ends.
- I have a balance on my NFCU CLOC of $500 that I will PIF next payday.
- NFCU Cash Rewards and Discover will be my daily drivers - PIF each payday
- Red Card when I need something at Target - PIF when charge posts
- On an IRS payment plan for additional owed on 2016 return - $6k @ 6%. I adjusted my withholding so this doesn't happen again.
- Student Loan kept up through CH7 and is down to $7800 - payments are $115/month
- Car owned outright prior to BK. 2007 VW GTI, 97,000 miles. I am keeping up with maintenance and will be getting another 100k out of it!
- I started a 401k the year I was discharged- 6% to receive the max company match. Up to $12k already
- I am comfortable with where my debt lies and what it is costing me and am making budgeting/saving my new priority. I don't have an emergency fund yet and this weighs on me. Setting a personal goal to save $15k by my 40th birthday in 2020.
- Hoping for a substantial CLI on my NFCU Cash rewards after the 90 day mark at the end of this month. Will hit the button at the end of the first week in July.
- Otherwise in the garden for the foreseeable future.
How I got here:
- BK 7 Discharged in May 2015. Starting scores: EQ 588, EX 570, TU 552
- Scores as of May 2017 with all cards except one reporting a balance and total util of 21%: EQ 677, EX 666, TU 653
- Student loan started reporting again after BK satisfying installment credit mix.
- Credit One obtained 1 month post BK - $1500 SL, $2450 when closing two years later.
- Target Red Card obtained 6 months-ish post discharge- SL $300, now $1300
- Merrick Bank obtained 6 months-ish post discharge- SL $700, $2460 when closed two years later.
- Discover IT approval 1 year, 1 month post discharge - SL $2000, now $3800
- 1 year, 10 months post d/c app spree: NFCU Cash Rewards $1000, NFCU CLOC $2000, PenFed Power Cash Rewards SL $2000 - increased to $18k @ 2.5 months
I've never felt this finacially healthy in my life. I keep tabs on my accounts and balances like never before. I log EVERY dollar I spend. I make payments before each card reports (and after before due date if not PIF.) It is a truly great feeling and I think things are really going to take off from here. Thank you all 
Congrats on the great rebuild!!!
I changed my direct deposit around to route $$ into two of my savings accounts.
I've also been chasing new account bonuses and should have around $1000 coming to me in the next month or two. That will go straight to savings and will be a nice jump start
Third NFCU Cash Rewards statement cut yesterday. Hit the max button today and CLI from $1,000 to $20,000 was approved instantly
Congrats Steelers Thats a ridonkulous jump with Navy. Great job on your rebuild, youve done amazing
Thats a ridonkulous jump with Navy. Great job on your rebuild, youve done amazing
Hit the button on my Discover IT . . . instant $300 CLI bringing me to $4100. I'll take it
Otherwise not a whole lot going on. Being frugal. Building my savings. I think I'll be going for the Navy Amex when it comes out this Fall
@Anonymous wrote:Hit the button on my Discover IT . . . instant $300 CLI bringing me to $4100. I'll take it
Otherwise not a whole lot going on. Being frugal. Building my savings. I think I'll be going for the Navy Amex when it comes out this Fall
Hey, something is better than nothing! Congrats on the CLI bump.