Hi All!
Like others I wanted to share my story and somewhat keep a log of progress in my rebuild. I want to also thank everyone who has helped me along the way and also thank you for taking the time to read. All comments are appreciated!
Backstory
My story starts back in 2014. I am self-employed and my business was booming after 10 years of hard work. My wife and I bought our first house in March 2014. The night before closing, we found out she was pregnant with our first child. Needless to say, lots of new expenses. At the time, my wife and my combined income was double six-figure range. In our area of the country that is way above the median. Fast forward to September 2014. My largest client of over 10 years tells me without warning he was closing his business. I went from six-figures to pretty much nothing overnight. Again, we had just bought our first house, so we have a new mortgage payment to make monthly. On top of that, we were expecting our first child in November. The panic starts to set in. I thought, surely we would be alright seeing we have $100k in savings. Fast forward a year to September 2015. At this point our savings are drained and it’s becoming very clear to me that we are going to lose everything. Finally after fighting the battle for almost 2 years, we decided to throw in the towel in April 2016. We filed for Chp 7 Bankruptcy. We lost everything including our first house, my car, etc. We moved in with my parents to gain some financial ground and start rebuilding our life. Our Chp 7 was discharged in August 2016 and this is our road to recovery.
Who we burned
Amex – $20k – Both
Chase - $10k – Both
Citi -- $5k – Both
Discover -- $2k – Both
RH Card Comenity -- $10k – Her
Wells Fargo Card -- $15k – Both
TD Auto -- $15k – Both
Cap One - $1k – Both
Our Goals
Obviously getting our credit back on track is a big goal but right now our number one goal is getting out of my parent’s house. Being in your 30’s and living with your parents with your child is not a life goal I ever wanted to check off. Our income combined is around $90k. We are saving right now to build up a down payment for a mortgage. My wife was able to keep her vehicle but I am needing a new one (will discuss below)
UPDATES
03/29/17 – Joined NFCU
New Credit
Dell Preferred Account -- $1200 – Me (Actually had before BK, didn’t get closed)
Santander Auto Loan - $12k @ 7.9% apr
Credit One Bank VISA - $1700 – Me
Credit One Bank VISA - $500 – Her
Merrick VISA - $600 – Her
Blaze MasterCard -- $350 – Me
Boscov’s Card -- $250 – Me
Pier 1 Card -- $500 – Me
Overstock Card -- $250 – Me
Credit Scores – Only doing me
EX / TU / EQ
594 / 591 / 591 - 03/30/2017
590 / 582 / 587 - 03/15/2017
