Hey all! Just wanted to give a little update on my progress so far.
I filed for bk7 2/25/14 & my 341 meeting is 4/2/14, just received a score watch update. My car loan now reports " included in bankruptcy " and apparently has given me a 17 point boost. I went from 457 to 474. I know it's not much but things can only go up from here
next up my creditors meeting then the countdown to discharge begins!
I filed for bk7 2/25/14 & my 341 meeting is 4/2/14, just received a score watch update. My car loan now reports " included in bankruptcy " and apparently has given me a 17 point boost. I went from 457 to 474. I know it's not much but things can only go up from here
next up my creditors meeting then the countdown to discharge begins!
Good for you!! I'm not gonna lie.. The wait for the discharge was worse than that for the creditors meeting.. Probably because there's no definite date.. But that discharged feeling is oh so good!! Until then, do what you've been doing and continue reading the boards. Also, if you haven't already, create a cash-only budget. Not saying that you won't want to use credit to rebuild. You do. But I think that if you're already disciplined to live using your cash on hand, it'll be so much easier to control your credit.
Good luck on your rebuild journey!!!
Starting Score: EQ=589, TU=594, EX=??
Thanks!!! Yeah i definitely learned my lesson. I used to think that credit cards were used for when you didn't have the money for something. I had to totally change my way of thinking about credit! I honestly think it should be a mandatory class in high school that teaches you these things.
If I can't pay for it in cash, I clearly don't need it.
If I can't pay for it in cash, I clearly don't need it.
Cash is King.
If you haven't read it yet, "Total Money Makeover" is a GREAT read. Also, www.mint.com. If you link your bank account to Mint, put everythig on debit, and never ever carry cash, you'll see where every penny goes and can allocate it to budgets and goals.
-SM
Starting Score: ~470 preBK(8/2010)
@alanae1809 wrote:
Thanks!!! Yeah i definitely learned my lesson. I used to think that credit cards were used for when you didn't have the money for something. I had to totally change my way of thinking about credit! I honestly think it should be a mandatory class in high school that teaches you these things.
If I can't pay for it in cash, I clearly don't need it.
Use of credit in emergency situations is totally acceptable in my opinion.
Re the thought of credit management classes in high school, I do not subscribe to that. I believe that such education is the responsibility of parents and those responsible for the minors. Also, adults prove over and over again that credit management is a challenge despite a lot of education material being at our finger tips. Finally, life happens! Sometimes stuff is unavoidable. My own financial difficulties originated in the collapse of the housing/mortgage industry. My wife still thinks that I broke the economy! lol
@alanae1809 wrote:@Anonymous, I have to agree with @collics1 . In theory, yes parents should be able to teach their children about credit & money management, but alot of them (including mine) arent anywhere near qualified to give any kind of advice. It doesnt have to be an intense course but some basic info about credit & money in general would help them become responsible adults & school is suppose to prepare you for the real world. heck if I was told to start an emergency fund when I was 18, I wouldnt be in this mess right now lol
^^^Agree 100%. Right now it is left in the hands of the parents and you can see where we are as a nation (financially) 
Many of the parents around don't even track expenses or reconcile bank statements, much less understand the inner workings of FICO and credit scores.