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Working my Rebuild!

Established Contributor

Re: Working my Rebuild! - 1 year later

Hey folks!

 

Today is the 1-year anniversary of my BK7 discharge - what a ride!

 

I've accomplished all the goals I set for myself and then some...I have 3 revolving credit lines >$15k, the highest being $22k...I successfully refinanced my car...I have my first ever 2% rewards card, running through lots of spend and making $$$...I have a $3k emergency fund set aside, earning some pretty decent interest...and I easily qualified for a new apartment (bye-bye slum lord!!)  I think I'm ready to say it...

 

Rebuild Complete!!

 

So what now?

 

My current/remaining goals include:

 

High-end creditors:        AMEX and Chase are the long-term targets here...

 

Buy a house:                  Another year to go before I can look at FHA, 3 more years for a conventional loan...

 

Break 700:                      Crossing my fingers to get there in the next year...

 

Unless something goes wrong, or I'm tempted to app for something AMAZING, I think I'm in the garden until further notice...but I plan to stick around and contribute, because without this amazing community and the knowledge shared here I'd be NOWHERE near where I am now...it's time to give back Smiley Happy

 

Thank you to EVERYONE who has contributed advice and support!

 

 

Message 101 of 119
Community Leader
Valued Contributor

Re: Working my Rebuild! - 1 year later

Congratulations TygerHawke, that's a remarkable first year rebuild!

 

I started my rebuild slowly, I had limited income and didn't want to get in trouble again. But my rebuild really took off after I found MyFico in 2014, and by then I was 2 years into solid employment with my local county. I hit a milestone today, 6 years 3 month post BK7 discharge, I app'd for the Amex Blue Cash Everyday, approved for a SL of $15k, my highest SL ever!

 

Question: Does your NFCU CLOC report as an installment loan? I have a great car loan (60 months @1.99%) from a small local CU but they only report to EQ & EX, I need an installment that reports to TU, as I see "lack of recent installment loan" in my TU FICO score negative factors. 


Fico 08: 720/721/719 TU/EX/EQ
Message 102 of 119
Established Contributor

Re: Working my Rebuild! - 1 year later


DaveInAZ wrote:

Congratulations TygerHawke, that's a remarkable first year rebuild!

 

I started my rebuild slowly, I had limited income and didn't want to get in trouble again. But my rebuild really took off after I found MyFico in 2014, and by then I was 2 years into solid employment with my local county. I hit a milestone today, 6 years 3 month post BK7 discharge, I app'd for the Amex Blue Cash Everyday, approved for a SL of $15k, my highest SL ever!

 

Question: Does your NFCU CLOC report as an installment loan? I have a great car loan (60 months @1.99%) from a small local CU but they only report to EQ & EX, I need an installment that reports to TU, as I see "lack of recent installment loan" in my TU FICO score negative factors. 


The CLOC is a revolving credit line and does report that way (it's one of the 3 I mentioned in my post) - If you need a quick installment loan, I recommend the Share-Secured loan technique, using Alliant Credit Union to provide the SSL - I got one for my DW while we didn't have an auto loan reporting, and it worked like a charm - We've since retired the loan and are using Alliant for their 1.05% APY savings account to accumulate our emergency fund...although I hear they also have one of the FOTM rewards cards people are buzzing about as well Smiley Happy

Message 103 of 119
Established Contributor

Re: Working my Rebuild! - 1 year later


TygerHawke wrote:

Hey folks!

 

Today is the 1-year anniversary of my BK7 discharge - what a ride!

 

I've accomplished all the goals I set for myself and then some...I have 3 revolving credit lines >$15k, the highest being $22k...I successfully refinanced my car...I have my first ever 2% rewards card, running through lots of spend and making $$$...I have a $3k emergency fund set aside, earning some pretty decent interest...and I easily qualified for a new apartment (bye-bye slum lord!!)  I think I'm ready to say it...

 

Rebuild Complete!!

 

So what now?

 

My current/remaining goals include:

 

High-end creditors:        AMEX and Chase are the long-term targets here...

 

Buy a house:                  Another year to go before I can look at FHA, 3 more years for a conventional loan...

 

Break 700:                      Crossing my fingers to get there in the next year...

 

Unless something goes wrong, or I'm tempted to app for something AMAZING, I think I'm in the garden until further notice...but I plan to stick around and contribute, because without this amazing community and the knowledge shared here I'd be NOWHERE near where I am now...it's time to give back Smiley Happy

 

Thank you to EVERYONE who has contributed advice and support!

 

 


Congrats TygerHawke on you credit rebuild. You have created a nice selection of cards with good limits. I know you will continue to grow and do good with credit now. I have learn so much on here in my time rebuilding. Its easy to get caught up in our own shortcomings and ponder where is my big SL or Big Lender , instead of being thankful we found this forum. I would have been in subprime land with crap cards for at least three years if I didnt start using MF and pacing myself. If only I can get a stubborn co-worker to check out MyFico. Again Congrats and keep on pushing!!!

Message 104 of 119
Established Contributor

Re: Working my Rebuild! - 1 year later

Update time!

 

Right on schedule, DW got this message from Merrick:

 

Congratulations! We are pleased to inform you that we have doubled your credit limit to $2,500.

 

Moving right along...

Message 105 of 119
Valued Member

Re: Working my Rebuild! - 1 year later

Congratulations on the strong rebuild, TygerHawke!

 

Sounds like you've accomplished some great credit goals and also saved up an emergency fund.  I think that's a key part of managing credit responisbly and making sure we don't go down the bk route again. It's really encouraging to know others are doing the same thing I am and learn from their journey. Thanks for sharing your story with us!  

BK7 discharged September 2015
Capital One Venture $16,000, Quiksilver $3800, Discover IT $6000, PenFed Power Cash Rewards $2500, J.Crew Store Card $1700
EQ 688 / TU 665 / EX 680 As of Sep 6th 2017
Credit Goals: 700+ score, mortgage ready in 2018
In the garden until January 2018
Message 106 of 119
Highlighted
Community Leader
Senior Contributor

Re: Working my Rebuild! - 1 year later

Great job Tyger! You have done an amazing job in such a short time. Keep up the hard work and you will crush those goals in no time.

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
730 EQ FICO 11/2017
750 TU FICO 11/2017
735 EX FICO 11/2017
$20k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE
Message 107 of 119
Established Contributor

Re: Working my Rebuild!

Update time!

 

Seeing that my 90 days with PenFed will be up soon, I decided to apply for a CLI - instant approval to $7,000 Smiley Happy

 

It's growing slowly, but growing...hard to complain when I'm actually carrying a balance and not optimizing *shrug*

 

 

Message 108 of 119
Community Leader
Senior Contributor

Re: Working my Rebuild!

Congrats on the increase! Like you said, something is better than nothing Smiley Happy
Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
730 EQ FICO 11/2017
750 TU FICO 11/2017
735 EX FICO 11/2017
$20k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE
Message 109 of 119
Established Contributor

Re: Working my Rebuild!


TygerHawke wrote:

Update time!

 

Seeing that my 90 days with PenFed will be up soon, I decided to apply for a CLI - instant approval to $7,000 Smiley Happy

 

It's growing slowly, but growing...hard to complain when I'm actually carrying a balance and not optimizing *shrug*

 

 


Nice!!!

 

Are increases < 90 days a thing with them? 

Ch 7 Discharge May 2015: EQ 588/TU 552/EX 570
Nov 2017: EQ 683/TU 660/EX 668 w/ 24% CC util reporting
Discover/Target/NFCU CLOC/NFCU Cash Rewards/PenFed Power Cash Rewards - $46k total revolving
Message 110 of 119