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Established Contributor
Posts: 716
Registered: ‎04-14-2016

Working my Rebuild!

[ Edited ]

Hello Everyone!

 

I've been lurking these forums for several months now, absorbing wisdom, making plans, considering strategies - now it's time to share my own story.

 

My wife and I filed a joint bankruptcy in January.  We were discharged 4/27/16, so as of now are just over 2 months post discharge.  I started our rebuild roughly following SM's *AWESOME* 700/24 guide, with a couple small tweaks to fit our situation.  I'd love to share FICO's, but I'm too cheap to pay for them, lol - I joined NFCU (again thanks to these forums) which qualified me for a reduced price of $14/month for Equifax Platinum Shield for the whole family, which lets us at least monitor changes.  So I can share our FAKO's - those are around 650, for what it's worth.  Here is what we've done so far:

 

ME

The same day I saw our discharge appear on PACER (literally before the ink was dry), and because I'm not a fan of Credit One and didn't burn Cap One, I apped for and got a Cap One Platinum, with a $3k SL! Smiley Happy    I've been running almost all of our monthly spend through it (about $2,500), paying most of it off before the statement cuts to keep the util down for the last 2 months.  I have a VERY large ($75,000+) student loan which of course survived and has no lates, so no need for an installment loan here.  In fact, I was pleasantly surprised to find that our joint auto lease through Hyundai which I have never stopped paying is still reporting post-DC, so technically we both have two, at least until the lease matures in 07/2017.

 

SHE

DW was not able to follow suit, since she burned Cap One - so for her we picked up a Credit One card, which was opened at $400 but CLI to $600 right when the first statement cut.  We're charging about $2 a month and paying it the moment the statement cuts.  Since she doesn't have the student loan boat anchor to fill the installment loan checkbox (before I found the lease was still reporting), we went to Alliant CU (thank you again myFICO) and got her a share-secured $500 5-year loan, which I immediately repaid $400 of: Installment loan, check - low-utilization and AAoA increasing as it ages, check.  Automatic reporting of on-time status with no actual payments due until 2020, check.

 

Each of is AU on the other's CC - so both of our reports are showing each card

 

WHO WE BURNED

Bank of America - Me

US Bank - Both

Discover - Both

Citi - Both

Capital One - She

Fingerhut - She

Verizon - Me (I was already filing, I wanted out of that pesky 2-year contract!)

 

WHAT'S NEXT?

So that's where we stand - the question is, what's next?  I plan to hit the luv button on my Cap One after the 3rd statement cuts and has been paid, then wait for credit steps a couple months later. I don't plan to app anything else until November.  I did join NFCU, but only have checking and savings so far.  I'm not sure how much history they want to see post-DC...6 months?  12?  

Since DW will still be blacklisted with Cap One, I was thinking maybe Barclays or Alliant CC for her in Nov?  NFCU CC/CLOC or another Cap One for me?

 

My major goal is to have a decent history built up by May 2017, when it's time to shop for a replacement for the aforementioned leased Hyundai.

 

This is where you, dear reader, come in - please drop whatever comments or suggestions come to mind!

 

FICO 8 Credit Score History - Me

 

EX  / TU  / EQ

673 / 667 / 660 - 07/15/16

664 / 654 / 673 - 09/03/16
666 / 654 / 673 - 10/10/16
655 / 658 / 677 - 11/15/16
655 / 664 / 680 - 12/22/16
655 / 659 / 680 - 12/29/16
661 / 660 / 680 - 01/05/17
661 / 660 / 676 - 01/12/17
674 / 660 / 676 - 01/19/17
674 / 658 / 671 - 01/26/17
675 / 666 / 676 - 02/02/17
676 / 668 / 681 - 02/09/17
676 / 668 / 681 - 02/16/17

676 / 668 / 681 - 02/23/17

676 / 668 / 681 - 03/02/17

674 / 668 / 681 - 03/09/17

674 / 668 / 681 - 03/16/17

 

FICO 8 Credit Score History - She

 

EX  / TU  / EQ

674 / 649 / 631 - 07/15/16

671 / 653 / 693 - 09/03/16
674 / 650 / 685 - 10/10/16
655 / 650 / 685 - 11/15/16
656 / 664 / 688 - 12/22/16
656 / 663 / 688 - 12/29/16
669 / 674 / 688 - 01/05/17
669 / 674 / 688 - 01/12/17
684 / 674 / 697 - 01/19/17
681 / 675 / 697 - 01/26/17
683 / 675 / 697 - 02/02/17
686 / 675 / 697 - 02/09/17
686 / 675 / 697 - 02/16/17

684 / 675 / 697 - 02/23/17

684 / 674 / 697 - 03/02/17

682 / 669 / 689 - 03/09/17

682 / 669 / 689 - 03/16/17






BK7 Discharged 4/27/2016 - Fico 8 as of 03/16/2017: EX 674 / TU 668 / EQ 681 - Follow my Journey Here
Regular Contributor
Posts: 236
Registered: ‎01-18-2009
0

Re: Working my Rebuild!

Hello and welcome to the forums!  Looks like you are off to a good start and you have your foot in the door at NFCU.  I'm 9 months post discharge and was approved for the gorewards card. I would have your  wife try the cap one pre qualifier.  I've seen some here get back into cap one shortly,after discarge, others it takes a year to get back in.   Good luck!

Filed BK 07/07/15 Discharged 10/07/15
Starting scores 11/2015 EQ 567 TU 487 EX 531
Current scores 02/2017 EQ 649, TU 642, EX 651

Cap 1 QS 5000 Cap 1 QS 6500, PenFed Promise 2500, NFCU GoRewards 8000 NFCU CLOC 4000
In the garden until 2018
Established Contributor
Posts: 716
Registered: ‎04-14-2016
0

Re: Working my Rebuild!

[ Edited ]

Yeah, tried but no dice there - this was a ' slow death' where I was paying minimums for years before throwing in the towel...so almost no lates at all before filing, meaning the first delinquency was the filing itself - She's going to be cap 1 free until January at a minimum given their 1 year blacklist policy.

 

(Edit) make that April - I've confirmed it's 1 year from discharge, not filing Smiley LOL






BK7 Discharged 4/27/2016 - Fico 8 as of 03/16/2017: EX 674 / TU 668 / EQ 681 - Follow my Journey Here
Frequent Contributor
Posts: 434
Registered: ‎03-17-2016

Re: Working my Rebuild!


TygerHawke wrote:

Hello Everyone!

 

I've been lurking these forums for several months now, absorbing wisdom, making plans, considering strategies - now it's time to share my own story.

 

My wife and I filed a joint bankruptcy in January.  We were discharged 4/27/16, so as of now are just over 2 months post discharge.  I started our rebuild roughly following SM's *AWESOME* 700/24 guide, with a couple small tweaks to fit our situation.  I'd love to share FICO's, but I'm too cheap to pay for them, lol - I joined NFCU (again thanks to these forums) which qualified me for a reduced price of $14/month for Equifax Platinum Shield for the whole family, which lets us at least monitor changes.  So I can share our FAKO's - those are around 650, for what it's worth.  Here is what we've done so far:

 

ME

The same day I saw our discharge appear on PACER (literally before the ink was dry), and because I'm not a fan of Credit One and didn't burn Cap One, I apped for and got a Cap One Platinum, with a $3k SL! Smiley Happy    I've been running almost all of our monthly spend through it (about $2,500), paying most of it off before the statement cuts to keep the util down for the last 2 months.  I have a VERY large ($75,000+) student loan which of course survived and has no lates, so no need for an installment loan here.  In fact, I was pleasantly surprised to find that our joint auto lease through Hyundai which I have never stopped paying is still reporting post-DC, so technically we both have two, at least until the lease matures in 07/2017.

 

SHE

DW was not able to follow suit, since she burned Cap One - so for her we picked up a Credit One card, which was opened at $400 but CLI to $600 right when the first statement cut.  We're charging about $2 a month and paying it the moment the statement cuts.  Since she doesn't have the student loan boat anchor to fill the installment loan checkbox (before I found the lease was still reporting), we went to Alliant CU (thank you again myFICO) and got her a share-secured $500 5-year loan, which I immediately repaid $400 of: Installment loan, check - low-utilization and AAoA increasing as it ages, check.  Automatic reporting of on-time status with no actual payments due until 2020, check.

 

Each of is AU on the other's CC - so both of our reports are showing each card

 

WHO WE BURNED

Bank of America - Me

US Bank - Both

Discover - Both

Citi - Both

Capital One - She

Fingerhut - She

Verizon - Me (I was already filing, I wanted out of that pesky 2-year contract!)

 

WHAT'S NEXT?

So that's where we stand - the question is, what's next?  I plan to hit the luv button on my Cap One after the 3rd statement cuts and has been paid, then wait for credit steps a couple months later. I don't plan to app anything else until November.  I did join NFCU, but only have checking and savings so far.  I'm not sure how much history they want to see post-DC...6 months?  12?  

Since DW will still be blacklisted with Cap One, I was thinking maybe Barclays or Alliant CC for her in Nov?  NFCU CC/CLOC or another Cap One for me?

 

My major goal is to have a decent history built up by May 2017, when it's time to shop for a replacement for the aforementioned leased Hyundai.

 

This is where you, dear reader, come in - please drop whatever comments or suggestions come to mind!



Great expression of what you & DW are doing!

 

Where are you at when it comes to knowing what your Fico 8 Scores are for each CRA?

 

Have  you pulled at least one an annual credit report for each of you to determine what they look like, how accurate they actually are?

 

Is everything properly reporting post- BK ?

 

* sorry for the push, but I didn't recognize that any of this was addressed.  I have come to realize that is is somewhat of a standard baseline around which most people discuss credit, and most all credit issues have this as a foundation.

 

Welcome & have a great upcoming weekend.

05/03/16 Fico 8 Scores: EQ 546, TU 501, EX 548
09/01/16 Fico 8 Scores: EQ 662, TU 628, EX 657
10/04/16 Fico 8 Scores: EQ 692, TU 665, EX 686
01/15/17 Fico 8 Scores: EQ 706, TU 670, EX 687 * all Yellow / Good
Established Contributor
Posts: 716
Registered: ‎04-14-2016
0

Re: Working my Rebuild!


Sebastian503 wrote:
These are great questions - here are the answers!
Great expression of what you & DW are doing!

Where are you at when it comes to knowing what your Fico 8 Scores are for each CRA?

 

I have patchwork knowledge at best - I pulled a fico for each of us from discover's free service, and it pretty closely matched what I found out from Equifax - at this point I'm not as concerned about the score itself as the file that creates the score - I have learned that if you build the file, the scores WILL come

 

Have  you pulled at least one an annual credit report for each of you to determine what they look like, how accurate they actually are?

 

My experience with annualcreditreport.com was less than stellar (the silly questions they asked kept getting me referred to requesting the darn thing by mail  (and they mean mail as THERE IS NO FAX NUMBER), so I broke down and paid for a 3-bureau report to get this done - YMMV

 

Is everything properly reporting post- BK ?

 

Amazingly enough, we got lucky and found that for each of us, all of our own lines either stopped reporting entirely, or were already updated to IIB/current/$0 - the only ones we had to dispute were the AU lines (in other words, my lines were showing up wrong on her report, and vice versa) - all those have since been disputed off as 'no longer responsible' and the CRA's are as clean as they're going to get

 

* sorry for the push, but I didn't recognize that any of this was addressed.  I have come to realize that is is somewhat of a standard baseline around which most people discuss credit, and most all credit issues have this as a foundation.

 

I wouldn't post my life if I wasn't welcoming comment, no worries Smiley Wink

 

Welcome & have a great upcoming weekend

 

you too!

 






BK7 Discharged 4/27/2016 - Fico 8 as of 03/16/2017: EX 674 / TU 668 / EQ 681 - Follow my Journey Here
Established Contributor
Posts: 716
Registered: ‎04-14-2016

Re: Working my Rebuild!

[ Edited ]

Update time!

 

Tonight I pushed the often-celebrated "luv button" on Cap one - after having reduced the balance to $10 and let it sit there a couple of days

 

THEY RAISED IT TO $7000!!

 

Smiley Very Happy

 

For those of you paying attention, that's a 125% increase from the SL, 77 days after account opening

 

Next step:  After this statement cuts and is paid I'm going to call and see about upgrading it to QS

 

I'm a very happy camper right this minute Smiley Happy






BK7 Discharged 4/27/2016 - Fico 8 as of 03/16/2017: EX 674 / TU 668 / EQ 681 - Follow my Journey Here
Valued Contributor
Posts: 1,578
Registered: ‎04-26-2014
0

Re: Working my Rebuild!

I wish u the best of luck !!!

BK13 Filed 7/10-DC 8/15 // Fico 713 Mid 3/17// AAoA 5.3 years // Lines 3/2017= 164K // Inquiries 5-4-4....Gardening since Oct. 15'
Gardening til April 17' or until BK falls off
Frequent Contributor
Posts: 434
Registered: ‎03-17-2016
0

Re: Working my Rebuild!

Congratz ! ! ! !

 


TygerHawke wrote:

Update time!

 

Tonight I pushed the often-celebrated "luv button" on Cap one - after having reduced the balance to $10 and let it sit there a couple of days

 

THEY RAISED IT TO $7000!!

 

Smiley Very Happy

 

For those of you paying attention, that's a 125% increase from the SL, 77 days after account opening

 

Next step:  After this statement cuts and is paid I'm going to call and see about upgrading it to QS

 

I'm a very happy camper right this minute Smiley Happy


 

05/03/16 Fico 8 Scores: EQ 546, TU 501, EX 548
09/01/16 Fico 8 Scores: EQ 662, TU 628, EX 657
10/04/16 Fico 8 Scores: EQ 692, TU 665, EX 686
01/15/17 Fico 8 Scores: EQ 706, TU 670, EX 687 * all Yellow / Good
New Contributor
Posts: 79
Registered: ‎09-23-2011
0

Re: Working my Rebuild!

If your wife has not actually applied for a Cap One card, I wouldn't assume she's blacklisted. I burned them and I was approved for a card, before I was even discharged, for $500 and no credit steps.
Regular Contributor
Posts: 236
Registered: ‎01-18-2009
0

Re: Working my Rebuild!

That is awesome!  

Filed BK 07/07/15 Discharged 10/07/15
Starting scores 11/2015 EQ 567 TU 487 EX 531
Current scores 02/2017 EQ 649, TU 642, EX 651

Cap 1 QS 5000 Cap 1 QS 6500, PenFed Promise 2500, NFCU GoRewards 8000 NFCU CLOC 4000
In the garden until 2018

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