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Well, I've certainly learned a lot from this board since joining! Like many others on here I fell on some hard times when the housing slump hit and had a 35-40% reduction in pay. I also switched states with my company in January of that year and they made a mistake with my federal taxes that I didn't catch until tax time. On top of a huge bill from selling stocks options (which I knew was coming) I was now hit with a bill for the remaining 50% of Federal Taxes I owed. Unfortunately my remaining stock options I had were now underwater with the financial collapse and useless. I was young with 2 cars and a house and didn't have the savings to endure it. I sold my house and both of my cars but still couldn't dig myself out of the debt I accumulated since things went south. I soon realized a Bankruptcy was the only way to get out of this mess. I entered into a 5 year Chapter 13 plan in late 2009.
My plan was finally Discharged this year. I joined this board and pulled my credit on 7/28/15 which showed I had a Fico 8: EQ 567,Trans 534, and Ex 542. I applied for a Capital One Quicksilver one and was approved for a $3,000 card. I waited another 30 days and applied for a Capital One Quicksilver card since I received something in the mail from them. I was then approved for another $3,000 card. I'm using both cards on and off for everything I can and paying them down each month. My Goal is to hit 700 in 12-14 months after I first started my rebuild. I just pulled my 3B today and it came up with a
Fico 8 EQ 663, Trans 634, EX 645 That is almost 100 point bump across the board in less than 60 days!!!!!! I have 3 Derogatory accounts that should come off in the next 6 months and my Chapter 13 has a little more than a year. I just joined a CU last month and will apply for a card with them soon. I'm in the process of buying a new car and will garden after that except for maybe refinancing in 6-7 months with my CU. Thanks for all the knowledge I've gained here and good luck with your rebuilds!
Excellent progress, grats to all the success
Auto loan secured yesterday! 2.9% over 60 months! So I will not need to redo with my CU down the road. I'm really happy with the rate.
@1Rebuilding wrote:Auto loan secured yesterday! 2.9% over 60 months! So I will not need to redo with my CU down the road. I'm really happy with the rate.
Fantastic, keep your utilization low on your existing cards and build your file...
That is the plan!
As of 12/31/15 my Fico 8 is EQ 673-Trans 655-EX 666. I just received my 3rd unsecured CC with a 6k limit. In less than 6 months I now have 3 unsecured cards for a total of $22,500 in credit and a low apr (2.9% over 60 m) loan for a new car. The reality is setting in that I will be able to buy a house in under 1.5 years post CH13 discharge. The goal is still 700 across the board in 12 months post CH13 discharge. I really feel the CH13 helped me become a lot more disciplined with my finances. I just want to say there is life post BK!!! I wish you all success in your rebuilds and a great 2016!!!!!!!!!!!!