Post Chapter 13-Almost 100 points across the board in less than 60 days!

[1Rebuilding]

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!

[gdale6]

Excellent progress, grats to all the success  

[1Rebuilding]

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.

[Anonymous]

---

@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...

[1Rebuilding]

That is the plan!

[1Rebuilding]

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!!!!!!!!!!!!