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New Contributor
Posts: 69
Registered: ‎10-13-2012
0

Rebuilding after CH7

Im  25 years old in college and headed towards graduation with a degree in accounting. Funny I know mishandling my own finances... :-) I filed BK Chp 7 back in May opened up a Cap1 Secured card in June that has a $500 limit that I will bump up to 2500 in January. Got discharged in August on the 16th. I got a new car with a 18.99 interest rate on a $17824.19 loan on 08/18 with Cap 1 at this time my credit scores were about 584. I have opened up a Lane Bryant $ 150 and NY & Company credit card $250 and also just recently got a Cap1 unsecured card as of yesterday with a $500 limit. Ever since I filed BK I have never missed a pymt. I know its only been a couple of months.

 

I will say before BK I had First Premier 2 cards and a auto loan as a cosigner with Credit Acceptance. My ex husband stopped paying on it and it drug my credit to the floor. So after a divorce and plenty of accounts going to collections and charge offs due to me being out of work moving across the country, I finally have a new start.

 

 

When I pulled myfico score for TU it was 567, my Equifax score went down to 572 and Experian is 619. I want to get all of the scores to 675+ by April late May 2013. Needless to say due to getting the new car I now have 24 inquiries in the last 2 years. With about 3-4 falling off in the first quarter of next year. I need all the help I can get because I want to make the most of my 2nd chance. I have about $18000 in loans that are in deferment. All credit cards are current and under 5% utlization. I make payments soon as statements cut. This was my first car note pymt in October and I didn;t really see the jump I wanted. Right now my note is about $420  month and I'm looking to refinance with my credit union. I am also paying an extra $150 a month on my car note and starting to pay as of this month on deferred student loans. I want all 600s at least by December's end.. Any pointers. Plenty more to say but trying to keep first post brief as I am currently getting ready for school.  


Starting Score: 467
Current Score: 661
Goal Score: 795


Take the FICO Fitness Challenge

Post BK Wallet: Target VISA $10,000 (AU) | NFCU Credit Card $5,000| Walmart $1100| Cap One Platinum $3000 | Amazon $1150 | Discover It Card $500 | Cap One Secured $500 | PayPal Smart Connect $500 | Lane Bryant $1130| Dressbarn $750 |NY & Company $250| Victoria's Secret $250 | Target Store Charge $200 |Capital One Auto Finance
Frequent Contributor
Posts: 402
Registered: ‎11-03-2012
0

Re: Rebuilding after CH7

Congratulations on your new start. 

 

You are clearly on the right track! First off, make sure you review your three CRs to confirm that all your included accounts show 0 balance, paid, closed! This is key. Your scores have already rebounded pretty well. 

 

For your refi, it will certainly save you money. I've seen some dramatic refi stories here. Talk to a credit analyst at your CU honestly about your situation, even consider bringing a copy of your CR to get an idea if they could truly help you. Know the value of your car. If you are already upsidedown, the refi will be tough.

 

Otherwise, keep your utilization low, pay on time everytime, and you'll be hitting your goals pretty soon. 

 


Starting Score: 501
Current Score: 706 EQ,TU 689,EX 686
Goal Score: 720

New Contributor
Posts: 69
Registered: ‎10-13-2012
0

Re: Rebuilding after CH7

Thank you I will be posting info in regards to accounts that were incl in my chp 7 bk t and the DofD. I know a couple should be **bleep**


Starting Score: 467
Current Score: 661
Goal Score: 795


Take the FICO Fitness Challenge

Post BK Wallet: Target VISA $10,000 (AU) | NFCU Credit Card $5,000| Walmart $1100| Cap One Platinum $3000 | Amazon $1150 | Discover It Card $500 | Cap One Secured $500 | PayPal Smart Connect $500 | Lane Bryant $1130| Dressbarn $750 |NY & Company $250| Victoria's Secret $250 | Target Store Charge $200 |Capital One Auto Finance
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