So I filed chapter 7 after running up a ton of medical bills from the birth of my triplets that I couldn't meet their payment requirements. Did what I had to do, and I'm now back at the rebuilding phase.
I got my discharge July 27 and I've now got three new trade lines. I think it's a decent way to start rebuilding and should be helpful. My goal is to buy a house in two years so I wanted to start rebuilding early. I was pretty decent before the Bk, just couldn't afford to pay off a couple hundred grand in 36 months and that was the only option I was given.
Anyway, I turned in two cars, and credit cards from capital one, navy federal, Barclays, kohls, Walmart, and old navy.
Navy federal told me they don't blacklist but still declined to open even a new checking account because I caused them a loss, so I'm thinking they do.
I bought a used Chevy Impala, 2008 with 63k miles. Knowing I'd have an awful rate, i chose to go used and cheap rather than get something brand new. Consumer portfolio services in my lender, and it's a 21.7% rate, but it'll help rebuild and even at the high rate, I only financed $7100 so the payment is an easily affordable $184 a month. I figure I'll keep the impala for a while and just try to pay $250-300 a month and get it paid off sooner than later.
I got a secured AMEX card from USAA, where I've been a member forever. Didn't include anything in the bankruptcy, and I've got several accounts with them. Checking, savings, kids savings, car insurance, renters insurance, and now a CD to secure the Amex card. I applied for the unsecured version and they declined but countered with this. I know it won't graduate, but I figured they're better to get in with than a first premier would be, so I took it. I'll continue depositing to increase the credit limit to the max of $5,000. Once two years is up, I can close that account and use the $5,000 cd toward buying a house. Otherwise I would never tie up that much money in a secured card.
Finally, and most surprisingly, kohls approved me last night. If you'll remember from earlier in the post, I burnt them in the chapter 7. I figured I'd try though since we shop there a lot and my oldest daughter starts kindergarten and needs to get some school clothes. Applied online, instant approval, $300 limit. I know they're backed by capital one who still has me blacklisted, so it was even more surprising.
Anyway, that's my rebuilding start. I think I'll sit out in the garden for the next 6 months or so and then maybe see about refinancing my car and/or getting a better card so I could just save money in a 2 year cd that doesn't secure a credit card.
I got my discharge July 27 and I've now got three new trade lines. I think it's a decent way to start rebuilding and should be helpful. My goal is to buy a house in two years so I wanted to start rebuilding early. I was pretty decent before the Bk, just couldn't afford to pay off a couple hundred grand in 36 months and that was the only option I was given.
Anyway, I turned in two cars, and credit cards from capital one, navy federal, Barclays, kohls, Walmart, and old navy.
Navy federal told me they don't blacklist but still declined to open even a new checking account because I caused them a loss, so I'm thinking they do.
I bought a used Chevy Impala, 2008 with 63k miles. Knowing I'd have an awful rate, i chose to go used and cheap rather than get something brand new. Consumer portfolio services in my lender, and it's a 21.7% rate, but it'll help rebuild and even at the high rate, I only financed $7100 so the payment is an easily affordable $184 a month. I figure I'll keep the impala for a while and just try to pay $250-300 a month and get it paid off sooner than later.
I got a secured AMEX card from USAA, where I've been a member forever. Didn't include anything in the bankruptcy, and I've got several accounts with them. Checking, savings, kids savings, car insurance, renters insurance, and now a CD to secure the Amex card. I applied for the unsecured version and they declined but countered with this. I know it won't graduate, but I figured they're better to get in with than a first premier would be, so I took it. I'll continue depositing to increase the credit limit to the max of $5,000. Once two years is up, I can close that account and use the $5,000 cd toward buying a house. Otherwise I would never tie up that much money in a secured card.
Finally, and most surprisingly, kohls approved me last night. If you'll remember from earlier in the post, I burnt them in the chapter 7. I figured I'd try though since we shop there a lot and my oldest daughter starts kindergarten and needs to get some school clothes. Applied online, instant approval, $300 limit. I know they're backed by capital one who still has me blacklisted, so it was even more surprising.
Anyway, that's my rebuilding start. I think I'll sit out in the garden for the next 6 months or so and then maybe see about refinancing my car and/or getting a better card so I could just save money in a 2 year cd that doesn't secure a credit card.
