Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
Re: What to expect next...
I didn't actively pursue cleaning up my credit. I did do some disputes as one creditor claimed I filed another third BK and included them in it which I did no such thing! That was one error that really ticked me off. I can't quite remember when the creditors in BK fell off my report. I had a car included in BK and I got the title shortly after discharge. All of my creditors that were included just wrote in the comments that the debt was a part of the Ch 13 plan. I filed a 13 two years after the 7 to try to save our house from foreclosure but we lost it anyway. I had no CCs when I filed the 13...those were included in the 7 and those accounts have been gone for 5 years now. I think they fell off at the 7 year mark.

What brought my scores up into the 700's was paying the new credit I obtained on time. But I was shutout from the credit world from 2003-2008 due to the double BKs.

We have been working hard towards getting a mortgage for awhile now and back in July, I was told I had to wait two years after discharge to close on a FHA loan which would be Jan 29, 2013. But I found out yesterday that only applies if the Ch 13 is still reporting, which it is not so we have no restrictions. Got pre approved yesterday with a mid fico of 703! So we are going out with a realtor today to look at some homes. We will close by mid February. There are a couple of brand new homes that will be built and ready for move in by Feb and Mar. Having a brand new home has been a dream of mines for so long! I can't believe we are so close to it becoming reality! The Ch 7 doesn't matter anymore because it is so old but I still can't wait until it is deleted.

I get tired of cars after 2-3 years like you. Not sure if I will get tired of the Acura TL though so I may buyout the lease. I also leased to keep our DTI low as only about half the price of the car gets reported to the credit bureaus. I didn't want a huge car finance trade line on the CRs that would limit our purchasing power.

Good for you for taking charge of your credit under the BK. that has saved you a lot of the credit woes that I went through. I should have been more proactive but I got discouraged.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014