topic Re: 1st CC post Ch.7 BK....Next steps??? :: + UPDATES:: in Bankruptcy

1st CC post Ch.7 BK....Next steps???

Credit_Me — Fri, 15 Jun 2012 03:25:12 GMT

Hello All,

I had my bk discharged 1/12 and I just got around to starting the cleanup process. Started disputing some items with the reports I pulled. Anyways, this week I received an offer from Cap1 which prompted me to join myfico and start monitoring. I was surprised when I got approved. I have been reading some of the posts, and wondering where to go to next.

My plan is to use about 10 percent of the CL which is 750 (will go up after 5 on-time payments) and PIF every month for the next six months and then apply for something else but not sure what.

Don't have a mortgage, have an auto loan which was reaffirmed, and basically only have about 4000 dollars in school loans.

My EQ score is currently 531 as of today.

Any advice would be appreciated....

Re: 1st CC post Ch.7 BK....Next steps???

Anonymous — Fri, 15 Jun 2012 15:34:03 GMT

You seem to be on the right track. Continue to make on-time payments and you will see your scores jump dramatically. I filed in 1/12 and was discharged 4/12. You can see my scoresblow. My wife is about 20 points higher then me on EQ and TU.

Re: 1st CC post Ch.7 BK....Next steps???

Credit_Me — Fri, 15 Jun 2012 19:48:13 GMT

Nice jump. I am hoping I have a similar increase as well. I wish I would have gotten to this quicker. Will post scores as they increase over the months.

Re: 1st CC post Ch.7 BK....Next steps???

Credit_Me — Tue, 10 Jul 2012 03:02:34 GMT

Just wanted to update my post. Will be using it to document my progress.

As of today, I have a capital one platinum unsecured card with 750 CL, a credit one card with 400 CL, and a credit builder loan (1000 for a 12 month term).

I will be gardening with these for 11 months and then check my scores.

I managed to dispute 3 collections that were reporting after my bk 7 discharge. I also have a few baddies that will be falling off first half of 2013 so I am expecting small boosts once these occur. My cards have not reported yet, only the credit builder loan. Expecting a boost in score in the next few months as well from them.

Not sure but hoping to reach my goal for 2012 or at least make it out of the 500's.

Re: 1st CC post Ch.7 BK....Next steps???

hawaii12 — Sun, 15 Jul 2012 10:18:28 GMT

Aloha,

How long after you discharge did you apply for capital one or did they send you a offer? The credit builder loan is with who? I was discharge on June 26 my credit jump almost 70 points I looking for more.

Re: 1st CC post Ch.7 BK....Next steps???

Credit_Me — Sun, 15 Jul 2012 14:06:15 GMT

Aloha,

Congrats on that big jump. I applied about 6 months after discharge and I was getting offers in the mail (I sitll keep getting them). If you are thinking of applying, use their pre-approval form. As for the credit builder loan, I got it from aspirefcu.org . I opened a savings account with them with 5 dollars.

Good luck on your rebuilding journey....

Re: 1st CC post Ch.7 BK....Next steps???

hawaii12 — Sun, 15 Jul 2012 21:25:41 GMT

Thanks for your reply We are trying to make everyday count and make some kind of progress toward having good creditably.

Re: 1st CC post Ch.7 BK....Next steps???

Credit_Me — Mon, 16 Jul 2012 01:47:12 GMT

Same here. I am rebuilding and want to get in decent shape to purchase a home in two years. I think I am obsessed as I check my report constantly and always seem to come up with a new plan on removing derogs. Have had success removing a couple of collections and one account that I was listed as an AU which got charged off. The rest show as IIB and half of them should be coming off next year. It's kind of embarrasing the amount of time I spent reading these forums but I've learned so much from everyone else.

Just keep working at it and whatever we do let's make sure you don't miss a single payment.

Re: 1st CC post Ch.7 BK....Next steps???

hawaii12 — Mon, 16 Jul 2012 02:39:18 GMT

Yup that goes for me as well. My credit is stopping me from starting my own business so I hope that I can make a lot of progress with in the next 2 years. We also would like to build our house in Hawaii which everyone knows property is very expensive in Hawaii.

Re: 1st CC post Ch.7 BK....Next steps???

Credit_Me — Mon, 16 Jul 2012 02:44:21 GMT

Well good luck to you in both your business and home plans.

PS. Hawaii is on my list for a vacation - will probably do it when I get a nice travel rewards card

Re: 1st CC post Ch.7 BK....Next steps???

Credit_Me — Thu, 19 Jul 2012 00:13:39 GMT

07/18/2012 Update.

Received SW alert and found that my CreditOne card began reporting and gave me a boost of 34 points. Still waiting on Capital One to report. I got that first and it still hasn't reported. Statement cuts today i think so hopefully it'll report in the next few days.

Re: 1st CC post Ch.7 BK....Next steps??? :: + UPDATES::

Credit_Me — Fri, 27 Jul 2012 12:47:32 GMT

7/26/12 - Receive SW alert. Found score went up 10 points. Decided to pull report and found 2 inquires dropped and my Capital One also reporting.

I am 16 points shy of my goal for this year for EQ . I will have to check TU next month and update.

Re: 1st CC post Ch.7 BK....Next steps??? :: + UPDATES::

MaryJane197 — Sun, 29 Jul 2012 18:10:05 GMT

Congrats!!! Im still waiting to recieve my Capital One card. Im excited about it and cant wait.

Re: 1st CC post Ch.7 BK....Next steps??? :: + UPDATES::

Credit_Me — Fri, 03 Aug 2012 03:10:57 GMT

Thank you! And I know the feeling of waiting. Congrats on the card and good luck on your rebuilding journey.

Re: 1st CC post Ch.7 BK....Next steps??? :: + UPDATES::

Credit_Me — Tue, 09 Oct 2012 01:50:31 GMT

10/8/12

Update - Received a score watch alert on 10/4. Logged in a saw that my score went from 610 to 647. Still have the same two credit cards and credit builder loan that were opened this June. Have been using those and sometimes pif and only report < 10 util, other times I have let them report up to 70% util. So far have seen a 10 point drop in score when util is high.

** Not sure why score jumped 37 points - maybe accounts have been aging?

Re: 1st CC post Ch.7 BK....Next steps??? :: + UPDATES::

somotao — Tue, 09 Oct 2012 11:07:25 GMT

You are doing a great job, nothing beats on time payments and keeping credit utilization low......keep it up and you will continue to see favourable outcomes.

Re: 1st CC post Ch.7 BK....Next steps??? :: + UPDATES::

Credit_Me — Sun, 14 Apr 2013 22:39:11 GMT

So I applied for three cards this week. Got approved for 2 out 3. I was denied for Discover IT w/ reason being Bankruptcy, approved for Walmart (not sure if Discover or store), and Express store card (shop there once in a blue). The two approvals were instant, not sure if I should bother with doing a recon with Discover. I got the 7-10 with them and then received the denial letter. Hopefully I am in their system and maybe i'll get a pre approval later on.

Time to go back to the garden for a bit. Going for Barclays 2013 holiday season.

After discharge 02/12 I have:

Capital one 1250 06/12

CreditOne 500 06/12

Walmart 600 04/13 (had a GECRB charge-off in 2006-- Back in with them!)

Express 250 04/13

Re: 1st CC post Ch.7 BK....Next steps??? :: + UPDATES::

Credit_Me — Sat, 03 Aug 2013 01:01:19 GMT

It has been a little over a year since I began on rebuilding my credit. I went on a small spree recently (back in the garden) which lowered the gains I had made. Last known scores are EQ:647 TU:634 and EX:654. My EQ was at 674 about 2 months ago and I am sure TU wasn't too far behind.

Anyways - I managed to get in with NFCU and applied for a cashRewards. I was approved for 2,500 after a 3-5 business day wait. I requested a cli to 5,000 and got 3-5 message + a HP again (my fault for being greedy) but I was only given 1,000 dollars more. Can't complain though.

Also - I had opened an LOC with the initial CU I had began rebuilding with following SoulMaster's guide. This was about a month prior to getting in with NFCU.

Been trying to get CLIs from current cards but the only one I received was from CreditOne which was only 250 increase to 750.

I'll be gardening until about Feb 2014 when i'll be 2 years post discharge. I'll be shooting for an FHA loan with NFCU if my savings gets to where it needs to be.

Re: 1st CC post Ch.7 BK....Next steps??? :: + UPDATES::

jaicam5 — Wed, 07 Aug 2013 15:04:14 GMT

Seems like you are doing great and have a plan to follow. Kudos to you

Re: 1st CC post Ch.7 BK....Next steps??? :: + UPDATES::

Credit_Me — Fri, 10 Jan 2014 23:12:45 GMT

1/10/14

So I came out of the garden a little earlier than I had mentioned in my last post but here's an update for everyone.

Hit the LUV button twice today on my Cash Rewards NFCU card. Requested increase to 5,000 and instantly approved which means a soft pull and then I got to thinking that I "should" have more room per the NFCU CLI thread. Got brave and requested increase to 10,000 and was also instantly approved . I also applied for the NavCheck and requested 5,000 to be safe and was approved as well within the hour.

Last month I gave in to a Barclays offer since they kept bombarding me with offers and it was tempting. I was approved for 1,800 on that. Since my discharge of Feb 2012 I now have ~20,000 in available credit.

I want to thank Soulmaster, CreditAddict, and I am forgetting a few others who have been a motivating factor in my journey.

Scores have not reached the 700 due to apps etc but I was at ~674 18 months in so I think if I would have reached the 700 point but I am happy with what I have achieved. IT CAN BE DONE!