topic Re: Soulmaster's Plan - It Works! It Works! It Works! in Bankruptcy

Soulmaster's Plan - It Works! It Works! It Works!

0REDSOX7 — Thu, 04 Sep 2014 01:03:15 GMT

Well, I am just so happy, I have to post what happened today, and to give thanks to all if you out there (and to offer hope to all of you who need it).

I have been following Soulmaster's plan as best as I can - making minor modifications where necessary to accommodate why specific circumstance.

Some back story - we need new furniture badly and decided to bite the bullet and apply for a Rooms To Go account (no interest til 2020). I was declined, but was told my EX score was 659. 659!!!! Super excited. Yes, I burned an inquiry, but that was the silver lining.

I went and spoke to a loan officer at my local CU today about auto refinance guidelines and when they recommend I do it. Luckily for us, she had a BK previously and understood where we were and what we needed.

We were able to refinance my wife's car at 12.99% down to 3.19% for 72 months. This is after six months post discharge.

On top of that, she said my FICO transunion score was 679!!!! 679!!!! I qualified for a 5K Rewarda Visa with them with an APR of 13%. The APR won't matter - never keeping a balance.

My monthly payment on the car dropped over 130 dollars and added six months to the loan term - but we will just pay the extra 130 we are saving to pay the loan off early.

I've been doing what you all say to do. Keep balances down to maximize scoring and it paid off!

She said she had never seen a score that high six months post BK and said I've done a good job. If I could high five all if you, I would.

For those who are in the middle of the process, there is hope. Keep up the hard work and thank you all for you advice and ears for my venting.

Thanks again! Happy Dance here!

Re: Soulmaster's Plan - It Works! It Works! It Works!

0REDSOX7 — Thu, 04 Sep 2014 01:09:16 GMT

Forgot to mention that even before my BK, the highest credit limit I ever had was $3200. This is huge for me.

Re: Soulmaster's Plan - It Works! It Works! It Works!

ezdriver — Thu, 04 Sep 2014 02:03:43 GMT

You deserve a break for keeping your eye on the big picture and exercising tenacity and patience as you rebuild. Congratulations.

Re: Soulmaster's Plan - It Works! It Works! It Works!

arholden — Thu, 04 Sep 2014 03:00:12 GMT

Fantastic!!!! Congrats, and thanks for sharing with us!

Re: Soulmaster's Plan - It Works! It Works! It Works!

bunga7 — Thu, 04 Sep 2014 16:38:13 GMT

@0REDSOX7 wrote:
Well, I am just so happy, I have to post what happened today, and to give thanks to all if you out there (and to offer hope to all of you who need it).

I have been following Soulmaster's plan as best as I can - making minor modifications where necessary to accommodate why specific circumstance.

Some back story - we need new furniture badly and decided to bite the bullet and apply for a Rooms To Go account (no interest til 2020). I was declined, but was told my EX score was 659. 659!!!! Super excited. Yes, I burned an inquiry, but that was the silver lining.

I went and spoke to a loan officer at my local CU today about auto refinance guidelines and when they recommend I do it. Luckily for us, she had a BK previously and understood where we were and what we needed.

We were able to refinance my wife's car at 12.99% down to 3.19% for 72 months. This is after six months post discharge.

On top of that, she said my FICO transunion score was 679!!!! 679!!!! I qualified for a 5K Rewarda Visa with them with an APR of 13%. The APR won't matter - never keeping a balance.

My monthly payment on the car dropped over 130 dollars and added six months to the loan term - but we will just pay the extra 130 we are saving to pay the loan off early.

I've been doing what you all say to do. Keep balances down to maximize scoring and it paid off!

She said she had never seen a score that high six months post BK and said I've done a good job. If I could high five all if you, I would.

For those who are in the middle of the process, there is hope. Keep up the hard work and thank you all for you advice and ears for my venting.

Thanks again! Happy Dance here!

Congrats! I wholeheartedly agree that the system works. I've not been able to follow exactly, but as close as possible (CapOne won't touch me). And it took me a couiple months to find this site post BK7. However, my scores are in the same range as yours. Two things are significant to me...first, I don't worry about CC APR because I know I'm going to pay off or keep <9% util every month. Second, It'so nice having a bank say, "we can beat that rate." I hadn't heard that statement in about 10 years. Last week I talked to a mortgage banker about my options, and stated that I was waiting to purchase a car until after I'd talked to her. I told her my CU had aproved me at 3.99%, and she said, we'll beat that!

To those just starting out on recovery...follow the plan as closely as you can. You'll be happy you did. It takes time, but within even a year, you'll be in so much better credit shape.

Re: Soulmaster's Plan - It Works! It Works! It Works!

SoulMaster — Fri, 05 Sep 2014 23:59:16 GMT

Friggin AWESOME!

Congrats and keep going!

Cheers,

-SM

Re: Soulmaster's Plan - It Works! It Works! It Works!

0REDSOX7 — Sat, 06 Sep 2014 00:31:14 GMT

All thanks to you, SM.

Hard to believe I'm only twenty something points away from 700!!!

Re: Soulmaster's Plan - It Works! It Works! It Works!

SoulMaster — Sat, 06 Sep 2014 00:36:44 GMT

Nah... I just wrote it all down. It has everything to do with you, and your patience.

Cheers,

-SM

Re: Soulmaster's Plan - It Works! It Works! It Works!

0REDSOX7 — Sat, 06 Sep 2014 00:55:16 GMT

Well, it's much appreciated that you took the time out to do it.

Patience was hard, but I've learned well.

I expect a minor dip in the score over the next few months, but in six months time, I'll feel confident as to where I am credit profile wise.

My advice to others is the key is not focusing on the scores right away. Focus on the bigger picture that in two years (or less), I'll be over 700...

Re: Soulmaster's Plan - It Works! It Works! It Works!

Phoenixrising28 — Sun, 14 Sep 2014 13:31:59 GMT

Congratulations on this! May I ask what CU you use?

Re: Soulmaster's Plan - It Works! It Works! It Works!

TRC_WA — Sun, 14 Sep 2014 16:00:55 GMT

@0REDSOX7 wrote:

My advice to others is the key is not focusing on the scores right away. Focus on the bigger picture that in two years (or less), I'll be over 700...

Good advice... I'm 16 months into my rebuild and am expecting my weakest link (TU) to catch up to EQ and EX at the end of the year once the INQ's associated with all these new accounts I opened last year reach 1+ year old.

For some reason all my creditors pull TU... years ago when I lived on the east coast they all pulled EQ.

Re: Soulmaster's Plan - It Works! It Works! It Works!

0REDSOX7 — Sun, 14 Sep 2014 16:52:44 GMT

I'm with ya! I'm on the east coast and TU is my best because of hardly any inquiries.

Equifax is my worst - all the inquiries on there from prior BK.

Re: Soulmaster's Plan - It Works! It Works! It Works!

0REDSOX7 — Sun, 14 Sep 2014 16:53:58 GMT

Oh, and the credit union giving all this love is Allegacy Federal.

Re: Soulmaster's Plan - It Works! It Works! It Works!

0REDSOX7 — Wed, 17 Sep 2014 16:59:16 GMT

And I got a 300 CLI from credit one today. Woot woot.

Re: Soulmaster's Plan - It Works! It Works! It Works!

Anonymous — Sun, 21 Sep 2014 02:52:25 GMT

Awesome!

Thanks so much for this post. My dh and I are just starting the process but it's SO nice to hear that people are having good results. We were initially VERY stressed out about the idea of bk. But, honestly after reading these boards for the last month or so and meeting with our attorney. We feel more hopeful than we have in years

Re: Soulmaster's Plan - It Works! It Works! It Works!

cirrus00 — Sun, 21 Sep 2014 04:05:05 GMT

@0redsox7...the other day I posted on the credit card approval board that I finally received capital one love! I wanted to let you know since we were both posting about being auto declined. I only got a 500 CL but I'm happy with that!

Re: Soulmaster's Plan - It Works! It Works! It Works!

Imperfectfuture — Sun, 21 Sep 2014 14:32:10 GMT

I didn't file bankruptcy, but started following the plan anyway (started 6 months ago when approved for first national legacy, they better than credit one, after six months, upped limit to $1250).

I was following the sage suze orman advice with a secured card, but will unsecured in nov when transunion clean. Even with the baddies on there, I was considered judgement proof, so attys recommended not filing.

Followed the plan with some off shoots. Since I had secured card, wouldn't start secured loan until secured card off my book. BUT, secured loans only run 2.2%, vs 11% cheapest with my credit union for unsecured. They SAY they report them as regular installment, shall see. I've developed a brokerage account, and can get 3 to 6% on the money (plus the interest on the secured funds) while waiting to pay off the loan.

When the baddies fall off, should see a bump in scores. Then have to set sites on the 800 club.

Re: Soulmaster's Plan - It Works! It Works! It Works!

Anonymous — Mon, 21 Dec 2015 23:47:19 GMT

Hello where would I file the SoulMasters plan?

Re: Soulmaster's Plan - It Works! It Works! It Works!

Anonymous — Tue, 22 Dec 2015 02:40:39 GMT

Congrats! Keep up the good work!

Re: Soulmaster's Plan - It Works! It Works! It Works!

Scupra — Tue, 22 Dec 2015 17:28:26 GMT

@Anonymous wrote:
Hello where would I file the SoulMasters plan?

http://ficoforums.myfico.com/t5/Bankruptcy/HOW-TO-From-BK7-discharge-to-700-in-24-months-or-less/m-p/1384075#U1384075