topic Re: The post-bk rebuild long game begins in Bankruptcy

The post-bk rebuild long game begins

Anonymous — Fri, 08 Jun 2018 23:19:56 GMT

Well, I’m less than 2 weeks out from my BK7 discharge (due 10/10; I know it can take some time to come through) so I thought I’d start my own thread to track my rebuild progress. [Thread has since been edited to remove old and add new information]

IIB: PSECU CC, BOA CC, Chase CC, Synchrony CareCredit LOC.

Telecheck, Chexsystems, EWS, LexisNexis/Innovis reports all received back and are clean.

Reasons for filing: I work ft with disabilities, and I was separated and divorced a handful of years ago. The adjustment to living by myself with a disability was much, much rougher than I expected, and it took a toll on every aspect of my life, including managing my finances. Trust me, I've made the adjustment now. But it took a financial crisis in 2016; plenty of hours doing research, taking notes and learning to be patient; and a lot of help from the folks here to get me on track.

SCORES BY MONTH

Early 2015 - EX 794 - previous high

...

Jun 2017 - EX 494, EQ 486, TU 483 - BK7 filed - previous lows

...

Sep 2017 - EX 561, EQ 570, TU 501

Oct 2017 - EX 580, EQ 579, TU 522 - BK7 discharged

Dec 2017 - EX 609, EQ 634, TU 583 - reporting Disco CC, Alliant SSL

Jan 2018 - EX 636, EQ 655, TU 629 - reporting Cap1 CC

Feb 2018 - EX 644, EQ 665, TU 638

Mar 2018 - EX 644, EQ 655, TU 639 - reporting Clearview CC

Apr 2018 - EX 644, EQ 670, TU 648

May 2018 - EX 647 EQ 680 TU 654 - removed ex-H joint CC and got down to AZEO.

Jun 2018 - EX 657 EQ 684 TU 655

Re: The post-bk rebuild long game begins

shadanat — Sun, 01 Oct 2017 02:15:46 GMT

The BOA account that says responsibility terminated seems like you were an authorized user on an account. Were you ever an AU? If so, I would leave it alone as it is reporting a positive history.

Re: The post-bk rebuild long game begins

Anonymous — Tue, 03 Oct 2017 23:32:08 GMT

@shadanat wrote:
The BOA account that says responsibility terminated seems like you were an authorized user on an account. Were you ever an AU? If so, I would leave it alone as it is reporting a positive history.

It took me a lot of thinking, but yes. This was my ex-husband's only other cc while we were married, and he must have removed me some time after our divorce finalized. I didn't initially remember being an AU on it but I do now. Thank you.

Re: The post-bk rebuild long game begins

Anonymous — Thu, 05 Oct 2017 23:23:00 GMT

credit/rebuilding diary:

10/03/2017 RIP my PSECU accounts. I did call and ask sheepishly to be let back in for deposit accounts only, and they did tell me that because I caused a loss, it is policy that they essentially will never let me back in. On the one hand, this was my largest write-off. But I had to try... I'm stubborn.

I got nearly $200 out of the call, though. They improperly charged me some credit card fees during my relationship with them and offered me a refund, and I sent the letter to my atty some time ago, asking if the trustee would need to do anything about it. He said it was not an issue, and to "go have a really nice dinner." (I don't even know how to spend three digits on a meal.) So since they're closing out my account, they mailed me the check. It'll go into my rebuilding fund.

Re: The post-bk rebuild long game begins

Anonymous — Wed, 11 Oct 2017 22:29:59 GMT

10/10/2017 due date for creditors to object to discharge

10/11/2017 checked PACER as soon as I got home from work - it's party time! I'm DISCHARGED!!!

Opened my Alliant account - tried to open an account at a local CU too, but failed the knowledge based questions (original amount of a pre-divorce car loan from 7 years ago?) so I have to visit a branch. I'll pop in at lunch tomorrow or maybe this Saturday

I'm not applying for any credit until my reports correct themselves (at least EX is obviously not showing d/c yet). It can wait a few days-couple weeks to hopefully get better results.

But I'm still so relieved. I just want to start working on fixing my mess and my mistakes.

Re: The post-bk rebuild long game begins

shadanat — Thu, 12 Oct 2017 00:11:48 GMT

Congratulations on your discharge

Re: The post-bk rebuild long game begins

Anonymous — Tue, 24 Oct 2017 23:41:36 GMT

10/11/17-Opened Alliant account. I’m excited to be a CU member again! Also opened a local CU savings for branching purposes, still toying with whether to keep it 10/16/17-established SSL, paid down to 8.99% just waiting for it to show on credit reports. I know this may not show until next month due to when it was opened.

10/20/17-For the hell of it, I played with some CC payoff calculators. One of my early questions on this forum was “should I try to keep my CLs lower as my TLs grow?” (that is, some decided amount based on my income) I don’t want to get in trouble again – on the one hand I feel I’m serious (and obsessive) enough about this rebuild. Otoh, a lifetime is a long time for things to go wrong and I am the kind of person who likes to build in reasonable safeguards for myself.
Results: just $2,000 balance at any APR takes 2-3 years to pay off at the amount that I’m going to be able to put into savings every month (over and above my basic living expenses). I’d have to stop saving for at least 2 entire years, in addition to sticking to a strict budget. Conclusions: there’s no point trying to keep my CLs down artificially. What I need to learn is discipline and trust/confidence in myself. Which I think is what y’all told me...

10/24/17-Updated scores. No SSL showing on any report. EX shows lates (I understand they are allowed to). Otherwise, all showing discharged, and zero balance and IIB on appropriate accounts.
EX: 580, EQ: 579, TU: 522

Also 10/24/17-CC apps-
Discover-found out that my issue with Discover’s websites were resolved and that I was prequaled for their Secured card. Went ahead and app’d, put in deposit, supposedly Approved!!!, waiting 2 weeks for card (pending any potential requests for verification). No HP at least not yet.

Re: The post-bk rebuild long game begins

shadanat — Tue, 24 Oct 2017 23:45:53 GMT

Whooo Hoooo! Congratulations!!

Re: The post-bk rebuild long game begins

Anonymous — Sat, 28 Oct 2017 20:12:29 GMT

In case anyone else was previously a permanent prescreen opt-out then decided, due to bk, they wanted to opt back in to pre-screen offers, here was my experience. I had read it could take anywhere from "a couple weeks" to "six months" to begin receiving offers again. It took about 6 weeks for me (from when I completed the opt-in). I just received my very first prescreened credit mailer today!, from none other than CreditOne. I might frame it.

.... just kidding.

Re: The post-bk rebuild long game begins

Anonymous — Fri, 03 Nov 2017 22:55:45 GMT

10/24/17-Another CC app - Cap1 Platinum. This was a cold app; I did NOT show as prequal'd on their site, either for Platinum or Secured. However, both were "suggested." I decided to go for it, probably against everyone's better judgment. (cough.) There was some back-and-forth with Cap1's fraud department while I was working a very noisy event and couldn't understand everything they were telling me. Regardless - Today 11/03/17 I received my Platinum card, activated it and arrived to my online account to find a $3,000 SL!!!

I also spoke with Discover yesterday and should be receiving my $500 secured card by mid-next week. I am going to stop there for now, at least until things report for a few cycles. My SSL still has not shown up, although I know Alliant has about another week yet to report it.

Still, I'm so glad. I was expecting $300-500 SL for Cap1. This is nice. :-)

Re: The post-bk rebuild long game begins

Anonymous — Thu, 30 Nov 2017 01:35:07 GMT

Updates & my debt-free holiday plan...

11/20/17- Capital One emailed me to say "You're on your way to a credit line increase" $3,000 to $3,500 - at this time of writing, my statement only just generated and my first payment is only scheduled, hasn't actually withdrawn yet. With that said, I'd hope for a CLI a little higher than $500. Still a nice ego boost :-)

11/23/17-gobble gobble (=>~~~

11/29/17-3B reports refreshed, new scores with accounts listed:
EX 609 / reporting Alliant SSL, Discover, ex-H joint card / NOT reporting Cap1

EQ 634 / reporting Alliant SSL, Discover, ex-H joint card / NOT reporting Cap1
TU 583 / reporting Alliant SSL, Discover, ex-H joint card / NOT reporting Cap1

In ~6 months from filing to discharge and beginning rebuild, my scores have jumped: EX +115 EQ +148 TU +100

Just in case anyone is wondering whether it is possible to dig out of the pits.

***

I am fortunate that I had done most of my holiday shopping ahead of time, so the holidays are going to be a little tight budget-wise but not as tight as they might have been otherwise through a tough year. And here’s the best thing of all: my first adult holiday with no debt.

Hopefully I can come back to this next year and see how I'm doing. This is mostly for myself but feel free to add thoughts.

capa's Debt Free Holiday List

a. BUDGET: Stay on cash diet. Never "float" a purchase, even for a day, period, end of story. Set realistic category amounts and stick to them. (This last is the one I need to work on)
b. PLAN AHEAD: Means you spend less in the moment, in a rush, get less caught up in holiday bins and shelves and sections. Set your budget at the beginning of the year. Begin setting aside right away. This year I began shopping by late summer and wrapped up (pun intended) the major few gifts by mid-fall.
c. SAVINGS: Your budget is for gifts over the month's/year’s time. Your savings is for emergencies. Don’t touch the savings you have, and don’t stop putting away. If you haven't started yet, don't feel bad, but don't delay.
d. CREDIT MANAGEMENT: On-time payments are imperative (autopay if necessary). Responsible utilization. Regular review of reports for accuracy. Basically, use your credit as a tool to expand your lending opportunities, not as a spending mechanism.

Re: The post-bk rebuild long game begins

Anonymous — Mon, 04 Dec 2017 23:40:13 GMT

Great Job! I’ve enjoyed following along, thanks for you some nice planning advice. I’m still awaiting my 341 meeting.

I’ll be checking back to see your progress/thoughts on your rebuild.
Keep it up!

Re: The post-bk rebuild long game begins

Anonymous — Mon, 01 Jan 2018 23:03:40 GMT

12/23/17-Cap1 finally reported all 3B.

01/01/18-Scores refreshed all 3B- EX 636 / EQ 655 / TU 629. Happy to be steadily improving (also happy that TU finally caught step with the rest). Happy New Year everyone.

Re: The post-bk rebuild long game begins

Anonymous — Mon, 01 Jan 2018 23:34:50 GMT

Thank you for posting your details. I checked pacer on the 29th and it was discharged that same day so I did my own happy dance!!! My EX went up 56 points after updating with the discharge!! I am still awaiting TU & EQ to update. I plan on going to my local credit union this week to get an SSL since I dont have any installment loans right now, and wanting to start a history with them. I plan on getting a car soon and would like to be approved the CU if possible to avoid the hassle at the dealership! Good luck on your journey! Maybe ill start my own thread to document my experiences as well!

Re: The post-bk rebuild long game begins

Anonymous — Fri, 02 Feb 2018 01:30:54 GMT

02/01/18-Scores refreshed 3B, EX 644 / EQ 665 / TU 638. [edited because I don't want to jinx myself :-) I'm just excited to keep making progress!]

Also, deferred comp and retirement were both at work recently, and I've been doing a lot of research, and actually set Mr. Deferred Comp back on his toes when I was the only one asking about individual investments instead of leaving it all to an advisor. Still more research to do, but I won't be starting the withdrawals until my next raise this summer. Honestly wish I had begun sooner, but, well, I also wish I hadn't built up a boatload of debt, or had any of the circumstances that led to that debt, yet here we are, and I plan to do my best to make up for lost time within reasonable constraints.

Any of you young folks who have the opportunity... start your retirement savings now! (or as soon as you reasonably can!)

http://www.businessinsider.com/compound-interest-retirement-funds-2014-3

Re: The post-bk rebuild long game begins

Anonymous — Sat, 10 Feb 2018 20:13:44 GMT

Help ease my mind re: inheritance after BK.

BK7 filed 6/14/17.

DC 10/11/17.

Mom died 12/23/17. It's been... something (isn't family always complicated?)

Life insurance benefit check received 2/10/18.

Everything I've read says 180 days post file and you are clear.

I mean, NOLO is my go-to and they basically say I'm clear. https://www.nolo.com/legal-encyclopedia/inheritances-chapter-7-bankruptcy.html

6/14/17 + 180 days = 12/11/17.

I'm ok to deposit this, correct? It's going straight to savings. It's nearly two months' living expenses, and I only just started my savings account in earnest.

Re: The post-bk rebuild long game begins

shadanat — Sat, 10 Feb 2018 22:16:37 GMT

I’m not sure if it’s from filing or the 341 meeting. My trustee said if I received a significant amount within six months of my 341 I had to notify her. This was at the 341 meeting.

Re: The post-bk rebuild long game begins

Anonymous — Sat, 17 Feb 2018 16:13:46 GMT

My attorney phoned back yesterday and gave me the OK to deposit the check. It's in savings now. TY for response.

Re: The post-bk rebuild long game begins

shadanat — Sat, 17 Feb 2018 16:48:00 GMT

Congratulations and good to know.

Re: The post-bk rebuild long game begins

Anonymous — Sat, 17 Feb 2018 21:25:37 GMT

Nice progress @Anonymous