Nearly 1 Year Post BK7 Story & Questions

Anonymous — Tue, 23 Apr 2019 22:50:56 GMT

I started lurking on these forums a few months prior to deciding to file BK7 and I can't thank the contributors enough for all the information, guides and data points they've provided. It has definitely helped guide my personal BK journey. This will be my first contribution and I'll provide as many data points as possible to help future readers. Unfortunately I was not tracking my FICO scores throughout, I was using FAKO Vantage Scores just to track progress, but I will post what info I do have for some reference.

I have been loosely following the 7 to 700 plan, only loosely because I burned several of the recommended lenders:

-BK7 Filed Oct. 2017

-BK7 Discharged May 21st, 2018

-Lenders Burned:

Capital One
Chase
AmEx
Discover
Barclays
Synchrony (Chevron & CareCredit)

Quick Timeline:

In BK: Reaffirmed my auto loan through local credit union (had 1 year remaining, $4,500 balance) and had two small student loans (Wells Fargo & US Dept. of Education) that were not discharged in the BK7
June 5th, 2018 (2 weeks post discharge): Approved for Credit One, $300 SL - Auto CLI to $450 after one statement [EX FICO 8 provided by Credit One: 589]
July 28th, 2018 (2 months post discharge): Paid off both outstanding student loans
Jan 17th, 2019 (8 months post discharge): Received Pre-Approval for the Ollo Mastercard no AF, Approved with $2,500 SL [EX Bankcard 9 provided by Ollo: 668]
Jan 17th, 2019: Now with 2 open revolvers I pulled the trigger on a $500, 1 year secured loan from Self Lender
Feb 4th, 2019: (8 1/2 months post discharge) Paid off remaining balance on reaffirmed auto loan, was waiting for Self Lender to report to avoid having no installment loan (officially debt free yay!)
March/April 2019 (10 months post discharge): I was rear ended and my car ended up totaled, I took the opportunity to finally open an account with NFCU per the advice of nearly everyone on this forum (grandfather was in the Air Force) and applied for an auto loan. Approved instantly at 5.99% for 60 months [EQ FICO provided by NFCU: 629, they didn't mention the scoring model]: 2018 Chevy Cruze, $12,699 - I put 5k down for a total loan amount of just under 10k after taxes/fees (debt free for one whole month ...but needless to say I was ecstatic with the interest rate Navy offered me still within one year of BK, even moved all my banking over to them)

That brings us to today: I have two revolvers (Ollo, Credit One), my secured loan from Self Lender and my auto loan from NFCU. I keep the Credit One in the sock drawer with a $0 balance and I PIF the Ollo after I let it report a small balance, around 5% uti. Self lender is on auto-pay from my savings account and my auto loan is on auto pay for a double payment every month. Checked my FICO 8 scores today using Experian's $1 trial, EX: 634, TU: 629, EQ: 632. Hoping for a boost at the end of May but I'm on my way to 700! My current plan is to close the Credit One next month prior to getting hit with the annual fee and apply for the NFCU More Rewards AmEx on June 1st at just over one year post BK. Assuming I get approved (pretty confident) that would still leave me with two revolvers. Does anyone have a recommendation on a third revolver in my situation to maximize my second year of rebuilding? I'd prefer to get a rewards card I can actually put some spend through and PIF. Capital One pre-qual just started bringing up the Platinum, so thats an option worst case scenario. I was considering the Paypal 2% MC or the Amazon Prime Store Card (the 5% off would benefit me, I shop on Amazon a lot) but am concerned about my prior relationship with Synchrony, even after a year (anyone else have luck?). I don't know of many other rewards options that would be friendly 1 year post BK. Let me know what you think!

Re: Nearly 1 Year Post BK7 Story & Questions

FireMedic1 — Wed, 24 Apr 2019 00:10:42 GMT

Your doing great now. Since you have the auto loan now. The self lender can be paid off anytime. Only need 1 installment showing. Cap1 is forgiving after a year. You could grab the Plat for the 3 card 1 installment loan FICO bonus as I say. This will help show more credit responsibility when it comes time to apply for a NFCU card. Your on the right track. One more card would help for now for future apps. You started off great. It will take a couple years from DC to get up to getting better cards. Your on your way but dont rush it. If it was me I'd wait to hit the 700 mark then apply for the NFCU. But thats just me. Good Luck!

Re: Nearly 1 Year Post BK7 Story & Questions

Anonymous — Wed, 24 Apr 2019 02:15:29 GMT

Sux you burned Amex, from what I gather in the forums here Citibank and Amex hold a grudge forever....I basically burned everyone except Amex. I second FireMedic1's suggestion of CapOne since your 1 year post DC. Discover will be at least 2 years out since it was IIBK. I'd say after CapOne, wait 6 months and try for something else to replace any cards with fees. and slowly grow 1 card per 6 months until your at 3 or 4 with no fees and let them age.

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Nearly 1 Year Post BK7 Story & Questions

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