topic Re: Rebuilding Correctly? in Bankruptcy

Rebuilding Correctly?

javajunky — Fri, 16 Aug 2019 01:32:52 GMT

Chapter 7 discharged July 7, 2019.

Scores are 599 EQ, 564 TU and 570 EX July 19

Car loan 14% 21,000 opened before discharge 5/19 - reporting

Credit One $400 limit 8/19 - not reporting yet

First Premier $700 limit 8/19 - not reporting yet

Indigo $300 8/19 - not reporting yet

All of my accounts show $0 balance, IIB.

Am I on the right track to getting my scores above 700?

Thanks for any feeback!!

Re: Rebuilding Correctly?

FireMedic1 — Fri, 16 Aug 2019 08:05:32 GMT

Welcome. For now your set. Did you happen to try Cap1 pre-qual site? Or were they burned in BK. Goal is to get a unsecured cards in the future and shut down those fee ridden cards. But your going to have to wait 6-8 months or more since it appears you got 3 cards a couple days apart. So best advise is come here and ask the gang before you make any more moves. Wish you could have come sooner. But thats hind site now. Those 3 accounts will have to age. But if we can see who got burned. It will help predict what you could get in the future and shut down those cards before the yearly fee hits.

Re: Rebuilding Correctly?

javajunky — Fri, 16 Aug 2019 12:48:30 GMT

CC's burned in BK - I have listed what my limits were. All had balances when I filed except Ulta.

Cap One 2,000

NFCU 20,500

Macys 500

Target 2,600

Amex 1,000

Chase Amazon 500

Ulta 500

Prior to BK, I had 0 missed payments, no collections, so my report is clean (except for BK). I am also a member of PenFed so hoping they will extend credit to me at some point.

I did the prequal for Discover and Cap One. Tried Merrick as well - all NO.

Re: Rebuilding Correctly?

FireMedic1 — Fri, 16 Aug 2019 13:19:31 GMT

So as you get closer to a year out. Start hitting up Cap1 and Disco. Cap1 will forgive first. Then you could grab the Plat. Stay away from the QS1. Easier to upgrade to the QS with the Plat. QS1 I call the brick. Cant so much with it and it just sits there. Once you get the Plat. Then close down the highest fee secured card. Get 1 close 1. Correct me if I'm wrong that would be FP I take it. For now let things age and your scores will start to rise up. Dont go carrying any high balances. JMO. You want to PIF each month whichever card you chose to report a statement balance and then PIF. No paying interest during this part of the rebuild. Interest is like throwing money out the window anyways. Bad enough you have to pay a fee to keep a card. But we all had to start somewhere. So it will do for now. Goal is as I said above. Eventually you'll have no AF unsecured cards. We can help you when the time comes without a doubt. Good Luck!

Re: Rebuilding Correctly?

javajunky — Sat, 17 Aug 2019 01:09:49 GMT

Thank you!!