topic Re: Finally Discharged - Help Me Understand my route. in Bankruptcy

Finally Discharged - Help Me Understand my route.

niross — Sat, 09 May 2020 20:58:03 GMT

Hi All!

I've been a lurker for about 2 months and wow. I didn't even know something like this forum existed. I recently filed BK7 January 8th. MOC Feb 7th and finally discharged April 14th! 23 Days post BK ((FICO Score 8: 546. Per Credit Karma - my TU 686 EQ 665))

So I came across - https://ficoforums.myfico.com/t5/Bankruptcy/HOW-TO-From-BK7-discharge-to-700-in-24-months-or-less/td-p/1384075.
Which I'm starting to think I may have jumped in a bit too soon?

So I pulled all 3 reports and guess I can finally understand. Eh - maybe. I thought in my BK I was including basically everything, but after reviewing my report - I am confused? *I'm a younger guy so I apologize if some of this stuff should be common knowledge (this is my first time EVER pulling a real report 25 years old).

Adverse Accounts - Both are showing IIB.
SYNCB/SAMS CLUB DUAL CARD (Under Derogatory Remarks - It shows every month a payment was missed. Do I need to contact them and have them remove that? )
WELLS FARGO CARD SERVIC (No Derogatroy Remarks - Stopped paying the same time as the one above)

Seems as though Captial One/Amazon Card are missing from this. Don't see anything related to them on my report, though.

Satisfactory Accounts -
BEST BUY/CBNA - Status - Current Account / Balance - $0
CAPITAL ONE BANK (AU)
DELTA COMMUNITY CU - Status - Current Account / Balance - $0
SYNCB/SAMS CLUB DUAL CARD ? (Unsure why this is showing - Althought it shows a different account #) Status - Current Account / Balance - $0.

With that being said - are the adverse accounts the only ones I have "burned"? Those seems to be the only 2 that have IIB.

I did apply for a Credit One account last night (only did so based off the forum linked above). They sent me a pre-approved offer. CL $400. However, I am starting to think I jumped the gun. After reviewing my report - I don't see Cap1 as one of the adverse accounts. Would I have been able to apply for their first card?

This is all I plan on opening for the time being. Any feedback would be appreciated.

Thanks All! Apologize for the format.

Re: Finally Discharged - Help Me Understand my route.

FireMedic1 — Sat, 09 May 2020 21:29:45 GMT

@niross wrote:
Hi All!
I've been a lurker for about 2 months and wow. I didn't even know something like this forum existed. I recently filed BK7 January 8th. MOC Feb 7th and finally discharged April 14th! 23 Days post BK ((FICO Score 8: 546. Per Credit Karma - my TU 686 EQ 665))

So I came across - https://ficoforums.myfico.com/t5/Bankruptcy/HOW-TO-From-BK7-discharge-to-700-in-24-months-or-less/td-p/1384075.
Which I'm starting to think I may have jumped in a bit too soon?

So I pulled all 3 reports and guess I can finally understand. Eh - maybe. I thought in my BK I was including basically everything, but after reviewing my report - I am confused? *I'm a younger guy so I apologize if some of this stuff should be common knowledge (this is my first time EVER pulling a real report 25 years old).

Adverse Accounts - Both are showing IIB.
SYNCB/SAMS CLUB DUAL CARD (Under Derogatory Remarks - It shows every month a payment was missed. Do I need to contact them and have them remove that? ) Any lates before BK stay. Lates arent wiped out. Just the debt.
WELLS FARGO CARD SERVIC (No Derogatroy Remarks - Stopped paying the same time as the one above)
Seems as though Captial One/Amazon Card are missing from this. Don't see anything related to them on my report, though. They may show up again as IIB and $0 balance.

Satisfactory Accounts -
BEST BUY/CBNA - Status - Current Account / Balance - $0
CAPITAL ONE BANK (AU)
DELTA COMMUNITY CU - Status - Current Account / Balance - $0
SYNCB/SAMS CLUB DUAL CARD ? (Unsure why this is showing - Althought it shows a different account #) Status - Current Account / Balance - $0. AU account will stay. The owner didnt file BK. You might have hit it lucky the other 2 survived. But time will tell.

With that being said - are the adverse accounts the only ones I have "burned"? Those seems to be the only 2 that have IIB.

I did apply for a Credit One account last night (only did so based off the forum linked above). They sent me a pre-approved offer. CL $400. However, I am starting to think I jumped the gun. After reviewing my report - I don't see Cap1 as one of the adverse accounts. Would I have been able to apply for their first card? Cap1 is usually a year out. Some sooner. Dont go by any website and their recommendations. Its marketing.

This is all I plan on opening for the time being. Any feedback would be appreciated.
Thanks All! Apologize for the format.

I'd give it a little more time and see if those accounts update post BK. Times are slower right now. Less people in the courthuse filing and entering stuff due to the virus.

Re: Finally Discharged - Help Me Understand my route.

niross — Sat, 09 May 2020 21:59:22 GMT

Hey @FireMedic1 ! I was just reading majority of your post from your profile. Thank you for being so helpful.

With regards to the satisfactory accounts, those were all closed. Since they were closed and didn't carry a balance - will those show as IIB?

Re: Finally Discharged - Help Me Understand my route.

FireMedic1 — Sun, 10 May 2020 10:27:58 GMT

Its been known that closed accounts by you before BK will pop up as IIB. Yes its weird. Some dont. But all the ones included in BK will have to show IIB. Go Figure. Your welcome BTW.

Re: Finally Discharged - Help Me Understand my route (Update)

niross — Tue, 19 May 2020 01:33:36 GMT

Did not want to create another post so going to update this one.

I am now 34 days post discharge and I have a few questions. It appears SYNCB/SAMS CLUB DUAL CARD and WELLS FARGO CARD SERVIC are the only (2) that were included in IIB? Guess the others never made it to collections - more sepcifcally Cap 1. Sadly when I got my free credit reports for the year - I could've swore I chose all 3, but only pulled TU. Haven't paid to have the other 2 pulled.

As of now - FICO® Score 8: 546 . TU 698 (dropped to 695 from NFCU) EQ 681.

I went ahead and applied for (3) Cards - Credit One ($400 limit unsecured/ AF $75), Discover IT ($250 secured/AF $0) and NFCU ($250 secured/ AF $0 - also HP). My question is - should I accept the Credit One Card (received today) or keep shopping around? I've tried the pre qual for Cap 1, but it provides me with "we couldn’t match your records to a card offer." I have reviewed the Bankruptcy Friendly Credit Cards, but would still like some input.

I was going to get myself an SSL from NFCU, but I plan on refinancing my truck in about 6 months. (not currently in my name). Would it be benefical to still get an SSL or no?

Thanks for your assistnace all. I apprecaite it!

Re: Finally Discharged - Help Me Understand my route (Update)

FireMedic1 — Tue, 19 May 2020 09:12:37 GMT

@niross wrote:
Did not want to create another post so going to update this one.

I am now 34 days post discharge and I have a few questions. It appears SYNCB/SAMS CLUB DUAL CARD and WELLS FARGO CARD SERVIC are the only (2) that were included in IIB? Guess the others never made it to collections - more sepcifcally Cap 1. Sadly when I got my free credit reports for the year - I could've swore I chose all 3, but only pulled TU. Haven't paid to have the other 2 pulled. You can get your annualcreditreport.com report for free weekly due to pandemic. There is no charge.

As of now - FICO® Score 8: 546 . TU 698 (dropped to 695 from NFCU) EQ 681.

I went ahead and applied for (3) Cards - Credit One ($400 limit unsecured/ AF $75), Discover IT ($250 secured/AF $0) and NFCU ($250 secured/ AF $0 - also HP). My question is - should I accept the Credit One Card (received today) or keep shopping around? I've tried the pre qual for Cap 1, but it provides me with "we couldn’t match your records to a card offer." I have reviewed the Bankruptcy Friendly Credit Cards, but would still like some input.

I was going to get myself an SSL from NFCU, but I plan on refinancing my truck in about 6 months. (not currently in my name). Would it be benefical to still get an SSL or no? No. You just got 3 cards too fast and you dont need another loan when your going to get one when you finance the truck.

Thanks for your assistnace all. I apprecaite it!

Slow down. No more apps for credit cards for at least 6-8 momths. If not. Always spread out apps. Rushing it isnt going to get you there any faster for better cards or scores. It takes time.

Re: Finally Discharged - Help Me Understand my route (Update)

niross — Tue, 19 May 2020 12:03:17 GMT

Tried to be proactive, but understandable. Guess I'll be in the garden for now, but question. In 6-8 months when I do refinance, is it okay to also get another CC at that time? Seems like it would be a lot at once in terms of getting a HP for refi and then another CC. I'd like to have some form of a plan.

Re: Finally Discharged - Help Me Understand my route (Update)

Anonymous — Wed, 20 May 2020 07:58:32 GMT

Congratulations on your discharge! Since you are just a month out from DC now, it's a good time to pull your free credit reports to see if the dust has settled and things are updated.

Applying for 3 right away was fast. Did the Credit One take a HP? If so, you might as well keep it and grow your credit history. Give it at least 3 to 6 months before applying for anything else.

Is your truck loan currently reporting, and is it going to report in your file once it's refinanced? If so, you won't need another loan.

Take it slow, and you'll get there in time.

Re: Finally Discharged - Help Me Understand my route (Update)

Anonymous — Wed, 20 May 2020 08:11:09 GMT

@niross wrote:
Tried to be proactive, but understandable. Guess I'll be in the garden for now, but question. In 6-8 months when I do refinance, is it okay to also get another CC at that time? Seems like it would be a lot at once in terms of getting a HP for refi and then another CC. I'd like to have some form of a plan.

In 6-8 months, see where you are at. Figure out the refi first. Meanwhile, keep checking prequals to see if anything changes. If you've already got 3 cards and the secured ones graduate, you have a year before the Credit One AF comes up, by which time you should have more credit history and better opportunities. Personally, I would wait at least 3 months after taking HPs from a refi to get another CC, but I'm all about maximizing my chances. I just got my 3rd CC post-DC and I'm almost 6 months out.

Re: Finally Discharged - Help Me Understand my route (Update)

niross — Wed, 20 May 2020 12:11:23 GMT

@Anonymous Good Morning! Thanks so much and congrats on your DC as well. Seems to be doin ya well. I did pull my credit reports - well tried. I did so yesterday. Was able to get my TU, but EX & EQ said I was unable to receive it online and needed to send physical mail with a copy of my ID and a few other things. Sent an email as to why that's the case.

Credit One was not a HP, the only one was NFCU (took my TU down 3 points).

No, my truck is currently in my parents name so no loans are currently reporting. I assume once I refi it will.

Probably would be a good idea to wait to get another CC after the whole refi situation. Just don't want to be held back, but it appears that may be the case. However, I'll keep an eye out for pre quals. Maybe get something does a SP.

thank you again!