topic Re: 2 Years Post Chapter 7 Discharge Today! in Bankruptcy

2 Years Post Chapter 7 Discharge Today!

getridofccdebt — Sat, 12 Jun 2021 13:12:32 GMT

It's been 2 years since my chapter 7 was discharged. It feels like a million years ago. My rebuild jurney has been slow and steady. Lot of frsutration with low entry level credit limits but it comes with the territory!

I am doing very well. Experian score is 683 TU is 733 and EQ is 713. Those aren't true ficos so take it with a grain of salt.

Current cc outlook

Cap 1 Plat just grew from $300-> $800

Cap1 QS just grew from $500->$600

Merrick Bank $1800

Mercury Card $1250

Apple Card (just approved this week) $2500

All cards are used and PIF every month.

Anyone struggling keep grinding, there is a light at the end of the credit tunnel!

Re: 2 Years Post Chapter 7 Discharge Today!

twono — Sat, 12 Jun 2021 13:26:14 GMT

Sweet! I'm looking forward to my 2 yr post DC in a few months . Soooo excited about buying a house, but i may just wait til the housing market explodes. I'm living really cheap now (renting a house for the last 10 yrs and rent has stayed the same)

It's incredible how time flies. I feel i have definitely gained more responsibility with finances.

I opened 3 new cards within 60 days of CH 7 DC in Oct '19.

-OLLO - $3100

-Credit One - $2200

-Local CU - $2500

I also got an RV loan for $20k 1 yr post DC from the same local CU.

And am financing a new $18k motorcycle 18 mos post DC.

I have no other loans or a mortgage. CC's are PIF except for $50 on credit one each month, and my RV/motorcycle loan payments = $700 month.

There is defintely light at the end of the tunnel.

Re: 2 Years Post Chapter 7 Discharge Today!

getridofccdebt — Sat, 12 Jun 2021 13:22:16 GMT

I forgot to mention I burned pretty much every major bank. Cap1 let me back in quickly with small starting limits. Discover to this day will still not let me back in.

Re: 2 Years Post Chapter 7 Discharge Today!

FireMedic1 — Sun, 20 Jun 2021 16:16:05 GMT

Nice. When you say you PIF each month. Hope your letting one of the cards report $20 or so. If all report nada. Points lost. It goes by fast. I'm 2 months short of 6 yrs. Coming around the bend.

Re: 2 Years Post Chapter 7 Discharge Today!

Crowhelm — Sun, 20 Jun 2021 21:22:47 GMT

@twono wrote:
Sweet! I'm looking forward to my 2 yr post DC in a few months . Soooo excited about buying a house, but i may just wait til the housing market explodes. I'm living really cheap now (renting a house for the last 10 yrs and rent has stayed the same)

It's incredible how time flies. I feel i have definitely gained more responsibility with finances.
I opened 3 new cards within 60 days of CH 7 DC in Oct '19.
-OLLO - $3100
-Credit One - $2200
-Local CU - $2500

I also got an RV loan for $20k 1 yr post DC from the same local CU.
And am financing a new $18k motorcycle 18 mos post DC.

I have no other loans or a mortgage. CC's are PIF except for $50 on credit one each month, and my RV/motorcycle loan payments = $700 month.

There is defintely light at the end of the tunnel.

Yeah, credit unions are the way to go after a BK. They treat you like a human being and don't judge. Well, at least not as much as the banks :-)

Re: 2 Years Post Chapter 7 Discharge Today!

getridofccdebt — Fri, 25 Jun 2021 14:11:54 GMT

@FireMedic1 wrote:
Nice. When you say you PIF each month. Hope your letting one of the cards report $20 or so. If all report nada. Points lost. It goes by fast. I'm 2 months short of 6 yrs. Coming around the bend.

Oh wow I did not know that. So at least 1 card should report a balance????

Re: 2 Years Post Chapter 7 Discharge Today!

Anonymous — Fri, 25 Jun 2021 15:27:24 GMT

I'm two years and two months out of ch 7, I keep my utilization below 6%. I don't have a lot of credit and my scores will not budge. My goal is to get to 700s.
current score is 662

Indigo $300 limit

Genesis (Wayfair) account $4000 limit

capital one $400

cap 1 quick silver $300

New Macy's card $300

I was sent a pre-approval from credit one since Capital one barely increases my limit, that one is $1500, I keep most of them paid down I let one or two report $20-$30, the Wayfair account will remain at zero, I have no intentions on using it. Now im thinking I should just use the credit one and quick silver monthly and keep a small balance on it to help my score. I want to get a conventional loan in 2 years and want a really good rate. The only cards that I really want is a Chase Disney or Citi Costco, but I know they are not BK friendly right away. So I will just keep my utilization down and no missed payments. Hopefully I'm on the right track.

Re: 2 Years Post Chapter 7 Discharge Today!

FireMedic1 — Fri, 25 Jun 2021 21:41:36 GMT

@getridofccdebt wrote:
@FireMedic1 wrote:
Nice. When you say you PIF each month. Hope your letting one of the cards report $20 or so. If all report nada. Points lost. It goes by fast. I'm 2 months short of 6 yrs. Coming around the bend.
Oh wow I did not know that. So at least 1 card should report a balance????

@getridofccdebt Yepper! We call it AZEO. All Zero Except One. FICO thinks your not using your credit. Ding. So let 1 of your cards report $20 for statement date. Then pay it before the next due date. Rinse and repeat. You'll see the score bump. Let us know how it went!

Re: 2 Years Post Chapter 7 Discharge Today!

getridofccdebt — Fri, 25 Jun 2021 22:12:04 GMT

@FireMedic1 wrote:
@getridofccdebt wrote:
@FireMedic1 wrote:
Nice. When you say you PIF each month. Hope your letting one of the cards report $20 or so. If all report nada. Points lost. It goes by fast. I'm 2 months short of 6 yrs. Coming around the bend.
Oh wow I did not know that. So at least 1 card should report a balance????
@getridofccdebt Yepper! We call it AZEO. All Zero Except One. FICO thinks your not using your credit. Ding. So let 1 of your cards report $20 for statement date. Then pay it before the next due date. Rinse and repeat. You'll see the score bump. Let us know how it went!

Awesome thanks for the info!!

Re: 2 Years Post Chapter 7 Discharge Today!

FireMedic1 — Sat, 26 Jun 2021 21:00:24 GMT

@Anonymous wrote:
I'm two years and two months out of ch 7, I keep my utilization below 6%. I don't have a lot of credit and my scores will not budge. My goal is to get to 700s.
current score is 662
Indigo $300 limit
Genesis (Wayfair) account $4000 limit
capital one $400
cap 1 quick silver $300
New Macy's card $300
I was sent a pre-approval from credit one since Capital one barely increases my limit, that one is $1500, I keep most of them paid down I let one or two report $20-$30, the Wayfair account will remain at zero, I have no intentions on using it. Now im thinking I should just use the credit one and quick silver monthly and keep a small balance on it to help my score. I want to get a conventional loan in 2 years and want a really good rate. The only cards that I really want is a Chase Disney or Citi Costco, but I know they are not BK friendly right away. So I will just keep my utilization down and no missed payments. Hopefully I'm on the right track.

Best way now is to let things age. No more cards. More cards dont mean higher scores. Each new card hits you AAoA's and AoYA. Credit limits dont help FICO scores either. Play the game. Use the cards. Let one report a balance and pay it off after statement cuts. It takes time. Yes i know we want it yesterday. But once scores do start to go up. Then they will climb faster as time goes by. Took me 2 yrs+ to see 700 after a BK. You'll get there. Patience does pay off.

Re: 2 Years Post Chapter 7 Discharge Today!

Anonymous — Sat, 26 Jun 2021 22:44:43 GMT

Thanks so much for the great advice, I really appreciate it. That's definitely what I was doing moving forward. I make good income, I just want my credit to work best for me, after I had let it all go two years ago. Starting fresh was hard, but this forum has helped me sooo much! Thanks everyone!