Post - 341 meeting - trying to rebuild credit

CrimsonArmour — Fri, 24 Jan 2025 00:55:20 GMT

I just had my 341 meeting for a Ch. 7 & the "no presumption of abuse" has been posted on Pacer. I've been lurking on the forum for a bit so I went ahead and applied for some cards & was actually approved for 3. I'm wondering if I should stop here & just wait a few months until the discharge before I do more. I went to the actual cites to check my Equifax & TU scores - Equifax 668, TU 662, My Fico Experian 606

Here is what I have done so far. I'd appreciate any advice or suggestions on how best to proceed:

Current debt - non included in the Chapter 7 - I am current on all these payments

1. NC SECU - mortage (3.25%) & HELOC (6.75) - SECU assured me these are fine & my auto-pay & online access will stay in place

2. Cap 1 Auto Loan - 7.35% - I have lost my online access but they say I can continue making payments by phone or mail

Steps I took yesterday & today:

1. Set up a Navy Federal Credit Union savings - in anticipation of trying for a SSL post-discharge or whenever it's best to try. Would love more advice on this or if it will even give me a bump since I do have a car loan? Or maybe it would be better to just refinance my car?

2. Applied for Dover Federal Credit Union - I know this may take a while but from what I have read they are post-Ch 7 friendly

3. Applied to several cards - these were approved - Cap 1 Savor - $4000, Credit 1 - $2000, Mission Lane $2000

I'm not exactly sure how to proceed next?

1. I saw someone suggest 5 cards as ideal - should I try for 2 more now, wait till post discharge, wait 6 months since I just got the 3 new cards??

2. Should I try to re-finance my car loan since Cap 1 won't be reporting it anymore? If so when? where?

3. Is it worth it to purchase the MyFico membership even though I have access via the credit reporting websites? If so, what level it best & what suggestions do you have on how to best use it as I work to heal my credit?

Re: Post - 341 meeting - trying to rebuild credit

CaneVariant — Wed, 05 Feb 2025 04:17:50 GMT

Looking great so far. IMO you don't need to worry about the SSL since you have already have an auto loan. The SSL only really helps when you pay to 8% (your auto loan affects the utilization). With 3 cards (with solid limits) I would sit back and let time do its thing. I wouldn't worry about micro-managing my utilization until the month before you need to apply for credit. Just pay them in full when the statement posts. Great job on the rebuild.

Re: Post - 341 meeting - trying to rebuild credit

sccredit — Wed, 05 Feb 2025 19:59:22 GMT

Frankly, right after discharge you will not meet or beat the rate your auto is financed at.

IMO, you are in great shape with the card openings to sit back and let them age a bit.

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Post - 341 meeting - trying to rebuild credit

Re: Post - 341 meeting - trying to rebuild credit

Re: Post - 341 meeting - trying to rebuild credit