topic Re: My 2nd rebuild in Rebuilding Your Credit

My 2nd rebuild

madmann26 — Sun, 17 Apr 2022 13:16:53 GMT

Here goes -

2013-2016 were really, really good years for me. This was my 1st rebuild and after I got all the collections off, all the derog's fixed as much as possible, I found myself well in over my head.

I had amassed about $300k in available credit.

Then 2 family members started coming to me asking for help. One was my oldest sister, the other was my niece. I got each one a car (Honda's albeit) and they had agreed to make the payments but this didn't last long and I found myself making both payments.

Then factor in loose spending habits and I was in over my head with CC debt and owing the IRS $9k. In Feburary 2017, I made the decision to file ch13. I also took a $35k pay cut (was a contractor) when I accepted an offer to convert to a full-time employee. I'm almost back to that level now as a regular employee. Single income. Wife was still in school finishing her bachlor's degree.

Fast forward right at 5 years. All of the secured debt is paid in full.

My ch13 should be discharged soon. I don't know when it gets discharged but the file date was 2/2017. I am sad, yet glad that this is coming to a close.

I have a number of "rebuilder" cards with good limits and I've treated them well. I think at this point I only want one prime card.

So yea, there it is. It's 100% my fault I'm in this mess now but this year will be a good year.

The rebuild list -

CreditOne Platnium #1 - $2200 CL (NB)

CreditOne Platnium #2 - $950 CL (NB)

Petal1 - $2600 CL (NB)

Comenity MC - $2900 CL (< $200 balance)

Cereulean MC - $1650 CL (NB)

Surge MC - $800 CL ($10 balance)(auto-pays each month)

OldNavy - $300 CL (NB)

IKEA Projekt - $1200 CL (NB)

Apple Card - $950 ($28 balance)

The Children's Place - $1000 CL (NB)

~~Indigo MC - $300 CL (NB)~~ (closed 2/11/2022)

~~Milestone MC - $700 CL (NB) (this one also has a fat annual fee)~~(closed 2/11/2022)

~~MissionLane - $600 (NB)~~ (closed 2/11/2022)

AAoA currently - 5y 5mo

So, what did I learn? It's something I've heard all my life, "money and family don't mix.......". It's the fkn truth. Doesn't matter how close you are to someone or what they say. Unless it's me "signing" the paperwork, it's not going to happen anymore. Whatever sob story comes, I'm not exposing myself like that ever again.

Pay off the credit cards before the statement drops. I had $799 on my Comenity MC until Friday. I paid that off. Maybe I'll get some love from them soon. This is my primary card now because of the little cash back I get.

I make good money and my wife is working again. Combined is right at $180k/yr.

Adding some DPs -

Inquiries to fall off -

March 2022 - 8

April 2022 - 3

Sept 2022 - 2

Nov 2022 - 5

Re: My 2nd rebuild

gdale6 — Mon, 31 Jan 2022 17:48:10 GMT

Grats to getting your financial house in order. Family and money rarely mix well, I learned that in my 20s and still refuse to this day to loan to family members.

Re: My 2nd rebuild

CH-7-Mission-Accomplished — Mon, 31 Jan 2022 18:15:24 GMT

@madmann26 wrote:
Here goes -

2013-2016 were really, really good years for me. This was my 1st rebuild and after I got all the collections off, all the derog's fixed as much as possible, I found myself well in over my head.

I had amassed about $300k in available credit.

Then 2 family members started coming to me asking for help. One was my oldest sister, the other was my niece. I got each one a car (Honda's albeit) and they had agreed to make the payments but this didn't last long and I found myself making both payments.

Then factor in loose spending habits and I was in over my head with CC debt and owing the IRS $9k. In Feburary 2017, I made the decision to file ch13. I also took a $35k pay cut (was a contractor) when I accepted an offer to convert to a full-time employee. I'm almost back to that level now as a regular employee. Single income. Wife was still in school finishing her bachlor's degree.

Fast forward right at 5 years. All of the secured debt is paid in full.

My ch13 should be discharged soon. I don't know when it gets discharged but the file date was 2/2017. I am sad, yet glad that this is coming to a close.

I have a number of "rebuilder" cards with good limits and I've treated them well. I think at this point I only want one prime card.

So yea, there it is. It's 100% my fault I'm in this mess now but this year will be a good year.

The rebuild list -

CreditOne Platnium #1 - $2200 CL (NB)
CreditOne Platnium #2 - $950 CL (NB)
Petal1 - $2600 CL (NB)
Comenity MC - $1700 CL (< $200 balance)
Cereulean MC - $1650 CL (NB)
Surge MC - $800 CL ($10 balance)
OldNavy - $300 CL (NB)
IKEA Projekt - $1200 CL (NB)
Indigo MC - $300 CL (NB)
Milestone MC - $700 CL (NB) (this one also has a fat annual fee)

AAoA currently - 5y 5mo

So, what did I learn? It's something I've heard all my life, "money and family don't mix.......". It's the fkn truth. Doesn't matter how close you are to someone or what they say. Unless it's me "signing" the paperwork, it's not going to happen anymore. Whatever sob story comes, I'm not exposing myself like that ever again.

Pay off the credit cards before the statement drops. I had $799 on my Comenity MC until Friday. I paid that off. Maybe I'll get some love from them soon. This is my primary card now because of the little cash back I get.

I make good money and my wife is working again. Combined is right at $180k/yr.

What an amazing rebuild. You have a lot to be proud of. I have a couple of questions:

My brother recently filed for chapter 13, and his attorney told him that he can't get any credit until the 13 is discharged, so no credit for five years, not even secured cards. You have been able to open lots of lines of credit.

I understand that each trustee in each district has an enormous amount of power and can run their 13's however they wish, but I have also read many posts about people in 13's that have at least partially rebuilt prior to discharge -- most not as well as you. What was your experience in terms of your lawyer's advice and the trustee's advice?

Also, did you get a lot of rejections due to the open 13? I know it's nearly impossible to get credit in a chapter 7 prior to discharge, but a 7 is only open for a few months and then discharges.

I can see where a lawyer would take the position that in a 13 you should live on a debit card so you don't do anything to mess up completing your BK 13. Can you tell me how it worked in your district and what district you're in? My brother is in Virginia. Thanks for any insight you can provide. And again, great job rebuilding prior to discharge.

Re: My 2nd rebuild

FireMedic1 — Mon, 31 Jan 2022 22:34:57 GMT

Read too fast. Ooops. Congrats!

Re: My 2nd rebuild

madmann26 — Mon, 31 Jan 2022 20:00:14 GMT

@FireMedic1 wrote:
Those 2 Plat's you can call and have them upgraded to the QS for cash back like now! If not 2 at least 1. Then 2 CB cards. Congrats!

Explain. I couldn't decipher this. :?

Re: My 2nd rebuild

RSX — Mon, 31 Jan 2022 22:43:56 GMT

Strictly a translation on the note above

Now that we see they are CreditOne and NOT Cap1, this reply is useless....

~~call and ask your Platinum cards to be converted (Product Changed) to QuickSilver cards which give a 1.5% Cash Back~~

~~then you will have 2 CashBack cards instead of the No Rewards Platinum cards~~

Congrats on your Rebuild Work!

Re: My 2nd rebuild

madmann26 — Mon, 31 Jan 2022 21:45:09 GMT

@RSX wrote:
call and ask your Platinum cards to be converted (Product Changed) to QuickSilver cards which give a 1.5% Cash Back

then you will have 2 CashBack cards instead of the No Rewards Platinum cards

I think you and @FireMedic1 are reading CreditOne as CaptialOne. This is not the case.

These are CreditOne cards - https://www.creditonebank.com/credit-cards

I do not see a QS card on their website.

Re: My 2nd rebuild

madmann26 — Tue, 01 Feb 2022 19:49:38 GMT

Score update (TU) -

My reported utilization went from 33% to 5-6% and that got me 15 points.

Re: My 2nd rebuild

madmann26 — Sun, 06 Feb 2022 14:16:42 GMT

Score Update (EX) - 678

+5 - One of my CCs went from 81% until to 5%.

Re: My 2nd rebuild

madmann26 — Sun, 06 Feb 2022 20:45:12 GMT

Score Update - (EQ) 674

+7 for one of my CCs util going down.

Re: My 2nd rebuild

madmann26 — Mon, 07 Feb 2022 10:30:35 GMT

Current Fico9 bank card scores.

Re: My 2nd rebuild

madmann26 — Fri, 11 Feb 2022 17:09:32 GMT

Update -
I closed 3 of the rebuilder cards today. That felt kinda good honestly.

I'm debating on closing at least one more......

Re: My 2nd rebuild

RSX — Fri, 11 Feb 2022 19:55:15 GMT

do it! while you are on a roll..

Re: My 2nd rebuild

madmann26 — Fri, 11 Feb 2022 21:34:42 GMT

I have officially entered the garden.

All 3 of my credit reports are frozen now.

Re: My 2nd rebuild

Harvey26 — Fri, 11 Feb 2022 21:36:28 GMT

@madmann26 Congrats on your rebuild! I think you would probably get a nice SL on a Cap One card either Quicksilver or Venture but close your last rebuilder and wait for BK to discharge.

Re: My 2nd rebuild

Red1Blue — Fri, 11 Feb 2022 21:37:55 GMT

Congratulations @madmann26 Great work.

Re: My 2nd rebuild

madmann26 — Fri, 11 Feb 2022 23:21:24 GMT

@Harvey26 wrote:
@madmann26 Congrats on your rebuild! I think you would probably get a nice SL on a Cap One card either Quicksilver or Venture but close your last rebuilder and wait for BK to discharge.

Naw. I burned them in ch13 (I think).

Re: My 2nd rebuild

madmann26 — Sat, 12 Feb 2022 14:56:20 GMT

@madmann26 wrote:
@Harvey26 wrote:
@madmann26 Congrats on your rebuild! I think you would probably get a nice SL on a Cap One card either Quicksilver or Venture but close your last rebuilder and wait for BK to discharge.
Naw. I burned them in ch13 (I think).

I'll take that back @Harvey26 . I checked all my CR's just a second ago and there are no Cap1 accounts on it. So yea, once the ch13 officially discharges and some inquiries fall off, I might take a stab at it.

Another good point for today, I was able to get a trashed AU account removed (CO) from my reports this morning.

Re: My 2nd rebuild

madmann26 — Sat, 12 Feb 2022 21:39:14 GMT

Update (future plans)

When looking through my CR, I don't think I burned the following when I filed ch13 (No accounts were noted as IIB from what I can see and Cap1 isn't even on my report):

1. Cap1

2. Citi (CBNA)

I guess when the time comes, after the official discharge and maybe in a year when some inquries fall off, I'll take a stab at those cards. I did burn Chase in ch13 but it was for a relatively small amount ($23xx). They may let me back in but it will probably be some time before they do.

Re: My 2nd rebuild

madmann26 — Sun, 13 Feb 2022 15:59:45 GMT

Update -

I got a few alerts this morning from my TU monitoring. It looks like DCU removed their bad reporting. I'm just waiting on the official myFico alerts.