1 YEAR AND 1 MONTH PAST MY CHAPTER 7 BANKRUPTCY

[fungirl2018]

Well it has been just a little over a year since I filed my Chapter 7 Bankruptcy on October 10, 2018 and was discharge in Janyary 2019. Approximately 3 months after my discharge I applied for Wells Fargo Secured Card and got it with a $300.00 limit. About 8 months of on time payments they sent me a letter letting me know that they were releasing my secured funds ($300.00) back to my checking account and was giving me the unsecured card which they did about 1 month ago.  I waited 9 months to apply for a Capital One Credit Card (THEY WERE INCLUDED IN MY CHAPTER 7 BANKRUPTCY) and I was approved for the Capital One Card with a $3000 credit limit in November of 2019. The letter stated if I make all on time payments for 5 months they will increase my limit to $500.00 which will put my limit with Capital One at $3,500. Those are the only 2 cards that I now have since being discharge in January of 2019. I will not be applying for anything else. My credit score with Experian is now only 624. Don't know what it is on the other 2. I want so bad to get to 700. It's moving up but very slowly. Maybe I will be close to that by the end of 2020. After getting my discharge in January 2019, I'm telling you it was a huge relief. Before filing my Chapter 7, I didn't have a dime saved because it took every penny I made every 2 weeks to pay all of those credit cards and loans along with rent, cable, cell, internet. I couldn't go to the bank and get $50.00 if I needed it. I now have a very nice nest egg saved up. It feels good to be able to save a decent amount of money every 2 weeks and don't have to worry about touching it. I started saving my money in November of 2018. I was a nervous wreck prior to filing not knowing if any creditors would show up at the hearing but none showed. When I got my discharge in January of 2019, what a huge relief. Their is life after Bankruptcy. 

[Bankrupt2019]

I'm 2 months post discharge, things are already looking up! Nice to see others moving forward and doing well!!

[Anonymous]

Nice progress @fungirl2018 ! 

[twono]

Good job abstaining from a $70k bmw and saving your money.

Your scores would be higher if you had 3 cards reporting shortly after DC and a self lender loan.

I'm at 646 EQ, 623 EX, 617 TU, 4 mos post DC.  I know everyones' files are different but the consensus on rebuilding are 3 cards and an installment loan.

Good luck!!

[sznnmnt]

You may want to get a few more secured cards at various banks just to get your foot in the door to get graduated unsecured cards in the future. One secured card apparently isn't enough for the larger banks to see that you're responsible.Some of those secured cards though don't ever graduate so watch out for those.

[FireMedic1]

Its a slow process. Its starts out slow and then the scores start to pick up the farther your out of BK. A 3rd card like Disco could help with the 3 cards. If you have no loans at all. Grabbing a self lender can help with your credit mix. But your doing great so far. Keep up the great work.

[FireMedic1]

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@sznnmnt wrote:

You may want to get a few more secured cards at various banks just to get your foot in the door to get graduated unsecured cards in the future. One secured card apparently isn't enough for the larger banks to see that you're responsible.Some of those secured cards though don't ever graduate so watch out for those.

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Too many at once can hurt. Theres no rush in rebuilding. OP has past that secured only catagory now it seems. So not a good idea. Sorry.

[Anonymous]

@twono

What is a self lender loan?

[Anonymous]

Congratulations on your success, OP!

[AllZero]

Congratulations on your success!