2 Days Post CH7 Discharge - My starting point and a few questions

[twono]

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@843dk5u39mcf wrote:

Hi FireMedic1, 

I appreciate the candid advice—no new apps until I'm in the 700s.

It'll be interesting to see how the updated reporting of my auto loan will impact my scores.

Pulled 12/17 FICO 8 for TU and EX, 650 and 629, respectively.  The delta between EX could be explained by more INQs on TU and EX hasn't updated with the discharge + I have a split file. 

-Inq's are only 2 pts maybe 3 and IIRC , they are in buckets.....1-3, 4-7 etc....They stay on your reports for 2 yrs and do not affect your score after 1 year, which is only a point or two which is negligible.

Difference in scores could be your oldest acct  isn't reporting on 1 of your reports.  Could be a slew of reasons for different scores...Keep in mind, all 3 credit bureaus rarely have the same information. 

I know my AAoA and other info is different on my 3 CRA's reports.  I have a DCU CC with a $10k limit that is reporting open on TU but not on the other reports.  I also just had a PENFED acct updated to 'closed' last week on TU.  Those accts were include in my BK.

Your credit file changes by the minute. Just keep that in mind.

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[twono]

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@843dk5u39mcf wrote:

Some attorneys I reviewed suggested that applying for credit is OK after the first CH7 creditors meeting. However, as JNBMOM suggested, the safest option is to wait until discharge. 

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Just remember that attorneys are not credit experts.  My BK7 attorney cost $4k but was also a trustee.  I took their advice pertaining to the BK itself, but no credit advice was asked for or offered.  

[hoosier64]

@FireMedic1 @twono I don't want to derail the thread, but could you provide a little more explanation for why continuing to apply in the 600's will keep you in the 600's? Is it AAoA or HP's?

The reason I'm asking is that my oldest tradeline prior to BK may fall off in a year. My AAoA is going to drop quite a bit once that tradeline falls off, and I will need to replace my vehicle at some point in the next few years.

[FireMedic1]

Your not derailing your own thread. You apply and get approved. Here comes all the age metric/new account hits. Takes time to rebound. Once they age. Up go the scores. Keep applying and it never has a chance to age and let the smoke clear. 600's. As time goes on your base score will go up. I did it this way. Got what was needed to start. Once you hit 700 it opens a whole new world. I used 700 as a base score. Once there. Next card. Drop a bit into the 600's. Bounce back in the 700's. Read my hind end off for what could be next. Approved. In time the base score was 710. Then 720's and off it went. I have the info below for one reason. Been there done that. I went 19 and 1. Slow and steady wins the race.

Too many come on here I got 10 cards out of BK and hit 680! Ok. Low CL's high APR's. I want to buy a house. Facepalm. Basically. Higher the scores. Easier to get better quality cards. Lower APR's/Interest. I stayed on here to help others as they did for me. Pay it forward. Plus it does get boring at times in the FD. Take your time. You'll get there. We'll help you.

[RobynJ]

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@843dk5u39mcf wrote:

Hi twono, 

Quite a journey. I appreciate you sharing! Thanks for restating key advice. No more apps until I'm in the 700 club. . 

In retrospect I would not have app'd for Mission Lane or Ollo so early.  The tiny limits are nearly useless.  I have subscriptions being paid to them and auto PIF for usage.  

I'm hoping CapOne gives me a nice CLI in a few months with a SP since I run 1.5x of the 3K limit on the card each month.

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Cap One and CLI is not where I would put my wishes. You probably have a better chance with Mission lane.

[843dk5u39mcf]

Hey RobynJ, 

Thanks for weighing in on my scenario.  Can you please elaborate on Mission Lane and why it may be a better choice than CapOne for my goals? 

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@RobynJ wrote:

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@843dk5u39mcf wrote:

Hi twono, 

Quite a journey. I appreciate you sharing! Thanks for restating key advice. No more apps until I'm in the 700 club. . 

In retrospect I would not have app'd for Mission Lane or Ollo so early.  The tiny limits are nearly useless.  I have subscriptions being paid to them and auto PIF for usage.  

I'm hoping CapOne gives me a nice CLI in a few months with a SP since I run 1.5x of the 3K limit on the card each month.

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Cap One and CLI is not where I would put my wishes. You probably have a better chance with Mission lane.

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