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30/60/90 hurt rebuilding after bankruptcy

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Buildingalife
Member

Re: 30/60/90 hurt rebuilding after bankruptcy

This is good to know.  My debt is outrageous.  I am hoping to get a Chapter 7.  I am going to post my detailed spreadsheet info any maybe you guys can give me some guidance. 

Message 11 of 16
FireMedic1
Community Leader
Mega Contributor

Re: 30/60/90 hurt rebuilding after bankruptcy


@Buildingalife wrote:

I'm hanging on by a thread.  My income is $90k plus $12k rental income.   After taxes 5450 monthly.   Hoping my expenses will put me into Chapter 7.  I am going to make a new post and put all of my details and maybe the group can give me more insight if I will pass the means test.

 




No need for a new thread. Keep this one alive.


Message 12 of 16
CosmicCash
Established Member

Re: 30/60/90 hurt rebuilding after bankruptcy


@Buildingalife wrote:

I want to file but wondering if I should keep making all of my payments until I file and how it will impact my rebuild later.  Does having bankrupcy showing without any lates help to rebuild?


Why would you keep making payments if you are going to file?  You are throwing good money out to bad at that point.  The fact of the matter is a bankruptcy stays on your report for 10 years, late payments for up to 7.  The bankruptcy therefore will take precedence over any late payments so paying on-time won't really help you.  To further try and make my point, bankruptcy is pretty much scorched earth when it comes to credit.  Not the end of the world but it's a complete restart.

Chapter 7 Filed: 3/31/21
341 Meeting: 05/04/21
Discharge: 07/14/21
Message 13 of 16
Rogue46
Established Contributor

Re: 30/60/90 hurt rebuilding after bankruptcy

I'd have to agree with the others it makes no difference if you continue paying or not your credit will tank once the bk is filed. The only thing you're doing by keeping up to date is throwing away money and possibly could be detrimental later on as another member mentioned you need to look broke when you file especially if you're pushing for a chapter 7





Message 14 of 16
Streydog
Member

Re: 30/60/90 hurt rebuilding after bankruptcy

A little late reply but here is my experience.  I stopped paying my cards on 9/22 when I made the decision to file.  I ended up having to wait to file due to increased wages from unexpected OT.  By the time I filed I had 90-120 day lates.  Up until 9/22 I was current, no lates, collections... I am not sure what my credit scores were at that point, probably in the low 600's due to being maxed out.  I was able to get 2 cards before discharge, Capital 1 with $3K and Mission Lane $3K limits.  No AF but high rates.  About a month after discharge I was approved for a Mercury card with a $4k limit, no AF but very high rate.  About a month ago I checked Discovers preauthorization site but was not offered anything.  I want the Discover for free access to Transunion scores.  Within the last couple of weeks Capitol 1 increased my limit by $1500 and Mercury went up $350.   4 months post discharge my FICO Eq is 672 and Exp. is 653.  It will probably be a few years before I am able to get a "top tier" type of credit card but I am in a much better situation at this point than I expected to be.  The lates still show on my credit reports.

Message 15 of 16
md_rebuild
Regular Contributor

Re: 30/60/90 hurt rebuilding after bankruptcy

I would stop for now.   3 cards is pretty good.   Do you have an SSL?  You need one more type of loan (auto, SSL, mortgage) to get the credit mix right.   If you're not with NFCU (and qualify), you could easily open up an account and get an SSL from them, pay down 90% of it, and have that report.  

 

Don't worry about the 30/60/90.   They'll be there until the fall off in 7 years.  The bankruptcy is the baddie that will be controlling everything from this point foward.   But don't despair, just use cards wisely, and push for SP CL whenever you can, and off to the garden you go!

 

Let time do its thing.

BK7: Discharged Sept 2019
2/25/24:

Message 16 of 16
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