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After BK7; what's next to do?

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After BK7; what's next to do?

Questions

This might be a bit long sorry.

TL;DR: discharged 4/2019 BK 7 , got a secured $200 Disc IT + 12 m $1000 builder loan, scores range wildly: highest: EQ : 618 ; TU : 512 ; EXP : No score ; cap1 still reports! And other building questions.

I was ch7 discharged 4/19... I used an online non-profit to help me file for free (against forum rules to name them I think) because I felt my total debt couldn't justify a lawyer (debt $20k+). Job loss, medical, and no prospects contributd to my BK. Needed fresh start. Burned IIB cap one secured, Citi Sears, Chase, Amex, credit one, keybank mc + Wells Fargo car loan (did not reaffirm; handed over keys with car in great shape). Student loans obviously not discharged; nearly $250k+ (yes you read that right) have been in default for nearly 20 years when I lived for over a decade++ in another country and thought I could avoid them. They don't even appear in my credit report.

I've been following this board for a while and it's been really helpful. So this is my first time posting.

Been following the 700 in 24 method.

So I'm rebuilding... Applied last month and got a $200 secured Discover IT (score 533). But I also was denied a cap1 qs and BofA (both unsecured). Two HQs to add to the Disc and one from the nonprofit back in January when I filed (so I guess 4 total HQs). Approved for 12m/$1000 credit builder loan with self lender (their Vantage score gives me 532)... This weekend. Also I just started the student loan rehab process. I'm signed up with Nerdwallet, CK, CS, Experian app, Wallethub. I'm using a budget app which has been really helpful (iOS PocketGuard...). I feel I'm on the right path but have questions:

My questions
1. Cap One is reporting on TU as 0 balance, IIB, but yet also reports as my oldest account, payment due (?!), with zero balance. All others do not say this. Exp does not say that. EQ doesn't report any derogatory. Is this normal for a secured card?
2. Discover's letter said it pegged me with a score of 533. Yet the new Fico score it is giving me in the app is 490. Opened account end of July/beg of August. Is that my "real" score? Also opened a discover bank savings (put $80 in! It's a start!) for the 2% APY compounded DAILY! Will that help me get a CLI you think when they review my secured card?
3. What might my strategy be from now until one year? My thought is to wait a few more months and apply for a new card in October/November at 6months post discharge( which one?). In April/May --one year after discharge-- my rehabbed stud loans will appear on my report, as well as Disc might graduate me after 8 months.

I am committed to the 3 card + installment trade line strategy: Pay down to/Only use <9% util. on one card, PIF that <9% after statement cut, pay down to 0 balances on two and PIF at statement cut. I use Qapital to squirrel away tiny sums to save (rounds up purchases to nearest dollar and deposits it) and Stash Invest to build a nest egg (each use of their debit card gives back a percentage of stock to me). My goal is to buy a house... Someday LOL!

Thank you! R
BK7 discharged 4/19
DiscIT secure 7/19
SelfLender 8/19
8/19 FICO : Ex 566 Eq 551 Tu 490
7 REPLIES 7
Senior Contributor

Re: After BK7; what's next to do?


@Back2Reality wrote:
Questions

This might be a bit long sorry.

TL;DR: discharged 4/2019 BK 7 , got a secured $200 Disc IT + 12 m $1000 builder loan, scores range wildly: highest: EQ : 618 ; TU : 512 ; EXP : No score ; cap1 still reports! And other building questions.

I was ch7 discharged 4/19... I used an online non-profit to help me file for free (against forum rules to name them I think-yep) because I felt my total debt couldn't justify a lawyer (debt $20k+). Job loss, medical, and no prospects contributd to my BK. Needed fresh start. Burned IIB cap one secured, Citi Sears, Chase, Amex, credit one, keybank mc + Wells Fargo car loan (did not reaffirm; handed over keys with car in great shape). Student loans obviously not discharged; nearly $250k+ (yes you read that right) have been in default for nearly 20 years when I lived for over a decade++ in another country and thought I could avoid them. They don't even appear in my credit report.

I've been following this board for a while and it's been really helpful. So this is my first time posting.

Been following the 700 in 24 method.

So I'm rebuilding... Applied last month and got a $200 secured Discover IT Congrats! (score 533). But I also was denied a cap1 qs Cap1 like around a year out of being burned. and BofA It will be a long time before an approval.(both unsecured). Two HPs to add to the Disc and one from the nonprofit back in January when I filed (so I guess 4 total HQs). Approved for 12m/$1000 credit builder loan with self lender (their Vantage score gives me 532)... This weekend. Also I just started the student loan rehab process. I'm signed up with Nerdwallet, CK, CS, Experian app, Wallethub. All Vantage scores. You need FICO scores.I'm using a budget app which has been really helpful (iOS PocketGuard...). I feel I'm on the right path but have questions:

My questions
1. Cap One is reporting on TU as 0 balance, IIB, but yet also reports as my oldest account, payment due (?!), with zero balance. All others do not say this. Exp does not say that. EQ doesn't report any derogatory. Is this normal for a secured card? Doesn't matter secured or unsecured. All CRA's have to report IIB and 0 balance. Whichever CRA doesnt show IIB or 0 balance. Dispute it.
2. Discover's letter said it pegged me with a score of 533. Yet the new Fico score it is giving me in the app is 490. Opened account end of July/beg of August. Is that my "real" score? If its from Discover it is a real FICO. The others are Vantage. Means nada. Also opened a discover bank savings (put $80 in! It's a start!) for the 2% APY compounded DAILY! Will that help me get a CLI you think when they review my secured card? Some banks have separate divisions. One doesnt look at the other. Not sure about Disco. Use the card and PIF each month. Once they graduate you. Then you'll get an auto CLI. With no baddies along the way.
3. What might my strategy be from now until one year? My thought is to wait a few more months and apply for a new card in October/November at 6months post discharge( which one?). In April/May --one year after discharge-- my rehabbed stud loans will appear on my report, as well as Disc might graduate me after 8 months.

I am committed to the 3 card + installment trade line strategy: Pay down to/Only use <9% util. on one card, PIF that <9% after statement cut, pay down to 0 balances on two and PIF at statement cut. I use Qapital to squirrel away tiny sums to save (rounds up purchases to nearest dollar and deposits it) and Stash Invest to build a nest egg (each use of their debit card gives back a percentage of stock to me). My goal is to buy a house... Someday LOL!

Thank you! R

You got 1 card and an installment loan. Your goal is to get 3 cards for the rebuild FICO bonus. You could try Merrick Bank secured. Good card no complaints and CLI's with good history. Closer to a year out. Start checking Cap1 pre-qual. If the Plat shows up. Grab it. Stay far away from the QS1. You can upgrade the Plat to the QS. All the sites you listed are Vantage scores and really dont mean much. You can get your 3 FICO credit scores from Experian for a $1 trial and then cancel before trial ends.  And still get a free EX FICO score monthly. Ride it out a year and let things age and more doors will open then. It will take time and discipline. But eventually you'll get there.

 

I think I got all your questions answered. Whew! Good Luck! And welcome to the forums!





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 2 of 8
New Visitor

Re: After BK7; what's next to do?

Wow! Thanks FireMedic1! That is very helpful...I took your advice and got Experian credit monitoring. I think I'll just pay the $20 and keep it on my Discover card as the only recurring payment. I'll look into Merrick. Thanks again! Love this forum!

PS I guess no Apple Card for me LOL!
BK7 discharged 4/19
DiscIT secure 7/19
SelfLender 8/19
8/19 FICO : Ex 566 Eq 551 Tu 490
Message 3 of 8
Senior Contributor

Re: After BK7; what's next to do?


@Back2Reality wrote:
Wow! Thanks FireMedic1! That is very helpful...I took your advice and got Experian credit monitoring. I think I'll just pay the $20 and keep it on my Discover card as the only recurring payment. I'll look into Merrick. Thanks again! Love this forum!

PS I guess no Apple Card for me LOL!

Ahhhh. NO! Baby steps for now. So now you'll have TU and EX FICO scores. Ignore the vantage scores. But they are good sites to watch for any funny business on your reports. Those 2 cards if/when you get a Merrick card. That will show some history and will likely get you a Cap1 Plat. You could start say in 6-8 months hitting up their pre-qual page. It may break sooner. Good luck. Dont rush it. Takes time. But once it starts to flow in a couple years. Then the doors will open. I am 4 yrs this month after DC. So if you play it right. You can see below where you could be 4yrs from now. Just got to play the game. Smiley Very Happy





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 4 of 8

Re: After BK7; what's next to do?


@FireMedic1 wrote:

@Back2Reality wrote:
Wow! Thanks FireMedic1! That is very helpful...I took your advice and got Experian credit monitoring. I think I'll just pay the $20 and keep it on my Discover card as the only recurring payment. I'll look into Merrick. Thanks again! Love this forum!

PS I guess no Apple Card for me LOL!

Ahhhh. NO! Baby steps for now. So now you'll have TU and EX FICO scores. Ignore the vantage scores. But they are good sites to watch for any funny business on your reports. Those 2 cards if/when you get a Merrick card. That will show some history and will likely get you a Cap1 Plat. You could start say in 6-8 months hitting up their pre-qual page. It may break sooner. Good luck. Dont rush it. Takes time. But once it starts to flow in a couple years. Then the doors will open. I am 4 yrs this month after DC. So if you play it right. You can see below where you could be 4yrs from now. Just got to play the game. Smiley Very Happy


FireMedic1. Thanks for the useful info. Is there a post somewhere maybe detailing what you did to rebuild? I tried searching your name, but you are very active in the forums. LOL

Starting Score: 465
Current Score: 573
Goal Score: 620


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Message 5 of 8
Senior Contributor

Re: After BK7; what's next to do?

It's a long story. Make a long story short. My lawyer after filing told me about this place. I read and read. I didnt post much at all the first year on here. I researched on the forums here every move I made to where I'm at now. I only applied for what I believed would get an approval. Thats why I believe I have never been denied. Once I learned more and more and started to understand how this FICO game works. Then I started to post and try to help others. Pay it forward kinda thing. Now you cant shut me up. Smiley Happy To this day I am still learning. I hang out in the BK and Rebuild sub-forums mostly. I venture out once in a while. But its in my blood as a FireMedic to help others. But its still a team effort from all the Community Leaders's and long time posters to lend a helping hand.

 

We've all made mistakes. No one is perfect. Thanks how we all landed here. Why would a perfect credit person that has everything want to join a credit forum? So I'd say 99% have been there done that. And we choose to stick around and keep helping anyone who comes here asking for advise. Best of all. ITS FREE! Smiley Happy Keep up the hard work. It will pay off. Just takes time, research, learning, and a dedication that credit wont win this battle. I'm gonna win the war! Good Luck!

 

 

 

 





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 6 of 8
Super Contributor

Re: After BK7; what's next to do?

FireMedic is giving you great advice. You seem to have a well thought out plan and that alone will help you hit your goals. Buying a house was my primary goal and motivation to file - IT CAN BE DONE! Good luck Smiley Happy
Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
740 EQ FICO 06/2018
750 TU FICO 06/2018
741 EX FICO 06/2018
$24k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE
Message 7 of 8
Member

Re: After BK7; what's next to do?

Very cool FireMedic1! My hero!🙂
Message 8 of 8
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