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Anyone care to help with my next steps to rebuilding after a ch 7?

New Contributor

Anyone care to help with my next steps to rebuilding after a ch 7?

I am just looking for a bit of guidance with rebuilding. The plan was to follow the 24 mos to 700 but our situation doesn't exactly fit the mold.

 

We opted to reaffirm our mortgage. This is reporting positively and we have never had a late or missing payment since we took the loan in 2004. I wasn't sure that all of that would report however when we applied for a car loan we were told we had a very reassuring credit history (never a late or missing on any of our car loans or our mortgage) despite showing a recent bk.

 

We were discharged from our chapter 7 in May. We were both approved for capital one platinum cards right away for $3000 a piece. We are both expecting a CLI after the next billing cycle. We have used our cards every month and paid them off when the statement cuts.

 

We applied for and received a car loan for a new (used) van. We opted to put $1800 down and are at a 3% interest rate. 

 

We were both approved for a Barclay reward for $1500 right after our auto loan.

 

I also had a store card survive our bk for a $600 limit. 

 

So my question is.... do we just wait now? I don't know if we really need a credit rebuilder? But I do think our credit union would do one if it would be helpful. But at this point we have two loans and revolving credit lines reporting each month. TIA. I appreciate all feedback

Message 1 of 7
6 REPLIES
Community Leader
Super Contributor

Re: Anyone care to help with my next steps to rebuilding after a ch 7?

First of all, you're doing an amazing job so pat yourself on the back. That is an amazing rate on the auto loan! You have sufficient installment TL's so no need for a credit builder loan. To optimize FICO you need three revolving lines though. Sounds like you have that but DH may not. Capital One would probably be an easy approval if any cards interest him. 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 2 of 7
New Contributor

Re: Anyone care to help with my next steps to rebuilding after a ch 7?

Thank you!

Message 3 of 7
Valued Contributor

Re: Anyone care to help with my next steps to rebuilding after a ch 7?

I would just wait (garden)

 

You have plenty of accounts.

 

Your credit would not build much faster with more accts and might even take a hit.

 

You have a mortgage, car loan, store cc, normal cc.  

 

Bases are covered.

 

If you want another card, wait about 7-8 months from your first Cap One and apply again for a QS or Venture.

 

I started with 3k after BK and got a $10k QS within a year.

 

 

Credit rebuild started in 2014  -  $100k total unsecured credit in 2017  -  $200k total unsecured credit in 2018.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

10% Rotating - Discover                             5%-20% - Amazon & Lowes                                5% Gas & Sporting - Ducks Unlimited
4% Dining & Entertain - Savor                   3% Travel & Hotels - Propel & Uber                   2% Everything Else - Venture


     $ 30,000               $ 28,500               $ 25,750                $ 17,500            $ 8,000                 $ 7,500                 $ 4,000                 $ 3,500

                                      
                                                                 $ 30,000              $ 10,000                $ 10,000              $ 4,000    
Message 4 of 7
Established Contributor

Re: Anyone care to help with my next steps to rebuilding after a ch 7?

Sounds like you're off to a great start with your rebuild! Congrats on the Barclay's card too BTW!

 

Smiley Happy

Message 5 of 7
Frequent Contributor

Re: Anyone care to help with my next steps to rebuilding after a ch 7?

Congratulations on your rebuilding! May I ask if you had any C1 cards that was added to your bk?

 

That's awesome you were approved for card right after.

 

I had 2 QS and husband had 1 Platinum that we added to bankruptcy. The balances weren't high and hopefully this process is smooth as possible and that they're gracious enough to let us back in to rebuild.

Discharged Jan 2017
Rebuilding credit
Message 6 of 7
New Contributor

capitalRe: Anyone care to help with my next steps to rebuilding after a ch 7?

We did not have any capital ones iib. Sorry it took so long to reply. I wasn't getting notifications. Hope this helps!

Message 7 of 7