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BK Discharged, now what? Please help.

cciabal
Established Member

BK Discharged, now what? Please help.

Hi Fico Fam, 

 

I filed for Ch. 7 and it got discharged in January 2020.  

 

I opened a secured card with "OpenSky" to start rebuilding my credit in March.  

 

I would appreciate if someone can guide me on the way ahead of rebuilding my credit.  Thank you all in advance. 

 

Message 1 of 27
26 REPLIES 26
Mjhall85
Frequent Contributor

Re: BK Discharged, now what? Please help.

Did you pull credit reports to make sure everything is reporting how it should ? I'm waiting on discharge myself but I am gonna follow https://ficoforums.myfico.com/t5/Bankruptcy/HOW-TO-From-BK7-discharge-to-700-in-24-months-or-less/td... this here to get my rebuild going. If you list out who you burned in bankruptcy and such others can chime in and help guide you better. Congrats on the discharge!

Chapter 7 filed 2/3
Discharged 6/30

Fico 8
EQ 681 TU 671 Ex 665
Fico 4 TU 690 Fico 5 702 Fico 2 693
Message 2 of 27
Azuieldrago
Frequent Contributor

Re: BK Discharged, now what? Please help.

Welcome to MyFico. You need to pull all 3 of your credit reports make sure that all info is accurate and all accounts that you included report IIB and a $0 balance. If you can list who you burned, others can chip in and help guide you on a proper rebuild. You already have one card, for a proper mix you need 3 cards total and one installment loan. One the cards you need to PIF on 2 of them before the statements cut (a few days earlier the better for processing) and on one of the cards you want less than 8.9% of your utilization reporting. That will give you a little score bump. After that, rebuilding is nothing more that paying on time and time itself. Things have to age. Either to grow or to fall off. 






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Message 3 of 27
FireMedic1
Super Contributor

Re: BK Discharged, now what? Please help.


@cciabal wrote:

Hi Fico Fam, 

 

I filed for Ch. 7 and it got discharged in January 2020.  

 

I opened a secured card with "OpenSky" to start rebuilding my credit in March.  

 

I would appreciate if someone can guide me on the way ahead of rebuilding my credit.  Thank you all in advance. 

 


Welcome @cciabal 

If you could list who got burned in your BK. Then we can see whos open for business and your chances at getting approvals.





Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 4 of 27
cciabal
Established Member

Re: BK Discharged, now what? Please help.

@FireMedic1 @Azuieldrago 

Here are the creditors i burned: 

1. Bank of Hawaii

2. Barclays Bank Delaware

3. Compass Bank

4. Navy Federal Credit Union

5. San Diego Credit Union 

6. USAA Savings Bank 

 

Any help is greatly appreciated. 

Message 5 of 27
cciabal
Established Member

Re: BK Discharged, now what? Please help.

Here are the creditors i burned: 

1. Bank of Hawaii

2. Barclays Bank Delaware

3. Compass Bank

4. Navy Federal Credit Union

5. San Diego Credit Union 

6. USAA Savings Bank 

 

Any help is greatly appreciated. 

Message 5 of 5
Message 6 of 27
Mjhall85
Frequent Contributor

Re: BK Discharged, now what? Please help.

Have you tried Capital one prequalify see if they have any offers ? Do you have any installment loans ? 

Chapter 7 filed 2/3
Discharged 6/30

Fico 8
EQ 681 TU 671 Ex 665
Fico 4 TU 690 Fico 5 702 Fico 2 693
Message 7 of 27
cciabal
Established Member

Re: BK Discharged, now what? Please help.

I've been receiving offers from Capital One via mail, I just don't know which one is good before i try.  

I don't have an installment loans yet.  I am thinking of doing an auto loan but i heard that there's installment loans that some banks offer that are not like auto loans.. any thoughts on this? 

 

Message 8 of 27
Mjhall85
Frequent Contributor

Re: BK Discharged, now what? Please help.

Which cards are they offering ? You could get an installmenet loan from somewhere like self and pay a reasonable amount and have a year or two year installment loan pending how much you want to pay monthly, I believe lowest from them is 25 for 2 years.Also pending where you bank they may have a credit builder loan as well, so I'd check there first. 

Chapter 7 filed 2/3
Discharged 6/30

Fico 8
EQ 681 TU 671 Ex 665
Fico 4 TU 690 Fico 5 702 Fico 2 693
Message 9 of 27
cciabal
Established Member

Re: BK Discharged, now what? Please help.

@Mjhall85 Which would you recommend doing? Self Credit Builder loan or do an auto loan?

I am located in Hawaii and unfortunately, the banks here doesn't offer credit builder loan.  

Message 10 of 27
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