Back at it after Ch 7 Bankruptcy

[bman86]

Well I'm back on this forum trying to rebuild starting from the ground up. Long story short my mother was diagnosed with cancer in 2012 and I accumulated a large amount of debt due to her medical and living expenses. Sadly, she passed away on Christmas of 2015. I had a 780 fico score when I bought my house in 2013 and now I'm sitting around 530.

I reaffirmed my mortgage and auto loan through NFCU but they haven't reported to my credit report yet. (I'm about 2 weeks post discharge)

I checked acouple pre-quals on various credit card websites and found I had offers with capital one and discover. I was approved for a $300 limit with capital one and a secured line with discover which I did for $500.

Hoping I can make my way back into the 700+ in a few years. I would love to hear some of your stories and input on things I should do going forward!

I've also read the post on a Ch. 7 to a 700+

Thanks!!!

[Anonymous]

Welcome!

You are off to a fine start with the CapOne and Secured Disco. Congrats! Let one report $0 and one report a balance of a few bucks each month.

Keep an eye on the mortgage and auto loan and see if they start reporting in a couple of weeks. If you're still not seeing it, you can call NFCU and request it. In the rare event they still won't report, there are ways to get a small secured installment loan for next to nothing.

Don't waste hard pulls. Be very intentional when you apply for anything that your report is in the best shape possible. Only apply for products from banks that you've researched to be BK friendly.

Be patient.

Good luck!

[bman86]

Just an update. Looks like wellsfaro mortgage isn’t going to report to the credit bureaus which is fine I’ll provably do an IRRRL on my va loan down the road.

My auto loan with NFCU is reporting positively.

Capital One increased my credit limit $100 to $400! Woohoo haha. Still have my discover secured. Showing <10% util one one card and the other reports zero balance.

We needed a new ac unit for our house so with my wife co-signing they approved us for an 11,700 home improvement loan.

Currently my scores are sitting at EQ 626 TU 614 EX 628.

Is there anything else I can do to help improve my score at this point or just sit in the garden with my accounts for a while?

[Anonymous]

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@bman86 wrote:
Just an update. Looks like wellsfaro mortgage isn’t going to report to the credit bureaus which is fine I’ll provably do an IRRRL on my va loan down the road.

My auto loan with NFCU is reporting positively.

Capital One increased my credit limit $100 to $400! Woohoo haha. Still have my discover secured. Showing <10% util one one card and the other reports zero balance.

We needed a new ac unit for our house so with my wife co-signing they approved us for an 11,700 home improvement loan.

Currently my scores are sitting at EQ 626 TU 614 EX 628.

Is there anything else I can do to help improve my score at this point or just sit in the garden with my accounts for a while?

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I'm confused.  If your wife co-signed, then who is "we"  that needed a new ac unit?

[bman86]

That should have read, “We needed a new a/c unit so my wife consigned with me”. Or something similar. WE being my wife and I.

I’m sure you get the idea of what I was trying to say.

Anyways, did you have anything positive to add to my post?

[Anonymous]

Since you have 2 credit cards, I would look at adding a 3rd card, maybe a credit union. 

[bman86]

So I’ve read a lot regarding Navy Federal and getting back in after burning them in bankruptcy. It was my understanding you’d have to pay them back in full before they would extend any lines of credit.

I’ve contacted them since I’m still a member and a veteran. I also have a current vehicle loan with them. According to their credit and loan department I wouldn’t be excluded from applying and possibly being approved for any of their products and would not be required to pay back anything that was included in the bankruptcy.

Do you have any thoughts on this?

[Anonymous]

Navy won't ever extend credit to you if they were IIB unless you pay them back.