Bankruptcy Discharge

Anonymous · ‎05-10-2017

Hi everyone!

I recently received my 2nd Ch 7 Discharge on 05/01/2017. My first Discharge is a scheduled to fall off my credit ion 08/2017.

I had great success after my first Discharge. 2 yrs after that discharge I was able to buy a house. I actually did not have any late payments until I decided I needed to go through that process again. I was overextended. I was having to decide whether I would continue paying my bills or feed my kids. As you can imagine, the kiddies won!

Anyway, after many sleepless nights, I made the decision to file ch 7 again in 09/2017. My first late payments started rolling in during the month of October. And I finally had the money to file ($1868) on 01/20/2017 and was discharged 05/2017!

Question: Should I wait until the first Discharge falls off (08/2017) to start the rebuilding process? Or, should I start now? I received my first preapproval from Credit One in the mail today. Yep, the one with $75 fee and $99 thereafter.

I'm new to the forum, so please forgive me if I didn't do this right. Any advice is greatly appreciated. Thanks!

Anonymous · ‎05-11-2017

@Anonymous wrote:
Hi everyone!

I recently received my 2nd Ch 7 Discharge on 05/01/2017. My first Discharge is a scheduled to fall off my credit ion 08/2017.

I had great success after my first Discharge. 2 yrs after that discharge I was able to buy a house. I actually did not have any late payments until I decided I needed to go through that process again. I was overextended. I was having to decide whether I would continue paying my bills or feed my kids. As you can imagine, the kiddies won!

Anyway, after many sleepless nights, I made the decision to file ch 7 again in 09/2017. My first late payments started rolling in during the month of October. And I finally had the money to file ($1868) on 01/20/2017 and was discharged 05/2017!

Question: Should I wait until the first Discharge falls off (08/2017) to start the rebuilding process? Or, should I start now? I received my first preapproval from Credit One in the mail today. Yep, the one with $75 fee and $99 thereafter.

I'm new to the forum, so please forgive me if I didn't do this right. Any advice is greatly appreciated. Thanks!

I'd check your reports and make sure everything is reporting correctly first . . after that I don't really see any reason to wait.

People have mixed feelings on Credit One. I started with them and it's worked out well for me. I think having a new account with 3 months positive history when the BK falls off could only help you. I consider the annual fee for a year or two as an investment I'm willing to make in my rebuild.

Anonymous · ‎05-11-2017

Thank you for your advice @ SteelerNYC

Anonymous · ‎05-12-2017

@Anonymous wrote:
@Thank you for your advice @ SteelerNYC

You could also check the Cap One prequal before going Credit One. It's pretty reliable and they sometimes let folks right back in (even if they were IIB.)

Anonymous · ‎05-12-2017

Don't do Credit One. Get yourself 3 no AF secured credit cards that are BK friendly.