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Bankruptcy Journey


Bankruptcy Journey

Long post warning!


Two bankruptcies on record.


1st bankruptcy - DC'd Nov 11, 2014

This bankruptcy occurred during a lengthy abisive relationship.  Long story short, I was basically working and taking care of a grown man financially.  I didn't really understand the process as I was manipulated into filing.  Afterwards my financial status was taken advantage of.  The stress and fear of keeping this jackass happy led to me being dishonest about my funds, missing payments, accounts going into collections because I couldn't handle it.  My income was never my own. Yes, my fault for staying and allowing the mental, physical and financial abuse to happen.  Fast forward 4 years later after finding the courage to finally leave (almost lost my life) I'm in a much better position and way better relationship.

I had gotten married and tried starting a life with my husband and found a whole bunch of accounts in collections that I knew nothing about.  These were payday loans, online loans, credit accounts for stores that I KNEW I didn't open.  I already knew where they came from being the trusting naive idiot it was.


I tried to just let those debts get old because I didn't have the funds to settle those debts and I didn't want to because those weren't my debts!  I was with NFCU at the time and when it came time to move and get an apartment, I applied and was approved for a Navy rewards with a SL of 10,000.  It helped get us moved and furnished in our new apartment. When it came to looking for a car it turned out I couldn't get a regular loan, I needed up with a subprime loan with an interest rate of over 28%.


Fast forward to Covid, my husband and I took very big hits, we ended up maxing out NFCU and constantly over drafting our bank accounts.  Our financial state took a downward spiral from there.  We lived paycheck to paycheck, overdraft to overdraft. And I was sick of struggling.  This time I did extensive research and decided as much as I didn't want to, bankruptcy would be the best move to finally allow financial stability for my husband and I.  This time I'm taking it serious.  We want to be in a home and financially stable.  After meeting with multiple attorneys, I finally filed.

NFCU officially closed IIB for 10k
US bank closed IIB for overdraft end accounts

Credit Acceptance (found out this was a sub prime car loan that apparently had my signature cosigned) IIB 

Prior to filing 01/06/2023

Equifax 548 | Experian 574 | Transunion 555

Filed 01/09/2023 - petition began to official reflect on all bureaus within a few days

 01/10/2023 - 20 point score drop

Experian 553 | Transunion 510 | Equifax 529

As of 01/16/2023 Experian dropped another 18 points (539)

341 Meeting 02/08/2023

Preapprovals for the following:

Credit One Bank American Express AF $95

Credit One Bank American Express AF $35

Credit One Bank Wander Card AF $95

Capital One Secured Quicksilver

Capiral One Secured  Platinum

No discover preapprovals yet



I am taking extra precautions as to not screw up my second chance.  I do not plan on rebuilding and applying for credit until 2-3 months post discharge.


I've stalked the forums for all kinds of advice and took notes on the 700 in 24 method but I'm looking for a bit more advice for my situation.


Any advice on opening the credit accounts, gardening and insight as to any extra steps to take in order to reach my goal of owning a home?


Thanks so much everyone!









Starting Score: 517
Current Score: 602
Goal Score: 750

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Community Leader
Super Contributor

Re: Bankruptcy Journey

Welcome @ClnRcd 

As you posted wait until its all over and the DC is in hand. You only need 3 cards and a loan to get things going. More cards doesnt mean higher credit scores out of the gate. Look for some secured no AF cards when the time comes. Might have to be a AF card. Watch for the AF and monthly fee cards. Stay away. Sorry it happened twice. Once the first BK falls off. Better chances. Good Luck.

Homeowner since Sept 2020. 2021 Explorer ST Chase 3.1%. Sharing my experiences after BK from learning here. Started 540's.
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