CH 7 Bankruptcy Plan. Post Discharge

[Anonymous]

Hello Everyone!

Longtime follower of the thread, everyone here is great and the help is much appreciated. Figured I would start posting and let you all in on my situation and get any help I can get from the great people here. 

BK filed Aug 2016.

Discharged Nov 2016.

Did NOTHING since then, was still down and depressed about the situation. Now my wife is pregnanat and I need to step up and deal with things head on as a man for my family. Hopefully around 2 years (if possible?) I can purchase us a home someway but for now, Patience and steps is the key. 

MyFico 8 score is 619. 

EQU 609

TU 604

I have Student Loans that I pay on each month. Though the minimum that I may try and pay a little more. About 80k worth actually all federal. (So much for a MBA that has yet to help much) SMH!! 

2 Private SL that I also pay on, 3.000 and 1800 left on those. 

That is my only debt after the bankruptcy. 

I still have my Auto Loan, kept it with the Ch 7. 3,400$ left on that loan and have been on time every month. 

Yesterday I applied for my first CC since the Discharge. 

Capital One Platinum Card-Approved with 1,000 Limit. 

My question is, any suggestions on my next steps in this process. Card utilization? When to make payments? Should I try to get other cards now, or wait?

Any help would be appreciated with my next steps on this journey I am entering to repair my life!!! Nervous but excited for a new chapter. 

[Anonymous]

First of all, you listed this:

• MyFico 8 score is 619. 

• EQU 609

• TU 604

WHICH Fico 8 is that?  EX? EQ? TU?  Where did you get it from?

You also listed EQ and TU scores, where did you get those two from?

Second -- to maximize FICO scoring with account credit mix you want THREE credit cards reporting and at least ONE installment loan.  You car loan is good for that.  You want a total of 3 credit cards preferably from good banks who treat customers right.

Getting ALL THREE FICO 8 scores would help.  You can get them at CreditCheckTotal with their $1 trial (cancel after getting your scores).  Once we know your FICO 8 real scores, we can give you some pointers on which cards to apply for.

[Anonymous]

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@Anonymous wrote:

First of all, you listed this:

• MyFico 8 score is 619. 

• EQU 609

• TU 604

WHICH Fico 8 is that?  EX? EQ? TU?  Where did you get it from?

You also listed EQ and TU scores, where did you get those two from?

Second -- to maximize FICO scoring with account credit mix you want THREE credit cards reporting and at least ONE installment loan.  You car loan is good for that.  You want a total of 3 credit cards preferably from good banks who treat customers right.

Getting ALL THREE FICO 8 scores would help.  You can get them at CreditCheckTotal with their $1 trial (cancel after getting your scores).  Once we know your FICO 8 real scores, we can give you some pointers on which cards to apply for.

---

Forgot to mention, I apologize. 

Those scores are from creditchecktotal, I have the memebership from yesterday and will cancel today. 

EX: 619

TU: 604

EQ: 608

[Anonymous]

Your scores are actually awesome for not having ANY credit cards reporting.  That's really amazing.

Once you get your new Capital One card, learn the statement dates.  You may get a due date right away, but there may be a hidden statement date up to 25-28 days before that first due date.  Do not let more than 9% report on any statement.

Use prequalification pages (see my spreadsheet on those here: https://goo.gl/H4yMiJ) and try to get 2 more decent cards to report.  

After you have all 3, always make sure two of them report $0 on statement date, and one of them reports 1-8% on statement date.  Your scores will jump, probably significantly.  With those scores, you may only qualify for some secured cards, it's hard to say.  Discover might like you, Chase likely not.  But you definitely want a total of 3 credit cards open and reporting.

[medicgrrl]

Read the thread about BK friendly lenders. What creditors did you include in your BK? Who do you bank with? Talk to them about credit card eligibility. I wouldn't apply for another card until Cap1 reports. See what that does for your scores first.

[Anonymous]

Thank you! For some odd reason I could not get into my old account so this is a new one but it is me. (lol)

My capital one has came in. Just be clear, I should use it.......Then pay the FULL balance I used by the STATEMENT date, correct? Do not want to make any mistake while I am just starting. 

One I have this card a month I will then try and get Discover and one more from my CU possibly. 

I already have my Car loan open and paying on it so that can be my other open account reporting. 

[Anonymous]

---

@Anonymous wrote:

Your scores are actually awesome for not having ANY credit cards reporting.  That's really amazing.

Once you get your new Capital One card, learn the statement dates.  You may get a due date right away, but there may be a hidden statement date up to 25-28 days before that first due date.  Do not let more than 9% report on any statement.

Use prequalification pages (see my spreadsheet on those here: https://goo.gl/H4yMiJ) and try to get 2 more decent cards to report.  

After you have all 3, always make sure two of them report $0 on statement date, and one of them reports 1-8% on statement date.  Your scores will jump, probably significantly.  With those scores, you may only qualify for some secured cards, it's hard to say.  Discover might like you, Chase likely not.  But you definitely want a total of 3 credit cards open and reporting.

---

Gonna try discover in about 30 days after this Cap One has been open, maybe sooner. 

[kberly69]

Once your statement posts you can find out your closing date on your account. Whatever amount you owe at that date is what is reported. You can then figure out what you need to pay by that date to have it report 1-9% of your total credit line (in your case, $10-90). After that posts, pay the balance in full by the due date. The two dates that really matter are that posting date and the due date. Are you enrolled in Credit Steps?  If so, you should have a planned increase after 6 (?) on-time paid statements (there are a lot of threads about this). If you're not sure, contact Capital One and ask. 

After 6 months, Capital One will consider you for another card. Since they have the soft pull prequalify site, it's nice that you can minimize risk. I was able to get a second card with a 10K limit at that point following my BK. I was just able to get in with Discover at about 8 months. They have a prequal site too but beware- you have to scroll to the bottom and see if you have a set APR offered- not a range. I checked a LOT and then finally got an offer in the mail. 

Blispay was also kind to me at the 6 month post discharge mark but I understand that may vary greatly. 

I started my rebuild with a few Comenity cards and like many, am going to close some of those because of dismal starting limits and low and few increases. They served their purpose for me for sure and I am keeping a couple of them (Meijer and Ulta) for their rewards. I will always be grateful for Comenity for letting me in at the very beginning. Capital One was also gracious enough to give me another shot and I have been treated very well by them since discharge. They also gave me what I consider to be an incredible car loan rate at 3 months post discharge (4.24% for 72 months). 

Keep reading these forums, collecting data, and listening to advice. There are tons of smart people in here who have great expereinces to share and that you can apply to your own situation. Good luck and congratulations on your forward momentum!

[Anonymous]

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@kberly69 wrote:

Once your statement posts you can find out your closing date on your account. Whatever amount you owe at that date is what is reported. You can then figure out what you need to pay by that date to have it report 1-9% of your total credit line (in your case, $10-90). After that posts, pay the balance in full by the due date. The two dates that really matter are that posting date and the due date. Are you enrolled in Credit Steps?  If so, you should have a planned increase after 6 (?) on-time paid statements (there are a lot of threads about this). If you're not sure, contact Capital One and ask. 

After 6 months, Capital One will consider you for another card. Since they have the soft pull prequalify site, it's nice that you can minimize risk. I was able to get a second card with a 10K limit at that point following my BK. I was just able to get in with Discover at about 8 months. They have a prequal site too but beware- you have to scroll to the bottom and see if you have a set APR offered- not a range. I checked a LOT and then finally got an offer in the mail. 

Blispay was also kind to me at the 6 month post discharge mark but I understand that may vary greatly. 

I started my rebuild with a few Comenity cards and like many, am going to close some of those because of dismal starting limits and low and few increases. They served their purpose for me for sure and I am keeping a couple of them (Meijer and Ulta) for their rewards. I will always be grateful for Comenity for letting me in at the very beginning. Capital One was also gracious enough to give me another shot and I have been treated very well by them since discharge. They also gave me what I consider to be an incredible car loan rate at 3 months post discharge (4.24% for 72 months). 

Keep reading these forums, collecting data, and listening to advice. There are tons of smart people in here who have great expereinces to share and that you can apply to your own situation. Good luck and congratulations on your forward momentum!

---

THANK YOU. 

I have called and enrolled in Credit Steps. 

Just to be sure. After I let it report at 1-9% and pay the balance by the due date. Do I then spend another 1-9% and let it report the next month at the posting date and pay before the due date and so on each month? 

[kberly69]

You can spend all you want up to your limit and pay more than once throughout the month. Just make sure what lands on the closing date is no more than 9%. Incidentally, it may seem counterintuitive, but letting 0 report is not as good as 1-9.