First time posting but long time reader. Filed Chapter 13 in January of 2014 jointly with my wife on a 5 year plan set to complete in January 2019. Lost significant income due to pay cut post recession from 2009 to 2014. Wife also lost thousands in income due to an accident and months of disability.
We had just bought our home in 2008 so the loss of income, coupled with medical bills in the thousands post insurance beyond insurance coverage just put us in too deep despite solid joint income of $110,000.
Joined NFCU and obtained a secured credit card in 2015 with $2000 down. Obtained Trustee permission to obtain unsecured credit cards with the stipulation that we do not carry a balance month to month that incurs finance charges.
After reading the forum and having a new track record with NFCU now unsecured card I went on an app spree in late 2017.
Approved for Target Red card with an SL of $1000 (currently $1600), Toyota Rewards $3000 (denied CLI to date), Lowe’s Store card (SL $1000 but cut to $150 on 1/18 due to drop in TU fico from new accounts and inquires), Walmart store card SL $500 (still the same), True Value Store card SL $500 (recent CLI to $3500), Santander Ultimate master card SLI $7500, (still the same), and NFCU now unsecured with CLIS now at $8000.
Current FICO 8 scores are Experian 699, Equifax 694, Transunion 651. Recently approved for Bank of America secured card after an application for unsecured. Will call soon for a recon since I don’t want a secured card at this point in the rebuild.
Joint income now is $180,000 after a job change for me. I think at this point I am firmly in the garden until post discharge in early 2019. My AOA has taken a hit with the new accounts, but I have two 20 year old student loans included in the chapter 13 that will survive it with about 2k each left that will help once they come back online next year.
It has been a long road but there is hope at the end of the tunnel. We will need a car loan next Spring so my goal is to obtain a decent rate post discharge. Good luck to everyone working hard to get back on the road to 720!