Greetings, Fellow Fico-ers -
Congratz on getting your Discharge from "your" Trustee, and your local Court.
Thanks for the recap of your journey.
One glaring omission in your narrative is your PLAN.
Have you taken the things you have read, and composed a plan identifying who you will be applying for, and when?
* The key here is to apply where you will be approve, and it is something of either short term value, or a long term strategy!
Myself, I am less than a year from my Ch 13 Bk Discharge. Before I took any action, I created an initial plan, and only made one change, and that was to apply to Pen Fed first. (and it worked for me)
The plan I constructed has worked quite well, to include a "surprise" where my secured Wells Fargo cc is un-securing at only six months, early next week without myself requesting any action.
The point I am trying to make here is that your work is not done, and do you have an existing and written plan going forward which you have put some objective analysis into?
Congrats on the discharge. You seem to be well on your way to putting this chapter behind you and setting yourself on a firm financial pathway.
I too filed a CH 13 and had no idea that the statistics for completion were so low. I didn't find that out until either the tail end of my BK or shortly after it ended. If I would have known sooner then I probably would have had been paranoid about not completing it.
Hi Pedro -
Thank you for the kind words.
I think that if I knew the statistics prior, I may not have gone through with it - It's not for the faint of heart. However, I'm glad I did and I'm looking forward to a solid financial future.
NJFresh wrote:Hey Sebastian -I’ve actually been following your journey - It’s impressive. What I noticed about your rebuild is that it has been very ‘intentional’. I’ve actually tried to piece together your progress based upon your contributions to the forum. Now, I understand that it’s not one size fits all, but you’ve been very successful, and I’m likely to incorporate some of your experiences into my own plan. Another thing I’ve learned from the forums is that it’s not a sprint … So, although I have taken some notes, I have not formulated my actual course of action. I’m in no rush to make any hasty decisions, so I’ll keep reading, work on my plan, and keep everyone posted on my progress.Thank you for your feedback.
* * I’m in no rush to make any hasty decisions * *
Hey Fresh, Great to hear your thoughts, and current intentions.
You are absolutely correct, my choices have been intentional. Okay, maybe closer to obsessively intentional.
I am just a few days 12 months plus on MyFico. I was initially overwhelmed, and had NO clue what to do. The more I read and learned, I realized how much I didn't know and how easy it was to get denied.
Before my 13 was discharged and I eventually applied, I had over 3 month of reading and learning. I kept notes on different topics, and by credit vendor. Then I learned about credit unions, and my perspective expanded. I also couldn't really find much info specifically on Bk Ch 13's.
Baller4Life started a thread on PenFed with Data Points. I asked if people could acknowledge if either a 7 or 13 if they had a Bk. I took specific interest in other 13's and studied their evolution. Additionally, I noticed how "Others" got to a point where they already had pre-determined dates in the future when they would App, for What, and Why. CreditLuv had a 'long' time line, and I was incredibly impressed with his self-discipline. I also noticed that Baller also developed an intentional process of specific goals over her timeline and progress. *(Baller is INCREDIBLE!)
Reading the PenFed thread I learned lots about Data Points, and acknowledged while great info, it had to be SPECIFICALLY applied to each individual person. I also perceived that it required painful honesty and self assessment in a harshly objective manner. Which is basically saying that if I was a Credit Lender, would "I" risk losing money on this applicant? The benefit of this to myself is that I didn't go out applying for things I knew I would get denied on. Nor did I have the self-delusion that "I" should get approved by every Vendor simply because I submitted an application. * I mention this because it is my perception there are many posts Venting their outrage that they were denied. However, they totally fail to acknowledge to both themselves and others that there are many reasons that did not merit their approval. * * a personal example is that I had a Chase co-branded CC which was IIB. Obviously I have "intentionally" avoided Chase because of this, and because Chase automatically denies people with recent Bks, especially if Chase was IIB.
In summary, I specifically avoided where I would be Denied, and only went where I strongly believed that I would objectively be approved. Yet, when denied by PenFed, I immediately did a written Reconsideration (credit to TussKing) statement (which I had prepared in advance) and was approved. I haven't done anything special in my process except to be informed and prepared in advance by reading the experiences of other. I aggregated the data, and never took just one data point and believed it and only it would work in my favor.
If I had to coin a phrase about my journey, it is that "I wasn't in a hurry to make a mistake". I was going to take my time and do it right. An example is Navy FCU. People are in a hurry to apply for a CLI after 3 statements. (REALLY?) * It is 3 full statements, and 90 days. Myself I waited for FOUR full statements to be cut, and their AR (internal Account Review) to happen. My goal was to get an approval, not to either push my luck or to cut corners.
As you have stated "I’m in no rush to make any hasty decisions" will benefit you. Take your time, READ as much as possible, then his singles and doubles. No need to become a Strike Out King like Babe Ruth just for a few quick moments of passing Glory.
Pentagon Federal Credit Union Data Share
Bankruptcy Friendly Credit Cards
Official Credit Unions Guide
HOW TO: From BK7 discharge to 700 in 24 months or less!
The Best (and Worst) Secured Credit Cards according to Beverly Harzog' opinion
Let me say that all of this stuff is "easier" said than done.
I was waiting for you to call me out on the Cap One app so soon and without a plan
Hey, I read it. No big deal, you got a good starting point, and you will be able to grow it will and eventually PC if desired.
I wanted to avoid Credit One, OpenSky, FingerHut, etc .. but resigned myself to the idea that I may have needed to start with a card through one of these lenders. I also was hoping to avoid store cards and the shopping cart tricks, since it is likely that I’d only obtain toy limits.
If you get to the point where you "need" to get to THREE revolvers, one has to do what they have to do, even if it is not the most attractive choice.
Navy / PenFed
Good luck with Navy! On PenFed, it is my intention to also use them for Auto Financing in the next 12-36 months, the later the better.
My decision to go initially with PenFed was because I thought I had a better chance in the beginning of my rebuild, vs. later where I could be / denied for being an "Egyptian", aka a Pyramid Builder of credit cards. I also used my previous military status as leverage to get PenFedperceived to take a serious look at me. Similarly, if I was a pilot or aviation electrical engineer, I would target Boeing, ect....
* And yes, I did take the time to scroll thru the entire directory of Federal Credit Unions to consider my options and choices I wasn't aware of.
Alliant FCU does a good job for those looking to do a secured loan to build in the Instalment arena vs. Revolving credit.
Additionally, keep in mind that tossing a burlap bag on some one will protect them from the elements & keep them warm. However, if it is "Tailored" well so it is a good fit, it can be worn as a flashy & impressive sport coat. It is all about tailoring things for an individual fit. Just because Joe Blow got a suit off the rack doesn't mean it will either fit or look good on me, hence the YMMV is key.
Keep doing what you are doing, only you will know what is best for yourself.