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Don’t be afraid of BK

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Don’t be afraid of BK

I just wanted to post here my sincere appreciation for all the help and guidance provided from all of the contributors to fico forums! A little backstory: S/P BK7 d/c’d 12/15. We have rebuilt pretty well and have a decent amount of credit. We IIB our FHA mortgage which has never been late. Since the Bk we were able to surrender our vehicles and obtain car loans with our CU at a much lower interest rate (4%) and the payments pretty much equal one of the payments from before.
Since filing, I landed a new job and earn significantly more than before. We have recently been preapproved for a mort of 300k and are currently in the process of listing our home for sale. We will net roughly 40k from the sale of our home. I just wanted to say THANKS to everyone for their posts and advice because we would have been lost without this group! I have NEVER regretted our decision to file! And also, to anyone facing BK, please be encouraged! You can rebuild! Just be smart and diligent.... and look here before you make any moves! Lol!
❤️❤️
2 REPLIES 2
Community Leader
Senior Contributor

Re: Don’t be afraid of BK

Congrats on your new start! 

Got some pruning to do... No more new cards!
Message 2 of 3
Valued Contributor

Re: Don’t be afraid of BK

+100. When I filed BK four years ago this summer, I was basically unemployed and relying on SSDI to make ends meet, and had had to give up the condo I'd lived in for over 20 years, was maxed out or nearly so and behind on all my credit cards, and was spending way more money to keep an old clunker of a car running than it was worth. Today, I have a good job that I think will last me the remainder of my active career (and just put in my application for a merit promotion that could open the way to dramatically increased salaries over the next few years), I have over $81K of revolving credit distributed among ten cards, am keeping up neatly with all my payments, have a good late-model used car that I should be able to replace in 3-4 years, and so on and so forth. BK can be a truly transformative event in a good way if you approach and plan for it the right way.

Ch 7 BK discharged 11/28/14, credit rebuild well advanced. FICO:TU 680 FICO 8 (3/2/19) or 687 FICO 9/EX 694 FICO 8/EQ 685 FICO 8 or 674 FICO 9 (NFCU 3/3/19), VS 3.0 10/17/18: TU 702/EX 699/EQ 698. $92.9k revolving credit as of 1/31/19; $1K NFCU cashRewards Visa, $2K BJ's Perks MC, $5.1k Discover It #1, $6.5k Discover It #2 (new 3/12/18), $3.5k Petal Visa, $6k Paypal 2% CB MC, $6k Amazon Prime Store Card, $6k Walmart Store Card, $7k Apple FCU Platinum Visa, $7k Penfed Power Cash Rewards Visa, $11.8k Overstock Store Card, $15K Care Credit, $16K Cap One QS Rewards Visa Signature, $10k PenFed used car loan, $5k Navient student loan, $12.7k Lending Club loan. Gardening: 3 months, 19 days as of 1/31/19. 24 HP inqs total as of 10/12/18: 10 TU, 9 EQ, 5 EX (about half over 1 year old).
Message 3 of 3
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