Okay so this may be lengthy
So basically I’m going to be filing for Chapter 7 bankruptcy within the next 30 days. I’ve created a spreadsheet with the original creditor the type of debt it is along with address account numbers and the amounts and the collections agencies if necessary. I have about 34,000 in unsecured debt and 54,000 total with student loans I know the student loans are nondischargeable they don’t have any late payments on them whatsoever.
I believe my payment history score was between 78 and 82%. A lot or collections from old credit cards to repossessions and there’s some old debt such as electric utility cable TV stuff like that A lot of collections from old credit cards to repossessions and some old debt such as electric utility cable TV stuff like that
I will be burning the following companies as this happens. Capital one secured card, discover secured card, credit one, first premier bank, first access, indigo, TD secured card.
The capital one and Discover card specifically were secured cards that are charged off from over a year ago but their balance due to a bad ACH payment was more than the secure limit. So basically the secure has already been dissolved on those two cards and there still a balance remaining discovers around $455 and capital one is about the same. TD Bank is a current car never been late has about $1000 balance with $1000 limit I’m hoping there’s a way I can just reaffirm this card and pay it down myself since it is technically secured with a savings account.
The two repossessions I have on my report do you have a bad payment history as well however one was with Carvana and Bridgecrest as the financing bank I spoke with them today and they stated that they are going to be removing the debt from my credit report and the entire account due to not mailing me the intent to sell and the auction letter after the car was sold so they said by law I am no longer responsible for the debt I recorded the call and will check back in 30 days on this if that’s true that will take off one repossession and a $4500 collection amount. The other car was an old one that messed up used car and so it has a $4500 balance as well. Otherwise there are two other car loans on my report that are clean and 100% paid as agreed and closed.
I’ll also in this process be burning US AAA from some old checking accounts from years ago as well as Bank of America for an old checking account but since I use Chase and PenFed I will no longer need them anyways.
I know I have a lot of work ahead of me but I just want to make sure I take the right steps so I can get out of this cleanly and proceed and rebuild my credit for my family and I. We just moved into a new apartment and had to pay two months rent plus the first months rent in order to move in so that was like $4500. We have never had a mortgage and I hope to create a secured share loan with the credit union to go ahead and build that personal line of credit and also obtain another secured card so I can garden that card properly We have never had a mortgage and I hope to create a secured share loan with the credit union to go ahead and build that personal line of credit and also obtain another secure card so I can garden that card properly I’ll probably try the prequalification for capital one after about six months after discharge same thing for Discover but my question is what is it look like for me obtaining an auto loan 3 to 5 months post discharge. My current score is in the 400s for Credit karma. I am Magine my Phico is just as low so I’m pretty sure I will see a score boost after discharge. I do have an old checking account at navy federal that I owe about $300 on so I did not want to include that so I wouldn’t burn them.
Also I used my phone to dictate all of this while I was driving so if there are any grammatical or spelling errors I will be sure to review them as soon as I get home I just needed to get this out while I was thinking about it.
