First Post Post BK - Chapter 7 Rebuild

[Bobby1081]

Hi All,

I know many of you have questions regarding rebuilds after Chapter 7.

I was discharged 8/9/2018. In my bk I burned Capital One, Discover, Citi, Amex and bunch of Synchrony cards. The primary reason for my bk was a car accident that prevented me from working full time and a $40k IRS debt. For those wondering, I was able to discharge my tax debt since it was more than 3 years old.

Here is my rebuild:

9/18 Kohl's $300SL received increases today at $1.7k

9/18 Capital One $1kSL increased to $1.5k

9/18 Target $200SL increases every 4 months now at $2300

9/18 NFCU Secured $500 graduated after 5 months to $2k. Received small increases today at $3.4k

9/18 NFCU Shared Secured Loan $1k - Paid off 

2/19 OLLO $1.2k increased after 6 months to $1.7k no cli since

12/19 Capital One Platinum Preferred $2k increased to $2.5k

2/20 Nordstrom $2k SL

5/20 NFCU 5K Pandemic Loan 6%

6/20 Penfed Gold Approval $15k

Everyone has their own strategies. Some lenders let you in after you burn them and some don't. Just keep your balances minimum. I did not find the AZEO strategy worked the greatest but it may help for some. With Penfed being my newest approval, I am going to garden for at least a year and then see if Discover will work with me again. 

Todays Scores: 650TU, 661EX, 642EQ

Income $75k

I am carrying some balances...once those are paid off I am sure they will go higher. 

If anyone has questions, feel free to ask. It is a long process but well worth it.

[Anonymous]

Congratulations! Great progress!!

[AllZero]

Congratulations on your success!

[twono]

Nice job....Seems like a lot of new tradelines and loans in less than 2 yrs.  I guess that's reflected in your scores.  

Not criticizing, just seems that reaching 700 and beyond asap would/should be the main goal for most.  More new debt, too much new credit just slooooooows down the rebuild process that is already sloooooow.

My scores are close to yours 9 months post DC with only 3 new unsecured cards ($2200, $2500 and $2600) and KOHLS $3000 that survived BK.  Student loans satisfy the recommended loan requirement for FICO scoring.

Especially with banks wanting 660 scores (in my area anyway) for FHA loans now.  A lot of people are looking to buy that house 2 yrs and 1 day post DC....me being one of them.

[Azuieldrago]

Just keep plugging away