Chap7 Bk filed 08nov17 341 05Dec17 no asset Renter, Did not reaffirm car with 32k balance Discharge 06Feb18
Before filing I had the following Boa -24000 Boa- 3200 Citi 5200 Amex 9200 Msdfcu 21500 Chase 5800 Lending club 13000 Nwfcu (car) 32000 Navient (not IIB) 800- continued payments through BK First mark student loan (not IIB ) 8200-continued payments during BK
Pre-Bk my scores were low 600s (chase EQ fico was 620, I believe). Never paid anything late until the month I filed but scores dropped over 100 pts from their high in 2012 as utilization crept to 100%.
Discharged scores are now TU/542 EQ/599 EX/586
Approved for cap 1 platinum 1K and overstock $200 a couple weeks before discharge. Prequalified for discover secured for $200 but didn’t apply because I’m saving my hard pulls for auto loan shopping after my cAp1 and my Navient loan account shows up on my report. Hopefully the score simulation is accurate and those accounts reporting gets me in the 600s across the board in the next month or so. Plans to go car shopping late feb/early March. Want to keep my loan under the 10K for a car up to 20K, or I’ll just skip the auto loan and get a used 10k car, depends on the rates. I plan on applying to DCU, Cap1 auto, Dealer captive lender like Nissan for the Altima I’m considering.
Also want to add in case it helps anyone. I didn’t reaffirm my car so I started renting a car a couple weeks ago, not sure when they will come get it.
My car rental is pricey, about 650pm. But that’s ok with me for a couple months vs. walking away from a 32k loan at 600pm for the next 5 years. I want to keep future auto loans less than 300pm. I’ll get “nicer” cars by putting more money down.
Before i filed, I was faithfully paying 1700pm in unsecured debt. My BOA monthly payment was actually going UP even with no additional charges , just payment because I took a cash advance of about 3k three years ago. This cash advance balance was close to 10k when I filed because my monthly payment NEVER paid a penny toward it.
As far as my future. I have plans to PIF revolvers and otherwise keep my debt minimal and be extra careful because I’ll never be able to qualify for chapter 7 again (hopefully). I failed the means test initially based on income but qualified eventually because my Childrens childcare expenses pushed my exemptions up 25K per year.