My DC was last week, looking for advice. Overwhelmed with info here

[Anonymous]

Hey guys! I’ve been lurking through the BK process but I would really like to get some advice and make sure I’m not screwing things up already.

So my DC was 1/13/2020. (Chapter 7, in AZ)

I have a car that I have about $1k equity in. I am still paying but did not reaffirm so it is not reporting. Everything else is gone. Up until I was ready to file I paid on time/less than 30d, so my history before filing is good, with my last late payment being in 2015.

IIB:
Cap1
AMEX
Citi/Best Buy
Credit one
Synchrony/PayPal
First premier (2x)
Comenity (3x)
Lendup
BoA
Carmax (still paying but included with letter of intent)

My credit union through my work actually approved me today for a $500 card, unsecured. I’ve only been banking with them about 3-4 months so they said once I have a little more history with them they will raise the limit. I am just going to set it up to pay my cell phone bill and put the card on autopay from my bank.

I honestly don’t think I understand all the different types of “scores” that exist. Or, I do but I don’t know how to find out what mine are besides the “fako” scores.

Also, my car has some damage and I’m concerned about some weird engine noises. Am I better off trying to get that looked at and continuing with the car.. or given that I did not reaffirm would it be better to try and trade it in and get a post DC auto loan that will be reporting?

Looking for advice about the car... but also any suggestions to just help me rebuild.

I’m mainly focusing on getting my score up for the sake of apt hunting (maybe relocating for work next year) and just building savings and retirement but ideally someday down the road I would like to be able to own a home... not anytime soon though.

I read the 700 in 24 months post but I burned some of those cards listed and I don’t want a million HP. I know it says 3 cards is what you should have?

Sorry if this is a little rambley

[FireMedic1]

Welcome @Anonymous 

Congrats on the CU approval. You can get the OpenSky card with no HP secured. Then wait it out a few months and go for a Discover card. Even though it may be a secured it will graduate. They like to see some history before approval. Theres your 3 cards. Any money put into a car repair you dont get back. If it is the engine that will be expensive and money wasted that could go to another car. Talk to the CU and see if they will finance you for a low cost used vehicle and turn in the keys for the present one and walk away. That will be your reported loan then. Then your all set for a year and let your scores start rebounding.

Check your reports and make sure all creditors report IIB and $0 up to 30 days from now. Then you'll see a score bump. And off you go to a successful rebuild. Good Luck!

[Anonymous]

Thanks @FireMedic1

Tbh my scores were so bad just due to everything being maxed out prior to BK... that they’ve already gone up over 100pts (or at least I think the fako ones have, since I still don’t fully understand the difference in numbers).

Will give a secured card a try on my next payday, thanks for the suggestion of who to go with!

[Azuieldrago]

The fakos AKA Credit Karma, use a different algorithm then what FICO does. A small amount use Advange 3.0 but a vast majority still use FICO scoring models. So, you need to find your FICO scores. Which you can do here on MYFICO for some money but it gives you all 3. 

[FireMedic1]

Your welcome @Anonymous . You can get all of your FICO scores for $1 at experian.com. Then cancel before the trial ends a week later. You will still get a monthly free EX Fico score and you can repeat the $1 trial anytime you want. Dont hesitate to ask any questions. We're here to help ya!

[Anonymous]

I didn't think I would get a Discover as quick as I did. I just kept doing the prequal (They will accept weekly). I am only 2 weeks past my D/C and I was very suprised that I was approved yesterday. I have been approved for a "Surge" but it has the ridiculous fees. I had planned on paying the $100 fee and just use once/mth and PIF. However, I will have my NFCU soon. My local CU wants 6 mths payment history before I get a secured with them so I am going to garden Discover and NFCU for 6 mths then try for my CU. I intend to shred the Surge. 

Unfortunately I tried a debt consolidation first and they told me to quit paying all my bills. So they all went late before I got the CH7 filed. Keep trying!