Good evening guys!
I have some time tonight, I wanted to spill my beans on my slow but steady rebuild. (I'm a long-time lurker of MyFico Forums and often read them late at night---I believe it empowers the soul reading about other real life trepidations and successes. However, never grow envious of another’s post-bankruptcy success.)
A brief history on me, I declared bankruptcy in Late 2016 after being declared in remission by my oncologist. Prior to cancer, I was wise with credit, ficos were all in the 780's but I didn’t borrow a lot like some of these guys with 600k+ aggregate Credit Limits. Anyways, having spent from end of 2014 to Mid 2016 fighting Stage IV-B Lymphoma (Was not expected to live but a German treatment approved and endorsed by M.D.Anderson worked........ I went through my savings and everything else--including losing my little beach condo. (How disappointing). Anyways, I declared bankruptcy (Chap. 7 since my personal assets were depleted) after totaling my medical debt to be over 600k.
I did include a few credit cards in this discharge as well but not because of lack of self-control but because It's the law. I could have later paid them off when my business reignited, but the law is clear.
Moving on, I'm a Solutions Architect for a company I rebuilt after coming back from the grave (Specialize in the HIPAA sector). And here's my stats.
Discharged Early 2017 (I’m trying to be vague on some things)
Current FICO 8 Scores in the 670's. As of October 2018
AAoA 4 years
Oldest Acct 9 Years (Student loans are nice I guess)
I'm in my late 20's
0 Lates since Discharge (On the advisement of my attorney I let all accounts go into unpaid status before declaring)
0-15% Util (Not including AU). (Sometimes Statements cut before autopay goes through)
Many new Accounts since discharge (I'm currently gardening for the next 2 years)
AU on 2 cards: One is 7500 NPSL and one is17000 NPSL (Both my fathers, both 0 util.--hes a PIF kind of guy)
Verifiable Employment income 100k+ Anum (I don't think this really matters but I've noticed some people ask)
No Mortgage or anything as I stay in the family estate and probably will until spousal obligations arise. Hopefully by then, I’ll have capital to own outright and avoid the jumbo loans.
No Car in my name as its cheaper to pay it in a family members name.
Denials:
BBVA (Denial Reason- Not of Contractual Age) Only Reason Given (I'm working with a banker there to build a relationship—we will see—I really like their SP policies and in office pre-qualification tools)
PenFed (Bankruptcy Only reason--I've since closed my PenFed account as I've discovered their just not jiving with my personality--They're underwritting has become more strict, I'm under the impression they're overextended) Anywho, Having tried 3 times over the span of the time I've been discharged I'm over them. And yes, I reconned.
CareCredit (Bankruptcy only reason) Synchrony not ready to give me love—I understand Sync.
BoA (I applied way too soon for BoA pressing my luck I just wanted a Secured Card from them and potentially build a profitable relationship but that's a nogo.)
Discover (Past Relationship only cited reason) I was trying to see if they’d offer me a secured card, but nope. Thankfully, Discover just SP’d my report.
(Note: None of the pushes are manufactured Spend)
Approvals:
First to Approve:
Very First:
Express (Only Com. SCT card) 250
Second: OpenSky (Highly Recommend) They've even periodically given me increases on my secured card (I just put 200 down)
First National Bank 700
Barclay Card 2000 (after 6 months in rebuild) (I pushed 15k+ through the card, but no love so I'm currently reserved in my assessment with Barclay. I May try for the Arrival after my garden)
BBT 1000
CreditOne 750
Merrick 750 to 1500
TD/Target 1500 (Grew from 300 to 1500 in 5 months and hasn't grown since--I'm okay with that TD bank is known to be a strict bank)
Sams Store 700
Lendup 1500
Later to Approve:
Capital One 3000. (They made me wait 1.2 years but they finally let me in, thank you Capital One--I checked the Prequalifer once every 3 months then suddenly the Plat and QS1 popped up, I waited 1 month after the prequalification and applied for the Plat) I May end up pushing a lot of money through Capital One since they've been willing to forgive me after burning them for 10k and I've read on here that people that have spent well with Capital One now have pretty sexy limits)
BBT Bright 2000 (1 year later) (I've put 25000+ dollars in a years time through the first card as BBT is my primary bank and I've been trying to rebuild my relationship with a fairly decent bank) But the fact they double pull Equifax I'm reserved in my continued relationship with the bank.
Also, over 400k from mid-2017 to current date in BBT checking. (They're a conservative Bank but they've been willing to lend when others told me to eff-off.) I am hopeful that one day they will take me off the short leash. But I understand their reservations
Creditors Burned:
Amex 17000 (I've considered taking a lucky investment and paying Amex off in hopes they let me back in, they were my first creditor to offer me a card above 10k (and that is sentimental to me) after the 61-day CLI and cancer blew it for me)
Chase 10000
Discover 7000
Citi Business Card 4000 (Did not burn any Citi personal cards as I didn't have any cards with Citi outside of the business card)
Capital One 10K including a Business Card
Sync 15000 (I fear they will never let me have my Amazon card back) 
A no name credit union that I'm very angry with.... 5k (I was a fool and did not add my family to my bank account beneficiaries and when my family tried to deposit money into the account while I was in Hospice they said no that I had to come to the bank and approve it) The bank knew me I was a regular depositor, the staff knew me, even when my family walked in, they knew who I was when they mentioned my name….but corporate wouldn’t let them deposit..
One last note, there’s life after BK and I’m thankful for the Acts of 1841, 1867, and 1898. For whatever reason you got to the point of a BK in your life, its still a bankruptcy. There’s no moral high ground whether it be medical or overextending or Job Loss. Just don’t stop fighting. And for the sake of mankind, don't commit suicide. (A long story)
Salut
Edited: Forgot to add two present card accounts.
If credit wasn't a necessity in life I wouldn't be anxious to rebuild either . But fortunately, I'm staying way below my means and putting as much money as I possibly can away .
All of my CC debts incurred from paying medical premiums and traveling out of the country for experimental treatments . Not because I wanted that nice four wheeler that I couldn't afford . But because I was terrified of chemotherapy.
The only thing I'm nervous about is the 65% chance my pesky cancer comes back . So for now, no big ticket items . I have less than 3 more years to go from my last round of chemo . To be out of the high risk zone . By then I should be able to just pay in cash for my big ticket items and also be in the mid 700s.
For now I'll pretend I'm broke
All of my CC debts incurred from paying medical premiums and traveling out of the country for experimental treatments . Not because I wanted that nice four wheeler that I couldn't afford . But because I was terrified of chemotherapy.
The only thing I'm nervous about is the 65% chance my pesky cancer comes back . So for now, no big ticket items . I have less than 3 more years to go from my last round of chemo . To be out of the high risk zone . By then I should be able to just pay in cash for my big ticket items and also be in the mid 700s.
For now I'll pretend I'm broke
It's a relief to say the least when it's all past you . But I've discovered some people on the forums can't seem to buy within their means . Credit makes it too easy .
Underemployment is a crappy situation that so many experience . Its unfortunate.
Just remember rebuilding is important. Don't shy away from the rebuild. Just shy away from overcharging
Underemployment is a crappy situation that so many experience . Its unfortunate.
Just remember rebuilding is important. Don't shy away from the rebuild. Just shy away from overcharging