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Off To A Good Start?

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Member

Off To A Good Start?

Hello!

 

Alright, so where do I begin. I'm looking for a couple good forums to help me out on my journey. I've been on here reading, and can usually find what I need, but with all the members, I was sure to get better suggestions.

 

I'm currently 22 years old, and in the middle of my Chapter 7 Bankruptcy, I filed 9/13, with an expected discharge mid-December to mid-January. My credit journery started the in 2015 when I turned 18. My mother has been a nice part of my downfall, although I will admit I was never forced to sign anything, no fraudulant accounts, but I never had a solid financial background growing up. My mother is currently in her 3rd Chapter 13 BK, and will be converting to her 3rd Chapter 7 when the alloted timeframe is up to refile a 7. New cars, cars getting repossessed, new cars, a different house every year or so. Me growing up, and not knowing what all was going on, didn't understand the basics of credit establishment and stability.

 

My debts included in my bankruptcy are:
$18,382 - World Omni/SETF

$13,482 - American Credit Acceptance

$13,182 - Exeter Finance

$1,000 - First Franklin Financial

$672/$571 - Capital One

$1,072 - Credit One Bank

$6,000 - Verizon

$5000 - Various Bank Accounts

 

Most accounts sent to Collections, one account opened for ACA for $10,000, which both were reporting open.

Yes, my Convergent Collections account for Verizon was $5926. My mother was on my plan, with my little sister, myself and another friend. My mother never paid her half, so I kept setting up arrangements to pay and never paid. I had left them with a $2000 bill, due immediately, and 4 phones with $650-950 balances, an iPad and an apple watch. So yes, that number is accurate.

 

I signed up for MyFico 3B Scores after my 341 Hearing, which was October 28th. I don't remember my starting scores, but my current being 

Equifax: 559 (One Account only reports here)

Transunion: 505

Experian: 507

 

My currently open accounts are:
OpenSky Secured Card - $400 (10/19)

Horizon Gold (I know...) - $1,750 as of 11/16 because I tried to close it twice, and they keep raising my limit. (09/19)

Avid Acceptance - $12,906 (10/19)

I opened a Discover It Secured card with my boyfriend and will be adding my name as an autorized user when the card arrives.

 

I am "in the garden" as of now. Prior to discharge I have a current car loan, and $900 worth of secured credit. I still plan on closing Horizon Gold, but it's literally my first account since BK filing, and I'm actually kind of hesitant to do so right now... but yeah, any advice, ideas or seperate forums to read are greatly appreciated.

Message 1 of 8
7 REPLIES 7
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Community Leader
Senior Contributor

Re: Off To A Good Start?

WelcomeSmiley Happy

 

My first advice would be to STOP applying for anything until AFTER your discharge and after your reports reflect "zero balance and Included in bankruptcy"

 

You may even get a score bump after it is being reported correctly which can take up to 30 days after discharge.

EXP 758 TU 783 EQ 729
Message 2 of 8
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Super Contributor

Re: Off To A Good Start?


@M_Nall wrote:

Hello!

 

Alright, so where do I begin. I'm looking for a couple good forums to help me out on my journey. I've been on here reading, and can usually find what I need, but with all the members, I was sure to get better suggestions.

 

I'm currently 22 years old, and in the middle of my Chapter 7 Bankruptcy, I filed 9/13, with an expected discharge mid-December to mid-January. My credit journery started the in 2015 when I turned 18. My mother has been a nice part of my downfall, although I will admit I was never forced to sign anything, no fraudulant accounts, but I never had a solid financial background growing up. My mother is currently in her 3rd Chapter 13 BK, and will be converting to her 3rd Chapter 7 when the alloted timeframe is up to refile a 7. New cars, cars getting repossessed, new cars, a different house every year or so. Me growing up, and not knowing what all was going on, didn't understand the basics of credit establishment and stability.

 

My debts included in my bankruptcy are:
$18,382 - World Omni/SETF

$13,482 - American Credit Acceptance

$13,182 - Exeter Finance

$1,000 - First Franklin Financial

$672/$571 - Capital One

$1,072 - Credit One Bank

$6,000 - Verizon

$5000 - Various Bank Accounts

 

Most accounts sent to Collections, one account opened for ACA for $10,000, which both were reporting open.

Yes, my Convergent Collections account for Verizon was $5926. My mother was on my plan, with my little sister, myself and another friend. My mother never paid her half, so I kept setting up arrangements to pay and never paid. I had left them with a $2000 bill, due immediately, and 4 phones with $650-950 balances, an iPad and an apple watch. So yes, that number is accurate.

Everything above here will be DC'ed ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Done.

 

I signed up for MyFico 3B Scores after my 341 Hearing, which was October 28th. I don't remember my starting scores, but my current being 

Equifax: 559 (One Account only reports here)

Transunion: 505

Experian: 507

 

My currently open accounts are:
OpenSky Secured Card - $400 (10/19)

Horizon Gold (I know...) - $1,750 as of 11/16 because I tried to close it twice, and they keep raising my limit. (09/19)

Avid Acceptance - $12,906 (10/19)

I opened a Discover It Secured card with my boyfriend and will be adding my name as an autorized user when the card arrives.

What do you mean "with" jointly? Who opened it.

I am "in the garden" as of now. Prior to discharge I have a current car loan, and $900 worth of secured credit. I still plan on closing Horizon Gold, but it's literally my first account since BK filing, and I'm actually kind of hesitant to do so right now... but yeah, any advice, ideas or seperate forums to read are greatly appreciated.


Hit the brakes and let it ride out for a year. Keeping Horizon open wont hurt. Oldest account is which ever one is the oldest on your reports. Not the newest one out of BK. If you opened Disco all this AU stuff isnt going to do much. If he did that shows his credit isnt that good either. Drop the AU. You got a car loan and 3 cards which is all you need for now and let them grow. No more apps for a year. More credit doesnt mean higher scores.Time will do its thing for now. PIF all your cards and let 1 report $10 a month and then PIF before due date. Thats about it wrapped up in a package. Welcome to the forums.

Message 3 of 8
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Member

Re: Off To A Good Start?

So the card is in his name, and I put the money on it. I’m not added as an AU yet, so should I just leave it off and let it grow with him? Right now I only have 1 card, the car, and horizon, which I’m literally paying them $14.95/mo to report to only Equifax. I want the credit history, but I don’t see a point in paying for them to report, regardless of the amount/time.
Message 4 of 8
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Super Contributor

Re: Off To A Good Start?

Have you tried Open Sky secured for yourself (No HP,everyone is approved) or your own Disco secured. Yes closed down Horizon. Thats really a bottom feeder scum creditor. They'll do all they can to keep you. Dont even want to know what the annual fee is. Shhhh.

Message 5 of 8
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Member

Re: Off To A Good Start?

Hold on, there is an annual fee, on top of the monthly fee they charge me...? No.

OpenSky is only in my name, I have tried for discover with the prequalify website, and was rejected.
Message 6 of 8
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Super Contributor

Re: Off To A Good Start?

Merrick Bank is a good one that will double your CL after a short period of being responsible. I believe its best to build credit on your own under your name. Then as time goes by and things start to blossom. Then do the AU thing. Did you get the Horizon thats not a MC or Visa?

Message 7 of 8
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Member

Re: Off To A Good Start?

No, I haven’t gotten a physical card. So I doubt it is a Visa/MC
Message 8 of 8
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