Post BK7 discharge success but what next?!

[PattaurusRex]

Hello, 

Long time lurker here! I finally filed BK7 on 4.1.20. I was discharged 11.4.20. I burned Cap1 and Credit One. I did not reaffirm my mortgage or car loan. My student loans have reappeared on my credit report which is fine with me because I was in good standing with those prior to filing. 

I opened a NFCU savings account the day after discharge. I was approved for Discover It Secured about two weeks after discharge, so right before Thanksgiving. I put $500 down as my deposit. Earlier this month, I opened a NFCU nRewards card and used $500 from my savings acct as the deposit. I’m looking forward to both of my cards graduating with responsible use. Yesterday, I reached out to my main CU to see if they offered secured CC products. After applying, verifying my income and student loan status I was approved for $2500 unsecured! I can’t believe it. Before BK7 I didn’t have that much credit. I’m also an AU on a Barclays with a $5000 limit. 

I’m hoping to buy a bigger house in a few years and pay off the rest of my current car loan. I read through the posts and it seems like I won’t be able to refinance my car loan because I didn’t reaffirm. It’s a 2017 and I still owe about $20k at 9%. It’s due to be paid off in mid ‘23 but hoping to pay it off early by throwing money at the principal when I can. 

I’ve met my goal of three cards fresh out of BK so I’ll be in the garden! I know you guys have great insight so any tips and tricks you can think of, please throw my way! 

My current scores are:

F8] EQ: 633 TU:594 EX:621

F9] EQ: 665 TU:653 EX:637

Auto F5 F4 F2]  EQ: 678 TU:638 EX:684

[Guyatthebeach]

Congratulations!

You are definitely on the right track.  Personally, I would wait until you haave 6 months of payment history on those new credit cards, and try to refiance your car loan to a lower rate. I would not do anything else until those credit cards unsecure.

Keep us updated.

Guyatthebeach

[PattaurusRex]

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@Guyatthebeach wrote:

Congratulations!

You are definitely on the right track.  Personally, I would wait until you haave 6 months of payment history on those new credit cards, and try to refiance your car loan to a lower rate. I would not do anything else until those credit cards unsecure.

Keep us updated.

Guyatthebeach

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Thanks, will do!! I'm totally fine with gardening until then!! 

[Anonymous]

Use those new credit lines you establish responsibly and get some sleep now that you are debt free! 

[PattaurusRex]

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@PattaurusRex wrote:

Hello, 

Long time lurker here! I finally filed BK7 on 4.1.20. I was discharged 11.4.20. I burned Cap1 and Credit One. I did not reaffirm my mortgage or car loan. My student loans have reappeared on my credit report which is fine with me because I was in good standing with those prior to filing. 

I opened a NFCU savings account the day after discharge. I was approved for Discover It Secured about two weeks after discharge, so right before Thanksgiving. I put $500 down as my deposit. Earlier this month, I opened a NFCU nRewards card and used $500 from my savings acct as the deposit. I’m looking forward to both of my cards graduating with responsible use. Yesterday, I reached out to my main CU to see if they offered secured CC products. After applying, verifying my income and student loan status I was approved for $2500 unsecured! I can’t believe it. Before BK7 I didn’t have that much credit. I’m also an AU on a Barclays with a $5000 limit. 

I’m hoping to buy a bigger house in a few years and pay off the rest of my current car loan. I read through the posts and it seems like I won’t be able to refinance my car loan because I didn’t reaffirm. It’s a 2017 and I still owe about $20k at 9%. It’s due to be paid off in mid ‘23 but hoping to pay it off early by throwing money at the principal when I can. 

I’ve met my goal of three cards fresh out of BK so I’ll be in the garden! I know you guys have great insight so any tips and tricks you can think of, please throw my way! 

My current scores are:

F8] EQ: 633 TU:594 EX:621

F9] EQ: 665 TU:653 EX:637

Auto F5 F4 F2]  EQ: 678 TU:638 EX:684

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What a year it's been!! Dropping in to give an update. My two secured cards graduated - nRewards $500 went to $900 then to cashRewards $2k and Discover from $500 to $2k. In addition to the three cards, I pulled the trigger last week and applied for NFCU Go Rewards and was approved for $12k instantly.

I also decided to upgrade my car in October '20. It was the last financial tie to my ex husband and I knew I could lower my payment and interest. 

Now that I am a little over a year post discharge, I'll be gardening my 4 cards and saving for the next house which I hope yo

qualify for by the end of the year!