Post Ch7 - Anything else I should be doing?

[dfw89]

Hey yall - Hoping for a little advice on my path after Ch7.

Ch7 Discharged at the end of March 2023.

IIB - CapitalOne, Amex, Citi, Chase

Reaffirmed my auto loan with WellsFargo, but they advised they'll no longer be reporting to credit beaurus.

Small (2k) gov't studen loan is reporting, but won't be paying again until September. 

Since discharge, I've opened an account with CreditOne (2k limit) and Mission Lane (1k limit).

Scores are hovering around 670 after falling to around 600 during BK.

Is there anything else I should be doing now, or should I be waiting with the accounts I have?  

Thanks!

[FireMedic1]

Congrats on the DC. In a month you got enough for now to get going. Wait about 6 months for your 3rd card. I'd ask the lawyer. If you reaffirmed it should report as far as i know. Cap1 did for me. Not reaffirmed doesnt report usually. Its a marathon and not a race. But your off to a good start.

[dfw89]

Thanks!     I did ask about the car loan reporting and my attorney advised they don't have an obligation to begin reporting the loan again, even after reaffirming. That may be a state thing I guess. 

[MileHigh96]

That really sucks that WF isn't going to report the reaffirmed auto loan. Unless you already have a killer interest rate with them, I would possibly think about trying to refinance that loan with someone else, possibly a CU if possible because you can usually get better rates from them versus regular banks.

And big congrats on the DC and your journey to start the rebuild!

[Guyatthebeach]

dfw89,

Congratulations on your discharge and joining the forum. 

I personally thing you are on the right track. I would hold off on applying for any new credit cards until you have had those two opened for at least 2 months. I would look for a credit union or two that are bankruptcy friendly in your area to join. Since your car loan with Wells is not being reaffirmed, I would get a secured loan for a $1000 with a one year term. This will add another a trade line with positive payment history post bankruptcy on your CR's. 

Two other things I would do is start a separate savings account to build an emergency fund to prevent any payment issues and read SoulMaster's guide to 700. 

You're already on a solid rebuild, keep doing what you're doing!

Guyatthebeach

[md_rebuild]

I would only add that if you could get in with NFCU, then by all means, do so.

They have been extremely generous with me since my BK7 in 2019.   I would not be where I'm at if not for them.

[dfw89]

Thanks for the advice.      Most of my banking is with my employer's CU, and luckily I've had a good 15+ year relationship with them, but my rate with Wells Fargo is 2.5% (from 2021 before rates went up) so I'm sure fresh out of BK I'm not gonna be able to refinance anywhere near that haha.    

[jayhawk05]

I would wait a few months and look at another card, like others have suggessted. NFCU is great if you can get in. Mercury and PenFed were good to me. I really like PenFed's Power Cash Rewards. 1.5 or 2% (for Honors Advantage Members ) cash back on everything. In my current rebuild from BK, I put large purchases on that. Their tech sucks, but a great CU.

Good luck with your rebuild!