Post Discharge Anxiety?

[Anonymous]

I have a serious question...

since joining this forum a few weeks ago I can honestly say i've learned alot. So far i've taken my knowledge and helped my wife re-finance her vehicle.

After I hit the 60 day mark since my 341 meeting I began to get a bit antsy about my credit.

I have not yet signed up and paid for the 3B Fico Scores but I will next week. CK scores I know arent accurate but I use it weekly as a ruler of where I am and it's still pretty crappy.

Today my discharge is effective and to make matters worse I am home from work due to a recent surgery so not being busy makes my mind wander even more.

Has anyone else gone thru this feeling?

I'm 29 but I cannot remember a time ever having good credit. In college I incurred medical expenses and it pretty much went downhill from there. I long for the experience of a 750+ credit score and credit cards totaling $15,000 in available credit. I know it's a marathon not a sprint but right now i'm on the track, in the blocks, and I just want to start!

My lawyer sent me something today that she sends all her clients on DC day and in the email it states not to apply for credit until the case closes (7-10 days).

Hardheaded me tried anyway just because I am so ready to rebuild.

I serve in the military so I have a pretty good income, my credit just stinks.

Tried the Cap1 pre-qual and nothing came up. Went thru CK and its suggestions and applied for a CAP 1 QS One card AND secured card (Both denied - I burned cap 1 for about $1000).

Tried the credit one pre-qual, nothing came back for me so I didnt apply.

I've been trying the shopping cart trick half the day and nothing is coming up for me.

Any advice to ease this anxiety would be great.

I know I was just discharged today so maybe I need to give it some time for systems to update etc. Not to sound like a broken record but I really just want to get this process started. 

I've seen some one the forum say they've applied and gotten things same day or same week as DC. I know all situations are different.

Anyone else been thru this? Any advice?

I'm not going to try applying for anything else. My biggest fear however is being complacent and NOT REBUILDING.

[jmclaughlin1982]

I KNOW the feeling. It's such an exciting time. You're starting all over fresh and new. So.....
Congrats on the DC! Welcome to the club. I can remember vividly being 18 and getting credit with no problem. Car with $0 down, credit cards with thousands in limits, etc. I long for that as well. But remember the journey is a race not a sprint. It will take a while to repair and recover.
That being said, don't lose hope and just relax and let the repair begin. You're applying too soon, since the odds are your DC hasn't hit your report yet. I'd wait the 7-10 days and try the cap 1 prequalify again. They let me in with the secured $99 for $200 (I put an additional $200 for $400 limit) right after DC. I burned them for about $1000 in BK.
Just got Gettington last week, I burned Webbank for $500 in BK.
Long story short, give it a few days and try the cap 1 prequalify again. If it doesn't pop anything up don't bother to apply. Only exception is the secured, you might try that.
You mentioned your wife...if she has good credit you could piggyback on her. I swear by it. I am AU on all my husbands cards and it helped ALOT. You will most definitely need to go secured for your first card.
Keep trying the Credit One site as well though. They're sort of expensive but if you don't mind the $75 on your first bill then go for it.
Primor and OpenSky have decent secured cards you can try.
Another thing I swear by is credit builder loans. Go to your local credit union and ask for a credit builder. They make the loan, mine was for $1000 and deposit the money into a locked savings account. Once you pay, the money is freed up. Reports as a traditional secured loan. I also did a traditional secured loan with my local bank.
Since you're in the military you might try nfcu or usaa. They have great programs.
If you didn't burn Webbank in BK you can also try Fingerhut. It's a pretty expensive site, but I just buy something really cheap every couple months and pay in full to avoid finance charges. Even if you don't qualify for the traditional financing they will give you a "fresh start" program. See Fingerhut for details.
Most importantly, clear up your credit reports. Pull them all and dispute anything that doesn't look right. Best case, the creditor won't bother to confirm and it will be deleted. either way make sure all accounts are noted with 0 balance and "included in bankruptcy."
Finally keep in mind that your credit will take time to repair. Take it slow and app only when you are almost guaranteed an approval.
Good luck and keep us informed!

[Anonymous]

I totally get what your brain is going through. I'm the same age, always had good credit, I remember when I was young and dumb at 19 and making 4k a month. I basically bought everything and anything I wanted. Realized I was stupid, got it all paid off to then get married and then become financially responsible for two people and trying to teach my husband along the way about credit and help build his since he had none nor did his parents ever think they should teach their kids about it. During our first year of marriage he lost his job he had been at for years (a family job at that!) and had to look elsewhere, and the new employer had him work but never paid him his wages, or paid him some just to passify him, but never made him whole, filed BK on the business and we never heard from them again. Leaving me, to be master financer that I am to figure it all out, pay bills and have $400 a month to LIVE off of. Finally I decided the best financial sence was us to file BK, we both have good employment currently so it's a really great fresh start honestly.

As the master mind that I am, and am always thinking I feel the same as you about rebuilding and the rebuild itch you're having. You CAN rebuild and from my experience quite easily. I'm not DC yet, mine is set for 10/11/16. I have however been able to re start with cars. My attorney didn't care if we replaced the cars after we filed, it just took legwork on my part to find people who were willing to work with someone in open BK. It took a little dooing, and I knew the clock was ticking since one lender filed early to get my car and my husband's was barely working. As we live in a rural community and both drive 25+ miles a day to work I needed reliable transportation with good MPG. Our APR sucks at 14.9 and 15%, however I know I can easily refinance after DC since I was able to get both units under KBB.

Since you're in the service, and active have you tried joinging Navy Fed or PenFed? PenFed is less hard pull happy than NavyFed is, and both seem to have become BK friendly, Navy more so, but PenFed is on it's way since it started the risk based lending last year.

I wouldn't worry too much about any pre-quals or SCT right now since you just got discharged, possibly wait a month so your credit report would have updated and try again. Cap one and Credit One won't lend to you for a year after BK. You could start with a secured card, or make sure your credit is cleaned up and everything is reporting as included in BK and Zero then try for a small CC with PenFed, You would most likely only qualify for Promise of Gold since those are their no frill CCs then graduate to better ones and higher balances. Only really worry about store cards for stores you SHOP at, dont' just get them to have them. My husband and I both have a wish list of store cards we would like just since we frequent the store enough we could utilize it then pay it right off.

A car is a good way to start rebuilding if you need to aquire a new one, wait a few months to show good repayment history then refinance with PenFed or NavyFed or whomever you want, and since they're already pulling your credit you might as well inquire about a credit card as well or other loan products to save you another HP on your credit. Right now, HPs are your enimy. You need to keep the inquiries low. One good card to apply for is Cabella's at 6 months if you have repayment history, seems from others on this forum that grows quickly.

If you have any questions about PenFed feel free to message me, I worked there for 4 years and have friends who still work with them so I can answer a wide range of questions or give advice. Always remember as well to recon if you have a denial!

[sarge12]

My lawyer sent me something today that she sends all her clients on DC day and in the email it states not to apply for credit until the case closes (7-10 days).

Why would you hire a lawyer and then ignore this??? It is just 7-10 days....rebuilding is going to take serious time....think years!!!!!

[Anonymous]

thanks for all the POSITIVE posts!

Case actually closed today.......now I feel lost lol

[sarge12]

---

@Anonymous wrote:

thanks for all the POSITIVE posts!

Case actually closed today.......now I feel lost lol

---

I do not think creditors are even legally allowed to extend credit prior to discharge posting on credit report. Once the discharge actually shows on report your score should jump up, but every hp drops scores slightly so need to wait till it post's, which is why the lawyer advised that. Many of the people here have been through BK including me, I know it is hard...but you will get there, be patient and ask for advice in the forums. My scores are in the 800's now and it just takes time.

[jmclaughlin1982]

Yes Sarge you are right, unless you have the DC paperwork most won't approve. He issue is that if the BK isn't discharged you could technically add the new debt to the existing BK.
The exception is secured credit. You can apply and be approved for secured credit as soon as the day of your 341. I had a credit builder, a secured loan at my cu and a secured credit card a week after my 341.

[sarge12]

---

@jmclaughlin1982 wrote:
Yes Sarge you are right, unless you have the DC paperwork most won't approve. He issue is that if the BK isn't discharged you could technically add the new debt to the existing BK.
The exception is secured credit. You can apply and be approved for secured credit as soon as the day of your 341. I had a credit builder, a secured loan at my cu and a secured credit card a week after my 341.

---

Not only that, for cause the trustee can request that the court dismiss prior to dc. I think it would have to be due to filer hiding assets or a few other things.

[Anonymous]

my DC was 2 days ago. I viewed all 3 CB reports earlier today and they show as discharged there.

Right now I'm going to sit on my hands for a few days.

As I think I stated (or maybe that was another post) that I was able to do the SCT for a store that I know I wont use much. I bought my wife a pair of heels and as soon as they send me the information for how to pay the card I'm going to pay it off (200 CL...spent 63).

Next week I am going to start car shopping as well as trying to find a credit builder loan that doesnt require the money up front. Once I do that, I'll garden for about 3-4 months and see what happens

[sarge12]

---

@Anonymous wrote:

my DC was 2 days ago. I viewed all 3 CB reports earlier today and they show as discharged there.

Right now I'm going to sit on my hands for a few days.

As I think I stated (or maybe that was another post) that I was able to do the SCT for a store that I know I wont use much. I bought my wife a pair of heels and as soon as they send me the information for how to pay the card I'm going to pay it off (200 CL...spent 63).

Next week I am going to start car shopping as well as trying to find a credit builder loan that doesnt require the money up front. Once I do that, I'll garden for about 3-4 months and see what happens

---

You will be OK...Bk can be overwhelming, but it is meant to be a fresh start! It may be hard to believe, but I do not think I would have ever learned how to deal with my finances without it. I know yours was due to medical where mine was just due to not being very responsible. BK was a big wakeup call for me. It does take time, but your scores will be decent before you know it!!!