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Question about cards involved in Ch. 7

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Established Member

Re: Question about cards involved in Ch. 7

That's a very good, and fair, question. I live in a major city known for a high cost of living and average wages (with no prospects of a raise anytime soon...current income is ~42K pre-tax). The credit card debt is very old (from being a young and naive teenager). I have been passing the debt among 0% APR credit cards for a while and it wasn't getting wasn't growing but also wasn't getting any better. I've worked with two different (reputable) non-profits on credit counseling over the last year and they both independently recommended bankruptcy as the best option. I'm also engaged and this is a way to ensure that, it bankruptcy needed to happen down the road, I'm better off doing it now.

I also have $65k in student loan debt (that I know won't get discharged).
Chapter 7 filed 2/8/19; 341 meeting on 3/12/19; Discharged on 5/15/19
Prefiling Scores: Transunion: 681 | Equifax: 712 | Experian | 714
Scores as of 10/12/19: Transunion: 642 | Equifax: 684 | Experian | 656
Banks burned: Bank of America ($12K); Barclay ($7K); Citi ($4K); Marcus by Goldman Sachs ($9K)
Message 11 of 22
Regular Contributor

Re: Question about cards involved in Ch. 7

Oh ok, well there may very well be some out there like that. However, I dont think at least the majority of yours are that way if any. You can search the forum for specific banks to see data points.

When your discharge is finished, try prequalification sites... especially capital one.. and go from there.
Message 12 of 22
Established Member

Re: Question about cards involved in Ch. 7

Makes sense, thank you! I was thinking 10-15 years down the road, certainly not anytime soon.
Chapter 7 filed 2/8/19; 341 meeting on 3/12/19; Discharged on 5/15/19
Prefiling Scores: Transunion: 681 | Equifax: 712 | Experian | 714
Scores as of 10/12/19: Transunion: 642 | Equifax: 684 | Experian | 656
Banks burned: Bank of America ($12K); Barclay ($7K); Citi ($4K); Marcus by Goldman Sachs ($9K)
Message 13 of 22
Regular Contributor

Re: Question about cards involved in Ch. 7

10-15 years for what?
Message 14 of 22
Established Member

Re: Question about cards involved in Ch. 7

Sorry I wasn't clear with that last reply. I was thinking of the reply from @MyDataMyChoice and meant that I'm not in a rush to get new credit as soon as possible but was more thinking about the long-term impact.

Chapter 7 filed 2/8/19; 341 meeting on 3/12/19; Discharged on 5/15/19
Prefiling Scores: Transunion: 681 | Equifax: 712 | Experian | 714
Scores as of 10/12/19: Transunion: 642 | Equifax: 684 | Experian | 656
Banks burned: Bank of America ($12K); Barclay ($7K); Citi ($4K); Marcus by Goldman Sachs ($9K)
Message 15 of 22
Regular Contributor

Re: Question about cards involved in Ch. 7

You might want to consider starting your rebuild right away if you're comfortable with your ability to manage better this time (ie pay in full monthly). Rebuild is a long journey.
Message 16 of 22
Valued Member

Re: Question about cards involved in Ch. 7

Just to let you know what happen to me , with my 0 balance cards.  American express and Kohls both didnt close my accts and are still good today and I was discharged  6/15/2018.  Chase closed my cards (they were at 0), but I talk to my banker and seeing I didnt owe them any money , I could start replying for credit from them in 5 years . 

 

Good luck!!

Discharge 06/15/2018
EQ-598
TU579
EXP-579

NOW : EQ- 671, TU 653, EXP 669
Message 17 of 22
Senior Contributor

Re: Question about cards involved in Ch. 7


@jslev9 wrote:

Sorry I wasn't clear with that last reply. I was thinking of the reply from @MyDataMyChoice and meant that I'm not in a rush to get new credit as soon as possible but was more thinking about the long-term impact.


Wait 60 days after your DC. Then pull your reports and make sure everything is listed 0 balance and II in BK for the banks that got burned. The try Cap1 for any prequals. You got the start building credit for any "long term" purchases like a car or hopefully a mortgage. You dont want to wait. It has to start soon as possible. You can try Cap1 pre-qual. No SCT's. No QS1. And slowly build your credit up. Took me over 3 yrs to get where I'm at now. Life is short. But you have to have credit to get future things. Dont delay. Rebuild begins in May. Start slow. Ask us a lot of questions before making any major moves. Were here to help. And welcome to MyFICO!





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC at 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game. Pay it Forward!
Message 18 of 22
Established Member

Re: Question about cards involved in Ch. 7

@Singsonbing

 

 

 

 

Chapter 7 filed 2/8/19; 341 meeting on 3/12/19; Discharged on 5/15/19
Prefiling Scores: Transunion: 681 | Equifax: 712 | Experian | 714
Scores as of 10/12/19: Transunion: 642 | Equifax: 684 | Experian | 656
Banks burned: Bank of America ($12K); Barclay ($7K); Citi ($4K); Marcus by Goldman Sachs ($9K)
Message 19 of 22
Regular Contributor

Re: Question about cards involved in Ch. 7

Actually funny thing is your score might improve as your cards with balances change to zero.  Back in December my credit score was roughly 375 all around and only just filed for Ch7 recently and my score is up to 550.  I have only a few cards left showing balances still. The others all show zero balance.  These are all cards that had high balances.  All my reports show the Ch7 and some of the cards are reporting it as well.  

Message 20 of 22
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