Question about rebuilding

[rmduhon]

Filed on 11/15, MoC is 1/7. My husband just got an offer from Merrick with a accept by 1/22 date. Would accepting after the MoC be a good idea for starting his rebuild or not?

[Tuscani]

What until DC. Scores will be better then. If you are impatient, at least wait until after MOC. 

[FireMedic1]

+1 Too many people rush to get credit after the MOC's. You will get a score rise after everyone included in your BK shows IIB and 0 balance. Because your legally out of debt then. Theres no rush. Credit will still be there once it happens. For now. Who's going to get burned. Just a pre-peak at who could be looked at after the score change. And the smoke clears.

[rmduhon]

I'm halfway between patient and impatient. But would definitely wait until after the MoC if my husband decides to accept. Secondary question. Would I be correct in assuming that the deadline for filing an objection is the DC date? Assuming no hiccups of course. It's 61 days after the MoC.

[rmduhon]

Cap1, Discover, Amex, several Synchrony cards, Citi Financial, NFCU (want to cry on this one).

[FireMedic1]

---

@rmduhon wrote:
I'm halfway between patient and impatient. But would definitely wait until after the MoC if my husband decides to accept.(accept what. waiting?) Secondary question. Would I be correct in assuming that the deadline for filing an objection is the DC date? Assuming no hiccups of course. It's 61 days after the MoC.

---

Waiting it out for the score rise could possibly be a difference between secured and unsecured approvals. But each case is different. No one BK matches another. But YMMV. Yes on the DC date. Thats it. Done. Over.

Here are reason why a creditor may object:

https://www.alllaw.com/articles/nolo/bankruptcy/creditor-file-objection-discharge.html 

[FireMedic1]

---

@rmduhon wrote:
Cap1, Discover, Amex, several Synchrony cards, Citi Financial, NFCU (want to cry on this one).

---

If there is a way to pay back NFCU. You can get back in. Cap1 usually is a year out. AMEX is a lifetime. Sync is wishy washy. Nothing set in stone. They do like to see some other creditors and responsible use for a couple years. but another YMMV.

[joltdude]

Not a lot of experience with bks, but have seen some Disco approvals not too far after.. though it might be a secured vs unsecured Disco....eventually Miss Disco tends to forgive.. 

-J

[Dj4Money]

 I am going to defend starting as early as possible, here's why.

  I could have restarted rehab'ing my school loan back in June after my meeting because there was only the ONE meeting here in the Southern District of California. 

  Since I was Chapter 7 there was never a need to go to court again and they don't monitor your credit anyway. Rules might be different where you live, here's why this is a factor.

 That would mean starting with the June payment I would be on the sixth payment this month and all the late and negative notes removed.

 I did get a First Premier card in June and maxed it out almost immediately because of how I make my money, as long as I have to give upwards of $70 a night for rentals when I make $100-150 a night is a serious problem in my book.

 When I tried to keep my sanity by taking a month plus off from that as I still make some money without working, I am knocked for it by the dealer I negotiated the price for the car on (which nobody comes within $1,488 of) because I didn't work every single month before applying for credit.

 I still think the main reason is my pulled score of EX497. I kept reading here during the finalization of my BK that I should wait, wait, wait.

 I actually spent $107 on rentals cars last Saturday. This must come to an end but I don't think I'll get high enough scores to get out of this hole this after the 1st of the year. 

 I applied and got two other cards just to spread my overall credit limit to $900.  I got wracked another 30 pts since I didn't pay on my school loan; The cards haven't reported yet.

 Due date on both the FP and Total Visa are Jan 2nd. The Total card should report before the end of the year and the First Access likely in Jan. 

 So I suggest if you are Chapter 7, get some starter cards as much as you can afford after your court hearings. Make sure anything leftover from BK is up to date, that includes support payments.

[Anonymous]

---

@Dj4Money wrote:

 I am going to defend starting as early as possible, here's why.

  I could have restarted rehab'ing my school loan back in June after my meeting because there was only the ONE meeting here in the Southern District of California. 

  Since I was Chapter 7 there was never a need to go to court again and they don't monitor your credit anyway. Rules might be different where you live, here's why this is a factor.

 That would mean starting with the June payment I would be on the sixth payment this month and all the late and negative notes removed.

 I did get a First Premier card in June and maxed it out almost immediately because of how I make my money, as long as I have to give upwards of $70 a night for rentals when I make $100-150 a night is a serious problem in my book.

 When I tried to keep my sanity by taking a month plus off from that as I still make some money without working, I am knocked for it by the dealer I negotiated the price for the car on (which nobody comes within $1,488 of) because I didn't work every single month before applying for credit.

 I still think the main reason is my pulled score of EX497. I kept reading here during the finalization of my BK that I should wait, wait, wait.

 I actually spent $107 on rentals cars last Saturday. This must come to an end but I don't think I'll get high enough scores to get out of this hole this after the 1st of the year. 

 I applied and got two other cards just to spread my overall credit limit to $900.  I got wracked another 30 pts since I didn't pay on my school loan; The cards haven't reported yet.

 Due date on both the FP and Total Visa are Jan 2nd. The Total card should report before the end of the year and the First Access likely in Jan. 

 So I suggest if you are Chapter 7, get some starter cards as much as you can afford after your court hearings. Make sure anything leftover from BK is up to date, that includes support payments.

---

It would seem your low scores are reflective of many other issues including post BK derogs rather than the fact that you didn't start getting new credit immediately after your MOC.

It is HIGHLY recommended to wait until discharge before applying for new credit.  Yes lots of people do it beforehand and get away with it, but a successful discharge isn't worth risking.

I was a month or two discharged before obtaining new credit and find myself today with 700-ish scores and $100k in revolving credit. It's definitely okay to wait. Derogs and wreckless credit seeking hurt EXTREMELY bad post BK.