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Rebuild from CH7

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Rebuild from CH7

We filed CH7 on May 27. Our FICO scores were in the mid-500s with $221,128.24 total debt.


The BK was discharged on September 11 and our debt load has been reduced to $162,309.68 in student loans. It felt amazing! That day, my FICO8 scores were 582 (EQ), 508 (TU) and 547 (EX), and my husband's scores were 569 (EQ), 577 (EX) and 515 (TU).


We have opened 3 credit cards: Capital One Platinum for $300 for him with me as AU, Capital One Platinum for $500 for me with him as AU and NFCU Secured for $250 for him with me as AU. I have one student loan and he has 3 (all perfect payment histories).


I believe my next step is to use these cards like crazy, pay them off often and be sure they don't  report more than 8.9% each month. Is that right? I plan to PC the Capital One cards and look to increase those limits at the 6 month mark; and look for a transition to unsecured for NFCU in March or April.


Our goal is to buy a home in September 2022 so our focus is on rebuilding credit to get there.


Thank you for your advice!!

Message 1 of 2
Frequent Contributor

Re: Rebuild from CH7

Congrats on discharge! Looks like you're off to a good start, just remember credit building is a marathon not a sprint. reporting below 8.9 is ideal and since you have 3 I would probably have the other 2 report zero and then one report a balance. Just keep payments good and credit usage reasonable and by September 2022 should be in a good spot to obtain financing for a home.

Chapter 7 filed 2/3
Discharged 6/30

Fico 8
EQ 681 TU 671 Ex 665
Fico 4 TU 690 Fico 5 702 Fico 2 693
Message 2 of 2
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