Rebuild started after 341

[Anonymous]

Why exactly can’t I start rebuilding with secured cards after the 341 meeting? Even my attorney said it was ok but I know every attorney is different. Somebody help me understand.

[donkort]

I believe you have to wait until your Chapter 7 is officially "discharged."

Usually about 60 days after the 341 meeting.

[Harriet]

Around here they recommend waiting for the score increase that happens after discharge. Also some companies prefer to see the official discharge reporting. 

That said I read many bankruptcy posts on Reddit and people had higher scores earlier and plenty of success starting their rebuilds after the 341.   Check them out and decide what works for you.  

Personally I wish I started my disputes right away and not waited the 30-60 days after discharge. Many things didn't update by themselves and waiting only delayed my rebuild.  

[Anonymous]

That’s what I want to avoid. 60 days of waiting is 2 months of reporting I’m missing out on. I want to get my rebuild started as soon as I legally can.

[Anonymous]

Disregard my previous question. After doing further research I see why it is not a good decision to open new debt before discharge. I’m starting to think I miss understood my attorney.

[Azuieldrago]

Mine told me right away and give me a bunch of info to begin with. I had 3 cards well before my discharge. One was even before my 341. All lawyer approval.

[Anonymous]

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@Azuieldrago wrote:

Mine told me right away and give me a bunch of info to begin with. I had 3 cards well before my discharge. One was even before my 341. All lawyer approval.

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Did you apply for them? I sent you a PM.

[FireMedic1]

Lawyers dont know how to rebuild credit. Its best to wait until all accounts reflect IIB and $0. Plus it looks better that you dont look like your in a rush to repeat what happened before BK and the DC. Dont want to look desparate.  Wait till the score boost hits. Everything is reporting correctly and then start the rebuild slowly. Theres no rush. Credit will still be there. Plus for some, not many. It could mean the difference between secured vs. unsecured depending on who got burned or not.

[Anonymous]

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@FireMedic1 wrote:

Lawyers dont know how to rebuild credit. Its best to wait until all accounts reflect IIB and $0. Plus it looks better that you dont look like your in a rush to repeat what happened before BK and the DC. Dont want to look desparate.  Wait till the score boost hits. Everything is reporting correctly and then start the rebuild slowly. Theres no rush. Credit will still be there. Plus for some, not many. It could mean the difference between secured vs. unsecured depending on who got burned or not.

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+1000

I also think it's best to just take this time to really wrap your head around your financial picture and the changes you need to make for it to be a healthy one going forward.

Living on cash for a while is a very good exercise. I didn't really realize how much I spent until I was back on debit those few months (plus starting a new job after not working for close to a year . . . I was back to brown bagging PB&J but it was a very good thing.)

I also didn't want to (and didn't have to) bother with secured cards. I'm pretty darn happy with my profile today and will be buying a condo this Fall