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Rebuilding after Chap 7

Established Member

Rebuilding after Chap 7

Hello all,


So I have been discharged from my Chapter 7 BK for a little over 10 month now (Discharged 4/2017) and I am in the process of trying to rebuild my credit so that I can purchase a home next year. So far I have managed to get my score to about 630+ (per credit check total) on all three credit reporting agencies. As far as credit goes, I have 2 Capital One cards; Platinum @ $2700 CL, Venture @ $2,000 CL, and Discover IT @ $2,000 CL. My student loans are still in deferment and I am going back to school so I dont have to pay those. So my question is what are my next step? I really want to be prepared to buy a home next year.

Message 1 of 3
Frequent Contributor

Re: Rebuilding after Chap 7

You are in a good position! Getting up to 630s x-board is good! 

I would say chill. Let things age.  I know it's hard. :-) But you will continue rising if you continue managing your credit responsibly.


You may want to head to the home loan/mortgage forum for more specific advice. I know you are a year out, but this is exactly the right time to start planning. You don't want to be apping for anything within a certain amount of time of mortgage app. And there are other considerations. Consult with them too, they are knowledgeable on this stuff. 

Ch7 discharged 10/2017. Pre-file FICOs high 400s.
04/2018 EX 644; EQ 670; TU 648
Message 2 of 3
Super Contributor

Re: Rebuilding after Chap 7

Have to agree with Cap here! If you main goal is a house, you already have the needed trade lines. I’d work on building a budget and a nice down payment / emergency fund. Your student loans will still factor into DTI on a mortgage app, be prepared.
Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
759 EQ FICO 03/2021
754 TU FICO 03/2021
743 EX FICO 03/2021
$29k NFCU Platinum | $30k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold
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