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Rebuilding from Chapter 7 Journey

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Super Contributor

Re: Rebuilding from Chapter 7 Journey


@Keiashine wrote:
Before the finger shakers get started. I want to add that all advice and constructive criticism is welcomed on my thread. Its a learning process.

@Keiashine , yes, but only if its FSR Smiley Wink  

 


My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 11 of 17
Valued Member

Re: Rebuilding from Chapter 7 Journey

Re-affirming car loans???  Our attorney says not to re-affirm but it makes me nervous, one of the loan companies on my credit report says closed, but we are still paying the payments.  Anyone advise??  The discharge was April and it was a chapter 7.  Thanks?

Message 12 of 17
Regular Contributor

Re: Rebuilding from Chapter 7 Journey

@

 

The only reason I'm not reaffirming my car loan is because I'm -$12K (I owe $12K more than it's worth, per KBB and I took it to Carmax)  If I weren't upside down on the loan, I'd keep it because I have perfect payment history and 3.9% APR.

Message 13 of 17
New Member

Re: Rebuilding from Chapter 7 Journey

*smalll update* So I have not repulled my official scores yet because I am still cleaning my reports. I do however use credit karma as a buffer until I do an official pull. My reaffirmed auto loan with HMFS began reporting again as of 6/9 and it tanked my TU score by 50 points, it is reporting on time and current but does have the prior negative history reporting so im thinking the history of a recent 30 day late (8 months ago) plus the loan balance was very impacting. Looking back, im questioning if it was even worth reaffirming at all considering the points lost when I could have just got a brand new auto loan and let my current vehicle go in the BK. Just some food for thought for anyone weighing their options.
Message 14 of 17
Regular Contributor

Re: Rebuilding from Chapter 7 Journey

@Keiashine - I would'nt worry about your FAKO scores from Credit Karma. Clean your report then pull your FICO scores, that way you know your real starting numbers. Congrats on starting your rebuild. Keep us posted!

 

Message 15 of 17
New Member

Re: Rebuilding from Chapter 7 Journey

UPDATE 7/25: Since my last post, All reports have been updated correctly. My student loans are back reporting with balances (took about 45 days from DC). Also paid my 300.00 outstanding debt with NFCU on 7/12 and after 7 business days applied for NFCU Secured card and was approved! Being back in the good graces of Navy was one of my big to-do’s as they have great growth opportunities. Gonna garden with the two cards I have for the next 6-9 months with the expectation that NFCU will unsecure my card around that time. Scores pulled via Experian 7/19 are as follows: EX 610, EQ 610, TU 639
Message 16 of 17
Super Contributor

Re: Rebuilding from Chapter 7 Journey


@Keiashine wrote:
UPDATE 7/25: Since my last post, All reports have been updated correctly. My student loans are back reporting with balances (took about 45 days from DC). Also paid my 300.00 outstanding debt with NFCU on 7/12 and after 7 business days applied for NFCU Secured card and was approved! Being back in the good graces of Navy was one of my big to-do’s as they have great growth opportunities. Gonna garden with the two cards I have for the next 6-9 months with the expectation that NFCU will unsecure my card around that time. Scores pulled via Experian 7/19 are as follows: EX 610, EQ 610, TU 639

Congrats! Welcome to the forums! Great strategy you got going. Your doing it the right way. Dont rush it. It will all fall into place. You can get your 3 FICO's at Experian. Cancel after the trial and you'll still get your free monthly EX FICO score.

https://usa.experian.com/#/registration?offer=at_fcras100&br=exp

 





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 @ 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 17 of 17
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