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Scores in the low-mid 600s 6 weeks after DC

masscredit
Valued Contributor

Scores in the low-mid 600s 6 weeks after DC

I know this section is more about BKs but I wanted to share what it can be like after you get through all of this. Short history, I stopped paying my cards in January 2022. I put off filing for over a year. I finally did it in March of this year. The lowest scores I saw just before I filed were - 

 

EQ - 524

TU - 497

EX - 495 

 

The creditors meeting was in mid-April and my DC was June 21st. I jumped the gun with my rebuild. Started that May 3rd. I applied for 4 secured cards and an SSL over the course of two weeks. Two of those cards will graduate and two will be replaced with better cards at a later date. My scores have been climbing much faster than I planned. I didn't even pay attention to utilization this month. I let balances report on all four so that gave me a total UTI of 16%. Highest single card UTI is 31% ($2037/$6500) and the SSL is down to 88% as of August 1st. Three of those cards will be back to reporting $0 in the next two week and the card that is used for monthly living expenses will report 6% when it closes tomorrow. So without trying to maximize my scores, they are now at -

 

EQ - 662 - +138

TU - 636 +139

EX - 636 +141

 

I found that I gradually lost 20 points as the other three cards reported balances. 12 of them came from the card reporting UTI at 31% so I might have more improvement after the new statements come out.

 

So things might not look good for you now but getting through the BK process and then hitting the ground running with your rebuild can make things so much better on the other end.

 

I said this before and I would like to say it again, thanks to everyone here who offered me advice and guidance as I researched filing, asked tons of questons, kept putting it off then finalled jumped in and did it. Life is much better now.  

Pre-Credit Rebuild Scores Pre-DC (3/24/22) - EQ - 524 / TU - 519 / EX - 495

Current Scores - EQ - 662 / TU - 636 / EX - 636

SDFCU Secured - $6500 / TD Bank Secured - $5000 / Andrews FCU Secured - $3000 / OpenSky Secured - $3000

Andrews FCU SSL $1500
Message 1 of 17
16 REPLIES 16
FireMedic1
Community Leader
Super Contributor

Re: Scores in the low-mid 600s 6 weeks after DC

Nice. Sounds about right. No more high util %'s reporting. No debt. Keep using the cards as you are now. In time you'll rebound nicely. Read read read and learn here. Thats how I did it. Didnt know a thing about FICO until after BK. Congrats!




Homeowner since Sept 2020. Sharing my experiences after BK from learning here. Rebuild to recovery from the @ 540's.
Message 2 of 17
TRC_WA
Senior Contributor

Re: Scores in the low-mid 600s 6 weeks after DC


@masscredit wrote:

I know this section is more about BKs but I wanted to share what it can be like after you get through all of this. Short history, I stopped paying my cards in January 2022.

 

The creditors meeting was in mid-April and my DC was June 21st. I jumped the gun with my rebuild. Started that May 3rd. I applied for 4 secured cards and an SSL over the course of two weeks.


So you opened $17k in secured cards before your BK7 waas discharged?  And got away with it?

FICO8 Chap. 13 d/c : 3-22-22 EQ: 638 TU: 631 EX: 641
FICO8 current as of : 8-10-22 EQ: 680 TU: 660 EX: 672
FICO9 current as of : 7-20-22 EQ: 693 TU: 634 EX: 658
Hard INQs last 12 months: EQ: 4 | TU: 7 | EX: 8
WF Platinum $1000 WF Reflect $6000 Verizon Visa $4000 Ollo MC $1500
Mission Lane Visa $850 Petal 1 Visa $2900 Credit One Wander $1700 Upgrade Visa $2000
PenFed Gold Visa $2500 Amex Delta Gold $10,000 Care Credit $8000 NFCU nRewards $750
Capital One auto loan (2022 Dodge Challenger R/T Scat Pack Shaker Widebody - 6.4L 485 HP) $56k @ 4.81%
Total CL: $41,200 --- Total CC UTI: 16% --- AAoA: 10.5 years --- Income: $100k
Last CC app: 7-26-22 Gardening until: 8-1-23
Message 3 of 17
masscredit
Valued Contributor

Re: Scores in the low-mid 600s 6 weeks after DC


@TRC_WA wrote:

So you opened $17k in secured cards before your BK7 waas discharged?  And got away with it?

I didn't see it as getting away with anything. I did some research before I started rebuilding. A number of people suggested waiting until after DC if not longer while some, including a few attorneys, said it's okay to start rebuilding after filing. My case was very simple and I didn't expect any issues so I got to work on rebuilding my credit. I'm glad I did. One of my cards might graduate in 4 months so I'm further ahead of where I would have been if I waited. 

Pre-Credit Rebuild Scores Pre-DC (3/24/22) - EQ - 524 / TU - 519 / EX - 495

Current Scores - EQ - 662 / TU - 636 / EX - 636

SDFCU Secured - $6500 / TD Bank Secured - $5000 / Andrews FCU Secured - $3000 / OpenSky Secured - $3000

Andrews FCU SSL $1500
Message 4 of 17
TRC_WA
Senior Contributor

Re: Scores in the low-mid 600s 6 weeks after DC


@masscredit wrote:

My case was very simple and I didn't expect any issues so I got to work on rebuilding my credit. I'm glad I did. One of my cards might graduate in 4 months so I'm further ahead of where I would have been if I waited. 

I wasn't talking about that... LOL... I did the same... started acquiring new CC's 2 years prior to my Ch 13 being discharged which definitely has aided the rebuilding process considering the only secured account I have is NFCU and I just did that last week so I could improve the new relationship with the end goal being NFCU opening the floodgates later.

 

What I was talking about was how did you get away with filing Ch 7 on thousands of dollars of debt while having $17k laying around to open new secured accounts with?  I'm also curious how you passed the means test?

 

Either way... pretty impressive.  I'd love to know what the trustee thought of your $17k in secured accounts... but I'm pretty sure he didn't know about it.  Smiley Wink

 

Edit:

 

https://ficoforums.myfico.com/t5/Bankruptcy/Gas-company-still-hasn-t-included-my-account-in-BK-BK-is...

 

@Remedios wrote:


I have to ask...why are you asking for assistance when you put down $17,000 for secured cards? 

You don't need it, you got a fresh start, and first order of business should be responsible management of everything. Looking for assistance when it's not needed while dumping thousands into secured cards doesn't scream of need to me.  

Besides, weren't you looking for ways to get rid of all those gift cards (cash equivalents) you got? Put them to use this way instead for "money order" route.  

 


I knew I recognized your name.

 

Congrats... you definitely pulled the wool over the eyes of many... and please don't say you don't see anything wrong with opening $17k in secured cards while still under Ch 7 protection.  I mean wow.... LOL... 

FICO8 Chap. 13 d/c : 3-22-22 EQ: 638 TU: 631 EX: 641
FICO8 current as of : 8-10-22 EQ: 680 TU: 660 EX: 672
FICO9 current as of : 7-20-22 EQ: 693 TU: 634 EX: 658
Hard INQs last 12 months: EQ: 4 | TU: 7 | EX: 8
WF Platinum $1000 WF Reflect $6000 Verizon Visa $4000 Ollo MC $1500
Mission Lane Visa $850 Petal 1 Visa $2900 Credit One Wander $1700 Upgrade Visa $2000
PenFed Gold Visa $2500 Amex Delta Gold $10,000 Care Credit $8000 NFCU nRewards $750
Capital One auto loan (2022 Dodge Challenger R/T Scat Pack Shaker Widebody - 6.4L 485 HP) $56k @ 4.81%
Total CL: $41,200 --- Total CC UTI: 16% --- AAoA: 10.5 years --- Income: $100k
Last CC app: 7-26-22 Gardening until: 8-1-23
Message 5 of 17
masscredit
Valued Contributor

Re: Scores in the low-mid 600s 6 weeks after DC

I had less cash available when I filed so that met the guidelines/exemptions. I became very good at budgeting when I no longer had credit cards to use. Between that and cutting unnessessary expenses, I was able to get my finances under control and have money left at the end of the month. I pretty much took all the cash I could get together including money that would have been used for that month's bills and a few dollars from a helpful friend to make it happen.

 

And with the gas company bill that you mention, it's all within the guidelines. A person/family can't make more than a certain dollar amount. That dollar amount goes higher with more family members. You qualify if you make less than the amount they set. So my old gas bill was discharged in the BK, I qualified for assistance after I filed, they opened a new account and applied the amount that I was approved for to that. Based on my calculations for that and fuel assistance for the upcoming Winter, I won't be paying for gas service until deep into next year if not later. 

 

And I won't get into saving money on food by using food pantries Smiley Wink

Pre-Credit Rebuild Scores Pre-DC (3/24/22) - EQ - 524 / TU - 519 / EX - 495

Current Scores - EQ - 662 / TU - 636 / EX - 636

SDFCU Secured - $6500 / TD Bank Secured - $5000 / Andrews FCU Secured - $3000 / OpenSky Secured - $3000

Andrews FCU SSL $1500
Message 6 of 17
TRC_WA
Senior Contributor

Re: Scores in the low-mid 600s 6 weeks after DC

None of what you've said explains how (according to your own timeline you posted) you got away with opening $17k in secured credit cards two weeks after your meeting of creditors.  

 

Are we to believe the trustee gave that the OK?  C'mon man.  Smiley LOL  

 

As the other poster said... why do you need assistance with $17k in secured cards?  It is funny how you try to justify not being able to afford a gas bill and that you qualify for assistance for that and from food pantries.  Thanks for the laugh.  Smiley Very Happy

 

FICO8 Chap. 13 d/c : 3-22-22 EQ: 638 TU: 631 EX: 641
FICO8 current as of : 8-10-22 EQ: 680 TU: 660 EX: 672
FICO9 current as of : 7-20-22 EQ: 693 TU: 634 EX: 658
Hard INQs last 12 months: EQ: 4 | TU: 7 | EX: 8
WF Platinum $1000 WF Reflect $6000 Verizon Visa $4000 Ollo MC $1500
Mission Lane Visa $850 Petal 1 Visa $2900 Credit One Wander $1700 Upgrade Visa $2000
PenFed Gold Visa $2500 Amex Delta Gold $10,000 Care Credit $8000 NFCU nRewards $750
Capital One auto loan (2022 Dodge Challenger R/T Scat Pack Shaker Widebody - 6.4L 485 HP) $56k @ 4.81%
Total CL: $41,200 --- Total CC UTI: 16% --- AAoA: 10.5 years --- Income: $100k
Last CC app: 7-26-22 Gardening until: 8-1-23
Message 7 of 17
Hex
Established Contributor

Re: Scores in the low-mid 600s 6 weeks after DC

@masscredit 

You frustrate me! I don't want to pile on because it's mean and it's against the TOS here but I've been reading your posts for quite a few years and it seems like you have learned a lot about gaming the system and getting what you want (which we all do) but you've never learned the more important fundamentals of responsible financial management. I think you should focus on patience and self-control. Members of this Forum have combined to give to you hundreds of hours of their time and attention and you don't seem to change. You use the information you like and disregard the more important fundamental advice about personal responsibility. I'm not sure if you can ever truly succeed at this until you change your focus and take responsibility for your own past behavior. You need to decide to really change. I hope you take this as constructive criticism and I hope you succeed.  

Message 8 of 17
masscredit
Valued Contributor

Re: Scores in the low-mid 600s 6 weeks after DC

I actually have become much more financially responsible during this process. I stick to a strict budget. I know how much money I start with at the beginning of the month, everything is broken down, pretty much to the dollar as the month goes along and I usually know how much I will end the month with. My monthly goal is to have more than I planned on. Like maybe shaving $30 off my grocery bill or being frugal with electricity (I count the KWhs). As I said before, I qualify for heating assistance so of course I'm going to use it. Food pantries, that was a step for me. When things got really tough at the beginning, I looked into them and started using them. They aren't as bad as you think (to a point). There are times when I go and I tell myself it will be the last time then I leave with a couple hundred dollars worth of food plus a $40 gift card to a local market. That's worth it!  And it helps my budget and goal to spend less money during the month. I'm not living large but I am inching ahead and gradually becoming more financially comfortable. 

 

For the cards that I have, I don't intend to pay any interest. PIF and only keep a small balance reporting when one card closes unless I just let them post for the hell of it some months (which I did this month). My girlfriend recently made a big purchase she was going to pay cash for.  I put it on my card then she gave me the money. That gave that card some healthy use, the balance reported and it will be paid off before the statement closes. And yeah, I started my rebuild early. Others have done in. Most people wait until after DC but I read posts and other things about starting sooner so I did. Did I need to go to the level that I did? Not really but... I'm also not dealing with card offers that say I'm approved for "up to" $750.00. Those cards work for some people. I wanted to speed up the process so I used the tools that I had which was knowledge, research, advice, cash on hand and borrowed money to make it happen. All that is paying off. I'm looking ahead to a positive financial future. 

 

And yes, I do appreciate the constructive criticism. 

Pre-Credit Rebuild Scores Pre-DC (3/24/22) - EQ - 524 / TU - 519 / EX - 495

Current Scores - EQ - 662 / TU - 636 / EX - 636

SDFCU Secured - $6500 / TD Bank Secured - $5000 / Andrews FCU Secured - $3000 / OpenSky Secured - $3000

Andrews FCU SSL $1500
Message 9 of 17
Jnbmom
Community Leader
Super Contributor

Re: Scores in the low-mid 600s 6 weeks after DC


@TRC_WA wrote:

None of what you've said explains how (according to your own timeline you posted) you got away with opening $17k in secured credit cards two weeks after your meeting of creditors.  

 

Are we to believe the trustee gave that the OK?  C'mon man.  Smiley LOL  

 

As the other poster said... why do you need assistance with $17k in secured cards?  It is funny how you try to justify not being able to afford a gas bill and that you qualify for assistance for that and from food pantries.  Thanks for the laugh.  Smiley Very Happy

 


+1 totally agree .

EXP 778 TU790 EQ 752
Message 10 of 17
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