Soulmaster's Plan - It Works! It Works! It Works!

[0REDSOX7]

Well, I am just so happy, I have to post what happened today, and to give thanks to all if you out there (and to offer hope to all of you who need it).

I have been following Soulmaster's plan as best as I can - making minor modifications where necessary to accommodate why specific circumstance.

Some back story - we need new furniture badly and decided to bite the bullet and apply for a Rooms To Go account (no interest til 2020). I was declined, but was told my EX score was 659. 659!!!! Super excited. Yes, I burned an inquiry, but that was the silver lining.

I went and spoke to a loan officer at my local CU today about auto refinance guidelines and when they recommend I do it. Luckily for us, she had a BK previously and understood where we were and what we needed.

We were able to refinance my wife's car at 12.99% down to 3.19% for 72 months. This is after six months post discharge.

On top of that, she said my FICO transunion score was 679!!!! 679!!!! I qualified for a 5K Rewarda Visa with them with an APR of 13%. The APR won't matter - never keeping a balance.

My monthly payment on the car dropped over 130 dollars and added six months to the loan term - but we will just pay the extra 130 we are saving to pay the loan off early.

I've been doing what you all say to do. Keep balances down to maximize scoring and it paid off!

She said she had never seen a score that high six months post BK and said I've done a good job. If I could high five all if you, I would.

For those who are in the middle of the process, there is hope. Keep up the hard work and thank you all for you advice and ears for my venting.

Thanks again! Happy Dance here!

[0REDSOX7]

Forgot to mention that even before my BK, the highest credit limit I ever had was $3200. This is huge for me.

[ezdriver]

You deserve a break for keeping your eye on the big picture and exercising tenacity and patience as you rebuild. Congratulations.

[arholden]

Fantastic!!!! Congrats, and thanks for sharing with us! 

[bunga7]

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@0REDSOX7 wrote:
Well, I am just so happy, I have to post what happened today, and to give thanks to all if you out there (and to offer hope to all of you who need it).

I have been following Soulmaster's plan as best as I can - making minor modifications where necessary to accommodate why specific circumstance.

Some back story - we need new furniture badly and decided to bite the bullet and apply for a Rooms To Go account (no interest til 2020). I was declined, but was told my EX score was 659. 659!!!! Super excited. Yes, I burned an inquiry, but that was the silver lining.

I went and spoke to a loan officer at my local CU today about auto refinance guidelines and when they recommend I do it. Luckily for us, she had a BK previously and understood where we were and what we needed.

We were able to refinance my wife's car at 12.99% down to 3.19% for 72 months. This is after six months post discharge.

On top of that, she said my FICO transunion score was 679!!!! 679!!!! I qualified for a 5K Rewarda Visa with them with an APR of 13%. The APR won't matter - never keeping a balance.

My monthly payment on the car dropped over 130 dollars and added six months to the loan term - but we will just pay the extra 130 we are saving to pay the loan off early.

I've been doing what you all say to do. Keep balances down to maximize scoring and it paid off!

She said she had never seen a score that high six months post BK and said I've done a good job. If I could high five all if you, I would.

For those who are in the middle of the process, there is hope. Keep up the hard work and thank you all for you advice and ears for my venting.

Thanks again! Happy Dance here!

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Congrats!  I wholeheartedly agree that the system works. I've not been able to follow exactly, but as close as possible (CapOne won't touch me). And it took me a couiple months to find this site post BK7. However, my scores are in the same range as yours. Two things are significant to me...first, I don't worry about CC APR because I know I'm going to pay off or keep <9% util every month. Second, It'so nice having a bank say, "we can beat that rate." I hadn't heard that statement in about 10 years. Last week I talked to a mortgage banker about my options, and stated that I was waiting to purchase a car until after I'd talked to her. I told her my CU had aproved me at 3.99%, and she said, we'll beat that!

To those just starting out on recovery...follow the plan as closely as you can. You'll be happy you did. It takes time, but within even a year, you'll be in so much better credit shape.

[SoulMaster]

Friggin AWESOME!

Congrats and keep going!

Cheers,

-SM

[0REDSOX7]

All thanks to you, SM.

Hard to believe I'm only twenty something points away from 700!!!

[SoulMaster]

Nah... I just wrote it all down.  It has everything to do with you, and your patience.

Cheers,

-SM

[0REDSOX7]

Well, it's much appreciated that you took the time out to do it.

Patience was hard, but I've learned well.

I expect a minor dip in the score over the next few months, but in six months time, I'll feel confident as to where I am credit profile wise.

My advice to others is the key is not focusing on the scores right away. Focus on the bigger picture that in two years (or less), I'll be over 700...

[Phoenixrising28]

Congratulations on this! May I ask what CU you use?