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Starting the rebuilding after Chapter 7

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Starting the rebuilding after Chapter 7

My discharge happened on 9/25, I know I need to start rebuilding.  I burned NFCU (only $500) and CAP1 ($800), so decided to try a secured card with Discover to start things off.  I was just approved for secured, with $200.  I want to make sure I do this correctly though.  To make the most of this, I know I can't just hold the card, I need to use it, but don't want to carry a balance.  So, I think I need to identify the date it reports and be aware of the day the cycle closes.  I want to make sure I know when to pay it off to avoid paying interest, but when to have a balance to show use.  Please help me understand!

FICO 8: EQ-589 TU-533 EX-524 (11/10/2019); EQ-504 TU-534 EX-545 (10/04/2019)
BK 7 Filed - 6/14/2019; MOC - 7/26/2019; DC - 09/25/2019

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Re: Starting the rebuilding after Chapter 7

Welcome! You got the right mindset. It takes a little time for Disco to report your due date. Sometimes its a week later and sometimes its a month away. Its a wait and see. Keep checking the website. Could pop at anytime. If you can pay off NFCU. You have a small chance of getting back in with them in time. Cap1 usually is closer to a year out. They are forgiving more than others. Congrats and Good Luck!





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.
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Regular Contributor

Re: Starting the rebuilding after Chapter 7

@Betterthanbefore - I would contact NFCU and offer to pay them back, it's only $500.  Capital One will let you back in eventually.  Try the AZEO method.

 

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Re: Starting the rebuilding after Chapter 7


Hi betterthanbefore,

The amount of time you have between when the balance posts and when you have to pay before you get charged interest is called the "grace period."  different banks have different policies for grace periods.  Some have none (i'm looking at your CreditOne).

You can find the grace period in the disclosures when you apply for the card.

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Super Contributor

Re: Starting the rebuilding after Chapter 7


@Justme79 wrote:

@Betterthanbefore - I would contact NFCU and offer to pay them back, it's only $500.  Capital One will let you back in eventually.  Try the AZEO method.

 


AZEO will work the best after getting 3 cards. FICO doesnt like more than 50% of accounts reporting. Once the OP gets a second card. Then yes have 1 report and one show zero balance. Thats the borderline. Once the OP gets 3 cards. Then the bonus for AZEO will really kick in. Due to 33.3% cards reporting. Since OP has 1 card. PIF each statement until more cards can be obtained.





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.
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Re: Starting the rebuilding after Chapter 7

Going to go look up AZEO method now.  Learning all I can!

 

Thank you!

FICO 8: EQ-589 TU-533 EX-524 (11/10/2019); EQ-504 TU-534 EX-545 (10/04/2019)
BK 7 Filed - 6/14/2019; MOC - 7/26/2019; DC - 09/25/2019

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