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The post-bk rebuild long game begins

Frequent Contributor

Re: The post-bk rebuild long game begins

Updates & my debt-free holiday plan...

 

11/20/17- Capital One emailed me to say "You're on your way to a credit line increase" $3,000 to $3,500 - at this time of writing, my statement only just generated and my first payment is only scheduled, hasn't actually withdrawn yet. With that said, I'd hope for a CLI a little higher than $500. Still a nice ego boost :-)

 

11/23/17-gobble gobble (=>~~~

 

11/29/17-3B reports refreshed, new scores with accounts listed:
EX 609 / reporting Alliant SSL, Discover, ex-H joint card / NOT reporting Cap1

EQ 634 / reporting Alliant SSL, Discover, ex-H joint card / NOT reporting Cap1
TU 583 / reporting Alliant SSL, Discover, ex-H joint card / NOT reporting Cap1

 

In ~6 months from filing to discharge and beginning rebuild, my scores have jumped: EX +115 EQ +148 TU +100

Just in case anyone is wondering whether it is possible to dig out of the pits.

 

***

 

I am fortunate that I had done most of my holiday shopping ahead of time, so the holidays are going to be a little tight budget-wise but not as tight as they might have been otherwise through a tough year. And here’s the best thing of all: my first adult holiday with no debt.

 

Hopefully I can come back to this next year and see how I'm doing. This is mostly for myself but feel free to add thoughts.

 

debt free holiday.pngcapa's Debt Free Holiday List

a. BUDGET: Stay on cash diet. Never "float" a purchase, even for a day, period, end of story. Set realistic category amounts and stick to them. (This last is the one I need to work on)
b. PLAN AHEAD: Means you spend less in the moment, in a rush, get less caught up in holiday bins and shelves and sections. Set your budget at the beginning of the year. Begin setting aside right away. This year I began shopping by late summer and wrapped up (pun intended) the major few gifts by mid-fall. 
c. SAVINGS: Your budget is for gifts over the month's/year’s time. Your savings is for emergencies. Don’t touch the savings you have, and don’t stop putting away. If you haven't started yet, don't feel bad, but don't delay.
d. CREDIT MANAGEMENT: On-time payments are imperative (autopay if necessary). Responsible utilization. Regular review of reports for accuracy. Basically, use your credit as a tool to expand your lending opportunities, not as a spending mechanism.

Ch7 discharged 10/2017. Pre-file FICOs high 400s.
04/2018 EX 644; EQ 670; TU 648
Message 11 of 39
Established Member

Re: The post-bk rebuild long game begins

Great Job! I’ve enjoyed following along, thanks for you some nice planning advice. I’m still awaiting my 341 meeting.

I’ll be checking back to see your progress/thoughts on your rebuild.
Keep it up!



Ch7 Filed 01/2018 Discharged 05/2018
Message 12 of 39
Frequent Contributor

Re: The post-bk rebuild long game begins

12/23/17-Cap1 finally reported all 3B. 

01/01/18-Scores refreshed all 3B- EX 636 / EQ 655 / TU 629. Happy to be steadily improving (also happy that TU finally caught step with the rest). Happy New Year everyone. 

Ch7 discharged 10/2017. Pre-file FICOs high 400s.
04/2018 EX 644; EQ 670; TU 648
Message 13 of 39
Established Member

Re: The post-bk rebuild long game begins

Thank you for posting your details. I checked pacer on the 29th and it was discharged that same day so I did my own happy dance!!! My EX went up 56 points after updating with the discharge!! I am still awaiting TU & EQ to update. I plan on going to my local credit union this week to get an SSL since I dont have any installment loans right now, and wanting to start a history with them. I plan on getting a car soon and would like to be approved the CU if possible to avoid the hassle at the dealership! Good luck on your journey! Maybe ill start my own thread to document my experiences as well! 

Message 14 of 39
Frequent Contributor

Re: The post-bk rebuild long game begins

02/01/18-Scores refreshed 3B, EX 644 / EQ 665 / TU 638. [edited because I don't want to jinx myself :-) I'm just excited to keep making progress!]

 

 

Also, deferred comp and retirement were both at work recently, and I've been doing a lot of research, and actually set Mr. Deferred Comp back on his toes when I was the only one asking about individual investments instead of leaving it all to an advisor. Still more research to do, but I won't be starting the withdrawals until my next raise this summer. Honestly wish I had begun sooner, but, well, I also wish I hadn't built up a boatload of debt, or had any of the circumstances that led to that debt, yet here we are, and I plan to do my best to make up for lost time within reasonable constraints.

Any of you young folks who have the opportunity... start your retirement savings now! (or as soon as you reasonably can!)

http://www.businessinsider.com/compound-interest-retirement-funds-2014-3

Ch7 discharged 10/2017. Pre-file FICOs high 400s.
04/2018 EX 644; EQ 670; TU 648
Message 15 of 39
Frequent Contributor

Re: The post-bk rebuild long game begins

Help ease my mind re: inheritance after BK. 

 

BK7 filed 6/14/17.

DC 10/11/17.

Mom died 12/23/17. It's been... something (isn't family always complicated?) 

Life insurance benefit check received 2/10/18.

 

Everything I've read says 180 days post file and you are clear. 

I mean, NOLO is my go-to and they basically say I'm clear. https://www.nolo.com/legal-encyclopedia/inheritances-chapter-7-bankruptcy.html 

6/14/17 + 180 days = 12/11/17.

 

I'm ok to deposit this, correct? It's going straight to savings. It's nearly two months' living expenses, and I only just started my savings account in earnest. 

Ch7 discharged 10/2017. Pre-file FICOs high 400s.
04/2018 EX 644; EQ 670; TU 648
Message 16 of 39
Regular Contributor

Re: The post-bk rebuild long game begins

I’m not sure if it’s from filing or the 341 meeting. My trustee said if I received a significant amount within six months of my 341 I had to notify her. This was at the 341 meeting.
Message 17 of 39
Frequent Contributor

Re: The post-bk rebuild long game begins

My attorney phoned back yesterday and gave me the OK to deposit the check. It's in savings now. TY for response. 

Ch7 discharged 10/2017. Pre-file FICOs high 400s.
04/2018 EX 644; EQ 670; TU 648
Message 18 of 39
Regular Contributor

Re: The post-bk rebuild long game begins

Congratulations and good to know.

Message 19 of 39
Community Leader
Valued Contributor

Re: The post-bk rebuild long game begins

Nice progress @capabk

AMEX PLATINUM, DELTA PLAT & SPG | PenFed PR | NFCU FS | Discover IT | CAP1 QS & VENTURE | LOWES l NORDSTROM I WAYFAIR I
Message 20 of 39