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What Now.......

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What Now.......

I am new to the forums and am learning a lot. Wish I had read it a little bit more carefully before I blew a hard pull but her goes nothing.

 

So a brief description of my situation:

 

Filed: September 5, 2018

Filed: September 6, 2018 (filed my adversary proceedings to try and include my $79,000 in student loans). **Still ongoing**

341 Meeting: October 9, 2018

Discharged: December 17, 2018

 

*****FICO SCORES AS OF 12/19/18- EXP: 590, EQ: 604, TU: 559*****

 

So I had a Target Red Card that I got in 2014 (SL was $300 and I had never even thought about a SLI over the years until I read on these forums. I tried and received a SLI so it is now up to $600) that made it through the bankruptcy because I didn't have a balance at the time of my bankruptcy filing.

 

I read on here a lot of people had success right after their MOC so I pulled the tigger and tried after that too (maybe I should have waited until discharge huh). I applied to Credit One (I IIB Capital One so that was a no go), I did get approved for $400.00 after some time and verification. I initally tried Discover but they denied me and the reason was the bankruptcy. I tried for the secured but that was a no go as well. I hadn't read not t try Chase so I did and that was a wasted HP because that was a denial. I applied for a Loft card and got approved for that at $250.00.

 

I don't have a car........it was repossessed back in 2016 and I have just been public transportating it since then.

 

I am trying to figure out what should be the next steps. I haven't went over my CR yet but that's because the forums said I should wait until at least 60 days to give everything a chance to get updated properly.

 

My questions: (Sorry for the long post but I wanted to give as much information as I could think of)

 

1. Do I need to get more credit cards or will the one credit card and 2 store cards be enough?

 

2. I am trying to get rid of the student loans so should I go and get a loan just in case I am able to discharge these student loans?

 

3.  Should I follow the AZEO method even if I am not trying to buy any big ticket items?

 

 

Thank you guys for all of your assistance.....

 

 

 

 

 

Message 1 of 10
9 REPLIES 9
Valued Contributor

Re: What Now.......


@maystroud wrote:

I am new to the forums and am learning a lot. Wish I had read it a little bit more carefully before I blew a hard pull but her goes nothing.

 

So a brief description of my situation:

 

Filed: September 5, 2018

Filed: September 6, 2018 (filed my adversary proceedings to try and include my $79,000 in student loans). **Still ongoing**

341 Meeting: October 9, 2018

Discharged: December 17, 2018

 

*****FICO SCORES AS OF 12/19/18- EXP: 590, EQ: 604, TU: 559*****

 

So I had a Target Red Card that I got in 2014 (SL was $300 and I had never even thought about a SLI over the years until I read on these forums. I tried and received a SLI so it is now up to $600) that made it through the bankruptcy because I didn't have a balance at the time of my bankruptcy filing.

 

I read on here a lot of people had success right after their MOC so I pulled the tigger and tried after that too (maybe I should have waited until discharge huh). I applied to Credit One (I IIB Capital One so that was a no go), I did get approved for $400.00 after some time and verification. I initally tried Discover but they denied me and the reason was the bankruptcy. I tried for the secured but that was a no go as well. I hadn't read not t try Chase so I did and that was a wasted HP because that was a denial. I applied for a Loft card and got approved for that at $250.00.

 

I don't have a car........it was repossessed back in 2016 and I have just been public transportating it since then.

 

I am trying to figure out what should be the next steps. I haven't went over my CR yet but that's because the forums said I should wait until at least 60 days to give everything a chance to get updated properly.

 

My questions: (Sorry for the long post but I wanted to give as much information as I could think of)

 

1. Do I need to get more credit cards or will the one credit card and 2 store cards be enough?

 3 is perfect and do not listen to any recommendations from sites like Credit Karma that claim you need 21 cards or something ridiculous.  You can have a perfect credit score with 3 cards so what you need is time.

2. I am trying to get rid of the student loans so should I go and get a loan just in case I am able to discharge these student loans?

 A loan for what?  Are you referring to the point gain associated with having an open installment loan?

3.  Should I follow the AZEO method even if I am not trying to buy any big ticket items?

AZEO is certainly the best method of optimizing your scores.  If you are not applying for anything, you really don't need the point gain associated with it.  If you are applying for something then yes.  I let my balances report naturally but I don't let high balances report.  With your total CL of $1250, you are limited on how much you can let report even if you did AZEO.  Do you have Netlix?  If so keep your cards paid off and let that monthly subscription report.  When your statement cuts, that small amount will be reported to the bureaus and you will still be perfect as far as UTI.  One thing you may want to do though is after some time passes, get rid of that Credit One card due to the fees and replace it with something else.  It is serving its purpose for now.

 

 

Thank you guys for all of your assistance.....

 

 

 

 

 


 

 FICO 8
Message 2 of 10
Super Contributor

Re: What Now.......

Good advice by Overmedicated.





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 at 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game. Pay it Forward!
Message 3 of 10
Valued Member

Re: What Now.......

To file your adversary proceeding, was this an additional lawyer/court/filing fee? Additional meetings? Did you have to submit certain documents? Sorry for all the questions but any information would be greatly appreciated. I am filing Ch 7 soon and I have roughly 77k in student loan debt. I know it's been said that it's hard/unlikely to get student loans discharged but if I'm filing Ch 7 anyway, I might as well try. Even a partial discharge would help😔
Message 4 of 10
Established Member

Re: What Now.......

Sorry @LolaJ07 for the late reply, was enjoying my Christmas (thankfully with no debt looming over my head and I didn't go out making any more for the first time in a long time, yay me.....one step at a time!!)

 

But to answer your questions: To file my adversary proceeding was not an additional charge or anything. It is free to do as long as you have an open bankruptcy case that it would pertain to. You file the cover sheet and your complaint; in the same place you filed your bankruptcy. **Make sure you take two copies so that they can give you a stamped copy back** and they will issue you a summons. The summons is what you send to the defendant, along with a stamped copy of your complaint and cover sheet. Depending on how many people you have student loans with you will have to do one for each of them. It's like several other people you have to send it to as well but I don't have the list in front of me right now but I can get you those people as well because if you don't also serve them then you will have the same problem I faced. They will issue you a certificate of service that you have to send back to the bankruptcy court showing them that all the proper people have been served and how you served them. You have to do one for each person that is sent a copy of the information. I also send a copy for myself to the bankruptcy court with a self-addressed envelope for them to send it back to me, so I always have verifiable proof that I have done everything that I was required. It can have additional meetings depending on what the defendants requests (i.e.-could possibly be depositions, discoveries and such) but it depends on how much push back you get from the holders of your student loan how many additional meetings are required. I haven't completed mine yet but they only extra I went to was to deny my motion for default judgement. It was denied because it stated I didn't serve someone properly. But I have sense served everyone properly and waiting on their next move now.

 

Yeah my judge basically told me as much when we had the hearing about my motion to dismiss but I would feel remiss if I didn't do everything that I could to really break free of this debt. Even if at the end I still owe it, I can do so knowing that I did everything I could......plus heck I owe it now anyway so might as well see if they are willing to discharge some if not all!!!

 

**Fingers crossed**

 

But good luck and I am here to share with you any insight that I have and gained while I go through this process!!

Message 5 of 10
Frequent Contributor

Re: What Now.......

Student loans do not discharge.
BK CH7--Filed September 25, 2018--D/C Jan.4, 2019
{FICO8 Feb.12, 2019--TU 580--EX 600--EQ 626}

Credit One Visa ($500 now $700) Nov. 2018
SelfLender (2 year) Nov. 2018
Capital One Platinum MC ($2000) Jan. 2019
Target RedCard ($500) April 2019
Venus Comenity ($500) May 2019 no HP


FICO 8 SCORES: 06-02-2019616 TU613 EX638 EQ
Message 6 of 10
Established Member

Re: What Now.......

Actually you can get student loans discharged too, you just have to go through the extra steps. Student loans are not discharged automatically through bankruptcy but if you take the steps and pass the means test, it could get your loans partially or fully discharged.
Message 7 of 10
Valued Member

Re: What Now.......

@maystroud Thanks! I filed Ch 7 January 17 , MOC is scheduled for 2/12, & last day to object is 4/15. I submitted my complaint and cover sheet today (within 30mins of submitting paperwork, it was showing in Pacer) and now I'm waiting on the summons. Although I know the chances of student loan discharge is darn near "none to none", I figured since I'm filing bankruptcy anyway, why not try. It's not like I'll have to pay in full same-day if it's denied. Good luck to you!
Message 8 of 10
Established Member

Re: What Now.......

Yup,

Pretty much......just got my answer from the State Attorneys office and in their mind long as they have the forbearance options I should take advantage of those and nevermind that in doing that the amount continues to grow to an astronomical amount!!!! 🤦🏾‍♀️🤷🏾‍♀️ So I guess if they cool with that......I'm be cool with that too. I'm call the bar and see if they have any new lawyers that want to get experience and finish it up from here.
Message 9 of 10
Frequent Contributor

Re: What Now.......


@maystroud wrote:
Actually you can get student loans discharged too, you just have to go through the extra steps. Student loans are not discharged automatically through bankruptcy but if you take the steps and pass the means test, it could get your loans partially or fully discharged.

Not for my daughter they didn't. She had a considerable amount of student loan debt too. Doesn't make a lot working for the govt. for her job. She's now in grad school.

BK CH7--Filed September 25, 2018--D/C Jan.4, 2019
{FICO8 Feb.12, 2019--TU 580--EX 600--EQ 626}

Credit One Visa ($500 now $700) Nov. 2018
SelfLender (2 year) Nov. 2018
Capital One Platinum MC ($2000) Jan. 2019
Target RedCard ($500) April 2019
Venus Comenity ($500) May 2019 no HP


FICO 8 SCORES: 06-02-2019616 TU613 EX638 EQ
Message 10 of 10
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