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Your best tips to rebuild while in a Chapter 13

Hockey20
Member

Re: Your best tips to rebuild while in a Chapter 13

Good afternoon everyone,

Hope your summer is going well.  So wanted to provide an update on my situation and see what your recommendation would be.  So I spoke with my lawyer and I am fully allowed to obtain new debt to help the rebuild.  So that is a good thing, but he did warn me that if there is an increase in my income the monthly payment could increase.  So that is something I need to keep in mind with obtaining new debt.

 

So at this point I just want to get 1 card and use it to pay some of bills like cable and cell phone and pay them off.  I would love to accumlate some points, but I am sure that wouldn't be possible with just rebuilding.

 

According to CreditKarma my scores are Transunion: 664 and Transunion: 780

Mint has Transunion at 664 as well.

 

Can I call a credit card company and see what credit agency they use?  Cause of course Transunion looks a lot better.

 

Thank you in advance for all of your help.

Message 11 of 16
coreyb80
Senior Contributor

Re: Your best tips to rebuild while in a Chapter 13

CK is FAKO so I would take that score with a grain of salt.  You can call and ask, definitely wouldn't hurt.  No your payment will not increase if your income increases.  I just made a job change and my payment still the same as it was before the change.

Message 12 of 16
Justme79
Frequent Contributor

Re: Your best tips to rebuild while in a Chapter 13

Good afternoon,

 

I'm posting this message on here because, well... there aren't too many 13's on the forums.  I filed chapter 13 on 3/17/20.  I have my MOC on 5/20 and my Confirmation hearing is on 6/11.  I'm located in Sunny South Florida.  I have spoken with my lawyer several times about rebuilding my credit during my payment plan.  He assured me it wouldn't be a problem, and said he's had several clients purchase homes during their payment plan as well.  I went on my trustee's website, and it basically states "please contact your lawyer before contacting our office for questions"

 

I only want a secured credit card... My Target card survived (I'm so happy) and I have my student loan (still showing which I'm excited about)

 

Once I'm confirmed I'd like to get a NFCU secured card and a TD Bank Secured card... I have accounts with both, and they both will eventually graduate.  That will leave me with:

 

Target

NFCU Secured Credit Card

TD Bank Secured Credit Card

Student loan

 

I'll be GREAT with this profile and will be able to sit on my hands and ride the wave smoothly for the next 5yrs 

 

Your thoughts?

 

Chapter 13
Date filed: 3/17/20
Meeting of the creditors (341): 5/20/20
Confirmation hearing: 6/11/2020
Deadline for filing claims: 6/17/20
Plan confirmed: 7/2/2020
Deadline for filing claims (Government): 9/14/20

Scores as of 05/08/21 (MyFICO Monthly Subscription/updates on the 8th of every month)
Equifax 666
Transunion 634
Experian 637

Open Accounts
Great Lakes (Student Loan) Pd Never Late - Perfect History/will not update until PIF $3,750 balance at $140 per month
Target (Survived Bankruptcy) Pd Never Late - Perfect History $2,300 limit/$0.00 Balance
Cartier (Survived Bankruptcy) Pd Never Late - Perfect History $8,000 limit/$0.00 Balance
NFCU Amex (AU) $25K limit/$10K balance (removing soon)
NFCU Secured Card (Trustee Approved) Card Graduated to NFCU Cash Rewards (Unsecured) $2K limit/will PIF each month before statement cuts
TD Bank Secured Card $500 limit/will PIF each month before statement cuts

All closed accounts are reporting correctly with $0.00 balance

Message 13 of 16
Justme79
Frequent Contributor

Re: Your best tips to rebuild while in a Chapter 13

Update

 

Since my last post I had my MOC and my credit has finally settled. I closed all of my PIF accounts prior to filing 13 and most are reporting "Exceptional Credit/Closed by Consumer"

 

I didn't owe anything on my Comenity accounts and I had rather large limits, but they deleted the entire trade lines, which actually helped. A few other creditors deleted as well even though I IIB. I disputed a few errors and 

as of today my FICO scores are (via MyFICO)

 

Equifax 628

Transunion 598

Experian 600

 

I have (4) open accounts showing on all (3) reports 

 

*Target (TD Bank) Limit $3,000/$0 balance 

*Cartier (TD Bank) Limit $8,000/$0 balance 

*Great Lakes (Student Loan) $4,800 balance (Started at $10K) Perfect history 

*NFCU AMEX (AU) $25,000/$10K balance 

 

My lawyer contacted the trustee and I'm allowed to get (1) secured credit card.

 

I either want to apply for a NFCU or a TD Bank secured card and start it off with a $2500 limit, as I'm sure it won't upgrade to unsecured until my discharge in 5yrs 

 

Just updating my status. I hope all is well with everyone. 

Chapter 13
Date filed: 3/17/20
Meeting of the creditors (341): 5/20/20
Confirmation hearing: 6/11/2020
Deadline for filing claims: 6/17/20
Plan confirmed: 7/2/2020
Deadline for filing claims (Government): 9/14/20

Scores as of 05/08/21 (MyFICO Monthly Subscription/updates on the 8th of every month)
Equifax 666
Transunion 634
Experian 637

Open Accounts
Great Lakes (Student Loan) Pd Never Late - Perfect History/will not update until PIF $3,750 balance at $140 per month
Target (Survived Bankruptcy) Pd Never Late - Perfect History $2,300 limit/$0.00 Balance
Cartier (Survived Bankruptcy) Pd Never Late - Perfect History $8,000 limit/$0.00 Balance
NFCU Amex (AU) $25K limit/$10K balance (removing soon)
NFCU Secured Card (Trustee Approved) Card Graduated to NFCU Cash Rewards (Unsecured) $2K limit/will PIF each month before statement cuts
TD Bank Secured Card $500 limit/will PIF each month before statement cuts

All closed accounts are reporting correctly with $0.00 balance

Message 14 of 16
Justme79
Frequent Contributor

Re: Your best tips to rebuild while in a Chapter 13

I pulled the trigger this morning.  I was approved for a NFCU secured card! I'm so happy!  Now I will sit on my hands for the next 5yrs and wait for my discharge.  My credit profile now looks like this:

 

Target (survived) $3K Limit $0 Balance (perfect history)

Cartier (survived) $8K Limit $0 Balance (perfect history)

Great Lakes (Student Loan) $4800 Balance ($140 mo, perfect history)

NFCU AMEX (AU) $25K Limit $11K Balance 

NFCU Secured Credit Card $2500 Limit $0 Balance

 

I will focus on my relationship with NFCU, use them heavy and PIF each month before the statement cuts.

 

My goal is to become a homeowner by #2022 

Chapter 13
Date filed: 3/17/20
Meeting of the creditors (341): 5/20/20
Confirmation hearing: 6/11/2020
Deadline for filing claims: 6/17/20
Plan confirmed: 7/2/2020
Deadline for filing claims (Government): 9/14/20

Scores as of 05/08/21 (MyFICO Monthly Subscription/updates on the 8th of every month)
Equifax 666
Transunion 634
Experian 637

Open Accounts
Great Lakes (Student Loan) Pd Never Late - Perfect History/will not update until PIF $3,750 balance at $140 per month
Target (Survived Bankruptcy) Pd Never Late - Perfect History $2,300 limit/$0.00 Balance
Cartier (Survived Bankruptcy) Pd Never Late - Perfect History $8,000 limit/$0.00 Balance
NFCU Amex (AU) $25K limit/$10K balance (removing soon)
NFCU Secured Card (Trustee Approved) Card Graduated to NFCU Cash Rewards (Unsecured) $2K limit/will PIF each month before statement cuts
TD Bank Secured Card $500 limit/will PIF each month before statement cuts

All closed accounts are reporting correctly with $0.00 balance

Message 15 of 16
FireMedic1
Super Contributor

Re: Your best tips to rebuild while in a Chapter 13


@Justme79 wrote:

I pulled the trigger this morning.  I was approved for a NFCU secured card! I'm so happy!  Now I will sit on my hands for the next 5yrs and wait for my discharge.  My credit profile now looks like this:

 

Target (survived) $3K Limit $0 Balance (perfect history)

Cartier (survived) $8K Limit $0 Balance (perfect history)

Great Lakes (Student Loan) $4800 Balance ($140 mo, perfect history)

NFCU AMEX (AU) $25K Limit $11K Balance 

NFCU Secured Credit Card $2500 Limit $0 Balance

 

I will focus on my relationship with NFCU, use them heavy and PIF each month before the statement cuts.

 

My goal is to become a homeowner by #2022 


Since you only need 3 cards to build on. Get off that almost 50% util card. That isnt helping.





Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 16 of 16
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