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"Following the Guide" Journey

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Contributor

"Following the Guide" Journey

It's been a while, but I've lurked over the years. 

 

I filed Chapter 7 BK November 2018. 341 meeting was 1/23/2019. Discharged just recently on 3/24/2019.

 

All but 2 tradelines have updated to $0 balances discharged in BK. I have not yet received my paperwork in the mail and anticipate it this week. As of 4/1/2019 my scores sit at 640, 636 & 645 (these are FAKOs from the 'free' sites so take that with a grain of salt). Side note, I find the score jump amusing. I spent years paying on time and could never get over a 580. 

 

I will use this thread to document my rebuild as I have been eagerly waiting to start following this guide... https://ficoforums.myfico.com/t5/Bankruptcy/HOW-TO-From-BK7-discharge-to-700-in-24-months-or-less/td...

 

Any tips from success-story-members would be appreciated!

 

Here goes!

BK 7 Discharged 3/2019

CapOne QS ($750) • CapOne QS #2 ($500) • Credit One ($2000) • Blaze MC ($1000) • PenFed Shared Loan 1yr 2.05% ($500)
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55 REPLIES 55
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Super Contributor

Re: "Following the Guide" Journey

Some do but not everyone gets a score increase after DC. Your out of debt now. So congrats on that. If you let us know who got burned we can help you get started. But first make sure everything states IIB and 0 balance. You may get a few more points once everything has updated. Welcome!

Message 2 of 56
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Re: "Following the Guide" Journey

All of these were actually paid to below 30% PRIOR to the BK. The BK was prompted by a sudden judgement out of the blue form a ugly divorce 5 years ago in which I was a co-signer. Had literally just got laid off and paid off all the creditors to 'be on the right track' and then.. .WHAM, 3 days later I got hit with a judgement I wasnt aware was going on and was defaulted into their favor since I didnt show up to the hearing.

 

So these creditors were burned with LOW balances with the exception of one (Firestone).

 

Discover Card Secured ($200 CL - Balance was $59 at bk burn)

NFCU Secured Card ($500 CL - Balance was $0 at burn)

USAA Secured Card ($500 CL - Balance was $116 at burn)

Firestone Bridgestone ($1200 CL - Balance was $800 at burn)

Exxon Mobile ($200 CL - Balance was $62 at burn)

 

Everything else was collection agencies from the divorce which I am now free of as I included them, including the $12,000 judgement from Deville Asset. 

 

I also have a vehicle loan that was NOT reaffirmed but was included in the BK (they did not contact, and refused to talk to me during the BK about the loan despite an attempt - they sent no reaffirmation offer or anything either to my bk lawyer), balance owed was $8,000 at BK, paid $21,000 towards the loan already prior to BK... this was a buy here/pay here high interest rip off loan but again, divorce, needed a vehicle, so I took what I was offered and paid faithfully for 3 years prior to the BK. The vehicle is still here, they have not contacted me and have not come to repo it. The vehicles KBB is only $6,000 in perfect condition. 

BK 7 Discharged 3/2019

CapOne QS ($750) • CapOne QS #2 ($500) • Credit One ($2000) • Blaze MC ($1000) • PenFed Shared Loan 1yr 2.05% ($500)
Message 3 of 56
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Super Contributor

Re: "Following the Guide" Journey

Well since you didnt burn Cap1. Try the pre-qual and see if the Plat shows up. No QS1. You may be able to aviod the vulture secured cards. Its a start. If you can pay and drive. Look into a lower interst rate loan for the car. Pay off the old loan and then you'll have a installment loan. That is if you want to keep it. Baby steps. Give Cap1 a try. Good Luck!

Message 4 of 56
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Re: "Following the Guide" Journey

I did the pre-qual for Cap1 and both the Platinum and the QS1 show up. 26.96% Interest. Platinum has $0 annual fee. QS1 has $49 AF.

 

I am only 8 days out of my official discharge. I received my papers today. Should I wait or pull the trigger to apply to the Platinum? 

BK 7 Discharged 3/2019

CapOne QS ($750) • CapOne QS #2 ($500) • Credit One ($2000) • Blaze MC ($1000) • PenFed Shared Loan 1yr 2.05% ($500)
Message 5 of 56
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Super Contributor

Re: "Following the Guide" Journey

Forget the QS1 and the annual fee. The Plat will get you started and you can upgrade to the reg QS. Interest rate while rebuilding will always be high. Rebuilders have to PIF each month for now. Its right where I started over 3 yrs ago. Once you get to 3 cards then AZEO kicks in. Cap1 pre-qual is pretty solid.

Message 6 of 56
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Re: "Following the Guide" Journey

Pulled the trigger based off your feedback.

 

Wow! Approved! $300. But its a start!

BK 7 Discharged 3/2019

CapOne QS ($750) • CapOne QS #2 ($500) • Credit One ($2000) • Blaze MC ($1000) • PenFed Shared Loan 1yr 2.05% ($500)
Message 7 of 56
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Super Contributor

Re: "Following the Guide" Journey

Congrats. Did it say how much credit steps will be? Use it like a debit card and let 5 bucks report then PIF each month for now. It has begun.

Message 8 of 56
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Contributor

Re: "Following the Guide" Journey

The e-mail I received states 5 months for CLI.

 

"Credit Line Bump
Access a higher credit line after your first 5 on-time monthly payments."

 

So it begins! I will return to lurking and be back when it is time for the credit builder loan via my credit union step. 

BK 7 Discharged 3/2019

CapOne QS ($750) • CapOne QS #2 ($500) • Credit One ($2000) • Blaze MC ($1000) • PenFed Shared Loan 1yr 2.05% ($500)
Message 9 of 56
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Super Contributor

Re: "Following the Guide" Journey

Glad we could help you out. Take your time and spread out your apps. No sprees from the excitement of being approved. In 6 months go for the next card. Look into refi the car to a lower int rate if you want. If not. Pay and drive. If you decide to refi. No need to get another installment loan. Your goal is 3 revolvers and 1 installment for I like to say the rebuild FICO bonus. Were here to help. Dont hesitate to ask anything anytime.! Congrats again!

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