Hey! Just wanted to reintroduce myself, and let everyone know I’m back!
Name is Nate, originally started on the FICO forums in 2014. I started my rebuild that same year, and managed to come from 400s across the board all the way up to the 700s over a 2 year span. In that time I managed to build up around 100k in credit card limits, 7 auto loans with 6 paid on time in full never late, a mortgage Feb of 2016 for a new build home, and many other great things! I stuck around for quite awhile offering help to others and eventually got busy with life and disappeared.
Flash forward to now, and I just filed bankruptcy on 8/3/18 alongside my wife. Between the two of us we were swimming in around 100k of credit card debt, an auto loan with DCU I hadn’t paid on for a year (and due to their mistake they can’t repo), a voluntarily surrendered camper I still owed 12k on, huge doctor bills from my child’s birth and some birth issues, and a variety of other things. But man do I feel better now knowing I won’t have $600-1000 still coming out of every check as a garnishment etc!
Had my 341 meeting on 8/30/18 and discharge is scheduled for end of October. Creditors I burnt in the bankruptcy include, but are not limited to:
-DCU
-Capital One
-FNBO
-Synchrony
-Citi
-Barclays
-First Premier
-Credit One
-Fingerhut
-Comenity
-Amex
-Commerce Bank
So pretty much all of the major creditors!!
My scores are in the low 500s currently, with some accounts still showing as past due with balances so should raise some more once marked at $0 and IIB. I did reaffirm my mortgage, so the future positive history will help me, as the past history has around 11 lates with all being 30 day and one 60 day.
Since my 341 meeting I have done the following things to get a jumpstart on the rebuild:
-Opened NFCU Checking to get a relationship started there, and will have all my pay direct deposited with them.
-Applied for and was approved for a secure Cap1 card with $200 deposit today, while wife was approved with $49 deposit and plan to add ea. Other as AU.
Future plans:
-once discharged apply for and fund a secure NFCU card which would put me at 3 revolvers.
-Attain auto loan, rates shouldn’t be bad as I have 15k to put down and are looking for a used Explorer Sport 15’ +, so priced around 25k-35k. Working with experienced bankruptcy finance manager who swears he can get me a rate under 5% right after discharge with 15k down. Only wanting this as our financed car with DCU had an unperfected lien so trustee took the vehicle and plans to sell it. Before anyone says anything, Yes my income will support an auto loan, just not the minimums in 100k worth of credit cards :-/
That’s all I have so far. Once discharged and my cards get my score up over a few months I should be eligible for unsecured Cap 1 cards, although honestly I don’t need or want any cards aside from one for emergencies which I hope NFCU will be my final stop for that! Weird how I just wrote off all my Cap 1 cards and was approved for another today. They are very lenient and approve a bankruptcy filer one year past their charge off date of the card, which all of ours were late 2016 early 2017.
Any recommendations or critiques are welcome :-) Look forward to once again being a part of this community!
Don’t take your credit for granted, use it with care! These days, catch me in the bankruptcy forum!?
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