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Impact of waiting to rebuild

gsh0126
Member

Impact of waiting to rebuild

Hubby and I filed Chapter 7 on 7/5, 341 was just last week on 9/10, and PACER status is "awaiting discharge."  Accounts are beginning to show IIB and zero, and scores are fluctuating as expected.  We surrendered both vehicles in the BK, and plan to only replace with one.  I work from home, and hubby isn't working due to back/neck issues so we have no need of two cars.  He has surgery scheduled on 10/17 to replace two discs in his neck, and we have no idea if he'll be able to go back to work after recovery, or if he'll be going on permanent disability.  We have been using rideshare but getting him to and from physical therapy twice a week is adding up to be as much as a car and insurance, so we're plannning on getting a used car fairly soon.  We know the rate will suck.  

 

I intend to join NFCU within the next couple of months, then after six months of car loan, go for a re-fi on whatever loan we get on the "new" car.  As for CC's, neither of us are inclined to get any more anytime soon.  We burned Credit One and Capital One, so snagging those is out.  Will it hurt if we just get a car loan sometime between now and the end of the year, and wait 9 months to a year to start the re-build with CC's?  Each of us has a student loan, and we re-affirmed a loan with Conn's on our washer/dryer that will be paid off by next April.  Hubby's student loan is in forebearance, and mine is deferred as I'm completing my masters degree.  I expect to finish next spring, so my student loan payments will probably start coming due in late fall of next year. 

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3 REPLIES 3
ImTheDevil
Community Leader
Super Contributor

Re: Impact of waiting to rebuild

I can’t add a whole lot here other than to do some searching and find out on here what others’ experiences have been with getting credit from Navy after a BK - every bank is different and some (actually including CapOne) will let you right back in, often within months of burning them. Navy may be lenient, or they may require time to go by like Amex (61 months after BK) or Chase (no soup as long as the BK is onnyour reports). I just don’t know, but I’m sure that the info is floating out here on the forums. I do wish you luck and good fortune with the recovery and more importantly, on your husband’s upcoming surgery!


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Message 2 of 4
ImTheDevil
Community Leader
Super Contributor

Re: Impact of waiting to rebuild

If you decide to get back in with CapOne, you might look at their auto financing program as well - they offer some good rates and with their BK-tolerant stance, may well be a workable option for you.


Platinum NPSL | Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | FNBO Prime Visa | PenFed PCR | Navy cashRewards | Navy Platinum | Apple | IT Cash | IT Chrome | GHSFCU Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Sams MC | Firestone | Overstock | Kohl’s | Key Bank auto loan (2017 Audi A6 Premium Plus S-Line)





Message 3 of 4
Morpho
Valued Contributor

Re: Impact of waiting to rebuild

Waiting to rebuild is the biggest mistake I made. Time is the most important factor you cannot manufacture. Getting a few positive items onto your report and letting them age is extremely important. That extra year will make a difference down the road. Even if you just get two secured cards and let them sit unused for that year you will be in a better postion than if you waited. Good luck.

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