Recovering from bk ch. 7 and other events

[Vigilant7]

Hello all this will be long winded but I'm at a loss on how to fix my situation so, any help is greatly appreciated. Thank you to anyone that reads it. In 2020 I had to file for bankruptcy because I lost over 7k in monthly income. Due to the obvious. We were making around 140k.  The total of my debt was around 100k for all of my accounts. My credit limit was around 28k with a few credit cards.

I started my credit journey in 2013 with one $3,000 limit credit card from Navy Federal which enabled me to have a 740 at 22. I bought my first car at the same age for 30k @ 4%. Eventually, I had to make changes in my career (military) because my family was homeless. This is when my troubles began but it was not hindering in that moment.

So, essentially from 2013 all the way until 2020 I didn't miss a single payment, I didn't default, or receive anything derogatory. Fast forward to now I'm a disabled veteran who is very limited in work I can do. My last job was construction and it almost killed me.

I have two children and still have ok credit accounts but I can't get ahead. My wife was scammed for my entire savings and that paycheck. NFCU refused to help with our accounts. This caused missed payments and $600+ worth of return check fees. Now I'm in the 500s again after reaching 650+, I also paid off my revolving debt right before this happened. now Im at a utilization of 50%+. Of course it occurs right as I have a pre approval ready for a mortage but no way to afford the cost now.

I can't get approved for anything that would help me on my fixed income and my income is not enough to feed my family, pay bills and recover my scores. Additionally, I lived with my family after my wife separated from the service and we all just got evicted (10) in total for a 5k delinquency after pay 95k and the house was bought for 148k.  My knowledge of credit has grown greatly yet, I don't have the situation or capital to get back up.

Accounts

Discharged accounts:

Navy federal credit Union - CC - Visa Rewards - $8,000

Navy Federal Credit Union - CC- GoRewards - $8,000

Navy Fedral Credit Union - PL - $20,000 (discharged at 7k)

Lending Club - PL - $15,000 (discharged at 2k)

Lending Club - PL -  $25,000 (discharged at 18k)

USAA - CC - American Express - $1,000

Chase - Amazon Visa - $3,000

Comenity Bank - $4,000

Tally - $5,363

Acima - $3,189

Apple Card - $750

Affirm - $1,000

Current accounts:

CB&T - car - $28,000 balance

Capitol One - CC - $2,000 limit

OllO - CC - $1,500 limit

First Premier - SCC - $200 limit

Merrick Bank - CC - $750 limit

Mercury Card - CC - $900 limit

SeedFi - Secured Loan - $4,500

Seedfi - Secured Loan - $500

Upgrade Card - CL - $2,746 limit

BestEgg - PL - $2,793 balance

Credit One - CC - $400 limit

Credit One - CC - $500 limit

Missin lane - CC - $500 limit

Grain Tech - CL - $1,000 limit

Cars paid off:

NFCU - $25,224

NFCU - $6,500

USAA - $13,102

ALLY - $21,392

Carmax - $25,000

Other small paid accounts:

NFCU - PL- $1,500

NFCU - PL - $3,000

KayJewelers - $2,800

Not sure where I go next with this profile or how long it will take to back to 740. Man do I miss those instant approvals.

Current Scores EQ560 - TU590 - EX576

[FireMedic1]

Welcome @Vigilant7 

First off. When you say discharged are you saying those accounts were DC'ed in BK? You can click the three dots top right and edit your post. You repeated the first paragragh and it cut off. Finances over FICO. Scores are the least of your worries for now. Family comes over FICO. That will help us to understand more.

Yearly Income.

Please place your open accounts with:

Creditor name/Credit Line/ Balance.

Any open loans:

Lender name/ Loan amount/Balance.

We can work on the present. Figure out a plan for you.

[Vigilant7]

@FireMedic1  Thank you for your response! I believe I fixed the post, I was writing this at 4 a.m after just being in a accident. My life is stress but I don't stress. 

Yes, those accounts were discharged in bankruptcy which I finalized in July of 2020. So, it's been a little over 2 years. 

I agree totally. I have fixed my scores so many times but it's just different now because I just can't pay things off anymore. 

Yearly Income: $44,952 (Va disability)

I'm also waiting on an SSDI claim (it's estimated to take 8 months) it's at 17% progress. 

Open accounts: 

Current accounts:

Crescent Bank and Trust - CAR - $28,000 balance is the same it's a somewhat fresh loan. 

Capitol One - CC - $2,000 limit - balance - $1,800

Ollo Card - CC - $1,500 limit - balance - $1,344

First Premier Bank - SCC - $200 limit - balance - $50

Merrick Bank - CC - $900 - limit - balance - $445

Mercury Card - CC - $750 limit - balance - $579

SeedFi - Secured Loan - $4,500 - balance - $4,400 (it's fresh) 

SeedFI - Secured Loan - $500 - balance - $420 (this is basically a savings account that reports as a loan) 

Upgrade Card - CL - $2,746 limit - balance - $2,293

BestEgg - Personal loan - original balance $3,200 - current balance - $2,794

Credit One Bank - CC - $400 limit - balance - $351

Credit One Bank - CC - $500 limit - balance - $38

Missin lane - CC - $500 limit - balance - $416

Grain Technology - CL - $1,000 limit - balance - $1,000

Payday loan - $550 

Total monthly payments for accounts posted - $1,444

[FireMedic1]

Sorry for the delay and the hard ball that was thrown at you. For now. Cut up every single card you have and dont use them. Please dont charge more and get more in debt. Anything thats maxed out. Hit that one up first. Your going to have to find a way to bring in more income. Ride share. Anything to get these debts down. Hope you found a place for the family. Check the VA for a extra job for more income that you can do to bring in more. Really no other way to get it done. Budget all you can to squeeze out things you dont need for everyday living. Wish there was a easier way to come up with. All comes down to bring in more to get this in the past. I'm sorry again. Really no other way I can come up with. Keep us updated please.

[Vigilant7]

@FireMedic1 Thanks for putting that into perspective. No, I completely understand I wish I had someone to teach me financial literacy before I made all the silly mistakes. Maybe this is the kick in the head I needed.

  I have 4 rideshare driver accounts, so, that was my next course of action. We have been in Airbnb's and using the timeshare for a few months now. Fortunately, I don't have to front that bill. Thanks again, I will return someday with positive news. 

[FireMedic1]

Please do. Isn't fun for now. Eventually things will take a turn for the better. Usually does. But please trash the cards or give them to someone who can hold on to them. Out of sight out of mind. I wish you nothing but the best and good luck!

[Vigilant7]

An update.

The last few months have been tragic but we now have the means to start crushing this debt.

We have received an increase of about 15k which also, includes a greater household income. We are now coming up with a game plan to crush it all. I have already began with the high interest debts and will bring everything current. 

So, I'm hoping I can get input on the best approach to tackling every dollar.

My wife and I combined have about $34,000 in credit card and loan debt. 
I also, have a $30,000 vehicle loan. So, $64,000 in total.

Our increased income is as follows:

Disability income - $6,476 (currently)

Other benefits - $2,013 (starts January)

Total - $8489

Total yrly- $101,868

Account balance- $14,296

My thoughts were to crush the credit cards and personal loans first, starting with the highest interest debts. Leaving the vehicle loan for last. I have not acquired any new accounts since my first posting. 

[FireMedic1]

Thats great. Go after the payday loan first. Interest is killer on those things. Then highest APR cards and get them PIF. Especially the maxed out Grain Card. In red close them once paid. Thin the herd some. Then start using cards as a debit card. You cant pay it. Dont card it. Emergencies only. Eventually swipe fever will cease. Back in control. Once cards are done. Nail the loans but leave the SSL open.

Capitol One - CC - $2,000 limit - balance - $1,800

Ollo Card - CC - $1,500 limit - balance - $1,344

First Premier Bank - SCC - $200 limit - balance - $50

Merrick Bank - CC - $900 - limit - balance - $445

Mercury Card - CC - $750 limit - balance - $579

Upgrade Card - CL - $2,746 limit - balance - $2,293

Credit One Bank - CC - $400 limit - balance - $351

Credit One Bank - CC - $500 limit - balance - $38

Missin lane - CC - $500 limit - balance - $416

Grain Technology - CL - $1,000 limit - balance - $1,000

Payday loan - $550 

SeedFi - Secured Loan - $4,500 - balance - $4,400 (it's fresh)

SeedFI - Secured Loan - $500 - balance - $420 (this is basically a savings account that reports as a loan) 

BestEgg - Personal loan - original balance $3,200 - current balance - $2,794

[Coffeelover2020]

Why do you have so many accounts? It seem's your seeking out CC's and using them as a source of income. Now your in the predatory lenders i see with the low limit cards. The only way i see out, is making more income.... ride share/remote gigs/handy man gigs ect. Or you could just file for chapter 7 and wipe everything out at once...

[Vigilant7]

I don't think I learned my lesson the first time lol. Tooo in a rush to rebuild. I had some pretty amazing accounts and a decent 8-9 yr credit file before the chpt 7 BK. Since, in reality the effects of 2020 weren't my doings (aka job loss, lock downs, business closures, economic downturn) etc. Which I was initially prepared for with savings but they only lasted so long. 

I was responsibly using these accounts to beef up my file in preparation to buy a home. Close to the 700s for the first time since filing anddd lost everything again. Now interest rates are insane and I'm glad I didn't. That's truly it.