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When To Start Rebuilding?

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  • When To Start Rebuilding?

    I filed chapter 7 and in six weeks I will have my 341 hearing. I read one sticky about when to start rebuilding but the last post was in 2006.
    I have already received offers for car loans. I have since learned there are now car dealers and loan companies that are catering to pre-bankruptcy discharge. The sales tactics feature rebuilding credit as a top selling point.
    Is it feasible or even sensible to try to start rebuilding credit prior to discharge?

  • #2
    Don't be anything until you are discharged.

    I started rebuilding the week I got discharged.
    Chapter 7, above median, no asset. Discharged with no UST involvement.

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    • #3
      I began rebuilding after my discharge. Made sure my credit reports were reporting correctly before applying for new credit. In an active BK case, I believe you need to request permission from your trustee prior to applying for anything new.

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      • #4
        I guess it depends on what you mean by rebuilding. The first step is really to get the credit bureaus to report accurately. That cleanup will take months or longer in many cases, but you will need to be discharged before you can really start on that one if you need to initiate disputes. If you are thinking about adding credit lines then you can start pretty much anytime after your 341 if you are a Chapter 7 (for a Chapter 13 you'd need permission to take on new debt.).

        I actually started before my discharge but I don't know that it made a real difference; the biggest factor is time and that's out of your control. I was able to buy a new home just over three years after my discharge and foreclosure with a minimally reestablished credit profile, I completed payments on a reaffirmed car loan and had 2 small credit cards. I lost a rental to foreclosure before filing and converted my primary residence to a rental about a year after discharge so I had two years of rental history on the property before applying for the new home loan.
        Case Closed > 2/08/2010

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        • #5
          I am amazed at the number car loan offers I have gotten since I filed. They have offered up to $25k and stated they specialize in pre-bankruptcy loans.
          I haven't had a loan offer or CC offer in at least a year but since I filed chapter 7 I get at least one a day.
          Yesterday, I got a CC offer for Visa Platinum, 0% for the first year, no annual fee, and 11.99% after the first year. This offer did not spell out pre-bankruptcy but I cannot imagine them sending me an offer after I allowed my other CC's to tank.

          One thing I am curious about is why so many folks talk about clearing up their credit reports. I assume that after discharge my CC debt will be discharged and reported as such. I guess what you folks are saying that's not what happens.

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          • #6
            Yes, that was the case for me on my credit reports. Majority of my accounts reported correctly two months post-discharge, one account I disputed with Transunion as it was still showing a balance. All accounts discharged through BK should report as "Included in Bankruptcy" and amount "0"
            Last edited by trock; 04-03-2014, 03:31 PM.

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            • #7
              Yes, nioka. Within 48 hours of filing for Chapter 7 and getting my case number, I received my first offer from a sleazy "buy here pay here" type place to finance a car for the purpose of "rebuilding [my] credit". The following week, I began receiving similar offers from new car dealers, including Ford, Chevy, Dodge/Chrysler, Hyundai, and Toyota. For the next 6 months, I was literally bombarded with offers from various car dealers, throughout the state, encouraging me to "surrender [my] current vehicle and finance a new model" which would supposedly improve my credit. The offers all went straight to my recycle bin.

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              • #8
                I plan to drive my car until the wheels fall off. However it is nice to know that if I need it there are options available.

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                • #9
                  Originally posted by trock View Post
                  Yes, that was the case for me on my credit reports. Majority of my accounts reported correctly two months post-discharge, one account I disputed with Transunion as it was still showing a balance. All accounts discharged through BK should report as "Included in Bankruptcy" and amount "0"
                  Thank you for the clarification! I wondered this...

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                  • #10
                    Had I a chance to do it over again I would start rebuilding as soon as I got my discharge papers. As it is, I don't think I am too bad off for starting a year later. My scores are just about to break 700 and I was recently approved for a $22,000 car note @2.61% (decided not to take the offer). I do think that some people will drive themselves more into debt for the sake of "rebuilding". For example, what is the point of getting a new car if your old one is fine?

                    In regards to rebuilding I do believe one should evaluate their own goals: I do not plan on buying a house for probably another 6 years. I do not plan on buying another car for probably another 3 years. I have time on my side to repair my credit. For the most part I think starting to rebuild ASAP is a good idea, but it is all situational.
                    Filed No Asset Chp 7 BK: January 2010
                    Discharged: August 2010
                    A life lesson well learned.

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