Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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341 is done! Awaiting discharge papers and preparing to rebuilt credit...

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  • 341 is done! Awaiting discharge papers and preparing to rebuilt credit...

    I had 341 meeting today which took less than 2 minutes

    I'm awaiting for discharge papers in about 60 or so days and I'd like to prep for everything to start rebuilding my credit (I am NOT interested in racking up any of the debts, debts were caused by my ex-wife which I finally divorced from her) I'm looking for fresh start on my own!

    My goal are simple: Hopefully buy a small home in 2-3 years.

    What's the best way to start rebuilding credit? Do I need just 1 credit card to rebuild? Will my PLUS student loan for my daughter (which is being deferred till this summer) be reported on my credit history as paid on time?

    I know I didn't reaffirm my auto loan with Toyota Fin. Services but I am still paying (never late) Will that still report? I might be able to pay it off soon anyway

    LASTLY!!!! Is it good to ask my mom who have EXCELLENT credit with no balances (she always pay off each month) I know she has 842 score () to be on Authorized User on one or two of her credit cards (I will not have the card(s) anyway) and would that help boost my credit score/history?

    I tried to search here but it seems mostly are from 2005-2010 and wasn't sure if that still applies now (2015)???


  • #2
    Congratulations on a successful 341! 60 days will pass whether you stare at a calender or not, so try to make the most of it.

    It will be difficult to buy a house in less than 2 years from discharge. Someone smarter than me can chime in with the exceptions to the 2-year rule, but every mortgage broker I spoke to said I'd be wasting my time at less than 2 years.

    Your Toyota Financial auto loan may or may not report. My BOA auto loan is reported as closed and included in bankruptcy, but each month that I make a payment, they note that payment on my report. Not sure if that makes any difference. Do not count on your auto payments improving your credit.

    I wouldn't bother with trying to become an AU (authorized user) on your mother's accounts. Non-spousal AUs are frequently not reported. It used to be that being an AU on an aged, excellent card was a godsend to your report, but that is no longer true.

    You'll want three credit cards to optimize your credit. The sooner your open them, the better, because you want them to age over the next 2 years. Let between 1 and 9% of your credit limit report as a balance on your credit report, but only on one card. Other cards should be paid off BEFORE your statement cuts, so they will report a $0 balance. Do not bother with annual fee cards. Do not bother with cards that charge an application fee. These are predatory cards and you can do better. I recommend you go to capital one and using the credit card pre-qualifier to see what they preapprove you for. The worst case scenario is that you open 3 secured credit cards. NFCU is an excellent secured card if you qualify for membership. I like the Discover it secured card as well. There are many others. You may do well to go to your local credit union and opening a secured card with them.

    Good luck!
    Chapter 7, above median, no asset. Discharged with no UST involvement.


    • #3
      Thanks Txskyblue!

      Right, I don't expect to get mortgage less than 2 years as I stated 2 to 3 years

      I filed BK7 on CapOne and one of my local CU credit card as well. I don't think CapOne would bother approving me post BK? I am not eligible for NFCU.


      • #4
        Originally posted by postie View Post
        Thanks Txskyblue!

        Right, I don't expect to get mortgage less than 2 years as I stated 2 to 3 years

        I filed BK7 on CapOne and one of my local CU credit card as well. I don't think CapOne would bother approving me post BK? I am not eligible for NFCU.
        Barclay's has been good to a lot of BK Forum members. They are persnickety about # of inquiries and other things so search for posts on them here and on some credit rebuilding sites.
        ~~ Filed Over Median Income Chapter 7: 12/17/2010 ~~ 341 Held: 1/12/2011 ~~ Discharged: 03/16/2011 ~~
        Not an attorney - just an opinionated woman.


        • #5
          Originally posted by postie View Post
          I filed BK7 on CapOne and one of my local CU credit card as well. I don't think CapOne would bother approving me post BK? I am not eligible for NFCU.
          You'd be surprised. There have been many, many reports of CapOne giving credit cards to people who just discharged them for 20K or more in credit card debt. Most places blacklist at least for a little while, but not CapOne.

          Check other local credit unions. I'm a member of half a dozen where I live. I subscribe to the "don't keep all your eggs in one basket" idiom.
          Chapter 7, above median, no asset. Discharged with no UST involvement.


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