A car and a credit card...

[RBisDebtFree]

I've been lurking here for awhile - we were discharged back in July and are now trying to rebuild.

RBisDebtFree - We are in an area with WSECU and are eligible to join, do you happen to know what your credit scores are? I don't want to get my hopes up....

528, 560, 568 -- EQ, EX, TU. I first offered 40-50% down and when approved, asked the loan officer to resubmit for 15%. It got approved both times. If you apply, please let me know how it goes for you, thank you!

[RBisDebtFree]

My understanding is that one fixed line, and one revolving line should be sufficient. Multiple lines will increase the amount of credit available, which can increase your score (based on utilization), but there seems to be some number of accounts that can do just the opposite. Remember, Fair Isaac corporation does not tell anyone exactly how they arrive at the score. (Wouldn't it be great to have a product that everyone was so obsessed about that they would jump through hoops, and do just about anything to manipulate this three digit score?)

If you go with your one account, use it to no more than 20% utilization each month, and pay it off every month (hopefully you have a grace period, so it doesn't cost you anything), and keep doing this over time, your credit line will increase (lowering utilization), and it will continue to rebuild your credit, as time goes on. I would not get excited trying to open other accounts.

Thank you for your information!

[Hopeful09]

Thanks, RB -

I plan to go in and try to speak with someone on Saturday. Did you make an appointment? I'm kind of scared to - but I did call and verify that I am eligible for membership.

My scores are 578 and 583 - YIKES! A far cry from where they were just 2 years ago!!

[RBisDebtFree]

I applied online and if I had to do it again, that's what I would do, you can do by going to wsecu.org -> Loans -> Apply Now...

You can just start with an application, don't need to get the membership or anything first. One thing, if you have dependents then in the comments for the loan specify if you any childcare / daycare expenses, they will most likely want to know that. Also, they allow adding a co-borrower and if you're married and want to rebuild your spouse's credit history as well, you can add him/her on the online app as well.

At the end of the application, you will get your application ID and will be prompted to enter a password, if you do enter a password, you will be able to check the status online using your app ID / password. When you apply or check the status, the results page might show an amount and an interest rate, it doesn't mean that you are approved or if you are, it doesn't mean that will be your approved loan amount and interest rate. Also, make sure that you are doing at least 80% LTV (though it's not 20% down, I went 80% LTV and put only 14% down or so).

Hope this helps...

[Michigan1951]

A side question for RbisDebtfree in regards to.....

I was in a real hurry when responding, I think it's a regular credit union but it's only open to present or former state employees (public school, city, state employees or contractors) or their relatives... I qualified through my cousin-in-law, I would try for something like that, I guess it was just for me going from door to door and not giving up... I wish good luck and a good deal to you!

I noticed you are discharged, but TT questioning pending exemtptions after the fact. If you can direct me to your specific posts on your case, great!! Or a quick answer here would be fine too.

[RBisDebtFree]

Here are the links:

http://www.bkforum.com/showthread.php?t=47223

http://www.bkforum.com/showthread.php?t=47765

http://www.bkforum.com/showthread.php?t=48106

Hope this helps but if you any questions, please let me know!

[Michigan1951]

Here are the links:

http://www.bkforum.com/showthread.php?t=47223

http://www.bkforum.com/showthread.php?t=47765

http://www.bkforum.com/showthread.php?t=48106

Hope this helps but if you any questions, please let me know!

Thanks so much. I will watch your progress from here on out!! Thanks for all your posts............

[RBisDebtFree]

My attorney is trying to get hold of the trustee right now, he couldn't for the last 2 weeks, trustee's attorney refers my attorney directly to the trustee but the trustee is not available.

I'll post under Chapter 7 section when I get more updates... hopefully good updates!

[Michigan1951]

That's funny because my trustee is was on vacation for awhile, and NOTHING has been done with my case since the last continued 341. My lawyer said he hasn't had any issues about my case with the UST or TT up to this point as well. He is optimistic from knowing how the trustees make motions, etc. from many years of working with them on other cases.
It is nerve racking. The waiting to know anything is the killer. So I understand your feelings with your obj. to exemptions with your Trustee.

[RBisDebtFree]

Yeah, if he proceeds with the objection and wins, I'll lose the money I will pay to my attorney and the exemptions that he objected to, it's about $10k + attorney fees. That won't be cool, I am still just hoping that I will hear from my attorney something like this "Oh, it was nothing, the trustee will withdraw the objection today." It's my dreams, but no one can forbid me to dream!

[Hopeful09]

Hello again, RB -

Just wanted to let you know what happened with this. I applied via WSECUs online loan app this morning and was denied I called because my online status said they needed more information - was feeling really hopeful because of your approval and was kind of suprised they denied me! Ugh!

The person I spoke on the phone said I was denied due to 1) A recent BK (discharged 7/09) 2) Late payments in the last 24 months (None EVER until the 60 days prior to filing) 3) A collection account (this is a whole different story - see my other thread....my previous credit union's is breaking the law BIG TIME and I've got a lot of work to do to try and fix that) 4) Debt to income ratio is too high....not really... - but they will not count my husband's income because he's been in his job for a short time (BK was filed due our small business going under, so his job is relatively new).

At least it's Friday. Have a good weekend.

[RBisDebtFree]

Sorry to hear that Hopeful09, I guess it all depends on a whole bunch of things... hope you have a good week-end!