Discharged Today....now what!
Well, the day has finally come. Day 62....discharged. still waiting on my case to close! Now I'm off to rebuild my credit. Do u guys have any advice to give me.
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Filed Chapter 7 2-28-10
341 meeting 4-1-10
Discharged 6-2-10
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Congratulations. The only advice is... try to avoid credit.
Of course you need some trade lines and to rebuild some credit, but avoid installment loans and keep revolving lines of credit to a maximum of 3.
Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
Status: (Auto) Discharged and Closed! 5/10
Visit My BKForum Blog: justbroke's Blog
Any advice provided is not legal advice, but simply the musings of a fellow bankrupt. -
I would check your CR's to make sure everything is reporting correctly.Originally posted by tiiger View PostBroke in Paradise
Filed: 2/2010
341: 3/19/2010
Discharged: 05/11/2010Comment
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I thought that by rebuilding credit, at least one installment loan (small car loan with a down payment or personal loan) and 2 revolving lines of credit over time would help boost credit with paying on time and keeping income to debt ratio reasonable? Is having installment loans a bad thing to rebuilding credit? Just wondering.Originally posted by justbroke View PostCongratulations. The only advice is... try to avoid credit. Of course you need some trade lines and to rebuild some credit, but avoid installment loans and keep revolving lines of credit to a maximum of 3.Chapter 13 filer since Feb. 2018 under a 60 months payment plan
Please think positive and do not give up!Comment
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Too many installment loans does. Having something like a car loan reporting positively has helped my score. But I also have a ton of student loans that show up as "installment loans" on my report and it doesn't like those.BK Ch 7 Discharged 09/2009 | Anything I say can and should be used as friendly advice and sharing of experiences with an unbiased viewpoint.
Scores: EQ 745 EX 704 TU 710 as of 08/15/2012Comment
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Yes. My statement is about moderation. You should have no more than 3 revolving lines of credit (as indicated above), and definitely, no matter what you do, don't have more than 2 installment loans (other than a mortgage). FICO dings you hard for that.Originally posted by ForumReader View PostChapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
Status: (Auto) Discharged and Closed! 5/10
Visit My BKForum Blog: justbroke's Blog
Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.Comment
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Congrats! Party like a rockstar now... go take a big trip, buy lots of crap and live the life of freedom.
ok just kidding. I am in the same boat as you. Discharged 8.9.10 and loving the relief! I just applied tonight for my 1st cc and was approved. Horray for rebuilding credit and not carrying a balance
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Congrats on your discharge
Filed: 5/22/07; 341 Hearing: 6/27/07;
Confirmed: 8/13/07; DISCHARGED 4/17/2012
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Also, I would do as Sunny said and check your CRs to make sure they are reporting correctly.Originally posted by sunnysd619 View PostFiled: 5/22/07; 341 Hearing: 6/27/07;
Confirmed: 8/13/07; DISCHARGED 4/17/2012Comment
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Hey guys, his discharge was in June. But, what the hey, the hamsters missed it, so, here we go with his Victory Dance:
If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.Comment
Bankruptcy Wizard
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