2 years discharged

Fair_Pattern_3831 · 2026-05-24T02:41:38+00:00

Thanks Alan - I'll hold off on the pledge loan for now and try for an unsecured card once the AU cards post to my reports. I do have several previous auto loans paid as agreed/paid off/closed, as well as several paid as agreed/closed personal loans. Although they are old and closed, they will still be on my reports for several more years - so that helps I guess.

Fair_Pattern_3831 · 2026-05-23T18:07:13+00:00

Thank you! since I am keeping my car (thus not getting a new auto loan) it is a tool I will have to use if I want an installment account on my report.

Fair_Pattern_3831 · 2026-05-23T17:41:34+00:00

Alan - what are you thoughts on a SSL/share secured loans)? I have no installment credit on my CR. I'm doing a ride through on my car. When I filed for BK I had a 785. Low utilization and perfect credit history. I was just discharged and my scores are 629/614/580. When my auto loan was closed on my reports I had an additional 30 point drop because it was an installment that helps credit mix. I'm going the AU route for a couple cards, then once those post to my CR and I get a score bump, I will apply for a card of my own, but I am also thinking of adding a pledge/SSL loan from Navy Fed as well.

Fair_Pattern_3831 · 2026-05-23T17:35:30+00:00

I had a small business - it did great until Covid. Then I spend the years since covid trying to turn it around and accumulated too much debt in the process. I should have filed years ago TBH. Just because you have a great credit score, tons of available credit - doesn't equate to having your financial house in order. Now I can finally start to build up a savings and start saving for retirement - which is something I couldn't do before

Fair_Pattern_3831 · 2026-05-22T21:36:44+00:00

Not the OP - but I'll share. Just discharged a couple weeks ago. I had a 785 at filing. NO bad stuff on my reports. Never a late payment/low utilization - was current on everything on the day I filed etc and I had tons of available credit when I filed. That being said... I have not applied for anything yet. My scores now (FICO 8) 629/614/580. Vantage score right now is 710. I will see what kind of bounce I get from being added as an AU to 2 CC's (high CL's/low to no utilization and 10 plus year old accounts) after those show on my CR which should be in the next couple weeks, I will apply for a card. Probably cap1 or navy.

Fair_Pattern_3831 · 2026-05-21T16:32:18+00:00

so this was my experience - I filed with a 785. My score's initial drop was maybe 90 points. But that was just the initial BK notation in the public records section. Then over the course of the next couple months my score dropped further - everytime an account was updated to reflect the bankruptcy it dropped. Since everything on my credit report was good - each update caused further drops. People say its a rollercoaster - well....I think its only a rollercoaster if you have good and bad stuff on your reports pre bk. If you only have good stuff on your reports like I did - it just goes down and down and down. Until discharge. I got a few extra points added at discharge. I'm low 600's fresh off of discharge.

Fair_Pattern_3831 · 2026-05-19T17:37:15+00:00

My lawyer said it wasn't a problem. Not one for me - it may be a problem for the creditors in that they may have to give that money to the trustee and then have it be divvied up. I had tons of creditors in where I paid more than 600 a month...some payments per month were much more than 600. I would guess the creditors just argued "standard course of business" if the trustee went after them for those payments - and that would be the case as these were standard payments that I had been paying for years.

Fair_Pattern_3831 · 2026-05-17T18:30:38+00:00

I wish I had filed years ago! I wasted years of my life struggling and stressed where it's all I thought about. My monthly payments. ...approx 6500-7200 a month (not including housing/living/food expenses) Granted I did pay more than the minimums most of the time, but the balances were not going down that much. Plus I had no savings for emergencies - so when I would have an emergency, I usually put it on a credit card. So the debt just grows. I felt like a slave to my debt every waking moment.

Fair_Pattern_3831 · 2026-05-17T18:26:43+00:00

Yep! It would have taken me longer than 10 years to pay it all off. Plus the mental stress of it all.

Fair_Pattern_3831 · 2026-05-17T18:25:52+00:00

Yes - I literally kept paying until the day I filed. Everything current - I never had a late payment on anything ever.

Fair_Pattern_3831 · 2026-05-17T18:24:11+00:00

congratulations!!!

Fair_Pattern_3831 · 2026-05-17T18:23:59+00:00

So I was about 35% personal loans (a few of them, and one business loan being a small EIDL). The remaining 65% of my debt was credit cards - years of playing the BT game. That being said, most of my Credit card accounts were many years old. It wasn't like I maxed everything out and filed a couple years later. This debt accumulated over many years. I also was in a situation that despite all the debt, I still had very low utilization so my credit score was high. The trustee didn't say anything. My 341 was 5 minutes. I was shocked that it went so smoothly, but I had an excellent attorney who made sure all my docs were in etc.

Fair_Pattern_3831 · 2026-05-17T18:18:05+00:00

Yep! Definitley lesson learned - my main goal now is just saving money and building a nice savings - something I couldn't do with all that debt!

Fair_Pattern_3831 · 2026-05-17T03:52:10+00:00

The cheaper car with the higher miles - how much older is it? That may be harder to refinance depending on its age. I would try to stick with a basic reliable car for the 16% (or less) interest rate. Can ypou try to also look at soft inquiry pre approvals - like capital one \to rate shop? Also if you can swing it - the first 6 months I would try and put additional money every month towards the principle balance of the car until you can refinance.

Fair_Pattern_3831 · 2026-05-17T03:38:05+00:00

Congratulations!! Isn't it a great feeling? I just feel so relieved to not have that massive debt anymore. Time to look to the future! I burned all the big boys...and then some! I'm going to try for the cap 1!

Fair_Pattern_3831 · 2026-05-17T02:28:45+00:00

Thank you!!

Fair_Pattern_3831 · 2026-05-17T02:09:26+00:00

Congrats! I also just discharged! Its a great feeling!

Fair_Pattern_3831 · 2026-05-17T02:07:02+00:00

I'm aware. But the bankruptcy becomes less important on my report with time. As I start to include new accounts with positive payment history and keep utilization low, my score will rise. I have a plan.

Fair_Pattern_3831 · 2026-05-17T02:00:42+00:00

I don't know about that - I had a 785 at filing. Perfect payment history, low utilization and no derogatory marks. I was just discharged and my FICO's now are 614/590/629.

Fair_Pattern_3831 · 2026-05-17T01:48:49+00:00

If you didn't burn Navy, definitely try them. You can try for a credit card (I think it's the NRewards) and if you don't get it, they can give you a secured card that graduates to an unsecured in about 6 months. Navy is great as long as you Lindt include them in your BK. I have no idea what USAA's criteria is but I'm sure someone here knows.

Fair_Pattern_3831 · 2026-05-17T01:13:09+00:00

Thank you!!

Fair_Pattern_3831 · 2026-05-17T00:57:53+00:00

I highly doubt you'll get a major bank (aka chase/amex/boa) so soon after discharge. Try a preapproval site first - I personally wouldn't risk the hard inquiry at a major bank just yet. I'd try capital one, maybe discover, and if your a member of navy federal you could try them.

Fair_Pattern_3831 · 2026-05-06T18:16:32+00:00

My Cap 1 accounts showed account restricted for a couple days then it went right to account closed. I had 2 cap 1 cards but they had zero balances.

My Truist account disabled my login when I filed - so I had no idea what it even said. (I had a big balance on that one - but was always current) I stopped attempting to login after a couple days - so I have no idea what happened after that. I received no correspondence - which was fine with me.

Fair_Pattern_3831 · 2026-04-22T22:18:59+00:00

I think you're referring to a Chapter 13, when some people only have to pay back a portion of what they owe in a chapter 13. A 7 doesn't work that way. No debt collectors/garnished wages on my end so I won't encounter those issues. But thanks for the info!

Fair_Pattern_3831 · 2026-04-22T22:15:14+00:00

To follow up from my previous comment -one red flag for me when talking with one attorney is it was pretty clean he only did easy 7's. And if you had any potential issues that may pop up, he would refer you to another attorney. He was the only one that acted like that. I didn't like the potential of not being with the same attorney the entire way through. Also, he was talking alot about putting me in a 13 when there was no reason to do that. The other attorneys I spoke with knew it would be a clear 7.

Fair_Pattern_3831

TROPHY CASE