I recently filed a chapter 13 I have started making my monthly payment to the trustee...I didn't have any credit cards....should I try and get a couple of secured cards now? Is it possible to try and rebuild your credit b4 the 3 years of payments are up? I won't get a discharge until 2005? any suggestions are appreciated. thanx, clc
Yes, it's a good idea to rebuild right away. Don't make the mistake of waiting to obtain new credit, however don't jump in too fast either. Wait until the dust settles. I would suggest waiting at least 3 months from the filing date before you obtain credit. Remember, the longer you wait to re-establish, the longer it will take for your scores to improve. Also, if you haven't already, don't make the mistake of sending the CRA's any BK documents. Cap 1 is great for people out of a bk. They would be my first choice. Good luck!
Be careful, you want to be sure the Trustee is aware you are obtaining secured cards. I did the same and it wasn't a real issue with the trustee as he did not consider it "New Debt".
Dear CLC, You might consider not being in a hurry just yet. It wouldn't hurt to at least get a few pmts under your belt first. After all you do have some time. I state this because the CC co. may give situations such as these "special handling", which means they may want to know how many pmts you've made so far to the trustee and are they current. Without this info it may be tuff to get approved and I don't want to see you disappointed. Just keep your pmts up and rest for a while. Use this time to study these issues. I know that you feel 5 years is a long way off but it's really not. It will pass quickly, I promise. Better days ahead.
Thanks everyone for your advice. I have lived without credit cards for 6 years now...basically I filed a 13 to get rid of a huge (98K) irs problem. Please it is a long sad story involving an ex...he has a 1.3M irs problem and is hiding. I got sick of hiding and decided to start the road to recovery. I am only paying $70/mnth for 3 years...so to say the irs is getting crammed down is an understatement. I read dogman's story on an old post so I know there is hope for me in the future. I could afford right now to get a secured card...but it can't be Cap 1 as they are one of my bk accounts that will basically get nothing. Providian is another...so is there anyone else I can look to? I know I will have to live with this bk for 7 years...but choosing between that and the irs dogging me for life..the choice was simple...but by 2005 I would like to be able to start a new life and if getting some secured cards with a 250-300 credit line would help me attain that goal then that's what I would like to do. Thanks again. clc
Try Household, clc. I'm C13 and pissed off both Cap One and Providian as well. Household for as many horror stories as they have has been good to me. Sassy
