04-16-2013 12:47 PM
I am a new member at Myfico.com.
Is it safe to apply for a secured credit card through my Credit Union while in a chapter 13. How will it affect or improve my score?
04-20-2013 03:20 PM
Why would you want to do that? You're CH 13 so you're repaying your debts which will help build your credit over time. There's no reason to take on a secured card. Focus on repaying your debts, living within your means, and building your savings. THINK PAY CASH/Debit Card for the next few years.
04-23-2013 01:57 PM
I went ahead and got a secured card and am currently in a chap 13 plan. I was told by my attorney that unsecured debts larger than $500.00 need to be approved by the trustee. so a secured card is fine to be obtained. Its hard to get a unsecured while your still in chap 13 but a day after chap 7 you can pick up unsecured cards right away. Weird how that works out.
04-25-2013 04:18 AM
04-25-2013 05:22 PM
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.