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?
04-18-2013 05:59 AM
You are not allowed to apply for new credit (secured or otherwise) while under bankruptcy protection.
That's what I was told by my attorney.
04-18-2013 08:20 AM
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
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