Bankruptcy

[StartingLifeOver]

@ProudMomof5 - I have the American Momentum Bank Secured Card.  The situation with your car sounds a little "iffy".  It seems odd, that they would delete it completely.  I would ask my attorney before I asked anyone to add anything like that.  Personally, I wouldn't add anything that would add any "baddies" to my file at this point since rebuilding takes so much time.  If it's going to be completely paid through the plan, I would just opt for a second CC to build new history.  But that's just what I would do.

@Guyatthebeach - which BK did you file?  And how long after you opened your secured cards did you get approved for the Barclays card?

[Guyatthebeach]

Luvmeirahbug, I filed Chapter 7 in November 2011 and it was discharged in Feb.2012. I waited six months to the day after my bankruptcy was discharged to apply for the unsecured credit cards. My credit union was super nice and approved it right over the phone. I'm still waiting to hear from PNC.. I have a feeling I will need to do some recovery to get that one approved. I applied and was approved for the Barclays on the same day. I am glad to have an unsecured line of credit, I just wish the interest rate was lower, as it's 22.99%. This is my motivation to pay it off monthly. 

I chose to risk my FICO score by doing all three of these apps in the same timeframe, because I wanted to get away from secured cards as soon as possible. I wanted these credit lines to have at least a year before I try to buy a car.

When I get a final answer from PNC, I will write a detail account of what I have done to bounce back from my bankruptcy.

[softballgirl29]

Happy to say that my bk was discharged in August and I have already been approved for two credit cards!! Capital One, CL $ 250 and Credit One Bank, CL $300!! I am beyond thrilled, I know they are low limits for now but its great to know that I can get a fresh start and build my credit from the beginning. I am hoping to qualify for a mortgage within the next few years and this gives me hope

[StartingLifeOver]

I just knew you would be approved.     Congrats on those new cards!

[Guyatthebeach]

Softballgirl29,

Congratulations!!! What type of card did you get from Capital One?

[krielly]

Hi. I know you are discouraged, but remember, you are only 1 year into your Chapt 13. Chapt 13 is not a sprint, its a long distance race. You may be able to get an FHA mortgage down the road, with trustee approval, but they will want you to be at least two years into your plans with on time payments for 1 - 2 years.

Patience.......I don't think these low interest rates are going anywhere in the near future. The best you can do for now is to make sure your CRs are accurate, and give things some time.

[softballgirl29]

Guyatthebeach...Thanks, I got the Cap One Platinum. Its a small credit line but its unsecured I'm just happy to be on the road to rebuilding!!

[someyoungguy]

Just wanted to chime in.  In my state, MN, during my ch13, we were advised specifically not to take on new debt while in bk. You should check with your attorney because it might jeopardize your case. Again check with your attorney. While in bk, we could get an auto loan and mortgage with trustee approval provided you were in need. I learned my lesson. Secure cards do work. Non secured comes at a high price. Correct me if im wrong but fha loans will take scores as low as 580? Good luck to you on your journey.