Chapter 13 rebuilding plan

[Anonymous]

I am currently in a Chapter 13 with about 10 months left but, I want to start rebuilding my credit now so that when I'm discharged my scores will be higher. I am currently a member at NFCU which I have read and heard from this forum that, that's a good thing. I have a secured Nrewards card with them. Would it be too much to do a secured loan for about $500 to $1000 and pay it off?

[Vegas4Play]

Dont do it just wait, You don't want trustee problems JMO

[Anonymous]

I actually applied for an auto loan and was approved from Credit Acceptance the trustee would have allowed it and they would have increased my Chapter 13 payments from $450 to $1000 per month so I chose to wait but, I'm already building with my secured card I just want to make sure I'm doing enough.

[Anonymous]

Best advice is to do nothing until discharge. Any new consumer credit must go through the Trustee, and it needs to be an emergency. The Trustee will question disposable income that isn't being used to pay your IIB creditors. I know waiting is difficult (been there).

[Anonymous]

I'm getting a little worried, I've been reading on here that a trustee can discharge your case if you get new credit while in the Chapter 13 plan without prior approval. My lawyer never stressed the importance of this. I've gotten a NFCU secured card and put a $1000 limit on it and also a Conn's Appliance store account with $2000 on it I've had both of these accounts for over a year and haven't heard anything yet but, I only have about 10 months left in a 5 year plan. Should I be worried about them dismissing my case at this point? I also recently applied for an auto loan and did receive permission from the trustee to acquire it but, my payments would double for the remainder of the plan. Therefore, as a suggestion from someone in my attorneys office I chose not to go forward with this purchase and try to wait out the 10 months.

[Chilli]

My advise is to speak to your attorney. He/she would be the best person to answer this question or concern.

[Anonymous]

My attorney says just don't worry about anything new. Basically, he's telling me to just lay low and not do anything else.

[Chilli]

Ok, good deal. Check out Soulmaster 700 in 24 months. there are things you can do while you're waiting. while I was waiting for my discharge, I had used my time to learn about the credit game. I had also pulled my reports and started cleaning...

again, good luck to you.

[Anonymous]

Thanks, again