Improving credit while still in Chapter 13?

FixingFinance · ‎04-17-2014

I'm almost three years into my Ch. 13 bankruptcy. I have really been working on improving my finances during this time. My credit score was in the low 500's when I started so I'm one of the folks who has a score that has actually improved since filing. I'm in the low 600's right now, and although I'm not expecting to really need credit in the immediate future, I would like to do what I can now in order to minimize the hit once my BK is discharged. I've got about two years left in my bankruptcy.

I read somewhere that you can obtain (and responsibly use) a secured credit card while still in bankruptcy and it can improve your score. Is this corect? If so, any suggestions on the best cards?

BK13 filed 6/2011
Starting score: 524
Current Fico Scores: TU 495, Exp 588
Wallet: -

mynameainttracy · ‎04-17-2014

My husband and I got approved for unsecured cards through NFCU while in our plan. We are now over a year post discharge and we just got Barclay's and Cap One cards.

FixingFinance · ‎04-17-2014

That's great! NFCU is only for military right? I wonder if my credit union would approve me.

BK13 filed 6/2011
Starting score: 524
Current Fico Scores: TU 495, Exp 588
Wallet: -

mynameainttracy · ‎04-17-2014

As long as you didn't burn them it's probably worth a shot.

TRC_WA · ‎04-18-2014

I don't know what you could get while in bankruptcy because I never bothered with it... seems like a lot of hassle and there is no guarantee of trustee approval.

I can speak of rebuilding after discharge... you can look at my sig for the new accounts I've opened since my discharge 11 months ago.

My profile is complete... I have a mix of revolving cards and a car loan. I'm just sitting back and watching my scores go up while I'm waiting for my 13 to drop off my report in 2 years.

FICO8 current as of : 4-17-24 EQ: 724 TU: 707 EX: 706
Hard INQs last 12 months: EQ: 5 | TU: 8 | EX: 9
Verizon Visa $8500 Amex Delta Reserve $10,000 Care Credit $18,000
NFCU CashRewards $7500 Apple Card $7000 Best Buy $8000 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) 6.95%
NFCU motorcycle loan (2024 Harley Davidson Road Glide - Alpine Green & Chrome) 9.45%
Total CL: $64,000 --- Total CC UTI: 27% --- AAoA: 5.5 years --- Income: $200k
Last app: 4-6-24

Anonymous · ‎11-03-2016

How can it fall off your report that soon? I thought it takes 7 years after the discharge.

Scupra · ‎11-03-2016

@Anonymous wrote:
How can it fall off your report that soon? I thought it takes 7 years after the discharge.

Welcome to myFICO! When TRC had posted that he had already been discharged for a while and only had 2 years left to wait. By the way, this thread is 2.5 years old