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Sadie92
Posts: 1
Registered: ‎11-16-2012

It has been 3 years since chapter 13 and I still can't qualify for credit. Help!

I filed for chapter 13 well over 3 years ago.  I have never missed a payment. I also have been making regular payments for my student loans.  My discharge will be August 2014.  I have applied for cc to start rebuilding my credit score, but have been turned down from everyone.  Even a secured card from Capitol One!.  I do not know what to to.  Any advice?

Valued Member
asp123
Posts: 47
Registered: ‎10-11-2012

Re: It has been 3 years since chapter 13 and I still can't qualify for credit. Help!

First, have you looked at your reports to make sure everything is appearing correctly on them?  Keep reading on here...there is lots of helpful information and makes for good bedtime reading! :smileyhappy:

 

Secured credit cards can help and if you have access to a credit union they are awesome.  Two years after my bk my credit union refinanced my car and saved me $80 a month in payments. 

 

 


Starting Score: 9/2012 - 609
Current Score: 11/9/2012 TU 620 11/9/2012 EQ 591
Goal Score: 700


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New Member
CHICKIE71
Posts: 2
Registered: ‎01-15-2010

Re: It has been 3 years since chapter 13 and I still can't qualify for credit. Help!

You cant get credit until you are discharge. The trustee will kick you out of bankruptcy if she finds out you are trying to get any credit without her permission.  If she kicks you out, you can not refile. Do you really want that?

Regular Contributor
StartingLifeOver
Posts: 136
Registered: ‎02-06-2009

Re: It has been 3 years since chapter 13 and I still can't qualify for credit. Help!


CHICKIE71 wrote:

You cant get credit until you are discharge. The trustee will kick you out of bankruptcy if she finds out you are trying to get any credit without her permission.  If she kicks you out, you can not refile. Do you really want that?


That's not entirely true. It depends on what district you are in and the rules in that area. Some trustees are stricter than others. Jusk ask if you are allowed to start rebuilding your credit. If you have a lawyer, question him so you don't throw up any flags with the Trustee if it isn't allowed where you are. My lawyer gave me permission to start rebuilding my credit after I filed. About 3 months after filing, Orchard Bank began sending me pre-approvals so I app'd and was approved.  I canceled the card within 30 days because i thought they were unscrupulous (long story). Any way, I decided not to obtain credit that way.  I know Orchard Bank has been bought out by Cap 1, so I'm not sure who you could try for unsecured credit now.

 

I waited, saved some money and opened a secured card two years later (while still in 13). I began rebuilding that way and my credit is better than before I filed. I was not kicked out or anything like that and I just finished my plan.  It can be done.

NFCU Cash Rewards: $14,000/FNBO Platinum: $3,600/Best Buy Cap 1: $2,500/Care Credit $7,600/TJ Maxx $600

Starting Score: 426 Ch. 13 BK Filed Sep 2009; Discharged Jan 2013 :smileyhappy:
Current Score: TU 715 EQ FICO 693 EX 660 all via lender pull 5/9/13
Goal Score: 720


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