Re: It has been 3 years since chapter 13 and I still can't qualify for credit. Help!
11-18-2012 05:58 AM
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.
Starting Score: 426 Ch. 13 BK Filed Sep 2009; Discharged Jan 2013
Current Score: TU 706 EQ FICO 701 EX 704
Goal Score: 720