topic Re: Secure savings loan from my CU while in a Chapter 13 in Understanding FICO® Scoring

Secure savings loan from my CU while in a Chapter 13

Anonymous — Mon, 08 Aug 2011 18:06:07 GMT

I have about 22 months left to pay on my Chapter 13 and was told I could get a secured savings loan($500) from my Credit Union. I want to know how big a help this would be and if I pay off the 12 month terms early over several loans would all this be a help when I exit the bankruptcy.

Re: Secure savings loan from my CU while in a Chapter 13

Anonymous — Tue, 09 Aug 2011 13:58:14 GMT

Hi bikin57,

Welcome!

Just a question first. I'm wondering if the CU offered the loan, or if the BK trustee approved the loan (or both)? Or if your attorney weighed in on this?

IME, (and YMMV), any new loan must be specifically approved by the trustee or it'll likely result in a dismissed BK - which is not a good thing.

Re: Secure savings loan from my CU while in a Chapter 13

Anonymous — Tue, 09 Aug 2011 19:23:24 GMT

I had asked once about a secured Visa cad and was told no, but when I went back a few weeks ago and asked about a loan from my CU secured by my savings they said ok.

Re: Secure savings loan from my CU while in a Chapter 13

Anonymous — Tue, 09 Aug 2011 19:32:10 GMT

One question I had when I was told no on the secured card was how would the court know I had the new credit line. I've always wondered about this but passed because I didn't want to take the chance. That's why I checked on the CU secured savings loan first.