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Ch 13 Post Bankruptcy HELP.

medicgrrl
Valued Contributor

Re: Ch 13 Post Bankruptcy HELP.

I would do both...but start with your CU. Getting some revolving accounts to report will help your scores. I would work on the CU and Cap1 first, get your scores up and then attempt Discover. Are your installment loans reporting?


EQ 778 EXP 782 TU 729
Message 21 of 31
medicgrrl
Valued Contributor

Re: Ch 13 Post Bankruptcy HELP.

Also....when did you file Bk? Do you have accounts reporting as Included in Bankruptcy (IIB). If you were in default on any accounts prior to filing and you did a 5 year Ch 13, I would work on getting the accounts deleted.


EQ 778 EXP 782 TU 729
Message 22 of 31
TXBlueBonnet
Frequent Contributor

Re: Ch 13 Post Bankruptcy HELP.

Definitely do Cap1. CU are not always BK friendly when it comes to CC or traditional loans. Mine turned me down for a car loan cuz of my BK, but they did do a credit builder loan. See if you can find out how BK friendly your CU is first. If they aren't find another CU that is.

Message 23 of 31
candykis_41
Established Member

Re: Ch 13 Post Bankruptcy HELP.

How does a credit builder loan work?  I just filed BK13 on 6/5 and am a ways from even thinking about acquiring credit.  Just wanted some info on it.

BK13 Filed: 6/5/2017
341 Mtg: 7/14/17
Plan confirmed: 8/22/17
Starting score: 670 (mid/late 2013)
Married end of 2014, with a starting score of about 620 (spouse could not work .5 of 2015 and a little more than .5 of 2016)
Not enough financial assistance from spouse has landed me with Current Score: 487 (Mar 2017)
post BK discharge Goal Score: ??
Message 24 of 31
candykis_41
Established Member

Re: Ch 13 Post Bankruptcy HELP.

Did you acquire any new credit while in the three or five year BK repayment plan?  I know that this is not typically allowed; however, I have heard of instances where this does happen.

BK13 Filed: 6/5/2017
341 Mtg: 7/14/17
Plan confirmed: 8/22/17
Starting score: 670 (mid/late 2013)
Married end of 2014, with a starting score of about 620 (spouse could not work .5 of 2015 and a little more than .5 of 2016)
Not enough financial assistance from spouse has landed me with Current Score: 487 (Mar 2017)
post BK discharge Goal Score: ??
Message 25 of 31
TXBlueBonnet
Frequent Contributor

Re: Ch 13 Post Bankruptcy HELP.

The way it works at my CU (Texans CU) may be a little different from other CUs, I don't know.

Anyway, the CU loans me $500.00, but it's strictly on the books. I am not physically given the money.

Then each month, I pay just around $21.00 for 2 years. $500 was the miniumum amount and 6 months is the min loan time.

The principal goes into a savings account that I had to open and the interest (4.5%/year) goes to the CU.

Once the money is in the savings account, I can do whatever I want with it. When I've paid off the loan, I have the $500 and the CU has the interest.

Because they are not giving me any physical money up front, this type of loan is pretty much a guarantee, although it did require a HP.

Message 26 of 31
TXBlueBonnet
Frequent Contributor

Re: Ch 13 Post Bankruptcy HELP.

The way my BK worked is that I was not allowed to carry any unknown, sizable debt without the court's permission. I was never clear on what "sizable" meant exactly.

I suspect that the court would frown on carrying balances on CCs while in BK. My lawyer indicated that strictly speaking you can have credit cards, but the companies won't allow it. I tried to apply for one just a couple of months before my discharge, and was declined because I was in BK. And that was an invitation that I responded to. All it did was generate a HP for nothing.

Message 27 of 31
grayley
New Member

Re: Ch 13 Post Bankruptcy HELP.

Do you know if someone will be auto-rejected if they burned Discover and Cap One in BK?

Message 28 of 31
TXBlueBonnet
Frequent Contributor

Re: Ch 13 Post Bankruptcy HELP.

Discover will.

Message 29 of 31
Sebastian503
Established Contributor

Re: Ch 13 Post Bankruptcy HELP.

 

Welcome to MyFico,

 


grayley wrote:

Do you know if someone will be auto-rejected if they burned Discover and Cap One in BK?


 

 

Here are some threads which you can consider reading.


First read the initial post of "Scupra's" Bankruptcy Friendly Credit Cards, which was last edited 02/13/2017, as it includes critical information on cards from most vendors.


Best Wishes!!!

 

 


Bankruptcy Friendly Credit Cards
http://ficoforums.myfico.com/t5/Bankruptcy/Bankruptcy-Friendly-Credit-Cards-Pt-2/td-p/3999737

 

HOW TO: From BK7 discharge to 700 in 24 months or less!
http://ficoforums.myfico.com/t5/Bankruptcy/HOW-TO-From-BK7-discharge-to-700-in-24-months-or-less/m-p...

 

The Best (and Worst) Secured Credit Cards according to Beverly Harzog' opinion
http://www.beverlyharzog.com/the-best-and-worst-secured-credit-cards/

 

Official Credit Unions Guide
http://ficoforums.myfico.com/t5/Credit-Card-Applications/Official-Credit-Unions-Guide/td-p/4768788

.

05/03/16 Fico 8 Scores: EQ 546, TU 501, EX 548
09/01/16 Fico 8 Scores: EQ 662, TU 628, EX 657
10/04/16 Fico 8 Scores: EQ 692, TU 665, EX 686
01/15/17 Fico 8 Scores: EQ 706, TU 670, EX 687 * all Yellow / Good
Message 30 of 31
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