@Anonymous wrote:
@FireMedic1 wrote:
I take it your in a Chapter 13? Getting 3 cards so fast will knock your scores down. Theres no rush to get credit. With Chapter 13 bankruptcy, you will need to receive prior approval from the court or Chapter 13 trustee. Additionally, your plan payment must be current at the time of the request. Slow down. Rebuilding is a marathon not a race.
@FireMedic1- I'm on a 100% payment plan and all my payments are current. My attorney told me that my trustee does not care if I incur new debt based on her prior experience. I'm not trying to rush, I'm just very concerned about the effect that the BK is having on my credit, which was otherwise spotless until I filed. My readings here told me I should aim for 3 credit cards and a loan. So I was looking to open three secured cards and then just AZEO them at the same time as I make my plan payments. Not a good idea?
I also had an excellent credit file with no baddies before I filed Ch13. I did not get any CC's during the plan. Immediately upon discharge, I applied and was approved for an unsecured CC with a starting line of $3500. At that time, my credit score was still in a rollercoaster because my credit file wasn't updated yet. 2 months after discharge, my FICO 8 was 701 (EX), and at that time I got a second unsecured CC with SL of $7000. 5 months after that, 3rd CC with SL of $12k. No denials since starting my rebuild. My point in this isn't to boast, but to say that having a clean file before BK is really an advantage once you are discharged. The key is once you are discharged, then you'll be able to rebuild and do so quickly.
Even if the trustee doesn't usually care, getting new credit without their approval could technically be against the terms of the plan. They could decide to care, which you have no control over, and dismiss your case - and there goes your discharge and new start. Why jeopardize your second chance if you've been doing great in the plan and are on track? Also, your credit score is going to be bad no matter what until you get discharged, especially if you had no baddies before filing. You'll have better scores to get better credit terms if you wait to apply after the DC. Why the rush? Slow and steady wins the marathon here.
