My Chapter 13 was just discharged around a month ago back in February (was on a 5 year plan). I was fortunate enough to have a trustee and court supportive of rebuilding.
Started my rebuild two years ago in February 2019 with an Ollo Card and a SL of $1200. I had to have a card with a higher SL due to travel for work as a contract employee. The court allowed me to get an additional card due to the Ollo's low credit limit about 6 months later. Shockingly, when I applied, Penfed gave me a SL of $10,000 on their Promise card in the summer of 2019.
Right now I am intentionally taking advantage of having a "dirty" profile for the next 18-24 months. Have plans to move and obtain a new mortgage at the end of that period once my 13 falls off. Current mortgage has a balance of about 120k and home is worth around 290k. Trying to fit in all inquiries for unsecured cards right now -- which I'm done with after these approvals.
Also have a 72 month Navy Federal auto loan at 3.89% that I obtained with the court's permission a few months before my discharge. 0 down loan with a total of 31k borrowed. I've already paid it down to less than 28k owed even though only two payments have actually been due.
Utilization is 9% but all cards are actually PIF each month.
HHI is 165k
FICO 8s:
Experian: 681
Equifax: 685
Transunion: 667
Approved this week:
Affinity FCU Cash Rewards Visa Signature - SL of 14.5k @ 15.5% APR
PayPal Mastercard - SL of 6.6k.
Approved back in February:
Penfed Pathfinder Visa Signature - SL of 10k
Affinity usually requires 12 months+ post Chapter 13 discharge, however, they will consider those with a more recent discharge if you can show a minimum of 12 months of rebuilding with unsecured cards which I was incredibly fortunate enough to have been able to obtain during my 13.
Please make sure you have trustee and court approval before opening any credit accounts. I believe the court and trustee were cooperative because I did not request permission for any credit until about 36 months in and had always made all Chapter 13 payments on time. There is light at the end of the tunnel for those of you in a Chapter 13. Hire a reputable attorney. Strictly follow the rules of the court and trustee. If you do this and learn to better manage your finances, you can emerge from BK in a better financial position than you ever imagined.
