Posted on: 22nd Apr, 2013 12:40 am
i need suggestions! will it be a safe idea to apply for a secured credit card through my credit union while in a chapter 13 bankruptcy? how will it affect or improve my score?
Hi pennM,
It won't be a good idea to get a secured card while you're in bankruptcy filing. It is better to wait till your bankruptcy gets discharged and then look out for credit cards.
Take care
It won't be a good idea to get a secured card while you're in bankruptcy filing. It is better to wait till your bankruptcy gets discharged and then look out for credit cards.
Take care
If its for something urgent, then approach your relatives or friends for help, but it is not at all advisable to take on fresh loan while going a through chap 13 bankruptcy.
Yes, it's important to obtain 2 secured credit cards while in your chapter 13. That's what I did while in my chapter 13, and my credit scores improved significantly. My mid FICO score was 685 after being in the chapter 13 for 30 months. You don't need high limits on the credit cards. What they want to see is you making regular on time payments ... that's what'll get your FICO scores where you need them.
