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Posted in Bankruptcy
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Question By
Nikkabella

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0 People Helped
Chapter13 Question
Do I need to wait for the discharge papers for my Chapter13 to apply for 1 credit card. I have made my final payment and the papers from the trustee have been submitted to the court. I'm just eager to begin rebuilding my credit.

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2 Contributions
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Most Helpful Response

Bankruptcy

Helpful to 53 out of 57 people

wait until it is final. i have a civil sue 6 years old and a 3 year old bankruptcy . 1 month after clear bankruptcy car was totalled. credit score was 510, got a car loan with high interest 21% 12,900 borrowed. 6 months later got capital one platinum card 500cl after 6 mo. increase to 1200cl. applied for barclays reward card  600cl after 6mo increase to 1500    capital one plat. increase to 2500cl after 1 1/2 yrs    barclay rewards card after 1 yrs increase to 3500cl    5mos ago jcpenny's card 400cl after 3 mos increase 2000cl   and just for fun i used the  capital one card finder on this site with no hard credit check to see if i would be prequilified for the capital one signature visa which needs excellent credit. i was approved for 5000cl. 

since bankruptcy     main important fact is never late on payments and i carry no balance on cards. credit score 673 now was 683 but 2 new cards lowered it . start out slow it takes time to raise your scores. keep hard credit ckecks down it takes 2 yrs for them to come off and credit increases on cards is also a hard check.  stay away for cards with annual fees there are good credit rebuilding cards available with no fees. wait atleast 6mos before getting another card . capital one platinum mastercard is an excellent starter card coming out of a bankruptcy after that try for a rewards card like barclay rewards which is harder to get so start out slow and be patient  and you will see your score rise. depending on how many negitive credit marks are on your report will make the difference on how quick your score will climb back up. takes 7 to 10 yrs for bad marks to come off your score. after 3 yrs. i went from 510 to 673 which is average

1 Contribution
12 People Helped

PostCH13 recovery

Helpful to 12 out of 12 people

A couple tips that worked for me.  I filed CH13 in 2010, discharged in 2013 due to divorce.  Probably should have just filed CH7 but I wasnted to protect my house.  In rebuilding my credit and I didn't wait for discharge.  Go to your bank or credit union and do the following legal steps....

1.  Take out a secured loan for what you can afford but for the amount of credit you are hoping for.  In my case I took out a $2000 secured loan. 

2.  Use the money from that secured loan to get a secured credit card in the same amount.  You are using your own investment to open two lines of credit.  

3.  Use the secured credit card for expenses you normally would pay anyway (gas/groceries) and pay the bill in full each month.

After one year, my secured credit card went to a normal credit card w/a limit of $1000 which quickly grew to $10000.  

I paid off my secured loan, moved to a regular credit card and my credit quickly became restored and is currently bouncing back and forth between 710 and 720.  

1 Contribution
21 People Helped

Bankruptcy

Helpful to 21 out of 30 people

If I file Bankruptcy *** long before I can buy a home?

Reply by
chedmomaz

1 Contribution
4 People Helped
Helpful to 4 out of 8 people

It can be helpful if you don't have student loans or back taxes. I have bankrupted but at the time had a cosign for another student loan and my own. So, even though the debt I discharged was gone, I still had the 2 biggest debts that I still have to overcome. Schooling did nothing for me, so I have 48,000 student loan debt hanging over my head that will always be with me. There needs to be some kind of a loophole where student loans and bankruptcy are concerned.

Reply by
DallasJeff

2 Contributions
4 People Helped
Helpful to 3 out of 3 people

Generally, you can apply for a FHA loan two years after a Bankrutpcy discharge, and a Conventional loan after 4 years.  Your credit score needs to meet the lender's requirements though, generally 660 for FHA and 680 for Conventional.  

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Reply by
Random789644

213 Contributions
95 People Helped

Depends on the type of Bankruptcy. The other responses are generally for a Chapter 7. For a Chapter 13? In my case I was able to apply for a VA loan within the same (literal) week that I got my Chapter 13 discharge papers, and got zero static from the lender about the amount of time (they did however need to see a certified copy of that discharge certificate). Mind, Chapter 13 is usually discharged 5 years after the payment plan begins.

1 Contribution
12 People Helped

Chapter 13 discharged in June 2014

Helpful to 12 out of 16 people

My chapter 13 was discharged in Jun of 2014. Am I able to get it removed from my credit report now? Is there some sort of 2 year requirement to get it removed?

Reply by
thattennesseeguy

3 Contributions
10 People Helped
Helpful to 6 out of 7 people

bankrupty is not like inquires it stays on your credit report for up to 10 years from time opened or time discharged depending on type

Reply by
SWFlyGirl

4 Contributions
7 People Helped
Helpful to 5 out of 5 people

I filed Chap13 12/2010 and my Experian credit report shows it will drop off 12/2017. I've read that Chap13 drops of 7yrs from date filed and Chap 7 stays 10years. Again that's just what i ready and mine shows on my report that it will drop off 12/2017.

3 Contributions
14 People Helped

Chapter 13

Helpful to 7 out of 8 people

  • Chapter 13 was dismissed and still show on my credit report twice, what can I do to have it removed from my credit report

Reply by
jp2153

3 Contributions
8 People Helped
Helpful to 7 out of 11 people

Had a similar situation occur with my Ch13. Apparently when the petition went before the Trustee, the Trustee dismissed the case due to inacuracies in my plan from my Attorney. This happened 4 times within 8 months and I did not notice this until the plan was CONFIRMED. Money was still paid to the Trustee's Office and held in their account until the ADMINISTRATIVE ERRORS were corrected.

This also caused my creditors to report EXCESSIVE LATE PAYMENTS but did prevent them from taking further legal matters because an AUTOMATIC STAY was in place. Unfortunately the only thing you can do is complete your plan and obtain a "DISCHARGE LETTER" from the Trustee which they will also update your credit report within 6 months. 

You can't get this removed even if they screwed "The Pooch". I FIRED my Attorney for being incompetent and refiled with another attorney a year later. But that year out of the plan was pretty emotional to say the lest. 

Reply by
CuriosityRover

2 Contributions
1 Person Helped
Helpful to 1 out of 1 people

A Chapter 13 or any of the filings will stay on your credit for 10 years.  Your Attorney should have provided you with that info.

1 Contribution
6 People Helped

hard inquires

Helpful to 6 out of 7 people

I recently started shopping for a new/newer vehicle,  the auto dearler ran my credit through 9 financing / lending institutions.  Each one recorded on my credit report and of course my credit score went down.  I was under the impression that when car shopping, mortgage shopping, if all inquires were submitted within 2 to 3 days it was looked at as one inquiry.  obviously not the case.  i take it I was not informed correctly?

1 Contribution
4 People Helped

Chapter 13

Helpful to 4 out of 4 people

May 2016 will be exactly 7 years for Chapter 13 BK.

Where do I go or who do I contact to remove this public record off my report?

What papers do I bring?

How soon can I file?

Thanks!

Reply by
greg273

1 Contribution
20 People Helped
Helpful to 20 out of 26 people

Congratulations!  May 2016 is also my 7 year anniversary.  A Chapter 13 BK will be removed from the 3 credit reporting bureaus automatically.  I just checked my transunion, experian, and equifax and it is gone from all three.  It was previously listed under public records, bankruptcy.  As of March, it is gone from all three!  My score went up by as much as 91 points, so you should see some improvement on that score.  All accounts that were included in the plan are removed as well as the payment history.

Reply by
vir00051

1 Contribution
1 Person Helped
Helpful to 1 out of 1 people

 I dont know because my seven year mark was March 2016 and had used Lexiton Law last year and they told me it would drop off the end of April and it has not dropped off yet. I understand your frustation.

3 Contributions
14 People Helped

Credit repair

Helpful to 5 out of 6 people

How can I repair my credit report

7 Contributions
17 People Helped

Helpful to 1 out of 1 people

The hardest part of recovering from a bankruptcy is time. The only credit card you'll qaulify for at this point, is a secured credit card like OpenSky (does not do a credit check). It will take at least a year of paying a secured credit card on time to start the process of recovering from a bankruptcy. 

3 Contributions
14 People Helped

Chase Freedom credit card

Helpful to 2 out of 3 people

Hi I already apply for Chase Freedom credit card just waiting for a response, also I paid syncb/carecredit and it's on my credit report as credit grantor 

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