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    Rebuilding credit

    So I'm 3 years in now and starting to work on rebuilding my credit. I was approved for a department store card but I would like a Visa or Mastercard as well. Good idea or should I just stick with the department store card?

    #2
    Do you have Trustee approval or does your plan allow you to accrue debt without asking? You could get a secured card. I obtained a secured card and used it for business expenses.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    I am not an attorney. Any advice provided is not legal advice.

    Comment


      #3
      Anything less than $1000 is ok.

      Comment


        #4
        You could try a pre-qualification from creditors such as Capital One. I would try one of those pre-qualification places (Capital One, Discover) or would try to get a secured card from Capital One, Discover or a credit union. Hopefully any type of secured card that you obtained would be the type that graduates.
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog

        I am not an attorney. Any advice provided is not legal advice.

        Comment


          #5
          I am allowed to get up to $500 which has been a stumbling block for me since I don't know how to get a limit of only $500. I looked at few applications I received in the mail, but they do not have phone numbers to call.

          Is a secured card considered to be accrued debt since you have to have give them the money up front?

          Comment


            #6
            Originally posted by Carmella View Post
            I am allowed to get up to $500 which has been a stumbling block for me since I don't know how to get a limit of only $500. I looked at few applications I received in the mail, but they do not have phone numbers to call.
            If you apply and receive a limit higher than $500 and you're uncomfortable with that limit, you can always call the creditor and ask for a credit limit reduction. There are people that do this so that they are not tempted by the availability of large credit lines.

            Originally posted by Carmella View Post
            Is a secured card considered to be accrued debt since you have to have give them the money up front?
            Usually not considered a debt since it's collateralized with a savings account or a certificate of deposit.

            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
            Status: (Auto) Discharged and Closed! 5/10
            Visit My BKForum Blog: justbroke's Blog

            I am not an attorney. Any advice provided is not legal advice.

            Comment


              #7
              Thanks justbroke The trustee has limited me and my husband at $500 each that is why I am worried about going over the limit. I had also wondered if the limit is over $500, but we do not use it would it go against the trustee. I haven't made an effort to get any credit, but have kept thinking about it because it would be nice to have it especially if we want go on a road trip and could charge a hotel room vs having to use the debit. Obviously not an expensive trip, but we went to a museum in neighboring state and it would be nice to spend the night instead of the extended day trip. I guess the best thing to do is verify with the attorney just to make sure I am doing it all correctly. In April I will be at the 2 yr mark and didn't want to rush getting credit too soon, but know the credit score will need improvement.

              Comment


                #8
                justbroke - If the trustee allows Carmella & Spouse - $500/each, could they get a joint card that may have a limit of $1000?? May be a silly question, but I'm curious.
                Filed Chapter 13 - 07/20/12
                Discharged 8/2/16

                Comment


                  #9
                  sophieanne great question (not silly), but I can't answer that. It is probably a good interpretation of $500 per debtor, but I don't want to speculate as to how that could apply to a credit card.
                  Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                  Status: (Auto) Discharged and Closed! 5/10
                  Visit My BKForum Blog: justbroke's Blog

                  I am not an attorney. Any advice provided is not legal advice.

                  Comment

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