Still a longway to go or should I apply?

[huskies33]

I'm confused about when to apply for a secured credit card. Just about into Year 1 of 5 in my Chapter 13 bankruptcy. It's been about 11 since I first filed. Should i wait until the end of 5 years to apply for a secured credit card and then 12-18 months apply for a unsecured credit card?

From the sounds of this, is it realistic to think that it could be at least 7 years or more until I can buy my own house? 5 years for the BK and then 2 more years min to rebuild my credit.

Let me know.

[HHM]

Strictly speaking, you are not supposed to use credit while in an active 13.

However, there really is no harm in a applying.

Also, that "2 year" mortgage rule runs from the date you "filed" the case, not from the date of discharge. Also, the rule for chapter 13 is one year from filing if you have made your payments on time.

[huskies33]

Ok, the date I filed was in February 2009.

What should my next steps be now?

- Apply for a secured credit card or try for an unsecured credit card?

Are there any penalties for having a secure or unsecured credit card while in Chapter 13 bankruptcy?

[RBisDebtFree]

Also, that "2 year" mortgage rule runs from the date you "filed" the case, not from the date of discharge.

HHM, is that in official FHA guidelines? Everyone is telling me 2 years from the discharge... At least that's what the loan officers (I know) tell me...

[huskies33]

Do I need to contact my Trustee if I'm planning to apply for a secured Credit Card? I live in California

Are there any penalties for having a secure or unsecured credit card while in Chapter 13 bankruptcy?

What should my next steps be now?

- Apply for a secured credit card or try for an unsecured credit card?

[whipster1]

This is the "after discharge" area...you are a ways away.

[huskies33]

So it's what I thought....I can't rebuild my credit until after the 60 month payment plan is done correct? So qualifying for a home loan would be 84 months from now. Wow

[aces67]

You shouldn't apply or use any new credit until your BK is discharged.