Waiting patiently for discharge notice.

[mauirayne]

Hi everyone, I had my 341 meeting on May 25, so I am thinking I should be getting notice of discharge any day now. I hope

I just had a few questions.

How long should I wait to pull my credit report in order to see if everything went through. I am sure it is going to take some time for the CB's to get the information?

How long should I wait to get a secured credit card? I am going to try to get one through UnionPlus because I am a union member and thought this might be a good way to go since they report as an unsecured card.

Also, should I try to take out a secured loan from my bank?

Also, what about store credit cards...should I avoid them altogether? I know that I have to use very little of the credit line and then pay back in full and on time.

I need to be able to buy a house in a couple years and want to make sure I am doing everything correct in order to do that. I have already started saving all of my tips as of the day of my 341 meeting. I am trying to get at least a 3 month cushion before I start on a down payment fund.

Any advice would be greatly appreciated. Thank you all and have a wonderful evening.

[disconapper]

I pulled my credit about a month after the 341...really just for curiousities sake....I found some errors on the report (accounts not listed as IIB but were), submitted the online objection and he errors have been corrected (they deleted the accounts altogether), my scores went up. I'm not discharged yet...should be on August 1. Like I said, my reason for pulling was just to sneak a peek at my score.

I think taking on new debt is a personal choice. I will be getting a credit card of some sorts at some point...only because I need to be able to travel for work and I'd rather use a credit card then my check card. Plus my company reimburses those expenses, so why not get a card, use it for work, and let my company help me help my credit rating.

I hate store cards, their rates are typically high. I haven't had one in years and don't intend on ever getting one again.

Good for you for wanting to buy a house. Saving your money and having a cushion is always the best.

In the end, it's all personal choice. I don't think there is a right or wrong answer to your questions. I can only say, I have no intention of rushing into new debt and I will most certainly have a cushion fund of some sort in the bank (like you).

Good Luck.

[sunshinepa]

I agree with disconapper on the store cards, dont' touch em, rates are way to high and it is doubtful you would get them anyway after BK. You would first have to get your scores up.

It is a personal choice, I myself will never have one again. What they did to good honest folks when they got that new law (after getting gov't money) was pitiful. So many people ended up in BK because of raised payments, rates and limit cuts. That is why I will not do it again.

However, it is a personal choice and only you can make the decision. Just be smart about using them and it shouldn't be a problem.

[mauirayne]

Thank you for the replies. I know, I am scared to get any card, because there is always that fine print and they "get" you somehow. I just need to get my scores up

[AngelinaCat]

In my Humble Opinion, you need to worry less about the credit cards, and worry more about learning to live life on a 'Cash Only' basis. In that way you will truly be free.

You and your spouse/companion need a 100.00 bill folded up and tucked in your wallets for a true emergency--such as getting stranded with a broken down car on some interstate in the mountains, where a roll-back truck has to pull you off.

Next, you need to consider having at the very least a three month supply of storable canned goods and other commodities. Do not forget things like laundry soap, bath soap, shampoo, dish soap, toothpaste, toothbrushes, and of all things--toilet paper!

Next, build up at least a three month emergency fund of money so that you can live while one or the other searches for a job that is not there. Also, you will want that emergency fund when the hot water tank blows out in your utility room and it takes around 1K to clean up and restore the said utility room.

Credit cards should be the very last of your worries. Just my opinion from a 'Cat who has been there.

My best wishes in whatever you decide.

[Logan]

I agree with disconapper on the store cards, dont' touch em, rates are way to high and it is doubtful you would get them anyway after BK.

Who cares what the rates are if you pay the cards off every month?
I recently got a Target card and when you use it at Target you get 5% off. To me that is a no brainer. Lowe's has the card which I plan on getting when I make my next large purchase there.

Logan

[Logan]

Thank you for the replies. I know, I am scared to get any card, because there is always that fine print and they "get" you somehow. I just need to get my scores up

"get" you? If you use it and pay it off how can they "get" you?

I have been using credit cards for over 20 years and I have never once paid a fee other than interest and even that was low interest back in the day when you had 1.9% on balance transfers for life. They're only going to "get" you if you don't manage your credit cards and pay them off on time.

Logan

[sunshinepa]

Who cares what the rates are if you pay the cards off every month?
I recently got a Target card and when you use it at Target you get 5% off. To me that is a no brainer. Lowe's has the card which I plan on getting when I make my next large purchase there.

Logan

I don't disagree however, scenario........you make a purchase, wait for the bill but before you can pay, you get hospitalized. Then whammo........if like me, you live alone and don't have family close, there is nobody else to take care of these things. Not saying it would happen just that there is always the chance of an "unforseen circumstance" cropping up. MY opinion, if you must have a card after BK, get a secured.

I humbly agree with AngelinaCat, there are more important things than worrying about cards when you are still waiting for discharge!

[Logan]

I don't disagree however, scenario........you make a purchase, wait for the bill but before you can pay, you get hospitalized. Then whammo........if like me, you live alone and don't have family close, there is nobody else to take care of these things. Not saying it would happen just that there is always the chance of an "unforseen circumstance" cropping up. MY opinion, if you must have a card after BK, get a secured.

I humbly agree with AngelinaCat, there are more important things than worrying about cards when you are still waiting for discharge!

I have all credit cards that I use set up for autopay to pay the full statement balance on the due date. I could be dead and my bills will be paid and paid on time.