Is it woth it?

[Carloscda]

Currently in 13, is it worth it to try to get a CC to rebuild credit & fico?

[rrockinggramma]

it depends on your long term goals. And it depends on how you now view credit and whether or not you feel ready to deal with it.

I was allowed to take on up to 1000 in new debt without trustee approval. My goal was to get back into a house. (I hated apartment living wanted to make my own noise not listen to someone elses) So I began visiting the credit forums and learning about credit and how to rebuild one's score. I took out a couple of the low limit high fee cards and began using those to build up my score. When I was discharged my score was almost 700 again (coming up from a low of 435) I was discharged in March 09 and just made my third mortgage payment and my 2nd car payment.

So it depends on what you are trying to do. A credit score is a necessity in our lives now and so much is based on it.

But once you have one or two of those low limit cards, use them as stepping stones to the no fee cards.

[Carloscda]

it depends on your long term goals. And it depends on how you now view credit and whether or not you feel ready to deal with it.

I was allowed to take on up to 1000 in new debt without trustee approval. My goal was to get back into a house. (I hated apartment living wanted to make my own noise not listen to someone elses) So I began visiting the credit forums and learning about credit and how to rebuild one's score. I took out a couple of the low limit high fee cards and began using those to build up my score. When I was discharged my score was almost 700 again (coming up from a low of 435) I was discharged in March 09 and just made my third mortgage payment and my 2nd car payment.

So it depends on what you are trying to do. A credit score is a necessity in our lives now and so much is based on it.

But once you have one or two of those low limit cards, use them as stepping stones to the no fee cards.

Congratulations is in order!
Great info & insite, that's exactly what my goal is!

[lrprn]

Currently in 13, is it worth it to try to get a CC to rebuild credit & fico?

First, most Ch 13 trustees do not allow their filers to take on new debt (like a new credit card) while they are in an active 13. RGG's trustee is an unusual one.

Second, the chances of you getting an unsecured credit card while you are in Ch 13 is about zero. You *might* be able to get a secured card or a card with tremendously high APR and fees after being in your plan for at least three years with no lates on ANYTHING, EVER.

Bottom line is you need to ask your lawyer if your trustee will agree to you trying to get a credit card while your plan is active. Don't be surprised if the answer is no.

Think long and hard about getting back on the credit merry-go-round, especially if you filed recently and your bankruptcy was primarily caused by credit debt. It's best to allow yourselves to adjust to a cash-only lifestyle for at least several years before even thinking about taking on credit card debt again (and then only if your trustee allows it).