Is it ok to get a secured credit card before close?

[tdawg]

I was discharged for a chapter 7 last month, but my case is still open while the trustee tries to figure out if he wants my house.

Is it ok for me to get a secured credit card or line of credit now or do I need to wait until the case is actually closed?

[Shawshank]

If you're looking at a secured card, I don't think it's a problem.
It really isn't credit since it's offset by your deposit, which was money that was yours free and clear after filing.
If it was for an unsecured card, I would wait until my case was closed.

I am going to be getting a secured card as well.
I think they are great (when they have no fees) because they let you start rebuilding your credit while NOT going into debt.
If you ever have financial trouble, you can just pay the card off with your deposit and close the account...

Good Luck!

[BobMango]

Not a problem in a Chapter 7. There is no prohibition against taking on additional credit after filing. I would wait for the trustee's report of no distribution or discharge if you are an asset case but there's no legal reason to wait for discharge or closing.

[CCsAreEvil]

Waiting for after discharge would be best IMO. No need to wait until close.

[srjth]

Yikes. I applied and was approved for a secure credit card. They didn't even check my credit though. I hope this won't be a problem. How would the trustee find out?

[BobMango]

If you are a Chapter 7 this is not a problem.

[srjth]

If you are a Chapter 7 this is not a problem.

Thank you.