Chapter 13 - When and what type of credit to rebuild

[13ghosts]

Hi everyone,
I have searched this forum for a few days now looking for guidance on similar cases however I think my question is a little different, enough for its own post. So I received my chapter 13 discharge in May 24 and about a week ago received the trustees final plan. Pacer says I’m awaiting closing and so does NDC. I checked trans union and experian and both list the discharge. I haven’t check equifax.

I am in need of a credit rebuild and wanted to know if I need to wait until closing or can I apply now? My attorney is pretty much absent since filing over 5 years ago. I’ve read some info here and some people say wait for closing and some say you can after discharge.

If I can apply now, should I go for a car loan or revolving card type first? I ask this specifically because I do need a newer car as mine has almost 200k miles and is rusting away but I dont want a 15-20% interest rate on the car either, been there before and it isnt fun. Ever since the discharge I’ve been getting quite a few Pre-approvals in the mail for cards but im scared to apply for anything at this point because I want to make sure I get the best rates and do it right this time. Ty!

[justbroke]

Look no further than shipo's guide! I think it says in there to wait until at least the discharge is shown on the credit reports or just over a 6 weeks. Then follow the guide and you will certainly improve your score.

You should definitely wait until things settle down and you make sure everything is being reported "correctly" before going for a car. With interest rates at their highest, you want to make sure you're getting competitive vehicle loan rates. For car loans, you may want some "installment" history reported and Shipo's Guide covers how to get an share-secured loan which will also boost your score.

https://www.bkforum.com/forum/after-the-discharge/rebuilding-credit/1028588-outline-for-rebuilding-credit

[13ghosts]

I should mention my mortgage is back on the credit report as well with all on time payments and that was open in 2013 so I have that and student loans. Those didn’t get discharged of course. I will check that guide out, thank you.

[13ghosts]

justbroke went through that post, pulled all three reports and all had the discharge noted so I pulled for a capital one and scored the savorone. Thx for your guidance!

[justbroke]

Anytime! I'm sure shipo is elated that Shipo's Guide has helped another person.

[shipo]

13ghosts, glad the guide was able to help!