Posted on: 22nd Jan, 2013 01:30 am
I filed BK in Oct 2008. It was Ch 13 bankruptcy. BK will dc in Oct this year. Already have several small collections post filing and have no positive credit. I am sending out PFD letters on the collections today and my parents have agreed to AU me on 3 of there cc which have 10k SL and have 20 years history, they utilize perfectly and PIF . My current Fico is 535 but was told that I cannot obtain new credit until BK is dc. Other than the PFD letters am I stuck until Oct. And how much can I expect to gain from the AU accounts?
Yes, you won't be able to qualify for a new credit before your bankruptcy filing has been discharged. Apart from this, in order to qualify for any kind of mortgage, you may have to wait for 1-2 years after the discharge.
there is no requirement for a waiting period after the discharge of a chapter 13 bankruptcy to obtain an fha loan, only 12 payments under the plan must have been made.....fha allows a borrower to obtain fha insured financing well before the bankruptcy is discharged. your credit history after the bankruptcy was filed will certainly prevent you from a obtaining a mortgage loan (or most other types of credit) for quite some time.