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New Member
KT22
Posts: 2
Registered: ‎12-20-2012

1 Secured Card or 2 after a BK7

Just some advice if I could get it.  Sorry for all the questions.  I discharged my BK 7 in Aug 2012 and already have the Capital One Secured Card.

 

But as I race to repair my credit, is it better to have 1 secured care or 2?  If it's 2, can someone recommend a good 2nd secured card to have?

 

And then should I just sit on the 2 cards and see what it does to my scores?  I'm also going to need an auto loan pretty soon so I guess that will help my scores in the long run as well?

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: 1 Secured Card or 2 after a BK7

You should have 2-3 cards for rebuilding. You can check and see if your bank or credit union offers a secured card.

I would garden your secured card for 6 months and then try for another secured card. BofA and Wells Fargo both have secured cards.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: 1 Secured Card or 2 after a BK7

I would try to garden your two cards for at least a year before going unsecured subprime. I think you could get an auto loan when you need it...just realize your interest will be in the double digits.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
New Visitor
mebtba
Posts: 7
Registered: ‎04-27-2013

Re: 1 Secured Card or 2 after a BK7

For me, I obtained one secured credit card for $1000.  Within about 4-6 months, I received a pre-approved offer from Capital One.  Inital credit was around $500 with auto increase to $750 after about 2 months.  Eventually the $750 increased to $1750 where it now sits.  Good luck.  You'll get through it.

Current EQ FICO 673 April 2013; Goal for 2013 - 740+
REVOLVING PORTFOLIO: Capital One - $1750 limit; Capital One Spark - $9000 limit; Prepaid credit card - $1000 limit; Utilization 1-3%

INSTALLMENT PORTFOLIO: Auto loan; Mortgage

Chapter 7 bankruptcy discharge Oct 2010
Frequent Contributor
Countingpennies
Posts: 464
Registered: ‎02-14-2013

Re: 1 Secured Card or 2 after a BK7

If you've had your secured Cap1 for awhile, you may be able to get an unsecured with them now. I was approved 2 mos. after discharge for a Platinum MC, and 3 mos. later a Rewards card, both unsecured. Just make sure you apply for a card for average credit, the MCs. The Visas are for excellent credit. Also be aware that Cap 1 pulls reports from all 3 CRAs, so that's 3 hard inqs. Cap1 is also a good resource for after BK auto financing, but the rates may better at a local CU, so building a relationshp there with a secured might be the best option for you.


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