Bankruptcy Friendly Credit Cards Pt.2

[BigItaly]

I just want to point out a few things in regards to getting in with Chase.

In my experience, I've had a good rebuild and was just past the 2 year mark and when I say past the 2 year mark I mean like 1 month past it. I filed BK7 and didn't burn Chase or any other cards. I was auto declined on their website. And I called a back door number and they asked me several questions and basically just told them the reason for my BK, and what I've done to rebuild my credit thus far. And I told them I've always wanted a Chase card. And they put me on hold for a while and finally came back and approved me.

Here's what I suggest to anyone who's trying to apply:

1. If your cards have balances on them, make sure they aren't maxed out.
2. Know exactly what's on your credit reports.
3. Most importantly, make sure you have a strong rebuild with some significant time.
4. Make sure you don't have a lot of 'new accounts' (Chase wants to know they're at the top)
5. Be prepared to answer some questions. Make sure you sound sincere. You're gonna need to kiss some ass too.
6. Be prepared to be denied. If you are, they'll tell you why.

Your experience is unique.

[Anonymous]

Scupra, let me start by thanking you.  I have lurked on these forums for years now and your posts have helped me tremendously.  I got my ch. 7 discharge 08/2015.  Yesterday, after a touch recon, I got approved for a Chase Freedom!  The limit is for $500, but it's big for me at only 17 months out of a chapter 7!  Thanks again.

[Anonymous]

Thought I would add my experience. 6months post BK, I thought I would try my hand at Barclay Apple since my utilization is reporting low this month, was denied. Reason was just due to BK when I called the recon line 866-408-4064. The person I spoke with asked me what my husband and I both did for work, what our past jobs were, how long at each, income info, and then asked why we filed BK which I told him the short story. He put me on hold, came back and said that they were still unable to grant credit due to how recient the BK was. He said they liked seeing one - two years past bk. From the forums it seems as if it's the 6mo mark, would it be worth me trying the recon line again or just take my licks and try another cc? If so, which one? I can't do Cap One till November 2017, and currently have two small store cards under my name.

[Anonymous]

ALSO, My husband applied for a NavyFed card since they keep sending him mailers to apply for a card.. so we took our chances again since credit utilization is low 20% and 6 months post DC and they declined him after the initial 24-48 hour message. After he applied, I had him send in a secured message with his latest pay stub. We haven't gotten anything back from the secure message yet, so we'll see. SCores

Me: ex 604/tu 608, eq 639

Him: ex 600, tu614, eq616

[Anonymous]

You might consider the Cap 1 secure card or OpenSky secure card. Cap 1 has no annual fee and reports to all 3 credit bureaus. It requires a minimum deposit of $49, which is refundable when either they convert you to a regular Cc or you close the card. The will review your account after something like 5 or 7 months to see if you qualify to be converted. Cap 1 does do a hard pull. OpenSky requires a min of $99 and has a $35 annual fee, but they do not check your credit. The deposit is refundable under the same scenarios as with Cap 1.

I also took out a small personal $500 loan at my credit union that also reports to all 3 bureaus. The way it works is, I pay $21 a month for 2 years. A small interest amount goes to the cu each month and the rest goes into my savings account (it requires you set up a savings account), and the money in my savings account is available to me to do with as I please. When the loan is paid off, $500 of what I paid will have gone to my savings account for my use.

These vehicles will get you on the map so to speak. Many cc companies don't want to extend credit until they see that you have already been given credit. It's kind of a catch 22. Just something to consider. I'm less than 3 months out of BK. I started off this way and now have 6 credit cards and a car loan (11.2% interest).

[BigItaly]

@harleygirl1987, store cards aren't very helpful. I would keep utilization under 8%. I'd steer more around 3%. Also, Barclaycard likes to see a little bit of a rebuild before they get their feet wet. I'd say usually around a year post BK is the norm, but again YMMV. Cap One is usually a good starting point. They're pretty forgiving.

[Anonymous]

Thanks. I might be leaning more towards open sky since it doesn't HP. I'm sort of over people pulling my credit. Since Capone was included in BK they won't lend to us at least not till November.

[Anonymous]

Store cards can be as useful as regular credit cards when trying to rebuild credit, provided you get a card that you will use, and some retailers will automatically check to see if you qualify for their regular credit card(MC, Visa, etc). I applied for a Dillard's store card without any thought at all to trying to get their regular Cc. What I teceieved was a Dillard's American Express Rewards Card! It has double rewards for purchases at grocery stores and gas stations. It also has travel rewards and much more. What started out as a store card will be my go to card for things I normally buy. What a relief to have an alternative to a debit card! Thank you Dillard's!

[Anonymous]

And Cap 1 does triple HPs. I didn't know that when I applied.

[Anonymous]

Barclay was my first card (and credit one, but I closed before activating it) starting my rebuild after BK. My report was bare to the bone with only BK and auto. I had to recon but I was approved largely bc of my auto loan. 

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@BigItaly wrote:
@Anonymous, Also, Barclaycard likes to see a little bit of a rebuild before they get their feet wet. I'd say usually around a year post BK is the norm, but again YMMV. Cap One is usually a good starting point. They're pretty forgiving.

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