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Bankruptcy friendly credit cards

Frequent Contributor

Re: Bankruptcy friendly credit cards

@StevenMDG,

I Think your best bet is to start with a local credit union. With the credit union I would recommend doing to things:

1. A secured card and make sure you manage this card very well (on time payments is key)

2. A secured loan

These two credit lines will help you build post BK positive credit history.

 

When you are at the 6 Month Mark, you can try for Barclays since you included Capitalone and GECRB (Walmart) in your BK filing I would give them a year or so before trying to get a card from them.

I am sure others will chime in and provide aditional advice......Just remember, do not apply for credit you do not need and space out your applications and you should be good to go. Do not waste time with the big players (bank of America, Chase, Citi, American Express) they are not BK friendly. Discover is BK friendly in the future you will be able to get a card with them.


Starting Score: 500s
Current Score: EQ: 708myFICO(7/15/17), TU: 721myFICO(7/15/17), EX: 701myFICO(7/15/17)
Goal Score: 750

Wallet: Discover IT $50300, Capital One Platinum $17000, Barclays Rewards $6700, Walmart $6000, Amazon Store Card $6000 Chase Sapphire Preferred $5000, Chase Sapphire Reserve $10000, Bank of America Cash Rewards $500. BestBuy $10000
Message 181 of 690
Highlighted
Frequent Contributor

Re: Bankruptcy friendly credit cards

@Stormb28

Why BOA? What other credit cards do you have? also do you have a credit union you belong to? I prefer the credit union option.  The reason I question BOA is that they are not BK friendly. I do not know of anyone who has been successfuly in having their BOA secured card changed to an Unsecured card if they have a BK reporting on their credit.


Starting Score: 500s
Current Score: EQ: 708myFICO(7/15/17), TU: 721myFICO(7/15/17), EX: 701myFICO(7/15/17)
Goal Score: 750

Wallet: Discover IT $50300, Capital One Platinum $17000, Barclays Rewards $6700, Walmart $6000, Amazon Store Card $6000 Chase Sapphire Preferred $5000, Chase Sapphire Reserve $10000, Bank of America Cash Rewards $500. BestBuy $10000
Message 182 of 690
New Member

Re: Bankruptcy friendly credit cards

I pulled the trigger on the Barclays Applecard and was instantly approved for $2500--they pulled TU. I'm debating on calling to recon and see if they can get me to 3500/4000, though I feel like that'd just be being greedy haha. 

 

I emailed Capital One EO and a rep from Orchard Bank and a rep from Capital One both called me within two hours of the email to discuss CLI. Orchard explained they would have to do a hard pull but Cap One said it would be a soft pull, so I opted to move forward with Cap One and leave Orchard alone for now. The Orchard rep said I can attempt another CLI with the Orchard card once it officially merges with Cap One in about 2-3 months. She said she suspects that at that point they won't have to do a hard pull for the CLI. 

Message 183 of 690
Valued Contributor

Re: Bankruptcy friendly credit cards

@sturmb28 wrote

I really want to app for the BOA $99/$500 card. Im 18 months post BK. My util is 4.8%, AAoA is 1 yr, 1 month. Scores are 690+ on TU and EQ.

Should I pull the trigger?
 

Sorry if I'm wrong about this, I have read other post about the BOA secured card,

and it seems like they may counter offer with this card if you are declined for a unsecured

card, as always, YMMV, good luckSmiley Happy


Starting Score TU 667 EQ 663 EX 655
Current Score TU 778 EQ 776 EX 781 Last Update 4/2016
Garden Club 04/10/2013
Message 184 of 690
Frequent Contributor

Re: Bankruptcy friendly credit cards

Why? You areb18 mos out with a sub 700 score. I think that's a major step back. Unless you are the beginning of your rebuild....you could do better. If you dont mind telling us what's in your wallet and what you've done since discharge, that will help form opinion.

At first glance though...you can do better.

Starting Score: 501
Current Score: 754 EQ,TU 745,EX 750
Goal Score: 800

Message 185 of 690
Established Member

Re: Bankruptcy friendly credit cards

So unfortunately I had another bad medical issue after I had already filed. It's gonna hit my credit trying to work with them on payment but was just discharged. I read the other info and I know I guess I need to start with a secure card. I had my house reaffirmed since I have equity and make decent money now just wondering if you guys know if the medical is going to kill my chances if rebuilding??
BK Discharge 03/14

Starting Score: 508
Current Score: 622
Goal Score: 720


Take the myFICO Fitness Challenge

Current List. Capital One QS $1500, Capital Once QS $750, CreditOne $500, First Premeire $300, Amazon Store Card $600, Kohls Store Card $300.
Message 186 of 690
Valued Contributor

Re: Bankruptcy friendly credit cards

It might.  Just really work hard with the medical people to try to keep it off your reports.


Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 1/22/15 TU 645; EQ 605; EX 633 New goal 675
Cap1 sec $1k (SD) / Fingerhut $2k / Flagship $12k / cashRewards $12k / NavChek $15k / Amazon $2k / Von Maur $1k / Firestone $2.2k / BCU $3k / NFL $1k / QS1 $750 / Target $400 / PPSC $800 / Conoco $700 (last app 09/29/14)
Message 187 of 690
Valued Contributor

Re: Bankruptcy friendly credit cards

Got instant approval for NavChek today for $2.5k just four months post bk.

Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 1/22/15 TU 645; EQ 605; EX 633 New goal 675
Cap1 sec $1k (SD) / Fingerhut $2k / Flagship $12k / cashRewards $12k / NavChek $15k / Amazon $2k / Von Maur $1k / Firestone $2.2k / BCU $3k / NFL $1k / QS1 $750 / Target $400 / PPSC $800 / Conoco $700 (last app 09/29/14)
Message 188 of 690
Community Leader
Senior Contributor

Re: Bankruptcy friendly credit cards


starry1 wrote:
Got instant approval for NavChek today for $2.5k just four months post bk.

Haha this answers my question in another thread!! CONGRATS!!! Especially on the instant! Smiley Happy

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
730 EQ FICO 11/2017
750 TU FICO 11/2017
735 EX FICO 11/2017
$20k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE
Message 189 of 690
New Member

Re: Bankruptcy friendly credit cards

I haven't been discharged yet, but expect to be within a month or so.  When will I be able to get a credit card, and what should I start with?

Message 190 of 690