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Bankruptcy friendly credit cards

Community Leader
Super Contributor

Re: Bankruptcy friendly credit cards

Scupra.... I agree with your comment! You have to have a good mixture of credit between revolving and installments! FICO doesn't like to see all credit coming from one sourceSmiley Happy
(BK7 d/c-08/2013/FICO-400's) ~ 07/2017 FICO 08- EQ-669, TU-676, EX-681
Scores being held down by tons of INQ/New acts Smiley Wink
Message 281 of 690
Regular Contributor

Re: Bankruptcy friendly credit cards

If you have a car loan or student loan, that can count as your installment loan for your "mixture".  Otherwise, I wouldn't do the secured loan.  I haven't and all 3 of my scores are either very close or over 700 and I've only been discharged a little over a year.  Revolving is definately the way to go!  



Starting Score: 601
Current Score: 739 TU
Goal Score: 800


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Message 282 of 690
Community Leader
Senior Contributor

Re: Bankruptcy friendly credit cards


mrsjr wrote:

If you have a car loan or student loan, that can count as your installment loan for your "mixture".  Otherwise, I wouldn't do the secured loan.  I haven't and all 3 of my scores are either very close or over 700 and I've only been discharged a little over a year.  Revolving is definitely the way to go!  


Agreed, if you already have an installment account adding a small secured loan wouldn't do anything.

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 283 of 690
Regular Contributor

Re: Bankruptcy friendly credit cards

Plus, if you do a secured loan for any period of time, you WILL be paying interest.  So, unless you need the loan, it's just not necessary to pay interest on something that isn't going to do much good. Smiley Happy



Starting Score: 601
Current Score: 739 TU
Goal Score: 800


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Message 284 of 690
New Member

Re: Bankruptcy friendly credit cards

So, apparently my signing up for the accidental second account was a problem, as I have been locked out of my profile Smiley Indifferent But to answer your question from my husband's newly created profile, we have NO other installment loans. That's why I was considering the secured loan through the credit union, but if we need a car before that gets paid out, I'm not sure if it would make us look desperate for credit. We aren't, it took me a long time to file, we have been living credit free for about 6 years. I could get the installment loan and then pay it off early before a car loan?!? We had student loans and mortgages that were in good standing before. Our last mortgage was IIB and the student loans are paid in full.

 

Also, does anyone know about the authorized user being as good as having my own cards? I'm not sure if I need my own, or if piggybacking hers is enough?

Message 285 of 690
Established Member

Re: Bankruptcy friendly credit cards

So far for me... Chapter 7 discharged April 2013 (6 months ago)

 

Cap One $1000 - approved 1 week after discharge, auto CLI to $2500 at 6 month mark (and they were included in my Ch 7!)

Credit One $400 - approved 1 month after discharge, auto CLI to $600 after 2 months (I will close this card at 1 year mark)

HSN $750 - approved via online offer while placing an order

Barclay Card $2500 - approved via mail offer 6 months after discharge

 

I think I'm good for a while, but any suggestions on where to go next?

 

Smiley Happy

Message 286 of 690
Established Member

Re: Bankruptcy friendly credit cards


baglady215 wrote:

So far for me... Chapter 7 discharged April 2013 (6 months ago)

 

Cap One $1000 - approved 1 week after discharge, auto CLI to $2500 at 6 month mark (and they were included in my Ch 7!)

Credit One $400 - approved 1 month after discharge, auto CLI to $600 after 2 months (I will close this card at 1 year mark)

HSN $750 - approved via online offer while placing an order

Barclay Card $2500 - approved via mail offer 6 months after discharge

 

I think I'm good for a while, but any suggestions on where to go next?

 

Smiley Happy


Wow, that's so good for just 6 months out of BK. My first 6 months would have sucked if it wasn't for the secured cards I got. About the only unsecured credit I got within the first 6 months were Capital One and HSBC.. they were for $500 and $300 respectively.  Things really started to change after 1 year, though.

 

Now, 2 years and 2 months post BK7 I'm happily sitting with all 3 scores in the mid 700s (Tier 1) and roughly $150k~ of unsecured, revolving credit. Smiley Happy

 

Message 287 of 690
Community Leader
Senior Contributor

Re: Bankruptcy friendly credit cards

Nice work baglady! That Barclay approval is nice!!!
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 288 of 690
Highlighted
Regular Contributor

Re: Bankruptcy friendly credit cards

@WHITEHAT2 - What cards to you have?



Starting Score: 601
Current Score: 739 TU
Goal Score: 800


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Message 289 of 690
New Member

Re: Bankruptcy friendly credit cards

Hey I'm a new member. My wife and I filed Chapter 13 Sept 2009 and finally were discharged May 2013. It was a 5 year BK 13 but we paid it off 1 1/2 years early. I do hope this helps in rebuilding credit. We have been using a credit repair place to help remove negative reports to our cr reports. I have to yet to pull a Fico score to see where I stand for myself and or my wife maybe in fear of the worst..haha We do want to apply for a Visa or MC first to get started but I'm unsure which to try first and how long should i wait after discharge? Both my wife and I have received a few C1 pre-approved offers, which i did not know this was a good sign? I thought that is was just more marketing tricks for C1. I did fear if accepting one these that i would end up with the very bare minimum CL of $300. Any advice on other BK friendly CC and any tips on helping rebuild my credit.
While in BK i did pay off 2 autos and keep current on all debts. I have no CC or loans at this time except for a mortgage and student loans all have which have been paid on
time.
Any advice would be appreciated!!
Message 290 of 690