Bankruptcy friendly credit cards

[jbailey2815]

I am discharged tomorrow, don't know what to apply for.....I have applied for a secured credit card and have been approved for up to $3000, but only has $300.00 so far...when should I apply for another card.....would love an old navy card

[whitehat2]

jblanco000,

If you have cash to put as collateral for a secured card then I suggest you find a credit union you can join that offers secured credit cards that graduate and go that route. The advantage is they offer much lower rates, little to no fees and higher credit limits once your account is unsecured. Otherwise, your best bet is Capital One or CreditOne.

As an example, I started with both a Capital One unsecured card with a $500 limit and a Navy FCU secured card with a $3,000 limit. One year later, Capital One increased my limit to $750 but, within that year Navy FCU unsecured my card, lowered my interest rate by 6% and increased my credit limit to $15,000. Nedless to say I closed my Capital One card at the one year anniversary to avoid paying the annual fee.

Here are some examples:

Navy FCU

Digital FCU

Service FCU

NASA FCU

Apple FCU

SchoolsFirst FCU

[jbailey2815]

Thank you Whitehat 2 for your suggestions......I have one secured credit card from capital one......the issue I am running to now, is not all of my debts say discharged and now I have to send letters to the credit bureau's to update and who knows how long that will take, so I don't know whether to do nothing now or try for another card......

[twanswife916]

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@jbailey2815 wrote:

Thank you Whitehat 2 for your suggestions......I have one secured credit card from capital one......the issue I am running to now, is not all of my debts say discharged and now I have to send letters to the credit bureau's to update and who knows how long that will take, so I don't know whether to do nothing now or try for another card......

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Jbailey2815,

Have you seen the thread From BK Discarge to 700 in 24 months? Well in there it states that while waiting for discharge you should dispute any and every acount that does not show IIB with a $0 balance. We all have had to dispute items on the CRA's after filing. It will however, take about 30-60 days for the CRA's to update on thier end.

[jbailey2815]

Thank you so much!!!  Wish I would have seen this sooner!  My attorney said they were giving me paperwork to send into the 3 CB's......so then it will take another 30days correct?  I guess I have to wait until the end of June to think about applying for credit

[whitehat2]

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@jbailey2815 wrote:

Thank you so much!!!  Wish I would have seen this sooner!  My attorney said they were giving me paperwork to send into the 3 CB's......so then it will take another 30days correct?  I guess I have to wait until the end of June to think about applying for credit

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I used modcut to remove all my baddies from my credit reports. They managed to get everything removed for the exception of the BK. I spent approximately $800 and it took about 7 months but, it was well worth it to not have all the IIB accounts listed.

Edited to remove link to credit repair company

Shogun

[Nahgee]

I've been a lurker for years now but I wanted some feedback. I filed BK 2/13, it was discharged 9/13 (chap 7). In October I opened a Credit One card $300, fingerhut $500, in Feb 2014 Victoria Secret $250. Everything paid on time, balances very low. May 2014 I financed a Beemer (used 2011) 20k, 16% interest rate. Two days ago I applied for Barclays rewards MasterCard 1k instant approval. Credit One raised my limit to $400 -__- and I'd honestly like to ditch them. I'd like a Discover, but I don't want an empty inquiry. Other than that I'd like a NFCU credit card (but can't find a way to become a member sighs) thoughts? Please

[somotao]

If you never burned Discover you should be OK.....Although I might suggest waiting six months or so to space out your inquiries.

[Nahgee]

Thanks! I think I might just do that. Give my car some time to start reporting on my cr. I appreicate the feedback.

[ulanjac]

I'm 6 months past discharge and I've started gardening. I have a Peebles store card 300 cl through comenity bank, a $2500 credit builder loan through my cu at work and I just purchased a car with GM Financial with a 9% interest rate. I didn't set out to get a car loan, but my car engine blew and it was the better alternative than to keep patching the old one up. Any suggestions on how long to wait before adding anything else?