Bankruptcy friendly credit cards

[Scupra]

Why close the secured nRewards?? Just wait for it to graduate. That is the route I took and it worked amazing! Congrats and good luck!

[DaUsMsB]

Oh, I must of missed that part.  Will a secure card graduate?  Is there a process I just wait for, or do I need to ask NFCU?  I may have to find that topic.  I was only going to close it because I thought the 500 limit was low...and it'd be better having that back in my savings.

[Scupra]

On your 13th statement of good payment history you should be graduated and receive a small CLI. I instantly requested a CLI and was moved to somewhere around $6k if I remember correctly. Also, I can't remember if Navy actually pulls the money from savings or just puts a hold on it, I THINK you still earn interest in it. Someone please correct me if I'm wrong on that one. Good luck Navy is awesome and they will grow like crazy with you.

[DaUsMsB]

Thanks Scupra, I find myself on a credit frenzy every now and then...gotta get there ...gotta get there!! and I scour the forums for days...maybe weeks lol.   I did find your post on your way back up too! Great story! I just got my experian report just minutes ago...looks like I'm going up!! Up to 679 with them! That's probably why I'm getting approved lately.  I guess that Auto loan and secured card is helping some.   Once my 12-13th month hits...I'll definitely ask for the CLI as you did! Thanks, I almost cancelled it.  Glad I mentioned it and someone talked me straight!! These forums are the best!!!

[ulanjac]

This is a great accomplishment Divaofsongs. When you say you hit the luv button, where is that found on the website? I'm curious as I see a lot of people mentioning a love button.

[whitehat2]

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@DaUsMsB wrote:

Okay, now I'm done...I just need to cancel my secure card with NFCU and start gardening.  Diva...you were right...we were both approved via capital one for our 2nd card.  Just did it...only 1/3 of our 1st card though...but still...approved.  So our 2 latest cards are $1000 for me and $500 for the Mrs.  So we will just shuffle and pay everything with cards and PIF each month to garden.

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I wouldn't close your secured NFCU card if I were you... I started out with a NFCU secured card with $1k and over the year I deposited a total of $4k. Literally a couple days after my 1 year anniversary with the card, I called in and asked if I can get my $4k back, sure enough I had my money back within a day AND they increased my limit to $10k. It's the card I've had the longest, I'm 3.5 years post BK7 and now I have three cards with NFCU. Two of them have $22k limits and the third has a $50k limit. No other bank will give you this much credit unless you have the AmEx black card or private banking service. I also have their LOC with a limit of $15k.. I can tell you tho, despite that my scores are 720+ and average 2-3% util, NFCU won't extend any more unsecured credit to me, they say I'm over the lending limit with them lol.  

[CabezaDiva]

I filed BK ch. 7 in October of 2010. I waited a year before I got a secured Capital One card which my limit now is only $1,000 and the only reason it is $1,000 is because I deposited $500 into that account. Since then, I received a Brookstone card for $3,000, a Wells Fargo Visa card from $1k to $3k, a Barclay MC from $1,500 to $3,000 to now $6,100. Then I bought some furniture and received credit from GE now Syncrhony Bank for $3,000 and my TU score dropped 50 points! Apparently, what type of credit car you apply for can also hurt you instead of help you. When you apply for these high interest store cards, the Fico scoring sees it as desparate and views these types of card differently than a MC or Visa. So I am working hard to pay off that card asap.  I charged $2,000, I now owe $600 (still in the interest free zone for another 12 months). I also just received a Capital One Quick Silver card for $3k. My question is this... I would like to close out my Capital One secured card for $1,000 and close out my store Synchrony Bank card when paid off. Will this hurt my credit score or should I just leave it on there? Also, I keep my balances on all my cards below 20%. I didn't start receiving credit limits by the way until I started charging 15% and leaving balances on my card. Previously, I paid off all my balances in full every month and would never receive a CLI. Now that I leave a little on the card, the CLI increases started coming in. I feel this Synchrony Bank cards are hurting me. Should I close once paid off?

My score was higher back in June of 2014 until I applied for these store cards, then my score went down.

Filed BK7: 10/2010 (start score EQ 570 / TU 580) Discharge 2/2011
680 EQ FICO 11/2014 (705 6/14)
680 TU FICO 11/2014 (720 6/14)
660 EX FICO 11/2014 (702 6/14)
$6,100 U.S. Airways Barclay MC - $3k Cap1 Visa Quick Silver - $3k Wells Fargo Visa  - $3k Brookstone, Synchrony Bank (Living Spaces) $3k, $3k Synchron Bank (Bel Air Camera and JP Chase Auto Loan for $18,500 (began October 2014)

[Scupra]

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@CabezaDiva wrote:

I filed BK ch. 7 in October of 2010. I waited a year before I got a secured Capital One card which my limit now is only $1,000 and the only reason it is $1,000 is because I deposited $500 into that account. Since then, I received a Brookstone card for $3,000, a Wells Fargo Visa card from $1k to $3k, a Barclay MC from $1,500 to $3,000 to now $6,100. Then I bought some furniture and received credit from GE now Syncrhony Bank for $3,000 and my TU score dropped 50 points! Apparently, what type of credit car you apply for can also hurt you instead of help you. When you apply for these high interest store cards, the Fico scoring sees it as desparate and views these types of card differently than a MC or Visa. So I am working hard to pay off that card asap.  I charged $2,000, I now owe $600 (still in the interest free zone for another 12 months). I also just received a Capital One Quick Silver card for $3k. My question is this... I would like to close out my Capital One secured card for $1,000 and close out my store Synchrony Bank card when paid off. Will this hurt my credit score or should I just leave it on there? Also, I keep my balances on all my cards below 20%. I didn't start receiving credit limits by the way until I started charging 15% and leaving balances on my card. Previously, I paid off all my balances in full every month and would never receive a CLI. Now that I leave a little on the card, the CLI increases started coming in. I feel this Synchrony Bank cards are hurting me. Should I close once paid off?

My score was higher back in June of 2014 until I applied for these store cards, then my score went down.

Filed BK7: 10/2010 (start score EQ 570 / TU 580) Discharge 2/2011
680 EQ FICO 11/2014 (705 6/14)
680 TU FICO 11/2014 (720 6/14)
660 EX FICO 11/2014 (702 6/14)
$6,100 U.S. Airways Barclay MC - $3k Cap1 Visa Quick Silver - $3k Wells Fargo Visa  - $3k Brookstone, Synchrony Bank (Living Spaces) $3k, $3k Synchron Bank (Bel Air Camera and JP Chase Auto Loan for $18,500 (began October 2014)

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It is not the fact that you "look desperate" or received a "high interest card". Most likely is a mixture of things actually. One, you got a new inquiry for applying. Two, you now have a new trade line resulting in a lower AAoA. Three, I am guessing you were probably approved for a credit limit right around what you put on it to take advantage of the 0% promo making your utilization on this card very high and dropping your score. Closing the secured Cap1 card will most likely not do anything to your score as the limit is so low and will not affect your overall util. On the GE/Sync cards, I wouldn't close them unless they have any fees. Build up history on them and SD them Your score will start to rebound and climb as you pay down the promo balance, let the inquiry age and let your AAoA grow. Hope this helps!

[DaUsMsB]

@whitehat2,

Ya,that's what i've been reading...so I will definitely stick with it.  Those will probably be my "go to" cards eventually. 

[Scupra]

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@DaUsMsB wrote:

@whitehat2,

Ya,that's what i've been reading...so I will definitely stick with it.  Those will probably be my "go to" cards eventually. 

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Beware that now-a-days NFCU will tell you they do not accept graduation requests. It happens on 12th statement or never seems to be the case. I was told multiple times I would have to apply for an unsecured card, come my 12th statement it was auto converted