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Bankruptcy friendly credit cards

Established Member

Re: Bankruptcy friendly credit cards

NFCU cashRewards Visa @ 2500.

 

8 month post BK7

8 month usage on a NFCU nRewards Secured Visa and Secured Loan prior to this card with NFCU.

Filed BK 7: 2/28/2012 | Discharged: 7/24/2012
POST BK APPROVALS:
NFCU nRewards Secured Visa: $1000 7/12| Apple FCU Secured Visa: $1000 9/12
Toyota Finance Lease: 0% | 0.0008 MF 10/12
Barclay Apple Finance Visa: $2200 1/13
NFCU cashRewards Visa: $2500 3/13

Message 141 of 690
Community Leader
Senior Contributor

Re: Bankruptcy friendly credit cards

Woooooo! Congrats man. Good limit too and will grow quickly!
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 142 of 690
Regular Contributor

Re: Bankruptcy friendly credit cards

i finally recceived my denial letter... it says because i have an open bankruptcy...and I was approved for the USAA Secured Credit Card!  Now I get to start rebuilding my credit!

FICO Scores: (EX-735-11/12) EQ-757-12/03 (TU-750-11/12)
Discover FICO: 756 - 12/17 Walmart FICO: 750-1/06
USAA FAKO: EX-742 EQ-761 TU-761

Macys $7.2k - NFCU $24k - Discover $6.8k - Cap One $3500 - Nordstrom $3.5k - Wells Fargo $1k - Walmart $4.5k- The Limited $2.5k- Victoria's Secret $2.2k- Bloomingdales $2k- JCP $700
Message 143 of 690
Frequent Contributor

Re: Bankruptcy friendly credit cards


Scupra wrote:
Just wanted to see if there were any newer stories about a Discover approval after BK. I want to make the Discover IT a goal card and was wondering if you were approved and if so how far post BK, what BK, and score if you know? Thanks everyone!

I just got the Discover IT today with a $1700 limit. Finally, I have been apping and recon 4 or 5 times over the last 2 1/2 years.

The last three recons, I was told to reapply after 45 days. So I just kept checking my last app results on their site and once no app results (denial) would come up (under the check app status), I would reapply. Yesterday old app denial came up, but today nothing, less then 45 days, but I apped again anyway.

This time it wanted me sign up an online account but said a desision would be in 5 to 7 days or I could call to speed it up so I did.

My BK7 was discharged in Sept 09.

My fico from walmart is 714

 

I have also broght my score up 100+ points since Oct 2012, by paying down balances and requesting increases on every card that I have and closing all cards with with AF's and monthly fees. Also closed Target because of a $200.

 

One I got in with NFCU in December I treated them good and on Easter I asked for an auto refi and was approved, though interest rate not alot better, from 11% down to 7.99% with refi, I still took it. It only saves me $20 a month on car payment but it is well worth the chance to pay back a loan to NFCU to build a good relationship.

I probably would have taken a 1% increase to move it to NFCU, just to have an oppertunity to prove myself to a bank like that.

Currently "freezing" in the garden!
Message 144 of 690
Community Leader
Senior Contributor

Re: Bankruptcy friendly credit cards


fltn wrote:

Scupra wrote:
Just wanted to see if there were any newer stories about a Discover approval after BK. I want to make the Discover IT a goal card and was wondering if you were approved and if so how far post BK, what BK, and score if you know? Thanks everyone!

I just got the Discover IT today with a $1700 limit. Finally, I have been apping and recon 4 or 5 times over the last 2 1/2 years.

The last three recons, I was told to reapply after 45 days. So I just kept checking my last app results on their site and once no app results (denial) would come up (under the check app status), I would reapply. Yesterday old app denial came up, but today nothing, less then 45 days, but I apped again anyway.

This time it wanted me sign up an online account but said a desision would be in 5 to 7 days or I could call to speed it up so I did.

My BK7 was discharged in Sept 09.

My fico from walmart is 714

 

I have also broght my score up 100+ points since Oct 2012, by paying down balances and requesting increases on every card that I have and closing all cards with with AF's and monthly fees. Also closed Target because of a $200.

 

One I got in with NFCU in December I treated them good and on Easter I asked for an auto refi and was approved, though interest rate not alot better, from 11% down to 7.99% with refi, I still took it. It only saves me $20 a month on car payment but it is well worth the chance to pay back a loan to NFCU to build a good relationship.

I probably would have taken a 1% increase to move it to NFCU, just to have an oppertunity to prove myself to a bank like that.


Congrats on the Discover card! That is def a goal card of mine. Looks like you are doing great with your NFCU products!

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 145 of 690
Member

Re: Bankruptcy friendly credit cards

Hello all,

 

Just thought I'd mention that another great bk friendly credit union is Schoolsfirst FCU.  I'm currently 20 months post bk and they're treating me very well.  After having their secured credit card for 4 months, not only did they graduate my card to an unsecured gold card but, they also increased my credit limit from $2,500 to $25,000, Once I noticed they were so generous (since they use the same credit report) I asked if they would offer me a loan to refi my car, which they immediately approved me for $70k at 4% APR.  I was speechless as my rate on my old loan was 13%!!  Of course I took the loan even though they made me pay down my balance by $6k because they only refi blue book value- that was the only minor drawback but, worth the savings.

 

Just to mention that they pulled my Experian report and my FICO score was 651.  Prior to this I've had 3 NFCU credit cards totalling $30k in limits, which I'm sure is why they were so quick to approve me as I've had 1 year of history with higher limit cards.

Message 146 of 690
Regular Contributor

Re: Bankruptcy friendly credit cards

After getting the usaa secured card, my credit score has increased 30+ points!!!!

FICO Scores: (EX-735-11/12) EQ-757-12/03 (TU-750-11/12)
Discover FICO: 756 - 12/17 Walmart FICO: 750-1/06
USAA FAKO: EX-742 EQ-761 TU-761

Macys $7.2k - NFCU $24k - Discover $6.8k - Cap One $3500 - Nordstrom $3.5k - Wells Fargo $1k - Walmart $4.5k- The Limited $2.5k- Victoria's Secret $2.2k- Bloomingdales $2k- JCP $700
Message 147 of 690
New Member

Re: Bankruptcy friendly credit cards

Thank you Somotao, 

Since my last post I applied for The LIMITED Store card and got approved, I have been using that card, I haven't really been using the others and today, after reading your response, I Applied for the Walmart card in hopes of getting approved for the Walmart Discover & got approved the regular WM card for $300! I really don't shop at walmart but I will order a couple things here or there.  Now I have 4 cards, they all have relatively low limits, these are my cards in order of oldest to newest:

 

Credit Union Unsecured Visa - $500

Barclay Apple Visa - $700

The LIMITED - $250

Walmart $300

 

Should I stop here and just request CLI? Should I try to use all the cards every month or so and pay it off right away or just use one card every month and let the rest carry a zero balance? I want to get the Barclay rewards card, when is a good time to apply for that, I got the Apple Visa from them 2/2013 and got denied for the their Rewards card in March 2013. 

Message 148 of 690
Frequent Contributor

Re: Bankruptcy friendly credit cards

Jakookie Congratulations on the Walmart card. I Think you have a decent amount of cards and should spend the next six months using the cards and building a good payment history. The Walmart card is by GECRB and they are known for giving CLI every 4 months, This will likely be your fastest growing card. With regards to the Barclays card I would wait for at least 6 months before trying to apply for another card.

My recommendation is to use all cards regularly, pay three of them in full (make sure they have a zero balance at statement date) and chose one of them (i.e. the credit union card) and allow it to report a balanace of no more than $40 (somewhere between 2 and 9% of the credit limit) This should help you maximize your credit score over the next few months.


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 149 of 690
Established Contributor

Re: Bankruptcy friendly credit cards

4 credit cards are definitely more than enough to rebuild. Don't apply for anything else. I agree with somotao. Don't get carried away by the multiple cards frenzy. I am living proof you can get to a 700 with only 2 cards post BK. of course I have a few more now but most importantly I was very patient Smiley Happy

BK in January 2008---Barclay's Apple Financing Card ($10,000) --- Capital One Quicksilver ($13,000)--- Platinum Delta Skymiles ($29,500) --- GEMB CareCredit ($10,000) --- AUFCU ($10000)---Discover IT ($28,000)

Experian 746 Transunion 806-- July 2017
Message 150 of 690