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Senior Contributor
Posts: 4,311
Registered: ‎07-17-2013
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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 source:smileyhappy:
(BK7 d/c:08/19/13~FICO-400's)--->06/01/15- EQ 663, TU 657, EX 676

Total credit lines $196,300 / 1% util reporting
Regular Contributor
Posts: 151
Registered: ‎02-24-2013
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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!  

Capital One VentureOne 10K | Capital One Platinum Prestige 7.5K | Capital One Quicksilver 5.5K | Discover IT 2.7K | Barclay Rewards MC 5.6K | Wells Fargo Cash Back 2K | +4 store cards that I never use

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


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Valued Contributor
Posts: 2,730
Registered: ‎07-12-2012
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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
721 EQ FICO 06/2015
720 TU FICO 06/2015
727 EX FICO 06/2015
$14k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $9k Barclay Arrival WEMC | $5.4k Cap1 Quicksilver | $6k Amazon Store | $11k Cap1 VentureOne | $5k Barclay US Airways | $500 Chase Freedom
Regular Contributor
Posts: 151
Registered: ‎02-24-2013
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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. :smileyhappy:

Capital One VentureOne 10K | Capital One Platinum Prestige 7.5K | Capital One Quicksilver 5.5K | Discover IT 2.7K | Barclay Rewards MC 5.6K | Wells Fargo Cash Back 2K | +4 store cards that I never use

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


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New Member
Posts: 14
Registered: ‎10-17-2013
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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 :smileyindifferent: 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?

Established Member
Posts: 15
Registered: ‎02-12-2008
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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?

 

:smileyhappy:

Established Member
Posts: 27
Registered: ‎08-09-2013
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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?

 

:smileyhappy:


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. :smileyhappy:

 

Community Leader
Valued Contributor
Posts: 2,730
Registered: ‎07-12-2012
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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
721 EQ FICO 06/2015
720 TU FICO 06/2015
727 EX FICO 06/2015
$14k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $9k Barclay Arrival WEMC | $5.4k Cap1 Quicksilver | $6k Amazon Store | $11k Cap1 VentureOne | $5k Barclay US Airways | $500 Chase Freedom
Regular Contributor
Posts: 151
Registered: ‎02-24-2013
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Re: Bankruptcy friendly credit cards

@WHITEHAT2 - What cards to you have?

Capital One VentureOne 10K | Capital One Platinum Prestige 7.5K | Capital One Quicksilver 5.5K | Discover IT 2.7K | Barclay Rewards MC 5.6K | Wells Fargo Cash Back 2K | +4 store cards that I never use

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


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New Member
Posts: 3
Registered: ‎10-26-2013
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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!!
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