Reply
Frequent Contributor
stanggt03
Posts: 437
Registered: ‎05-21-2011
0

Re: Bankruptcy friendly credit cards

Just an FYI, CFNA provides the card for Firestone, TiresPlus, Big 10 Tire, Tire Choice, Tirerama, and more. They're all Firestone dealers. Find a place that's a chain and has a shop closeby and check their site. They very well may be underwritten by CFNA.


Starting Score: 596 EQ 5-22-11 / 554 TU 5-23-11
Current Score: 615 EQ 08-15-11 / 631 TU 09-27-11
Goal Score: 700+


Take the FICO Fitness Challenge
Contributor
sc2761
Posts: 93
Registered: ‎04-13-2011
0

Re: Bankruptcy friendly credit cards

So I guess I was ok in getting that 2nd card right now?  Should I have instead gotten the CFNA Firestone which would have gave a bigger line?  I just want to build my credit and score so I can either refi my mortgage in future that is not reporting because of chap 7 discharge or so I can maybe get a different house down the line.  If 2 cards are good, then I'll wait till next year and try for another card.  HSBC didn't pull TU, but Firestone would pull TU, so I was thinking I could get it right now if I really wanted to try it.  If it won't really help my rebuilding then I'll pass for now.  I do my own oil changes and get tires from a shop I know anyway.  What do you think?  Thanks for everytime you help others and myself on this forum.   There is another BK forum that antagonizes you instead, like your supposed to know how all this works.  Also my wife has the same cap one which is now her only card with no AF and $2500 line.  Do you think I should go down same route and get that HSBC rewards 2% MC for her as well.  Thanks!


Starting Score: After BK d/c of 7/7/10: EQ Fico 629; TU Fico 579; EX Quizzle 610
Current Score 11/30/13: All Fico's EQ 668; TU 689; EX 666; and Barclay's Fico showing 650
Goal Score: 700 for all

12/2010: Cap One Platinum MC $3500; 8/2011: Cap One Quicksilver One MC ($1000); 4/2012: Barclays Rewards MC ($7500); 12/2013: Logix Platinum Rewards Visa ($15000); 12/2013: DCU Platinum Rewards Visa ($3000).

Take the FICO Fitness Challenge
Moderator Emeritus
beamMEup
Posts: 4,470
Registered: ‎12-31-2008
0

Re: Bankruptcy friendly credit cards


sc2761 wrote:

So I guess I was ok in getting that 2nd card right now?  IME - yes you're fine.  Rebuilders don't get dinged for those first cards like folks with a big fat long history get dinged when they open a new card or two.  Should I have instead gotten the CFNA Firestone which would have gave a bigger line?  CL's don't impact FICO - and if you're PIFing both cards and letting one report a small balance the CL doesn't matter, either.   I just want to build my credit and score so I can either refi my mortgage in future that is not reporting because of chap 7 discharge or so I can maybe get a different house down the line.  If 2 cards are good, then I'll wait till next year and try for another card.  I think 2 cards are great - IME 2 cards worked very well for credit rebuilding and FICO building.  HSBC didn't pull TU, but Firestone would pull TU, so I was thinking I could get it right now if I really wanted to try it.  Inquiries are not the big concern in your case - it's adding an additional account that will have the biggest impact.  DH and I both came out even or lost FICO points on the third acccount - YMMV.  And you'll want some age on your new card before you app for the next one.  Rebuilders are often (I was) so excited that credit is available to them that they tend to app for any and every card they thing will take them.   If it won't really help my rebuilding then I'll pass for now.  IMO, it's not going to do you a lot of good - but it wouldn't do a lot of damage, either - You'll have to do what you feel suits you best - and again YMMV.  I do my own oil changes and get tires from a shop I know anyway.  What do you think?  For me, I think merchant cards are helpful if you tend to do business at that merchant and there's discounts available that you would use - that's just me.  I've closed superfluous merchant cards - they don't suit me well, I've learned.  I keep the merchant cards that I use.    Thanks for everytime you help others and myself on this forum.   There is another BK forum that antagonizes you instead, like your supposed to know how all this works.  Also my wife has the same cap one which is now her only card with no AF and $2500 line.  Do you think I should go down same route and get that HSBC rewards 2% MC for her as well.  I think 2 cards are great - but your big impact comes from that first card.  The second will likely see a small FICO increase (at least it did for DH and I.  IMO you're fine with keeping one or adding the second now or a little later - whichever you prefer.  If it were me, I would add the second if it's a bank card (in this case the HSBC is a bank card - so for me that's a go!)  Does she have any other accounts reporting as open?  If not, you will add some beneficial weight to her file with that second bank card.   Then rest the app finger and let 'em both age. Thanks!  Sure!  These forums have helped me tremendously, too.


 

Just puttin' syrup on something, don't make it pancakes.
Contributor
sc2761
Posts: 93
Registered: ‎04-13-2011
0

Re: Bankruptcy friendly credit cards

Does she have any other accounts reporting as open?  If not, you will add some beneficial weight to her file with that second bank card?

 

I believe she might.  The Fico report shows two other accounts status as:  Paying as agreed or paid.  Also they don't show a closed date.  These are cards obviously show they haven't been used for years.  So I'm not sure if those $200 line and $400 line are included in my credit limit.  I wonder if creditors where we apply have a way of distinguishing that those lines are really in fact closed but just not reporting that way.  I never corrected them because I figure it would show as closed then vs paid or paying as agreed.  On my own reports for TU and EQ, I also was an auth user on my wifes Discover that was IIB.  On her reports it shows IIB and closed, but on mine it shows like the two cards I mentioned above.  It shows paid/paying as agreed and no close date.  Should I just leave these alone and still apply for the HSBC for her since creditors should be able to figure it out.  Thanks!!


Starting Score: After BK d/c of 7/7/10: EQ Fico 629; TU Fico 579; EX Quizzle 610
Current Score 11/30/13: All Fico's EQ 668; TU 689; EX 666; and Barclay's Fico showing 650
Goal Score: 700 for all

12/2010: Cap One Platinum MC $3500; 8/2011: Cap One Quicksilver One MC ($1000); 4/2012: Barclays Rewards MC ($7500); 12/2013: Logix Platinum Rewards Visa ($15000); 12/2013: DCU Platinum Rewards Visa ($3000).

Take the FICO Fitness Challenge
Moderator Emeritus
beamMEup
Posts: 4,470
Registered: ‎12-31-2008
0

Re: Bankruptcy friendly credit cards


sc2761 wrote:

Does she have any other accounts reporting as open?  If not, you will add some beneficial weight to her file with that second bank card?

 

I believe she might.  The Fico report shows two other accounts status as:  Paying as agreed or paid.  Also they don't show a closed date.  These are cards obviously show they haven't been used for years.  So I'm not sure if those $200 line and $400 line are included in my credit limit.  I wonder if creditors where we apply have a way of distinguishing that those lines are really in fact closed but just not reporting that way.  I never corrected them because I figure it would show as closed then vs paid or paying as agreed.  On my own reports for TU and EQ, I also was an auth user on my wifes Discover that was IIB.  On her reports it shows IIB and closed, but on mine it shows like the two cards I mentioned above.  It shows paid/paying as agreed and no close date.  Should I just leave these alone and still apply for the HSBC for her since creditors should be able to figure it out.  Thanks!!


If they are positively reporting accounts (it appears as if they are) then leave them be.  If she only has one open card, then it's a good idea to add the second bank card - either now or whenever you're in the mood.  It'll beef up her thin file - which is a good thing.  Just remember to PIF and let one report a small balance and it (they) should serve her very well as she rebuilds.

Just puttin' syrup on something, don't make it pancakes.
Contributor
sc2761
Posts: 93
Registered: ‎04-13-2011
0

Re: Bankruptcy friendly credit cards

Thanks for your help.  I resisted applying for a 3rd card, even though it wouldn't pull from the same CRA.  I don't know that a 3rd card would help right now anyway.  I hope I started getting some better offers early next year and can then hopefully apply for a pre-approval that I receive.  Is there anyone that thinks I should further rebuild by getting a third card.  Right now I have a cap one $2500 line with no AF and then an HSBC 2% rewards platinum $300 line with no AF.  Any thoughts?  Thanks!!!


Starting Score: After BK d/c of 7/7/10: EQ Fico 629; TU Fico 579; EX Quizzle 610
Current Score 11/30/13: All Fico's EQ 668; TU 689; EX 666; and Barclay's Fico showing 650
Goal Score: 700 for all

12/2010: Cap One Platinum MC $3500; 8/2011: Cap One Quicksilver One MC ($1000); 4/2012: Barclays Rewards MC ($7500); 12/2013: Logix Platinum Rewards Visa ($15000); 12/2013: DCU Platinum Rewards Visa ($3000).

Take the FICO Fitness Challenge
Member
Hampton08
Posts: 7
Registered: ‎10-23-2011
0

Re: Bankruptcy friendly credit cards

I filed for BK 8yrs ago.  I recently bought a home and leased a new truck.

I received an offer from Cap 1 to consolidate my credit cards, which I applied for and was approved.

That was several months ago.  I pay all my bills on time and even sometimes apy them off or pay a lot more  than the minimum.

BUT, since I consolidated my cards with Cap 1 , I am being declined for any new cards for one reason or the other and I mean even stupid cards with very little credit limits. And my credit score has gone down because of high balance on revolving lines of credit.(that the Cap1 consolidated card).  I can pay off the Cap 1 card that I used to consolidate these lines of credit, but I don't want to use up my cash reserves.  It seems like accepting the offer from Cap 1 was a hugh mistake.  Plus Cap 1 doesn't want me toay off this loan because they will lose the interest income.  But as I said when I apply for naything now its declined.

 

My scores are TU 669, Trans 667 now

Moderator Emeritus
beamMEup
Posts: 4,470
Registered: ‎12-31-2008
0

Re: Bankruptcy friendly credit cards

[ Edited ]

Hampton08 wrote:

I filed for BK 8yrs ago.  I recently bought a home and leased a new truck.  Congratulations - looks like you've moved forward beautifully.


I received an offer from Cap 1 to consolidate my credit cards, which I applied for and was approved.

That was several months ago.  I pay all my bills on time and even sometimes apy them off or pay a lot more  than the minimum.

 

BUT, since I consolidated my cards with Cap 1 , I am being declined for any new cards for one reason or the other and I mean even stupid cards with very little credit limits. And my credit score has gone down because of high balance on revolving lines of credit.(that the Cap1 consolidated card).  Looks like you pegged the problem.  I take it the utilization on that card is quite high; a potential deal killer for new credit and - as you've stated -  FICO scores.  

 

I can pay off the Cap 1 card that I used to consolidate these lines of credit, but I don't want to use up my cash reserves.  It seems like accepting the offer from Cap 1 was a hugh mistake.  Plus Cap 1 doesn't want me toay off this loan because they will lose the interest income.  If you don't mind sharing - What's your current interest rate on the card?    But as I said when I apply for naything now its declined.

 

My scores are TU 669, Trans 667 now.

 

I'm not sure which scores you're looking at.  You may want to pull at least one FICO (perhaps one of the two scores you mentioned is a TransUnion FICO?)  You can also pull an Equifax FICO Score for free if you use the ten day free trial on Scorewatch.  Just cancel before the ten days is over to keep it free.  You're likely to see your FICO respond positively as your utilization goes down.  FICO watches overall utilization and also utilization on individual cards.

 

Keep us posted!


 

Just puttin' syrup on something, don't make it pancakes.
Member
Hampton08
Posts: 7
Registered: ‎10-23-2011
0

Re: Bankruptcy friendly credit cards

The interest rate on the consolidation is 2.9%

 

Myfico scores are TU 669,  Equi 667,

 

Experian:  676 as of 11/17/11

 

What I don't understand is why I'm being declined when others with scores in the high 500 to the low 600

are being approved, from what I read.  Even Barklays, which is supposed to be BK friendly said no.

Moderator Emeritus
beamMEup
Posts: 4,470
Registered: ‎12-31-2008
0

Re: Bankruptcy friendly credit cards

They're looking at more than FICO scores and BK's.

 

May be utilization - may be DTI.  Might be number of accounts with balances.  Could be a lot of things.  Might be a good time to sit back and relax until your utilization is down.  It's always a good plan to put some time in between new accounts anyway - helps out the AAofA.  :smileywink:

Just puttin' syrup on something, don't make it pancakes.

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}