Denied...denied...denied post discharged. What now?!!

[Anonymous]

So, my rebuild is moving slowly. I’m voluntarily surrendering my car because my Mom so graciously purchased a low interest used car for me because every dealership denied me. (apparently my income sucks). all those inquiries from dealerships for NOTHING. Still upset about that. I tried to get a card with cap1 and navy fed. Both denied. Cap1 even denied me for a secured card. I know it’s because I burned them, but I paid my secured card off and closed it two years before I filed so I was hoping they would approve me. No such luck. I even tried my luck at a comenity card....denied. Burned them with VS. credit one denied, I burned them as well.

My question is what’s next? I don’t want any more inquiries, I would like at least one card to start my rebuild since my car isn’t in my name. I’m wondering if a loan I had, and Kay Jewelers card that kept reporting even after I filed and had my meeting is messing me up.

Which is the best secure card to get? I am leaning towards discover since it has the lowest deposit. I wanted NFCU’s secured card, but until I get a better pay job after graduation, money is very tight. I’m on a strict budget.

I would like something that graduates pretty quickly. Slow start, but I ultimately want to follow the road to 700.

The only fico score I know is with ex and it’s 590. Chase is saying my transunion is 655, but I don’t believe it.

[shadanat]

You could start with an OpenSky secured card. They wouldn't pull your credit and you could do a $200 deposit to open the account. You will need to add a loan product to your credit mix. You could try a secured loan if you are a part of a credit union. If not, some people here have used Self-Lender.

Note -- the OpenSky card does not graduate and it as an annual fee

[Anonymous]

How long ago was your bk discharged? I didn't get in until a year after w capital one, to the day, and I didn't burn them. My first card approved after my Bk was a Wal-Mart card. You might want to check my thread in this forum. I tried to give exact time frames and posts of my approvals post bk with scores at the time.

[Anonymous]

I got a CreditOne card either right before my discharge went through, or right after.  Was fairly close.  Granted was only $300 SL and they have the high anual cost, but gotta start some where.  Didn't burn them.  Then got a C1:QS 5 months later with $1000 SL.  Got approved for their platinum one too last month with the same SL.  I burned C1 on my BK too.  Other than those 3 and a few Comenity cards I was able to get, I can't seem to get anything else neither.

Been almost a year since mine went through and am sitting around 680 as of now and still can't get in with any Synchrony issued card.  Like I'm black listed with them or something.  Did not burn them and never even had a card with them.  Only reason I even knew of them was cause of them backing NewEgg and the PayPal cards.   Not sure how everyone else seems to get Wal-Mart and/or Amazon so quickly and seems some burned them and still, np.

While not disagreeing about OpenSky, I'd say maybe try Discover Secured first and see if you're pre-approved?  I know I have that pre-approved and unlike the OpenSky, it can/will graduate.


Obviously no expert, but, may wanna give FingerHut a try to help establish/build up.  Someone can correct me if I'm wrong.  

[Shannon3671]

I'm so sorry and feel your pain. My BK was discharged Nov 1, 2017. Burned Credit One, Capital One, Barclays, American Express, CitiBank, Comenity Bank, Synchrony Bank, WebBank and Target...   Can't get a preapproval with anyone, not even Merrick. Guess I'm going to have to save up and do a Discover Secured card. Was hoping not to have to go the secured route, but don't think I'm going to have any other options anytime soon as it seems I burned just about all of the bk friendly ones. Good luck on your rebuild.

[Anonymous]

I'm a little surprised by the denial from issuers like Credit One. Before applying elsewhere, I'd carefully review your credit report and FICO scores. Ensure everything is reporting correctly and dispute whatever is incorrect.

I'd also look at secured accounts that will help you report new, positive trade history if you are unable get approved for unsecured accounts. As you're a Navy Federal member, I would take advantage of NFCU's secured loan/card combo ... with a slight modification:

1. Deposit at least $550 in savings

2. Get a secured loan for at least $550

3. Use the loan proceeds to pay $500 toward the loan

4. After a few days, once the $500 is released from savings again, apply for $500 secured credit card

This way you'll have a loan with a $50/10% balance reported (with just 1 payment required) and a new revolving trade line with one deposit of $550. If you can afford it, you could also consider another secured loan with a company like Self Lender. 

After six months, your score should be at the point where you should be able to get approved for an unsecured card somewhere (shopping cart trick, Merrick, Credit One, etc.).