HOW TO: From BK7 discharge to 700 in 24 months or less!

[Scupra]

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@AcidKoolz wrote:
Maybe, I burned them in my bk on a secured card, not sure if that matters much since they didn't really lose any money. My wife has been getting preapproved offers for them. I tried the prequal for them as well and it didn't recommend any cards. I joined with a local CU for a CB loan, but I have to wait until I've been a member for 30 days. Just wondering what options I'll have as far as CCs go.

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Did you happen to ask your new credit union what their rules are on BK? That could possibly be a great option! I still think Cap1 could be a good one, especially since it was a secured card.

[AcidKoolz]

I'll try for a cap1 after reports come back. Current CU wants me to go secured route first, but it doesn't unsecure, I'd have to close and reapply. I am a member at NFCU, but I believe I might've had a negative balance with them that was included in bk, I'll have to double check. Everyone seems really fond of them, should I try to repair that relationship? What's the best way to go about doing that now(assuming I did include them, I'll have to verify)? Should I call and talk to them about it or just apply for a card?

[Anonymous]

grassfeeder,

Thanks for the suggestions and support.  I am diligently working on cleaning the credit reports.  It is interesting how the same account can be reported so differently on the different reports.  I will practice patience.

[Anonymous]

Hello everyone.

I Just was discharged 1/27/2015 and my report is clean and ready to go.  I took the second step and applied for the creditone card and was approved for $400.  My question is for the next step the credit builder loan(which my credit union offers) it says to open a $1000 creditbuilder loan.  My problem is I will only be able to do a $500 creditbuilder.  Should I do that or wait until I can do the full $1000 loan.  Thanks

[Scupra]

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@Anonymous wrote:

Hello everyone.

I Just was discharged 1/27/2015 and my report is clean and ready to go.  I took the second step and applied for the creditone card and was approved for $400.  My question is for the next step the credit builder loan(which my credit union offers) it says to open a $1000 creditbuilder loan.  My problem is I will only be able to do a $500 creditbuilder.  Should I do that or wait until I can do the full $1000 loan.  Thanks

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$500 should do just fine.

[Anonymous]

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@Scupra wrote:

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@Anonymous wrote:

Hello everyone.

I Just was discharged 1/27/2015 and my report is clean and ready to go.  I took the second step and applied for the creditone card and was approved for $400.  My question is for the next step the credit builder loan(which my credit union offers) it says to open a $1000 creditbuilder loan.  My problem is I will only be able to do a $500 creditbuilder.  Should I do that or wait until I can do the full $1000 loan.  Thanks

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$500 should do just fine.

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thanks for the response

[CH-7-Mission-Accomplished]

Credit One is the absolute worst, bottom of the barrel credit card.  You will pay them $200 in fees for a $400 CL, 29% inteerest, fees for everything.  It is absolute usury.  Only an idiot would get that card.  You could get a non fee secured card from a credit union and at the end of the time you get your money back.  So it's like putting $500 into a savings account.  What would you rather have, deposit $500, get $500 back, or get a crappy credit line, pay $200 in fees to a card owned by a collection agency (LVNV)?  If you think CreditOne is a good choice, it may indicate why you wound up in BK 7. I an one year post discharge, have two secured cards for 1K each and have received $30,000 in unsecured credit with only two store cards.  This advice is complete lunacy and yet it perpetuates.  "A fool and his money..."

[Anonymous]

And if you have 20k of student debt that wasn't able to be discharged so you still have payments after BK, you need to save up to buy a car, and you would rather not have $500 or $1000 tied up immediately while getting back on your feet... creditone is a viable option. Sure, there's a $49 fee to open a $300 credit line, but if you're only charging a few bucks to it each statement and PIF, the APR doesn't matter. You're keeping it less than a year. If you need to increase your savings, you'd be better off dumping the amount you'd put on a secured card in a savings account, which pays you interest (albeit, minimal interest). That way if you actually need to use the money, you take it from your savings account rather than maxing out a card within a few months of discharge.

I'm not saying secured cards don't work for some, but to call using another way lunacy is not right, given that this plan has proven to give people scores at or above 700, which is something many BK'ers haven't seen in a good while.

[Scupra]

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@CH-7-Mission-Accomplished wrote:

Credit One is the absolute worst, bottom of the barrel credit card.  You will pay them $200 in fees for a $400 CL, 29% inteerest, fees for everything.  It is absolute usury.  Only an idiot would get that card.  You could get a non fee secured card from a credit union and at the end of the time you get your money back.  So it's like putting $500 into a savings account.  What would you rather have, deposit $500, get $500 back, or get a crappy credit line, pay $200 in fees to a card owned by a collection agency (LVNV)?  If you think CreditOne is a good choice, it may indicate why you wound up in BK 7. I an one year post discharge, have two secured cards for 1K each and have received $30,000 in unsecured credit with only two store cards.  This advice is complete lunacy and yet it perpetuates.  "A fool and his money..."

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Lets be cautious of how we say things.. This could be taken very wrong by anyone who used a creditone card as a rebuilding tool.

[gdale6]

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@CH-7-Mission-Accomplished wrote:

Credit One is the absolute worst, bottom of the barrel credit card.  You will pay them $200 in fees for a $400 CL, 29% inteerest, fees for everything.  It is absolute usury.  Only an idiot would get that card.  You could get a non fee secured card from a credit union and at the end of the time you get your money back.  So it's like putting $500 into a savings account.  What would you rather have, deposit $500, get $500 back, or get a crappy credit line, pay $200 in fees to a card owned by a collection agency (LVNV)?  If you think CreditOne is a good choice, it may indicate why you wound up in BK 7. I an one year post discharge, have two secured cards for 1K each and have received $30,000 in unsecured credit with only two store cards.  This advice is complete lunacy and yet it perpetuates.  "A fool and his money..."

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Credit One Bank  is a subsidiary of the Sherman Financial Group which is a JDB.