Path to recovery... chapter 7 bk discharged 11.28.17

[Anonymous]

I’m new here, but have been browsing these forums for a couple years. I just recently was discharged from no asset chapter 7 bk on 11.28 . I pulled all of my reports and my Experian is 550, Equifax 555, TU is 480... EW, and my FICO is 562.

I want to get a card to start rebuilding and I would prefer not to go with secured. I burned capital one and credit one in my bk and I can’t even get a secured card with them. I am having 0 luck getting an approval except for first premier which in all honesty sounds like a rip off. I have tried many subprime cards as well as Comenity store cards and synchrony. Is there any recommendations you could throw my way?

Also, I had a lease with GMFinancial that is reporting as open to which confirmed with customer service rep at GM that the balance was included in the BK. Do I contact the bureaus to disputed this?

any an all advice is greatly appreciated!

[Kasuito39]

Try Open Sky secured credit card or Alliant CU for secured card. A local CU may assist with this as well. Good Luck in your rebuild Journey.

[shadanat]

Unfortunately with your scores the secured route may be your only option. I would look at getting a card that eventually graduates to unsecured. If you are with a credit union, try them. If you have a way in with Navy Federal they have one of the better secure products. You could also try Discover. They have a nice secured card as well.

One thing you don’t want to do is app for many cards and get denial. That can hold your score done.

It’s going to take some time to rebuild so don’t rush the process.

Yes, you should contact the bureaus to dispute the GM Financial balance. If it’s not reporting correctly.

[Dalmus]

You might be the perfect candidate for using the shopping cart trick to get *one or two* cards to start building.  Just make sure its a store you can actually buy something from so that when you make small purchases, you'll actually use whatever it is.  Victoria's Secret and JCrew seem to be the easiest cards to get.  JCrew often has good sales, coupled with eBates cashback.  I'm not encouraging you to go spending all sorts of money...  More like by underwear or socks on clearance w/ free shipping when they pop up...  You'll get some quality stuff and only have a $15-$20 balance every other month or so for you to pay off.

If you have a credit union and access to $500 you can deposit without missing it for a while, you can try getting a share secured loan using that deposit as collateral.  That will be an additional boost to your scores over a credit card.

After 3-6 months of responsibly using a store card plus on-time installment loan payments, you should start being able to qualify for Cap1 or CreditOne secured cards.  I know choices are limited, and CreditOne has its place, but if you CAN get something else...get something else. 

[Anonymous]

Green Dot (formerly First Choice Bank) was my first secured CC.  I got it while still in 13.  $200 minimum deposit and they do not do a credit check.  You only need to have a job and bank account.  Fund the deposit and you are off once you get the card.  Its a visa card, and will never graduate to unsecured.  I just closed mine after having it for three years.  It helped me get what I have now - over $150k in available CCs.  Their payment system is a little clunky, and they payments take 10 days to get your available credit back.  But its worth it.  Also there is a $39 annual fee.  But its a guaranteed to get card for anyone no matter how your credit is.  I put more money on mine and got the limit up pretty high.  And when I canceled it, I got it all back and the interest on the money.