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Hi there, My Ch7 was discharged 4/15/15. I have applied for a First Premier Card (approved at $700) & Target (declined) and that is it. What cards should I apply for? Trying to rebuild and not sure how to go about it. Any advice is very much appreciated.
All accounts are showing as closed on credit reports except for student loans.
Transunion is 558/ Equifax is 575
@Anonymous wrote:Hi there, My Ch7 was discharged 4/15/15. I have applied for a First Premier Card (approved at $700) & Target (declined) and that is it. What cards should I apply for? Trying to rebuild and not sure how to go about it. Any advice is very much appreciated.
All accounts are showing as closed on credit reports except for student loans.
Transunion is 558/ Equifax is 575
Nurse your First Premier card for 6 months . . keep balance under 10% of limit, pay in full when statement cuts . . . THEN get a second card.
Are you still paying on the student loans? Are they current? You could try the Capital One prequalifier and see if anything comes up. Since you already have first premier stay away from credit one or anyone else that's going to charge outrageous fees.
Agreed about staying away from Credit One if you can help it. IF you don't plan on carrying a balance at all and avoiding the outrageous interest rate, it's 'okay' to build with cards like Credit One, Merrick Bank and similar. However do not carry a balance on them. That's IF you choose to go that route and app them. I would avoid however. If you are aiming for a rebuild (which most of us are) try a small installment loan or rebuilder loan with a credit union (CU). A credit mix of a regular card, a store card and an installment loan would be good to garden with for a while.
Go with CO and if absolutely necc Credit One. If you do go with Credit One remember they have a monthly fee and charge fees for everythiing including CLI. They are good however about reporting to the CRAs and sometimes they are the only reasonable option. Once you get your scores into the low 600s you can look at Barclays, CO and Discover. Sears and Kohls are also options. I got both of those cards 2 yrs post BK.
Hello,
My BK7 was discharged in late March. I just applied for Express and New York & Co store cards using this link
http://www.doctorofcredit.com/shopping-cart-trick-get-credit-cards-without-the-hard-pull/
This link contains a list of retail cards you can get with a SOFT PULL!! Just go to the retail site, put items in your cart, go to checkout. If a card invitation pops up, click on it and be sure to use the same address that's on your credit report. The application only asks for the last 4 of your SS. Since I recently moved, I entered my old address and immediately after approval called customer service to update my address and find out the credit limit. Each account has a $250 limit.
I think this is a good way to avoid secured cards or worse yet, cards like 1st Premier and Credit One with outrageous rates. My cards will arrive any day now! With proper usage of these accounts and my student loans reporting good payment history, I expect to receive unsecured offers in a few months.
I've been nursing my $300 limit Credit one for 5 months, carrying a $1 balance every month to keep it active. Just applied for a Capital One Quicksilver, and was approved with a $2k limit! Surprised the heck out of me, especially considering I burned them on a $400 limit in my Chapter 7 in Nov 2014.