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why not app?

Valued Contributor

why not app?

I won't be discharged until February, but someone said not to start rebuilding until after. Why should I not try for a secured card yet?

Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 1/22/15 TU 645; EQ 605; EX 633 New goal 675
Cap1 sec $1k (SD) / Fingerhut $2k / Flagship $12k / cashRewards $12k / NavChek $15k / Amazon $2k / Von Maur $1k / Firestone $2.2k / BCU $3k / NFL $1k / QS1 $750 / Target $400 / PPSC $800 / Conoco $700 (last app 09/29/14)
Message 1 of 6
5 REPLIES
Community Leader
Senior Contributor

Re: why not app?

NFCU would not approve me for a SECURED card until I had proof that my BK was discharged. I cant speak for any other lenders though. They said that if I wanted to add it to the BK that I could later down the road because the TL was opened prior to discharge. What sucks is that I very clearly described to the person taking my app that I was not discharged and asked if I should wait. Well HP and then declined due to not being discharged, and then another HP a month later. Two HP for one secured card, not to mention the HP for opening my checking. Live and learn

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
730 EQ FICO 11/2017
750 TU FICO 11/2017
735 EX FICO 11/2017
$20k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE
Message 2 of 6
Regular Contributor

Re: why not app?

You can do the Cap1 Pre-Approval and it will let you know if you are approved without a hard pull. You are almost guaranteed an approval from Credit One and First Premier but they come with hefty fees. I had all 3 before discharge.


Starting Score: TU 477 EQ 533 BK 1/27/2012
Current Score: EX 702 TU 681 EQ 652 1/10/2014
Goal Score: 700


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Message 3 of 6
Established Contributor

Re: why not app?

I'm not a fan of secured cards and it's easy enough to get an unsecured card after your BK is discharged and the stuff on your CRs is reporting correctly.

 

There is no solid evidence that a secured card can hurt you, but I stand by my position that they wouldn't put the "Secured" annotation on a credit report if it did nothing.  I have a strong feeling (based on mountains of anecdotal evidence) that there are card issuers that won't approve you and/or give you a lower limit if there is a secured card anywhere on your report.

 

IMO, it basically says "This person couldn't live on cash long enough to let their credit heal to the point where they could get an unsecured card".

 

All of the above is just my opinion, some people disagree, but I'd go along with the people who are telling you to wait.

 

-SM

I am not an attorney and none of what I write should be construed as legal advice. For legal advice please consult an attorney.

Starting Score: ~470 preBK(8/2010)
Current Scores as of Late January 2016 All 700+. Last CR pull from a lender(housing) was mid-score 749.
Goal Score: 700+ - reached.
Message 4 of 6
Valued Contributor

Re: why not app?

The Cap1 pre-approval won't work for me because I've opted out. I'd have to do a regular app, which means a hard pull.

Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 1/22/15 TU 645; EQ 605; EX 633 New goal 675
Cap1 sec $1k (SD) / Fingerhut $2k / Flagship $12k / cashRewards $12k / NavChek $15k / Amazon $2k / Von Maur $1k / Firestone $2.2k / BCU $3k / NFL $1k / QS1 $750 / Target $400 / PPSC $800 / Conoco $700 (last app 09/29/14)
Message 5 of 6
Valued Contributor

Re: why not app?

You would need a hard pull to get approved anyway. If you app with them, you should try to get their Classic Platinum card. I would wait until after discharge for the rewards cards...the required credit for those is good or excellent.

I agree with the other poster on secured cards. After BK, I waited until I could get a unsecured card. Never had a secured card.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 6 of 6