Reply
Community Leader
Valued Contributor
Posts: 2,435
Registered: ‎11-29-2012
0

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)
Community Leader
Valued Contributor
Posts: 2,757
Registered: ‎07-12-2012
0

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
721 EQ FICO 06/2015
720 TU FICO 06/2015
727 EX FICO 06/2015
$14k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $9k Barclay Arrival WEMC | $5.4k Cap1 Quicksilver | $6k Amazon Store | $11k Cap1 VentureOne | $5k Barclay US Airways | $500 Chase Freedom
Regular Contributor
Posts: 205
Registered: ‎08-29-2007
0

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


Take the FICO Fitness Challenge
Established Contributor
Posts: 999
Registered: ‎11-08-2011
0

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 3/15/14 All 700+. Last CR pull from a lender(housing) was mid-score 729.
Goal Score: 700+ - reached.
Community Leader
Valued Contributor
Posts: 2,435
Registered: ‎11-29-2012
0

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)
Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
0

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
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.