12-19-2012 03:33 PM
12-19-2012 04:11 PM
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
12-20-2012 06:55 AM
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.
12-20-2012 08:30 AM
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.
12-20-2012 08:54 AM
12-22-2012 08:18 PM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.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.
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.