Reply
Moderator Emeritus
beamMEup
Posts: 4,473
Registered: ‎12-31-2008

Re: Any ideas for a third CC?

Thanks smallfry.  I don't yet get a preapproval from BofA (DH did).  What are some good markers for knowing when I might be attractive to BofA and Chase Citi?  Are they BK friendly and how far out from filing or discharge do they like you to be?

 

Right now I'm looking at Kay's and JCPenney's.  Had a JCPenney's card til '01 when I closed it - but I was younger then..........thought I knew what I was doing but had no clue.  Wish I would have found something like these forums back then.

Just puttin' syrup on something, don't make it pancakes.
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008

Re: Any ideas for a third CC?


utah2009 wrote:

Let me clarify.

 

We already have a (two) CU's we're very happy with.

 

I have two unsecured cards.  I'm looking for a third unsecured card that is BK friendly.

 

Thanks y'all.


Do your CU's allow you to increase the savings, and thus increase the CL's?  If so, you should be periodically adding to your savings and requesting the corresponding CLI.

 

Many on the forums tell you that CL doesn't matter, just utilization, age, etc.  I will tell you that this is partially true and partially false.  There are many prime cards that will not consider you UNLESS you have an existing account that has a minimum CL reporting.

 

Many other CCC's will not give you a CL any larger than your existing accounts.  Auto loans, upon LO review are influenced by larger CL's that have been responsibly handled.

 

I would not focus on quantity as much as quality.  You get more bang for your buck with secured.  Were I forced to rebuild again, I would avoid the builder cards all together and go strictly secured, store and gas. 

 

Part of rebuilding is building savings.  Building savings can build credit if you allow it to secure growing Credit Lines or Limits at no cost (in fact earning interest).

 

While FICO may not always reward based upon CL's I am convinced that many lenders have internal criteria, beyond FICO, and this may often include CL's.

 

My opinion is not merely anectodal.  I was declined by BoA a CLI, which they specifically cited decline due to no other CL's larger than my BoA CL (I had put most of my personal and biz credit with them....you know, being a loyal one stop shop customer).

 

Because I had a $10k BoA CL, Juniper gave me $15k, NFCU gave me $25k and $15k, and others gave me $10k to $12.5k.  While my credit scores were helpful, I have no doubt that if my scores were only achieved with $750 to $2k CL's that I would NOT have gotten the bigger CL's recently.

 

If you are saving money, then use it to your dual benefit.  Don't get caught up on having to have unsecured credit as a badge of honor, especially when you are getting a subprime badge (ie: BK friendly = subprime).

 

There will be many who don't agree with me.  But I can only say, it worked for me going from BK and 500's to 800 plus with nice CL's. 

 

But I do wish you good luck in wherever you app and whatever your goals!  :smileyhappy:

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Moderator Emeritus
beamMEup
Posts: 4,473
Registered: ‎12-31-2008

Re: Any ideas for a third CC?

Thanks TX.  We're with you on the savings and building with our CU's.  Always good points, there.

 

Do you really think Macy's is subprime?  I didn't know.

Just puttin' syrup on something, don't make it pancakes.
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008

Re: Any ideas for a third CC?


utah2009 wrote:

Thanks TX.  We're with you on the savings and building with our CU's.  Always good points, there.

 

Do you really think Macy's is subprime?  I didn't know.


 

My apologies on clarifiction:  I was referring to BK friendly major cards, not store cards.  I mentioned I would go with secured major, plus select store and gas.  Macy's is just fine in my book for those interested in it.

 

Sorry for the confusion :smileyhappy:

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Moderator Emeritus
beamMEup
Posts: 4,473
Registered: ‎12-31-2008

Re: Any ideas for a third CC?

Thanks TX.  That's what I'm looking for - select store and gas. 

 

We have our savings in 2 CU's which we are wanting to build with and absolutely do not want to move.  Alliant and our local five star rated CU which we've used for 7 years - neither does secured CC.  Our local CU will not consider us for a visa for 18 months and we're fine with that.  We also have a 7 year good relationship with USBank.  We have overdraft protection at the CU and USBank, along with savings and checking. 

 

We have a very significant chunk of money tied up in attorney retainers and ongoing fees right now (truly love attorneys - but hate to pay for THEIR children's college education - but that's the way it has to be sometimes - not everybody in the universe behaves ;( and attorneys help make that better....sometimes....).  When that's all over we may consider popping money in a 3rd CU that does secured - but absolutely not interested in that move right now.

 

I was looking at JCPenney or Chevron.  However, Chevron now has a note on their app page that indicates they will not approve anyone with bk's showing on their CR's (not asking if you have EVER had a bk though, interesting).

 

Now I'm looking at JCPenney or Walmart.  We do some grandbaby shopping at JCPenney and most of our grocery shopping at Walmart so they would work well for us.  Anyone have any recent experiences with either of these guys?

Just puttin' syrup on something, don't make it pancakes.
Moderator Emeritus
beamMEup
Posts: 4,473
Registered: ‎12-31-2008

Re: Any ideas for a third CC?

Just updating the threads that were helpful, including this one.

 

Did app for and approved for the following:

 

Dillard's

Walmart

JCPenney

 

This accomplishes what I was shooting for.  As I'm 5 months post BK, I'm rebuilding.  These cards brought my TCL from $500 to $4100.  Now I'll allow these to age (and hopefully grow) so I can look a bit settled when I sit down with my CU for their Visa next year.  Thanks to everyone for their help.

Just puttin' syrup on something, don't make it pancakes.
Frequent Contributor
illtakecreditforthat
Posts: 320
Registered: ‎05-03-2009

Re: Any ideas for a third CC?


wmarat wrote:

1. Affinity FCU Classic Card (builders/rebuilders)

 

http://www.affinityfcu.org/site/personal_creditcards.html

 

2. Addison Avenue FCU Secured/Classic Visa

 

https://addisonavenue.com/visa/

 

3. Agriculture FCU Classic/Secure card

 

http://www.agriculturefcu.org/products/loans/creditcards.html

 

This list is endless.

 


Do you have an Agriculture FCU credit card?

I want PATIENCE...and I want it NOW
Moderator Emeritus
beamMEup
Posts: 4,473
Registered: ‎12-31-2008

Re: Any ideas for a third CC?

No.  I'll look at that - thanks.  We have a long standing relationship with our local 5 star CU - but they want to wait til 12 month out of BK for a VIsa.  We're fine waiting because we like working with them.  We also have Alliant CU which we like.  DH has their card - I do not.  What is it about Agriculture CU that you like?
Just puttin' syrup on something, don't make it pancakes.

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+