BK Friendly Credit Cards Listed

[Anonymous]

I don't think Citi is BK friendly because my BK was discharged 11/05 and received auto financing at 9.9% with Citi in 1/07 but in 6/07 was denied a Children's Place Card through Citi b/c of BK. I did gave good payment history on my previous car.

[bamagirl1]

from past threads i dont think citi is bk friendly

[BoysMumx2]

Just want to update on here -

post-BK7 from 5/01

my new approvals - Chevron/Texaco (finally, after app'ing for YEARS) $300 limit - does anyone know how often they do CLI's?

and Macy's - $1000.

Macy's pulled EX, which is my best bureau at 721.

Note: got declines on Walmart and Dillard's, but because of the stupid cell phone issue, which I'm taking care of over the next couple of weeks. Dillar's Card Services was REALLY nice to deal with, so I'm crossing fingers.

[Anonymous]

Posting information regarding BK friendly creditors

New cards added since my last post...10/07 "Discharge 2002"

Target                                     CL 200   (originally denied 2006)

Walmart                                  CL 400

Direct Merchants Discover     CL750   (3rd Account HSBC)

Wamu                                     CL 1000 (Originally denied 2006)

Orchard Platinum Cashback  CL 500  (2nd Account HSBC)

Cap One Platinum                  CL 500  (Included in BK)

Hooters                                   CL 500

BOFA                                      Mortgage

BK friendly creditors "Inquiring minds want to know..."

http://creditboards.com/forums/lofiversion/index.php/t72699.html

Message Edited by ash4557 on 02-21-2008 12:07 PM

[Anonymous]

This is just my opinion...but.  Credit cards are a necessary evil not trophies. The way we get into trouble and then we lead ourselves to BK is to try and juggle too much debt (mostly credit card) at one time. After having tried the multiple cards with various small limits, I found myself constantly trying to keep up with minimums and due dates or even if I didn't owe anything on the card it was one more thing I had to monitor on my credit report.My 82 year old mother just had someone put $800 worth of BOOKS on her Sears VISA and she hasn't used that card in 10 years, now we have to go through all of the motions of disputing it.

 After I filed BK for the 2nd time (cheez) I decided to apply for one card, hold it dor 6 months with a good rating and then apply for a 2nd. The result was the 1st came with a modest limit from Direct Merchants of $1,500 and I never let that balance go over 75% of the cards available balance and paid more than the minimum each month. within 3 months they bumped up my limit to $3,000, then $4,000 3 months later when I applied for my 2nd card that company started me out with a $2,500 limit (Pay Pal) and that has risen a little slower, but it's still up to $5,000 2 years later. I now have $10,000 worth of available credit limit. I found myself with no effort at all owing them $8,000. Then I realized how much that $8,000 was going to cost me and thought,"if I didn't owe this debt why couldn't I pay cash for most of the little things I'm buying with them anyway? and if I didn't owe them I could be building my savings? Yes, I understand that in order to get back into the good graces of the "credit gods after BK we have to demonstrate our ability to handle credit but not at our own expense. All of those credit card companies get to charge varying interest rates for the privledge of having their plastic in our wallets and it's false ego. We're not the ones really profiting from them. What happens when something unexpected happens and we can't make those payments on time? Or when we go to buy a home they don't just look at how well you pay, they look at how much debt you have the POTENTIAL of getting into (ergo all those open credit cards). Then that works against you. Assuming you do want to own a home or if you don't already it may be a moot point...for now.

Again, it's a personal view but I believe we should move slowly and carefully with our credit cards. We shouldn't let corporate marketing convince us that it's a good thing to have all of their credit cards.

With those cards comes much responsibility.

[BoysMumx2]

I definitely echo many of the sentiments that you have posted, Liz, but I'd also add something: Credit should be a tool. Used properly, it can help life. Abuse it and it can drag you down with it. I am cheering myself on as I open these few accounts because I have a specific goal in mind with the mix I am establishing, but I also know that I won't ever go back to the levels of risk that I had pre-bk days. In my case, all it took was a bad medical situation that lead to job loss... You simply can't know what is coming. The best plan is to be as "bullet-proof" as possibly about how you handle your finances.

I do agree, 100%, that we have to be very cautious about how we use these "tools." If you don't have the discipline to manage it, don't do it.

Perhaps the best way to manage your credit is to be as educated as possible about it and I think this forum has worked wonders for me. I say this, having worked in the banking and lending industry for years in the late 80's and early 90's. The world has changed since then and keeping up with it is hard. Forums like this one offer people outside of the industry one of the best ways to learn how to deal with credit responsibly.

[Anonymous]

I can't speak for anyone else, but way back when I had a goal to buy a home.

I read on another forum that if you had several adverse accounts the only way to prove

that you can be trusted again is to re-build a portfolio. I remember what happened to me

after I bought my first car one year out of bk. The finance dept was like so you only have two tradelines??? They weren't sure if they wanted to take a chance on me...

Then I had read in several other forums to add trade lines and build a nice payment history.

I thought I would be stuck in the 400 club forever...

then I graduated to the 600 club and bought my first home.

For me it feels good to get CLI with whomever you're dealing with based on a good payment history.

Now a major goal has been met I started swaping good accounts and closing alot of subprime accounts. Next goal 700 club...

[Anonymous]

My comment was only meant to be a reminder that we do get excited when card companies start saying "yes". Sorry, it wasnt aimed at anyone directly. I've seen a lot of comments in this forum that announce multiple card acceptances and it reminds me of the "scary old days". You're absoulutely rght, that this forum is one of the best places I've found to get educated and education is the key. I wanted to be the stop sign in the face of the speeding bullets taking on too many credit cards. Once we get our credit moving positive, the card company vultures come out of the sky. I agree, credit cards ARE a tool. A tool we have to master if we want the really good stuff like cars and homes. It's a fine line we have to walk between having "enough" credit and "too much" credit. There seems to be a large number of young adults in this forum and I'm hoping some will benefit from the mistakes I made. One of the biggest was having too many open credit cards. Again, it becomes hard to keep up with due dates and manage that good old credit report. My mother has never been late on a payment of anything in her life. Nor has she ever been on the internet or even bought anything over the telephone and yet she's having to manage a fraud investigation. It seems her only fault has been having too many open accounts to manage. The Citi-Bank people that sponsor her card that has been fradullantly used don't seem to care that she has a perfect record at 82 years of age, they just want somebody to pay the bill. Of course someone could have fradulenty used her credit even if she only had one credit card but we would have noticed because I monitor the balance on her 2 cards she uses regularly. It's  mess.

Just be careful out there everyone...it's a credit card jungle and wild animals are hungry and waiting. Be careful what you apply for and remember. WITH EACH NEW PIECE OF CREDIT COMES MUCH RESPONSIBILITY.

I look forward to new comments. I learn from other people's experiences and this has been a great safe place for me to ask my questions and get other people's input.

I'm glad we're all here.

[BoysMumx2]

"Stop" and "Caution" signs are always needed! I hope you'll post in the BK section too.

There is such a fine line between repair/rebuilding and simply diving back into the same problems - it's always good to have voices with different experiences chiming in. And I think there are a few old dogs (not just young ones) out here who need to hear about exercising caution.

I'd also like to update on my personal trek: TU and EX are at 712, EQ is 678 (and climbing). Thanks much to this thread - I love NASA FCU. I may not do any credit with them until later, but they are perfect for my checking and savings. The customer service is the best. Knowing that they understand customers with BK (unlike BofA, my current, and soon to be former, bank) makes me so much more comfortable.

[Anonymous]

Congratulations, on your higher score!!! That's the way to do it, one day, one piece of credit, at a time.