Credit building after BK

[Anonymous]

Recently filed for BK..

Willbe looking to build my credit as soon as possible.  I have looked around for secured CC on this site and others and have read opinions.

Any recommendations on what I should do, who can I apply with (BK friendly) ect

Any help would be most welcomed.

Thank you in advance. 

[Wolf3]

Avoid the sub primes which have a lot of fees or no grace periods.

I  would start wiith PublicSavings Bank.  Open with as large a deposit as you can afford.  :Their approval is not based on credit.  You should plan to keep it for a long time since it has no annual fee and decent terms.  

I would wait several months and try for another secured card with decent terms from a credit union or major bank ( one you have not burned in BK).   HSBC and Capital One seem to be the easiest in major bank category.

.  

[butterfly40324]

Hello,

I filed for Chapter 7 that was discharged in November 2009 and was approved for Capital Ones credit steps that same month.  I applied for a second card with Cap 1 in March and was approved for same program again.  I also was preapproved for Best Buy RZ MC through this site.   https://www.hsbcapply.com/start/rewardzonemasterca rd?media=B5IM29H20061100001EM

I would def recommend both of those cards.  Good luck in your rebuilding!

[Anonymous]

Thank you for the information..

Capital one Credit steps this?

http://www.capitalone.com/creditcards/products/secured/?sol=11197&tc=1&credit=3&linkid=WWW_0608_CARD...

The are tolerable for applicants with recent BK filing? 

[butterfly40324]

The Cap One card I received in November was a preapproval through the mail.  The letter actually mentioned my bankruptcy and them giving me an opportunity to rebuild my credit.  The second one I got in March I applied through the following link.  It said I was not prequalified but I applied for the No Hassle Rewards and was approved..... both of my cards are unsecured.   https://cardfinder.capitalone.com/CapOne/findMyOffer.do?ex=R&pr=&id=&tg=52&pnt=ZUNS01ZZZZ5420XXBrYa&...

[Anonymous]

So both your cards are unsecured.

I wonder if I will start receiving offers through the post

[butterfly40324]

Its possible that you will receive mail offers.  The only one I got was from Cap One.  

I was actually a little surprised when I was approved for the Best Buy Mastercard b/c I had HSBC accounts that were included in the bankruptcy.  I dont think that Cap One is as friendly if you included them in bankruptcy though.  My husband had a few accounts through them that were included in bankruptcy and he was declined for new credit.

[Anonymous]

Hi nunob,

You may find this thread particularly helpful:  BK Friendly Credit Cards Listed  (It is also stickied at the top of this Credit Cards Forum.

Also, you may find that you begin to get offers in the mail.  Don't be so eager for new credit that you sign up for scummy cards, though.  You can get pretty decent cards right after BK.

Good luck to you!