10-25-2009 07:42 AM
My Chapter 7 was discharged in July 2009 and I have begun the process of rebuilding. I actually had an excellent payment record before filing but I lost my job and could no longer make the monthly payments which had swollen significantly due to increased minimum payments ... so, here I go on my new credit quest. I have accepted the fact that I will probably NEVER get financing with Chase ever again b/c half of my entire BK portfolio was owned by them so I obviously have had to look elsewhere.
The good news is that due to the excellent advice consisistently given on this board, I was able to accomplish the following in the past 45 days:
1. Got approved for an Orchard Card, 23.9%, $500 limit, $69 AF..have been using but EVERY transaction is PIF as soon as I can get my little legs back home, get on the computer, and make that online payment!
2. Got approved for a Credit One Card, 19.9%, $300 limit, $69 program fee, $69AF charged at $5.75/mth-sucks but beggars can't be choosy .....have used sparingly but EVERY transaction PIF once charged. I cannot believe they charge $7.95 to $9.95 for online payments. I had to send a check...with fees that high, they should be cutting the card holder some kind of break, honestly, when is enough enough, but I am still grateful to have the card.
3. Got approved for a NFCU secured card, 15.9%, $600 secured limit, no AF......I hope this will grow and I can develop a relationship with them. I left $400 in a savings account that I was required to open and I have $25 direct deposit going into the account every other Friday. I will use but will PIF as soon as charge occurs.
I still have my two student loans (2003 and 2006), Chadwicks and Dress Barn accounts with no balances which have both been opened since 2001 - use every now and then to keep open, and my mortgage which has been opened since 2007 with timely payments.
All in all, I would say that I am on way back...baby steps....but have a chance to get there.
The bad news is that I got denied for a Citibank $600 secured card but now that I have typed all the good news, this one line of bad news doesn't really matter.
I want to thank you guys as you have always answered each of my questions, no matter how elementary, and your advice has always been on point. I would never have known about the secured card if it were not for you guys...Thanks for helping me when I needed it most.
10-25-2009 07:44 AM
10-26-2009 07:33 AM
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