@CreditMuppet wrote:
@CreditCrusader wrote:
@CreditMuppet wrote:+1
I think it would be a wasted inquiry to apply for anything prime at this poiint. Generally speaking BK is always a dealbreaker and many prime banks maintain blacklists.
I wasn't thinking of applying at this moment and time..remember, I said I am in gardening mode
But back to this, are you pretty much saying that Chase, Amex, Discover are out of the question until that BK falls off? Not challenging the info, just don't want to waste my time and an inquiry down the road on one of them if that is the case.
Yes. I would say you need that BK off your reports before you consider those lenders for most of them BK is an instant denial. Of course YMMV and there have been exceptions, were any of those lenders included in the BK? If so you also have a good chance of being on a blacklist even when the BK drops off. I think I would focus on BK friendly creditors for the next few years, which are more likely to be subprime..
Nope...not a single prime card was included on my BK.
I already have Cap One ($1,000, unsecured) and Orchard Bank ($500) in my portfolio...would love to get NFCU account and credit card in 2012, but unfortunately none of the service members in my family are NFCU members.
@Red1Blue wrote:Why do you need a discover card for rebuilding when there are so many visa/mc offerings. If you are specifically looking for a discover branded card to have in your pocket, ( though it does not help rebuild your credit) there is an new discover debit card that is being offered now.
Not sure I understand what you're saying. Are you saying that Discover isn't a particularly good for increasing credit scores if you are able to land one?
I want Discover because it has the capacity to grow with your credit and offers rewards. Plus, nearly every merchant I shop at accepts these things...and my father-in-law, who hardly ever compliments anything, loves his Discover card to death.
@CreditCrusader wrote:
@Red1Blue wrote:Why do you need a discover card for rebuilding when there are so many visa/mc offerings. If you are specifically looking for a discover branded card to have in your pocket, ( though it does not help rebuild your credit) there is an new discover debit card that is being offered now.
Not sure I understand what you're saying. Are you saying that Discover isn't a particularly good for increasing credit scores if you are able to land one?
I want Discover because it has the capacity to grow with your credit and offers rewards. Plus, nearly every merchant I shop at accepts these things...and my father-in-law, who hardly ever compliments anything, loves his Discover card to death.
I think what concorduser was saying is that if you really wanted a Discover product, then there is a Discover debit card, but because it is a debit card, it won't do anything for your credit.
As for credit card offerings, there are many more visa/mc offerings, so he is suggesting that you consider those. Discover/Visa/MC/Amex etc. are no better or worse than each other for improving your credit. FICO does not score your card differently depending on which payment network it uses. There is some difference in that a card that will grow with you, versus one that will not, gives you a little more flexibility in maintaining low utilization, but that is about it in terms of how any of these will improve your credit. And to that point, there are probably still more Visa/MC offerings that will grow faster than a Discover card. Discover is fairly conservative with credit limits.
Starting Score: ~500 (12/01/2008)
@Walt_K wrote:
@CreditCrusader wrote:
@Red1Blue wrote:Why do you need a discover card for rebuilding when there are so many visa/mc offerings. If you are specifically looking for a discover branded card to have in your pocket, ( though it does not help rebuild your credit) there is an new discover debit card that is being offered now.
Not sure I understand what you're saying. Are you saying that Discover isn't a particularly good for increasing credit scores if you are able to land one?
I want Discover because it has the capacity to grow with your credit and offers rewards. Plus, nearly every merchant I shop at accepts these things...and my father-in-law, who hardly ever compliments anything, loves his Discover card to death.
I think what concorduser was saying is that if you really wanted a Discover product, then there is a Discover debit card, but because it is a debit card, it won't do anything for your credit.
As for credit card offerings, there are many more visa/mc offerings, so he is suggesting that you consider those. Discover/Visa/MC/Amex etc. are no better or worse than each other for improving your credit. FICO does not score your card differently depending on which payment network it uses. There is some difference in that a card that will grow with you, versus one that will not, gives you a little more flexibility in maintaining low utilization, but that is about it in terms of how any of these will improve your credit. And to that point, there are probably still more Visa/MC offerings that will grow faster than a Discover card. Discover is fairly conservative with credit limits.
Ahhh...I'm getting you now 
Any V/MC suggestions without affiliation requirements (i.e. NFCU)?
@CreditCrusader wrote:Ahhh...I'm getting you now
Any V/MC suggestions without affiliation requirements (i.e. NFCU)?
Sorry, can't help you there. Run a search on "BK friendly" and you will see lots of threads. If there's a specific lender you're interested in, run their name through as well. Hauling mentioned a specific BK Friendly thread. Not sure where that is. I'm sure someone will point you to it.
I had BK in Aug 2008 and was approved this May for Discover More $1000 CL. In Aug 2011 my CL was increased to $1350.
What were your scores at the time of approval (if you can remember...was several months ago, I know )?
About the same as they are now.