03-31-2009 09:19 AM
Recently filed Bankruptcy and would like to restart building Credit
Can anyone tell me what the best card to start with is (secured)
And any other helpfull advise would be appreciated
I would like to buy a House in 2 years and want to use my Husbands VA
03-31-2009 09:29 AM
If your bankrupcty is too new less than a year or two, it may be hard to get secured card because your credit score has dropped big time since you filed for BK. Just wait for a year or two later and when your credit score improve, I'm sure you will get a secured and unsecured card.
03-31-2009 09:33 AM
03-31-2009 09:49 AM - edited 03-31-2009 09:50 AM
I had a BK discharged in 2006. Within a couple months I had pre-approvals from Orchard and Household banks for unsecured cards. While the limits were low..like $300 and an annual fee of $59, I went ahead and accepted them. I screwed up in the past and I felt it was a small price to pay for my mistakes. They are decent rebuilder cards and they do that job well as long as you manage them.
Check Orchard Bank: https://www.hsbcapply.com/start/orchardbank
It's a soft pull for the preapproval so try it out.
03-31-2009 09:51 AM
What is HSBC
HSBC is a sub-prime CC issuer, however they are a decent starter card. They also have a sub-sub-prime division via Orchard Bank. HSBC also manages CC portfolios for companies like Best Buy and others whose names escape me at the moment.
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