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What next 3 yrs post BK?

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sc2761
Contributor

What next 3 yrs post BK?

Since d/c over 3 years ago, I've only established 3 credit cards as seen in my signature below.  Now that I have ok scores and have been able to refinance our house, I want to determine what to do next.  Which card shall I apply for now 3 years post chap 7 BK?  Perhaps local credit union, Chase, Discover IT (although I did IIB Discover), or some other credit union. I actually want to get a prime card if at all possible.  In reading a ton of this particular BK friendly creditors post, I am still not sure what to try next as far as which card and/or ask Barclays for CLI.   Any feedback greatly appreciated.   Thank all in advance for any help!!

Opened 12/2010 Quicksilver MC now $10000; Opened 04/2012: Barclays Rewards MC now $15000; Opened 12/2013: Logix Platinum Rewards MC now $15000; Opened 12/2013: DCU Platinum Visa now $3000; Opened 03/2015: Cap One Venture Rewards Visa now $16000; Opened 03/2015: Chase Freedom Visa now $2000; Opened 03/2015: Safe CU Platinum Rewards Visa now $1500.
Message 1 of 18
17 REPLIES 17
FinStar
Moderator Emeritus

Re: What next 3 yrs post BK?

It really all depends on what you're looking for as far as enhancing or growing your credit portfolio.  This may prove trivial since your credit history reflects a recent BK which will drive away potential lenders such as BoA, Chase, Citi, AMEX, and Discover (double-whammy on this one for IIB).  As far as your current lines, are there some obstacles or things that are currently not being met?  It appears you have some reward CCs (QS and Barclays) and overall revolving CLs ~$9K.

 

For CLIs, you can request those for any of your cards (online, phone, etc) - Capital One's CLIs are usually SPs (whether declined or approved) and Barclay's will be a HP.

 

A CU may be a viable alternative since their underwriting standards may be somewhat "laxed" but not all CUs favor seeing a BK so recent as well - research & shop around.

Message 2 of 18
sc2761
Contributor

Re: What next 3 yrs post BK?

Thank you for the great input.  I'll stay away from Discover, Chase, etc.. for now.  I am thinking CU may be route to go.  I did recently get some CLI's from both Cap One cards, so I have to wait about 3-4 months for more.  I am just trying to grow my credit in case I need any future loans of any kind (such as car) and want cards that will grow with me.  I don't know if another Barclays card should be applied for.  Just in general don't know what to do next.  I've recently since had the refi go through so that mortgage should begin reporting soon (it wasn't before due to being IIB).  Which CU's (if my local one tells me they are not BK friendly) should I look into?  I can't get into NFCU so that is out the window.  Also once I get the next card, should I then ask Barclays for CLI?  They haven't given me one in the 1.5 yrs I have had the card.  Thanks again all for any input!

Opened 12/2010 Quicksilver MC now $10000; Opened 04/2012: Barclays Rewards MC now $15000; Opened 12/2013: Logix Platinum Rewards MC now $15000; Opened 12/2013: DCU Platinum Visa now $3000; Opened 03/2015: Cap One Venture Rewards Visa now $16000; Opened 03/2015: Chase Freedom Visa now $2000; Opened 03/2015: Safe CU Platinum Rewards Visa now $1500.
Message 3 of 18
MC9199
Valued Member

Re: What next 3 yrs post BK?

Alliant Federal Credit Union was good to me 3 yrs post- BK 7 ($15K limit). I opened a savings account two years before applying for the card, so I don't know how much that helped. You don't need to live in their area. I think I made a small donation to an orphanage in order to join.

 

Also try the Duck card.  

Gardening at least until April 30 2014--
FICO: 695 (as of 3/27/2014; M&T Bank Beacon 5.0 EQ FICO) | BK 7 Discharged April 2010 | Current Lines: OCCU Duck Visa $12,000 (1% util, opened 10/2013) | Alliant FCU Platinum Visa, $15,000 (5% util, opened 5/2013) | Barclays iTunes Visa $6000 ( 1% util, opened 11/2011) | Best Buy MC $800 (0% util, opened 5/2010 | M&T Bank Checking Overdraft LOC $500 (0% util, opened 1/2007)

Most recent scores (March 26 2014): EQ 701 | EX 751 | TU 705
Message 4 of 18
FinStar
Moderator Emeritus

Re: What next 3 yrs post BK?


@sc2761 wrote:

Thank you for the great input.  I'll stay away from Discover, Chase, etc.. for now.  I am thinking CU may be route to go.  I did recently get some CLI's from both Cap One cards, so I have to wait about 3-4 months for more.  I am just trying to grow my credit in case I need any future loans of any kind (such as car) and want cards that will grow with me.  I don't know if another Barclays card should be applied for.  Just in general don't know what to do next.  I've recently since had the refi go through so that mortgage should begin reporting soon (it wasn't before due to being IIB).  Which CU's (if my local one tells me they are not BK friendly) should I look into?  I can't get into NFCU so that is out the window.  Also once I get the next card, should I then ask Barclays for CLI?  They haven't given me one in the 1.5 yrs I have had the card.  Thanks again all for any input!


That's good news on the Capital One front, since most of their CLIs usually need to be spaced within/after 6 months.  It also depends on your current inquiries and whether you are (or will be) in the market for any big ticket items such as a car loan/lease, etc. (within 6-12 months).  This could be a good opportunity to request a CLI from Barclays if the need should arise, just be aware they will HP.  You can have more than one Barclays CC.  Strategically, a second one could be applied for 8-12 months after your first one.  There is the Ring Card, Sallie Mae MC and the Arrival MC (each having their own reward/perks structures depending on your needs).

 

Since NFCU is currently not an option for you, there's Alliant as suggested above, and others such as SDFCU, DCU and OCCU (Duck/Beaver Cards) to name a few.  OCCU does not have a membership requirement to apply for their alumni CCs; however, the jury is still out on the BK leniency.

Message 5 of 18
SunriseEarth
Moderator Emeritus

Re: What next 3 yrs post BK?


@FinStar wrote:

It really all depends on what you're looking for as far as enhancing or growing your credit portfolio.  This may prove trivial since your credit history reflects a recent BK which will drive away potential lenders such as BoA, Chase, Citi, AMEX, and Discover (double-whammy on this one for IIB).  As far as your current lines, are there some obstacles or things that are currently not being met?  It appears you have some reward CCs (QS and Barclays) and overall revolving CLs ~$9K.

 

For CLIs, you can request those for any of your cards (online, phone, etc) - Capital One's CLIs are usually SPs (whether declined or approved) and Barclay's will be a HP.

 

A CU may be a viable alternative since their underwriting standards may be somewhat "laxed" but not all CUs favor seeing a BK so recent as well - research & shop around.


+1

 

If you're just looking for TLs, GE backed cards can be obtained 2+ years out of BK.   

 

As for the Duck/Beaver card, I wouldn't recommend for the OP at this time time.  They seem to like clean profiles with scores well north of 700, AFAIK.  



Start: 619 (TU08, 9/2013) | Current: 809 (TU08, 3/05/24)
BofA CCR WMC $75000 | AMEX Cash Magnet $64000 | Discover IT $46000 | Disney Premier VS $43600 | Venmo VS $30000 | NFCU More Rewards AMEX $25000 | Macy's AMEX $25000 Store $25000 | Cash+ VS $25000 | Altitude Go VS $25000 | Synchrony Premier $24,200 | Sony Card VS $23750 | GS Apple Card WEMC $22000 | WF Active Cash VS $18,000 | Jared Gold Card $16000 | FNBO Evergreen VS $15000 | Citi Custom Cash MC $14600 | Target MC $14500 | BMO Harris Cash Back MC $14000 | Amazon VS $12000 | Freedom Flex WEMC $10000 | Belk MC $10000 | Wayfair MC $4500 ~~
Message 6 of 18
sjt
Senior Contributor

Re: What next 3 yrs post BK?


@sc2761 wrote:

Since d/c over 3 years ago, I've only established 3 credit cards as seen in my signature below.  Now that I have ok scores and have been able to refinance our house, I want to determine what to do next.  Which card shall I apply for now 3 years post chap 7 BK?  Perhaps local credit union, Chase, Discover IT (although I did IIB Discover), or some other credit union. I actually want to get a prime card if at all possible.  In reading a ton of this particular BK friendly creditors post, I am still not sure what to try next as far as which card and/or ask Barclays for CLI.   Any feedback greatly appreciated.   Thank all in advance for any help!!


Congrats on your credit success!

 

Credit Unions are amongst the most BK friendly lenders. One of the best credit union credit cards is State Department Federal Credit (SDFCU)  Union Visa Platinum. It comes with basicially no fees, low APR and a EMV Chip.

 

I have heard mixed things about prime lenders and BK. My theory is that it is possible to get approval for prime cards with a BK showing but it depends on the credit you have established, how you handle the credit, and the length of time from your BK. Id say 7 years is the minimum.

 

 

American Express: Platinum Charge, Optima, Business Gold, Delta Business Reserve, Business Cash, Business Plus
Barclays: Arrival+ WEMC
Capital One: Savor WEMC, Venture X Visa Infinite
Chase: Freedom U Visa Signature, CSR Visa Infinite
Citibank: AAdvantage Platinum WEMC
Elan/US Bank: Fidelity Visa Signature
Credit Union: Cash Back Visa Signature
FICO 08: Score decrease between 26-41 points after auto payoff (11.01.21) FICO as of 5.23, EX: 812 / EQ: 825 / TU: 815
Message 7 of 18
sc2761
Contributor

Re: What next 3 yrs post BK?

Thanks all for the responses.  I think I will try to call my CU first and just ask if they're credit cards are BK friendly.  I am over 3 years out from BK d/c, so I am hopeful.  Anyone have any input on trying for Barclay card CLI.  I know it is hard pull.  I have 5 inquiries right now on TU, but 3 are from the mortgage process.  Should I try to CLI now or try for a CU credit card first?  Thanks again for any feedback!!

Opened 12/2010 Quicksilver MC now $10000; Opened 04/2012: Barclays Rewards MC now $15000; Opened 12/2013: Logix Platinum Rewards MC now $15000; Opened 12/2013: DCU Platinum Visa now $3000; Opened 03/2015: Cap One Venture Rewards Visa now $16000; Opened 03/2015: Chase Freedom Visa now $2000; Opened 03/2015: Safe CU Platinum Rewards Visa now $1500.
Message 8 of 18
sjt
Senior Contributor

Re: What next 3 yrs post BK?


@sc2761 wrote:

Thanks all for the responses.  I think I will try to call my CU first and just ask if they're credit cards are BK friendly.  I am over 3 years out from BK d/c, so I am hopeful.  Anyone have any input on trying for Barclay card CLI.  I know it is hard pull.  I have 5 inquiries right now on TU, but 3 are from the mortgage process.  Should I try to CLI now or try for a CU credit card first?  Thanks again for any feedback!!


If I had to choose between a CU and Barclays I would choose CU.

American Express: Platinum Charge, Optima, Business Gold, Delta Business Reserve, Business Cash, Business Plus
Barclays: Arrival+ WEMC
Capital One: Savor WEMC, Venture X Visa Infinite
Chase: Freedom U Visa Signature, CSR Visa Infinite
Citibank: AAdvantage Platinum WEMC
Elan/US Bank: Fidelity Visa Signature
Credit Union: Cash Back Visa Signature
FICO 08: Score decrease between 26-41 points after auto payoff (11.01.21) FICO as of 5.23, EX: 812 / EQ: 825 / TU: 815
Message 9 of 18
sc2761
Contributor

Re: What next 3 yrs post BK?

local Cu backfired.  I didn't know at the time I applied a few days back, that my new loan that closed (refi) hit the credit burueas and lowered my fico score about 50 points.  Maybe being that it is so new??  I guess I will have to wait until it reports for many months, along with on time credit and schoo loan payments, to where it is 700 again where the CU said I should be able to be granted a card at that time.  Anyone else have this experience of dramatic score drop after refi hitting the credit reports??  My last card was opened 1.5 yrs ago, so my average age of accounts is probably low again due to the refi.  Any feedback on this greatly appreciated!!

Opened 12/2010 Quicksilver MC now $10000; Opened 04/2012: Barclays Rewards MC now $15000; Opened 12/2013: Logix Platinum Rewards MC now $15000; Opened 12/2013: DCU Platinum Visa now $3000; Opened 03/2015: Cap One Venture Rewards Visa now $16000; Opened 03/2015: Chase Freedom Visa now $2000; Opened 03/2015: Safe CU Platinum Rewards Visa now $1500.
Message 10 of 18
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