Should I apply for a secured CC now or just keep waiting?

[mebeses15]

My BK7 is now final as of last week and my credit scores are Transunion 668, and Equifax 635. I'm still in the process of getting Experian reporting correctly.

My only bills are my rent, car insurance, car payment, electric, internet and food/gas.

Unfortunately, I got laid off last month so only have $1800. a month unemployment income right now. I have about $3500.00. in savings (Thanks to my small severence package and the rest of my savings combined). I have about $300. to $400. a month left over after paying bills.

 Would I get approved for a small balance secured card? My BK was almost all from my busines with my ex failing a few years ago. I haven't had any credit cards for several years so I'm not about to start running up any CCards at all. I just want to get my credit rebuilding started but don't want to waste an inquiry if there is no hope to get approved.for even a small secured card with only unemployment income.

[guiness56]

You should be able to qualify for one.

Does your bank offer secured cards?

[HiLine]

Certainly. I would talk to your personal banker about opening a secured credit card with your bank.

[mebeses15]

Unfortunately, I've been banking with US Bank for the last 5 years. Even though I'm in good standing with US Bank, I already know they will not give anyone a secured card with a BK showing on their report.  I've been getting lots of preapproved credit apps in the mail from other companies though.

[chasmith]

I would definitely try to open a secured card to maintain progress rebuiulding.  Try local credit unions, CapitalOne or BOA.

[mebeses15]

In the last two weeks,I applied and received a Capitol One unsecured card for $500, an account with Fingerhut for $500 and an unsecured card with Barclay's-still waiting on what my CL will be.

I was declined with Victoria Secret though which is ok since I'm all stocked up already on underwear!

[guiness56]

Congrats!