Re: what doors will open 5 years out of bk?[ Edited ]
04-24-2012 03:44 PM - edited 04-24-2012 03:45 PM
It sounds like you are doing well post BK. Keep paying your bills on time. Makes all the difference in the world.
The only question I want to ask is that do you really need another credit card or a loan. Seems like you have a fairly good number of cards. I know your highest limit is $2000 but you can make multiple payments a month if needed (I did the same thing for a while before I recently got my Barclay's). If you don't really need a new card, I won't really bother about applying anymore. How many inquiries do you currently have? Is that possibly contributing to your denials?
Bank of America is weird about BK. I won't apply to them until it comes off my record. I'm almost pretty sure they will say no. I'm not sure about all the others except for Barclay. They gave me their card and I've read on here that they are BK friendly. Do you know what your current FICO score(s) are? Barclay is great with recons. They approved me instantly for about $1700 and I was able to get a higher limit when I called them. Maybe you just need to call them if you decide to apply again and you get declined.
Feel free to share the current number of inquiries and your current credit score. Those might help figure out why you are having a hard time.
I'm not sure why your credit unions are saying no. Mine gave me a car loan about three years post BK at a pretty reasonable rate at that time (5%). I only had one credit card at that time (my Capital One) and I think my EQ FICO was around 660. I was also approved for the Capital One auto loan but went with my CU instead. You can get a car loan at a decent interest rate!!!
Hope things get a little easier for you soon!
Edited to ask: Are you checking with a credit union or just regular bank. Credit Unions tend to be A LOT more flexible than banks. They tend to be smaller and look to form a relationship with their cutsomers. Definitely a post BK recovery's best friend.
FICO Scores: TU 735 EQ 695 EX 740 (Feb 2013, all pulled by lender)