topic Re: I can’t even get approved for a secured card.. in Bankruptcy

I can’t even get approved for a secured card..

frankjaeger — Sat, 10 Oct 2020 02:25:07 GMT

I'm at six months post-BK. I burned literally everyone in my BK. Chase, capital one, citi, boa, amex, discover, etc etc. I had at least one card with everyone issuer and burned them all. Now I can't even get a secured card with any of them.

I currently have a Credit One card with a $300 limit and a Target Red Card with a $300 limit. I also have an affirm loan, a self builder loan, and an auto loan. My score has risen from 500 to 650 since my BK.

What are some recommendations for getting back in with a "major" company? Or am I screwed and will just have to keep going through these no-name credit companies that charge $100 annual fees?

Please don't recommend a credit union either. I have my own person reasons for not wanting to deal with a credit union ever again.

Re: I can’t even get approved for a secured card..

Slabenstein — Sat, 10 Oct 2020 02:30:40 GMT

To my knowledge, Capital One is the most forgiving of the lenders you listed and may let you back in after about a year. You could start checking the prequal page for their subprime cards, since it would only be an SP to look.

Re: I can’t even get approved for a secured card..

Brian_Earl_Spilner — Sat, 10 Oct 2020 02:31:05 GMT

Unfortunately, just about all of the majors blacklist for an extended period of time after a BK. Try cap1 again after you pass 1 year past bk. Same with disco, though, depending on how bad you burned them, you may have to wait longer.

Re: I can’t even get approved for a secured card..

blindambition — Sat, 10 Oct 2020 02:32:58 GMT

You may have to start with a Indigo, or Credit One. Just until you gain payment history, and the credit doors start opening.
Its not ideal, but it's a start. Burning all major lenders will limit you, but not forever.
@frankjaeger wrote:
I'm at six months post-BK. I burned literally everyone in my BK. Chase, capital one, citi, boa, amex, discover, etc etc. I had at least one card with everyone issuer and burned them all. Now I can't even get a secured card with any of them.

I currently have a Credit One card with a $300 limit and a Target Red Card with a $300 limit. I also have an affirm loan, a self builder loan, and an auto loan. My score has risen from 500 to 650 since my BK.

What are some recommendations for getting back in with a "major" company? Or am I screwed and will just have to keep going through these no-name credit companies that charge $100 annual fees?

Please don't recommend a credit union either. I have my own person reasons for not wanting to deal with a credit union ever again.

Re: I can’t even get approved for a secured card..

frankjaeger — Sat, 10 Oct 2020 02:40:41 GMT

I actually got a mailer for an Indigo card today saying I was preapproved. The yearly fee of $125 kind of scared me off though..

Re: I can’t even get approved for a secured card..

Anonymous — Sat, 10 Oct 2020 03:05:33 GMT

@frankjaeger wrote:
Please don't recommend a credit union either. I have my own person reasons for not wanting to deal with a credit union ever again.

Did you get cross-collateralized and burned?

Credit unions are *probably* going to be your most generous route to large lines.

They're pretty similar to banks in that they all have their own UW and operating standards.

CapOne and Disco would be on the easier side of major banks to get back with

To avoid AF rebuilders you can do 1 or 2 shopping cart trick cards and then garden.

Re: I can’t even get approved for a secured card..

Anonymous — Sat, 10 Oct 2020 03:07:01 GMT

You may not want to hear it, but you're limiting your rebuild by dismissing all credit unions. There is probably a lot of opportunity in that pool now and down the line.

I don't know your reasoning, but I'm going to guess it revolves around a bad experience with one. There are bad banks and bad credit unions, but they aren't all bad and it may not be advantageous to dismiss them all. It would be kind of like buying a Chevy that's a lemon and then refusing to buy any brand of car ever again...

Re: I can’t even get approved for a secured card..

TGG_1976 — Sat, 10 Oct 2020 14:34:11 GMT

Doesn't Amex have a "rebuilder" card, the Optima? I am not sure if it still exists and if you would be eligable. I know you will need to be invited into the Optima program via mailer, maybe call them to see if the program is still around?

Re: I can’t even get approved for a secured card..

Snipper117 — Sat, 10 Oct 2020 17:40:49 GMT

I'm in same boat, burned all the big guys. I just got my BK7 discharged on 10/7/20. Check out this link I found here on the forums. I applied today for Dell Prefered Financial and somehow I was pre approved for $2500. When I submitted application I was approved for 3k line today. I'm just using this to help rebuild my credit file. Not exactlly a big guy, but it cant hurt your credit profile moving forward if you are approved and use it responsibly.

https://ficoforums.myfico.com/t5/General-Credit-Topics/List-of-Soft-pull-PREAPPROVALs-Updated-10-07-20/m-p/5938753#M293595

Re: I can’t even get approved for a secured card..

Anonymous — Sun, 11 Oct 2020 07:59:52 GMT

@TGG_1976 wrote:
Doesn't Amex have a "rebuilder" card, the Optima? I am not sure if it still exists and if you would be eligable. I know you will need to be invited into the Optima program via mailer, maybe call them to see if the program is still around?

Optima would be something to ask about if/when calling them to arrange payment for the amount they were burned on in the BK. Pay them off to make them whole, and receive Optima as a way back in after payments are complete.

I believe this is a ways off still though - Amex won't consider offering a card until 61 months after the filing date AND they've been made whole. They still may not at that point but odds are better than just waiting 61 months and apping. Without paying then what's owed, you can be blacklisted for decades. They do not forget.

Re: I can’t even get approved for a secured card..

Bankrupt2019 — Sun, 11 Oct 2020 22:32:51 GMT

Did you try Capital One? They let me back in less than a month after discharge. Unsecured.

Re: I can’t even get approved for a secured card..

twono — Mon, 12 Oct 2020 08:36:30 GMT

+1 on a credit union. A local CU gave me a $2500 MC a few months out from DC.

Re: I can’t even get approved for a secured card..

tehdrizzle — Mon, 12 Oct 2020 21:08:19 GMT

I was in the same situation and can tell you that you will need to get a secured installment loan before anyone will touch you for a credit card. Sadly, it's a normality after filing bankruptcy.

Re: I can’t even get approved for a secured card..

twono — Mon, 12 Oct 2020 23:05:41 GMT

@tehdrizzle wrote:
I was in the same situation and can tell you that you will need to get a secured installment loan before anyone will touch you for a credit card. Sadly, it's a normality after filing bankruptcy.

I don't see that being the case at all....Of course, YMMV.

45 days from DC, credit one gave me a $2000 SL (now $2200), OLLO gave me $1100 (auto CLI's to $3100 now, 1 yr post DC), and my local CU gave me a $2500 MC. No secured installment loan.

Re: I can’t even get approved for a secured card..

frankjaeger — Mon, 12 Oct 2020 23:07:49 GMT

@Bankrupt2019 wrote:
Did you try Capital One? They let me back in less than a month after discharge. Unsecured.

No luck. Probably because I burned them for about $2k. They won't even approve me for a secured. Same with Discover. Burned them for about $5k and they won't give me a secured either.

Re: I can’t even get approved for a secured card..

TDH0820 — Mon, 12 Oct 2020 23:19:32 GMT

Go for the a credit builer loan with your local credit union or Self.Inc -- money towards payments will f/u as a line of credit.

Look for a low-income designated credit union in your area, put the money in account to be auto debited. this will open the door for you.

https://www.ncua.gov/support-services/credit-union-resources-expansion/field-membership-expansion/low-income-designation

Re: I can’t even get approved for a secured card..

frankjaeger — Tue, 13 Oct 2020 01:12:20 GMT

@TDH0820 wrote:
Go for the a credit builer loan with your local credit union or Self.Inc -- money towards payments will f/u as a line of credit.

Look for a low-income designated credit union in your area, put the money in account to be auto debited. this will open the door for you.

https://www.ncua.gov/support-services/credit-union-resources-expansion/field-membership-expansion/low-income-designation

I have a credit builder loan through Self. I've made 5/12 payments so far. I also have an Affirm loan for about $1,000 that I'm making steady payments on as well as an auto loan through Ally.

I seem to have no issues on the loan end of things. It's just the credit cards that are the issue since I had literally one or more with every single company and burned almost all of them.

Even the ones I didn't burn won't let me back. For example, I had an Amazon store card which is Synchrony. It was always paid in full and on time and was closed with a $0 balance with the BK. However they won't let me back because of the BK even though I have a perfect history with them.

Re: I can’t even get approved for a secured card..

Anonymous — Tue, 13 Oct 2020 02:16:00 GMT

Here you are.

You are guaranteed to get this secured card. I have it and use it every month. I have for years.

https://www.greendotcredit.com/

Re: I can’t even get approved for a secured card..

frankjaeger — Tue, 13 Oct 2020 22:28:29 GMT

Well after posting this thread I got a preapproval offer in the mail from "Mission Lane" for a Visa with no annual fee and a $1,000 credit line. I have never heard of them though. Might have to do some research first.

Re: I can’t even get approved for a secured card..

Anonymous — Wed, 14 Oct 2020 17:45:50 GMT

Which card did you get? That website seems to link to various cards. I already have OpenSky. I thought I would get GreenDot next but it doesn't seem to be an actual GreenDot card???