topic Re: What card to apply for next? in Bankruptcy

What card to apply for next?

angelofmusic86 — Thu, 04 Mar 2021 17:02:01 GMT

I would highly prefer a non-annual fee card and an actual Visa/MC vs store card. I'm open to secured cards. My current cards are in my signature. I'm planning on applying sometime in April.

I burned a ton including the following:

Discover

USBank (MTG)

AMEX

TDBank (Nordstrom Visa)

Citi (Home Depot store card)

Synchrony (a bunch, including PayPal MC and CareCredit and Amazon)

Commenity (VS and Ulta, but they reported all my closed in 2018 zero accounts as included too, so...)

I know AMEX and Citi are out for at least a decade, if ever.

Discover is YMMV, but I've had no luck on their prequal site, so that's a maybe 2022 card?

I've heard good things about the USBank secured card, but my history with USBank might kill me.

Target's Visa/MC is through TDBank right? I don't want the store RedCard, I would much rather it be an actual card, but not sure how TDBank would feel about me (I would also be open to reapplying for the Nordstrom Visa, but honestly, Target is more desirable)

Synchrony and Commenity never bothered issuing me anything beyond store cards (with the exception of PayPal) prior to BK, so not banking on them issuing me anything beyond a store card now either.

Unless NFCU counts foreign military service for family members, I have no way in with them currently.

Finally, my credit union's policy is 12 months post discharge, so I am planning on applying (and hopefully getting) their Visa in October and cancelling the CreditOne card with the annual fee. This will have me at 3 Visa/MCs, 1 store card, auto loan, and student loans by the end of 2021.

Sorry for the long/rambling post. I'm open to any opinions/advice. I think my best bet is to try prequals first, then probably go for something like Mission Lane or Ollo (I'll have to research more, but I think I've read here that they're zero annual fee cards). But. I really want the MC/Visa RedCard. I just don't want to apply to something that I have no shot of getting. Thanks everyone for reading!

Re: What card to apply for next?

anniea4001 — Thu, 04 Mar 2021 19:13:32 GMT

Have you looked at Penfed?

I have read great stuff about them here.

I joined online about a month ago hoping to use them in the rebuild in a few months.

Mission Lane seems to be BK friendly as well, I already got a pre approval for their no AF fee card.

Re: What card to apply for next?

angelofmusic86 — Thu, 04 Mar 2021 19:56:05 GMT

@anniea4001 wrote:
Have you looked at Penfed?
I have read great stuff about them here.
I joined online about a month ago hoping to use them in the rebuild in a few months.
Mission Lane seems to be BK friendly as well, I already got a pre approval for their no AF fee card.

I have not looked into Penfed. I'll do some research in the next couple of weeks. Thank you!

Re: What card to apply for next?

kr43002 — Fri, 05 Mar 2021 17:42:46 GMT

Something that I highly recomend is Self Finacial. (Mod cut-this is against the rules here on myFico-Thank you) Why I like them? They increase your account diversity by adding a tradeline. Basically you select a loan option, than you start paying them. This option is a little more costly than using OpenSky or other Fee Harvester cards, but it is a great option. As after 3 months you get to use your saved money (payments) as the security deposit on a credit card. Basically you get to have 2 secured accounts with only 1 security deposit. Plus the credit score the provide monthly is nice, and their paid report is pretty cheap compared to any mainstream competitor (Nav, Experian, MyFico...) Otherwise I would call your local credit unions and inquire about their policies on BK. Local CU's are great, even as good as NFCU, but since they all have different policys, it doesn't great brought up in this forum alot IMO.

Re: What card to apply for next?

angelofmusic86 — Fri, 05 Mar 2021 20:01:04 GMT

@kr43002 wrote:
Something that I highly recomend is Self Finacial. (Mod cut-this is against the rules here on myFico-Thank you) Why I like them? They increase your account diversity by adding a tradeline. Basically you select a loan option, than you start paying them. This option is a little more costly than using OpenSky or other Fee Harvester cards, but it is a great option. As after 3 months you get to use your saved money (payments) as the security deposit on a credit card. Basically you get to have 2 secured accounts with only 1 security deposit. Plus the credit score the provide monthly is nice, and their paid report is pretty cheap compared to any mainstream competitor (Nav, Experian, MyFico...) Otherwise I would call your local credit unions and inquire about their policies on BK. Local CU's are great, even as good as NFCU, but since they all have different policys, it doesn't great brought up in this forum alot IMO.

Self is great, I know people who've used them. I just have no need for another installment loan with my student loans (technically 1 consolidated account through a centralized servicer) and my car loan. My want for another credit card to help with rebuild isn't that great to get yet another installment loan, but I really appreciate you mentioning them.

As far as credit unions, I love mine. I'm willing to wait until twelve months post-discharge for them to hopefully be able to use it to replace the CreditOne card prior to getting the next annual fee. I'm still not sure if Penfed will be a good option for me to be approved in April, but I did become a member today to have the membership if I did decide to pursue any future credit relationships with them in the future.

Thank you for your honest feedback!

Re: What card to apply for next?

FinStar — Sat, 06 Mar 2021 07:49:38 GMT

@angelofmusic86 - you mentioned the Target RedCard on your op. Keep in mind that this particular card is not offered as a MC from the get-go. Everyone typically starts with the retail version and there's no guarantee or timeframe when the MC upgrade would materialze - it's all profile dependent.

That said, it appears you're on track with some of your goals, and hopefully you can obtain a CC through your local CU. PenFed is definitely an option as others have suggested. Barclays or the Mercury card may be other alternatives after you've crossed 12+ months post-discharge.

Re: What card to apply for next?

angelofmusic86 — Sat, 06 Mar 2021 14:32:35 GMT

@FinStar wrote:
@angelofmusic86 - you mentioned the Target RedCard on your op. Keep in mind that this particular card is not offered as a MC from the get-go. Everyone typically starts with the retail version and there's no guarantee or timeframe when the MC upgrade would materialze - it's all profile dependent.

That said, it appears you're on track with some of your goals, and hopefully you can obtain a CC through your local CU. PenFed is definitely an option as others have suggested. Barclays or the Mercury card may be other alternatives after you've crossed 12+ months post-discharge.

@FinStar thank you for that clarification. I used to work at Target from 2008-2010 when someone else owned the RedCard, and my brain seems to remember people getting the MC initially. This may or may not have been true because it was a long time ago and memories can get funny. It definitely helps to look at it that way.

Thank you so much for your thoughts and advice!

Re: What card to apply for next?

pip3man — Sat, 06 Mar 2021 17:23:45 GMT

Hey OP definitely look into Penfed! I won't hit the 1 year post BK7 discharge mark until July. But I was approved for the PCR in December with an initial CL of $2k and few days ago I applied for a second card and was approved for $2500 granted I got a counteroffer for a different card than I originally applied for (which turned out to be the same as my first card). If it helps my FICO scores were at least 650 with both approvals.

Re: What card to apply for next?

FinStar — Sat, 06 Mar 2021 17:45:42 GMT

@angelofmusic86 wrote:
@FinStar wrote:
@angelofmusic86 - you mentioned the Target RedCard on your op. Keep in mind that this particular card is not offered as a MC from the get-go. Everyone typically starts with the retail version and there's no guarantee or timeframe when the MC upgrade would materialze - it's all profile dependent.

That said, it appears you're on track with some of your goals, and hopefully you can obtain a CC through your local CU. PenFed is definitely an option as others have suggested. Barclays or the Mercury card may be other alternatives after you've crossed 12+ months post-discharge.
@FinStar thank you for that clarification. I used to work at Target from 2008-2010 when someone else owned the RedCard, and my brain seems to remember people getting the MC initially. This may or may not have been true because it was a long time ago and memories can get funny. It definitely helps to look at it that way.

Thank you so much for your thoughts and advice!

Sure, anytime.

In the former days, yes. It was available as a Visa version and you could apply for it at the store register, which is how I got mine back in 2001. It eventually converted to MC. But, nowadays it seems you have to work for it 😜. I wish it was available as an option from the get-go so folks have a choice 🤷‍♂️

Good luck on your rebuild journey and keep us posted!

Re: What card to apply for next?

angelofmusic86 — Sun, 07 Mar 2021 23:13:40 GMT

@pip3man wrote:
Hey OP definitely look into Penfed! I won't hit the 1 year post BK7 discharge mark until July. But I was approved for the PCR in December with an initial CL of $2k and few days ago I applied for a second card and was approved for $2500 granted I got a counteroffer for a different card than I originally applied for (which turned out to be the same as my first card). If it helps my FICO scores were at least 650 with both approvals.

This is great to know, thank you! I'm just shy of 650 on EQ, so hopefully, by the time April comes it'll be up there so all three scores are above the 650 mark.

Re: What card to apply for next?

Anonymous — Tue, 09 Mar 2021 03:46:24 GMT

If you bank at US Bank go into a branch in person and talk with a loan officer or branch Mgr about the likelihood of they're offering you a Secured Card. They're N AF, TG. 🙏🏻

while you love your CU, that need not preclude your belonging to 1-3 others. Before joining Talk w them. NFCU has 24/7 Customer Service. Technology Federal CU, I think now Tech Fed based out of SJ, CA is excellent. Make a list of 5-7 CU's perhaps. Do some Recon. Phone them and be up front. You might need to keep more funds in your accounts. They all may not graduate you for 12 months rather than 3-6 months. The larger chunk you're willing and able to put down for your Securing Deposit will help.

You also might do only $200 for now and add more later so you can fund your Roth IRA with them. You can move it later to somewhere more flexible. They will like seeing you are establishing Financial Resources and a strong Foundation. 🙏🏻

Re: What card to apply for next?

angelofmusic86 — Thu, 11 Mar 2021 14:09:56 GMT

@angelofmusic86 wrote:
@pip3man wrote:
Hey OP definitely look into Penfed! I won't hit the 1 year post BK7 discharge mark until July. But I was approved for the PCR in December with an initial CL of $2k and few days ago I applied for a second card and was approved for $2500 granted I got a counteroffer for a different card than I originally applied for (which turned out to be the same as my first card). If it helps my FICO scores were at least 650 with both approvals.
This is great to know, thank you! I'm just shy of 650 on EQ, so hopefully, by the time April comes it'll be up there so all three scores are above the 650 mark.

All three FICO8s are above 650 now. Fingers crossed that this means Penfed will give me something in April.

Re: What card to apply for next?

angelofmusic86 — Thu, 11 Mar 2021 14:25:53 GMT

@Anonymous wrote:
If you bank at US Bank go into a branch in person and talk with a loan officer or branch Mgr about the likelihood of they're offering you a Secured Card. They're N AF, TG. 🙏🏻

while you love your CU, that need not preclude your belonging to 1-3 others. Before joining Talk w them. NFCU has 24/7 Customer Service. Technology Federal CU, I think now Tech Fed based out of SJ, CA is excellent. Make a list of 5-7 CU's perhaps. Do some Recon. Phone them and be up front. You might need to keep more funds in your accounts. They all may not graduate you for 12 months rather than 3-6 months. The larger chunk you're willing and able to put down for your Securing Deposit will help.

You also might do only $200 for now and add more later so you can fund your Roth IRA with them. You can move it later to somewhere more flexible. They will like seeing you are establishing Financial Resources and a strong Foundation. 🙏🏻

Maybe if I still need a card from USBank after we go back into any kind of normal, I'll go in person. As far as the credit unions, with Penfed, I'm up to two credit unions now, plus my banks. This is a marathon, and I'm definitely talking it slow with new inquiries and/or credit. I appreciate your comment and advice.

Re: What card to apply for next?

Anonymous — Tue, 16 Mar 2021 03:54:51 GMT

It's a charge card and took foreverrrr to get pre-approved/apply then get reported to creditors. However, it's a no credit check charge card that reports to all 3 creditors and has 1% back. I have had good luck with these guys.

Mission Lane also can be 0% fees with 1% if you get pre-approved (check CK). Just pay down balances monthly to avoid interest!

Edit: forgot to insert name of first card lol. Its Tomo credit.

Re: What card to apply for next?

angelofmusic86 — Tue, 16 Mar 2021 13:30:49 GMT

@Anonymous wrote:
It's a charge card and took foreverrrr to get pre-approved/apply then get reported to creditors. However, it's a no credit check charge card that reports to all 3 creditors and has 1% back. I have had good luck with these guys.
Mission Lane also can be 0% fees with 1% if you get pre-approved (check CK). Just pay down balances monthly to avoid interest!

Edit: forgot to insert name of first card lol. Its Tomo credit.

Thank you!

Re: What card to apply for next?

anniea4001 — Tue, 16 Mar 2021 13:42:24 GMT

@angelofmusic86

Just my 2 cents on the Tomo Credit. They approve you based on your bank acct balances and history so you will need to link your accts using plaid or something similar.

They also take forever to report to the RAs. It has been over 2 months for me and so far it's only reporting to EQ. Some members here have mentioned the card just never reports for them. So that might not be the best choice if you want to build credit.

I only got it because of the no HP and because I wanted something to report positive payment history to help with my rebuild.

If you already have a couple of cards with positive history I would consider better cards than Tomo. Maybe a credit union you can build a relationship with.

IMO Tomo is an sub sub primer card.

Re: What card to apply for next?

angelofmusic86 — Tue, 16 Mar 2021 13:58:29 GMT

@anniea4001 wrote:
@angelofmusic86

Just my 2 cents on the Tomo Credit. They approve you based on your bank acct balances and history so you will need to link your accts using plaid or something similar.
They also take forever to report to the RAs. It has been over 2 months for me and so far it's only reporting to EQ. Some members here have mentioned the card just never reports for them. So that might not be the best choice if you want to build credit.
I only got it because of the no HP and because I wanted something to report positive payment history to help with my rebuild.
If you already have a couple of cards with positive history I would consider better cards than Tomo. Maybe a credit union you can build a relationship with.
IMO Tomo is an sub sub primer card.

Thank you for sharing! Appreciate it.

Re: What card to apply for next?

angelofmusic86 — Thu, 25 Mar 2021 16:59:36 GMT

Randomish update as of today, Cap1 did a PC to a 0AF QuickSilver card. So still haven't applied for the next card (next month is next week, so crazy lol), but hey, I'll take rewards on a card I use and PIF frequently.

Re: What card to apply for next?

Anonymous — Fri, 26 Mar 2021 12:43:25 GMT

Chime was another one I forgot to mention earlier. There is no annual fee or anything with it, but you would need to open a bank account with chime and have direct deposit set on for a few payments. I just switched over my deposits there for a few months then got the card. To use the card you just transfer the funds from your account to the card (so it's kinda like a charge card). It reports to everyone consistently.

The downside is of course the extra steps/work involved but its reliable and doesn't require any checks. No credit utilization reporting which is also good (given how this card works that would be a very bad thing lol). I do recommend it as well. Card is a visa and works like any other CC.

Re: What card to apply for next?

Anonymous — Fri, 26 Mar 2021 12:45:03 GMT

Also did want to report that Tomo did finally report for me. Though I still don't see it on TU, so I wrote to them about that, but I'm glad to finally see it on my report. They did also backlog all my payments which was nice.