topic Re: Secured card options moving forward in Bankruptcy

Secured card options moving forward

jetsfan2013 — Wed, 01 Nov 2023 06:02:45 GMT

The 341 for my 13 was completed last week, and a few days after, my lawyer advised obtaining a small secured card ($500 max) would be fine.

I have been trying to find recent posts/updates here, however see three cards talked about:

US Bank Cash + Secured Visa
Credit One Bank Secured Visa
Capital One Secured Visa

I did not burn any of these companies in my Ch 13 filing

Any thoughts on which one would make sense to attempt to obtain?

Re: Secured card options moving forward

FireMedic1 — Wed, 01 Nov 2023 07:33:21 GMT

Out of that list. US Bank. Cap1 wont graduate on a set time. Forget Credit1.

Disco is the most consistant graduator. Unless they got burned. And TD Bank.

Re: Secured card options moving forward

Tcal — Thu, 02 Nov 2023 03:44:27 GMT

US Bank doesn't guarantee graduation if you have a recent bankruptcy

Re: Secured card options moving forward

jetsfan2013 — Thu, 02 Nov 2023 10:30:09 GMT

Are there any other secured cards to consider while looking to rebuild in a 13?

Re: Secured card options moving forward

Lurker22 — Thu, 02 Nov 2023 12:26:30 GMT

@jetsfan2013 wrote:
Are there any other secured cards to consider while looking to rebuild in a 13?

if you're eligible for membership with Navy Federal they have a terrific secured card which typically graduates in 6 months even if you're in an active 13

Re: Secured card options moving forward

jmcmillan — Fri, 03 Nov 2023 18:18:38 GMT

I got an SDFCU secured credit card a month after my chapter 7 discharge. It graduated a year later.

Re: Secured card options moving forward

tricie17 — Sun, 12 Nov 2023 18:38:41 GMT

Has Navy changed their rules concerning ch-13 again @Lurker22? I did not think they would give you a card with ch-13.

Re: Secured card options moving forward

GZG — Sun, 12 Nov 2023 18:54:21 GMT

@tricie17 wrote:
Has Navy changed their rules concerning ch-13 again @Lurker22? I did not think they would give you a card with ch-13.

I didn't know there was a ch-13 rule with Navy, I only thought you were barred if you burn them at all

Re: Secured card options moving forward

Lurker22 — Sun, 12 Nov 2023 19:18:42 GMT

@tricie17 wrote:
Has Navy changed their rules concerning ch-13 again @Lurker22? I did not think they would give you a card with ch-13.

I didn't burn NFCU in my 13, it did take them years before they discovered the 13 and applied their bankruptcy disclaimer on my online account but they were aware of my 13 before I applied and had zero issue opening the account and graduating it as normal with an open 13

I don't know if this data point is different from others but my account was opened 2/21

Re: Secured card options moving forward

Lurker22 — Sun, 12 Nov 2023 19:19:23 GMT

@GZG wrote:
@tricie17 wrote:
Has Navy changed their rules concerning ch-13 again @Lurker22? I did not think they would give you a card with ch-13.
I didn't know there was a ch-13 rule with Navy, I only thought you were barred if you burn them at all

That's been my understanding too

Re: Secured card options moving forward

tricie17 — Sun, 12 Nov 2023 19:19:50 GMT

@GZG Thank you for sarcastically stating what is obvious. We all know that these are terms that all banks and credit unions have. I was inquiring about the various chapters of bankruptcy rules withe this credit union.

Re: Secured card options moving forward

Lurker22 — Sun, 12 Nov 2023 19:23:06 GMT

@jetsfan2013 wrote:
The 341 for my 13 was completed last week, and a few days after, my lawyer advised obtaining a small secured card ($500 max) would be fine.

I have been trying to find recent posts/updates here, however see three cards talked about:

US Bank Cash + Secured Visa
Credit One Bank Secured Visa
Capital One Secured Visa

I did not burn any of these companies in my Ch 13 filing

Any thoughts on which one would make sense to attempt to obtain?

USB also offers a secured Altitude Go card, I have both plus and Go

Re: Secured card options moving forward

tricie17 — Sun, 12 Nov 2023 19:23:22 GMT

@Lurker22 Thank you for sharing. I was thinking about someone that may have burned them in the ch-13.

Re: Secured card options moving forward

Lurker22 — Sun, 12 Nov 2023 19:25:49 GMT

@tricie17 wrote:
@GZG Thank you for sarcastically stating what is obvious. We all know that these are terms that all banks and credit unions have. I was inquiring about the various chapters of bankruptcy rules withe this credit union.

Not all banks have that rule....i.e. Disco let me back in 8 months after my 13 was discharged and still showing on my CR, they gave me a $13k limit and I burned them, badly

Re: Secured card options moving forward

Lurker22 — Sun, 12 Nov 2023 19:27:01 GMT

@tricie17 wrote:
@Lurker22 Thank you for sharing. I was thinking about someone that may have burned them in the ch-13.

They won't grant you any credit until made whole but unlike other CU they will allow you to have deposit accounts and remain a member