topic Re: 5 years post BK in Credit Cards

5 years post BK

Creditbuilder36 — Sun, 26 Jun 2016 13:50:25 GMT

Can anyone tell me what cards will give you a shot 5 years post BK I mean cards that will really grow

Re: 5 years post BK

Anonymous — Sun, 26 Jun 2016 14:24:20 GMT

Discover for sure and will grow and a lot of times grow fast. Barclays but they really aren't known to grow. Capital one and will definitely grow

Re: 5 years post BK

Creditbuilder36 — Sun, 26 Jun 2016 14:27:53 GMT

Ok I do have Capitol one i will try discover as well are the good. I've never had discover

Re: 5 years post BK

Anonymous — Sun, 26 Jun 2016 15:24:56 GMT

Yeah you'll definitely get a Discover that far out from BK

Re: 5 years post BK

SOGGIE — Sun, 26 Jun 2016 15:59:33 GMT

While there are no guarantees and with the limited information, I would say to first try the Discover pre-qual. You can also trying cold apping for the Discover as the pre-qual is not a solid indicator of approval. Best of luck OP!

Re: 5 years post BK

Creditbuilder36 — Sun, 26 Jun 2016 16:14:51 GMT

My bankcruptcy was complete in May of 2011 At that time I recieved cards like Capitol One Secured And Credit One bank I still wasn't following my credit well enough back then so I unfortunately got hit with late payments and I also had a Merrick bank card that charged off I say that to say that is one of the baddies on my credit report as well as a Medical bill FasTforward to 2015. I was able to get the Quicksilver one card and the Platinum card which converted into a Quicksilver one card. I still have My credit one Card and the MasterCard version I also have a line of Credit from my bank attached to my checking account and a credit card through the bank. along with some store cards. The limits on my Capitol One cards are one is near limit and the other is at 50% of the 2000 limit I have between the both of them I believe that's what's holding me up from getting increases or even applying for a new card. this is what Chase told me I had a baddie on there even though my utilization was way lower than what it is now. And discover when I applied to them a couple of months ago they denied me due to my bankcruptcy but I hadn't hit the 5 year mark yet Sorry for rambling I think I'll try when my utilization is significantly lower than it is now

Re: 5 years post BK

padme — Sun, 26 Jun 2016 16:37:47 GMT

3 yrs post BK 70k in limits but no lates or CO

Re: 5 years post BK

thummel — Sun, 26 Jun 2016 19:59:12 GMT

I would definetly try for a discover that far out of BK. Don't bother with there pre qual though. It is pretty much useless and doesn't mean anything.

Re: 5 years post BK

pizza1 — Sun, 26 Jun 2016 20:24:47 GMT

@thummel wrote:
I would definetly try for a discover that far out of BK. Don't bother with there pre qual though. It is pretty much useless and doesn't mean anything.

Of course we can suggest cards, but as always..YMMV.. But, IF you didnt burn AMEX, the soonest they will let you in is 5yrs post DC. Ive seen a rare one two get the Delta Gold at 4 yrs, but rare. Seems to be the 5yr mark for many. Pretty much any lender could let you in at 5yrs, but Citi for their legacy cards are known to be around 7yrs in most cases.

A lot of it will depend on

1. your lenders that were IIB

2. your rebuild since your BK

3. any baddies post BK

4. scores

Tell us who youre thinking of applying for, and give us a little background on your current card situation/util and rebuild since your BK, and we can advise better.

It's all taken into consideration, and dont let it deter you from applying for a card you think you might be declined for. Thats why recons are in place. Sometimes the "systems" will auto decline you just becuase the BK is showing on the reports, but you call in and recon it, and youre approved.

Re: 5 years post BK

AverageJoesCredit — Sun, 26 Jun 2016 20:27:43 GMT

Discover seems to be a great card IF you can get it. If you apply i hope you can get approved. Im almost 10 years post bk7, come next April so actually 9 or so right now, and ive never had Discover. Applied 3 times, 4 hps and no love . It seems Discover truely is YMMV as they are on both sides of spectrum on who they let in. I also agree the prequal site is the worst excuse for a prequal site. Good luck on your rebuild!

Re: 5 years post BK

pizza1 — Sun, 26 Jun 2016 20:35:17 GMT

@Creditbuilder36 wrote:
My bankcruptcy was complete in May of 2011 At that time I recieved cards like Capitol One Secured And Credit One bank I still wasn't following my credit well enough back then so I unfortunately got hit with late payments and I also had a Merrick bank card that charged off I say that to say that is one of the baddies on my credit report as well as a Medical bill FasTforward to 2015. I was able to get the Quicksilver one card and the Platinum card which converted into a Quicksilver one card. I still have My credit one Card and the MasterCard version I also have a line of Credit from my bank attached to my checking account and a credit card through the bank. along with some store cards. The limits on my Capitol One cards are one is near limit and the other is at 50% of the 2000 limit I have between the both of them I believe that's what's holding me up from getting increases or even applying for a new card. this is what Chase told me I had a baddie on there even though my utilization was way lower than what it is now. And discover when I applied to them a couple of months ago they denied me due to my bankcruptcy but I hadn't hit the 5 year mark yet Sorry for rambling I think I'll try when my utilization is significantly lower than it is now

Just fro reading this Ill be honest.....anything bad after a BK like lates etc...is, well....bad, and a CO after a BK??? bad! Im going to suggest right now that you get your utilization down to less than 10%, and then come back for more advice on what to do from there. What are your current FICO scores? Ill just be honest and say that baddies after BK is not good, especially a CO. Not getting down on you at all, just trying to bring some realistic perspective here to this.

I would...work on possibly getting the lates and CO (PFD possibly?), deleted if you could, and concentrate on getting your overall util down to less than 10%, and garden for a year. I know that seems like a long time, but baddies after a BK , lenders really step back from lending when they see that. They are more forgiving after seeing 12 months of postivie history after baddies after a BK.

Just keep working at it...You will NOT get Amex, citi, chase, or any big bank with baddies showing after the BK right now. POssibly Discover though...they are weird in their approvals. Good luck, and keep us posted on your rebuild.

Re: 5 years post BK

Creditbuilder36 — Sun, 26 Jun 2016 20:42:12 GMT

Re: 5 years post BK

Creditbuilder36 — Sun, 26 Jun 2016 20:47:47 GMT

I definitely appreciate your honesty as I am serious about rebuilding my credit now I still didn't have an understanding of it after the BK which is why I was still irresponsible ~~> Now I do so I'm working on lowering my utilization and removing the baddies (2) I understand it's a process and am willing to keep working at it my scores are Experian 650 ~~~>. TRansunion 631 Equifax 620. Thanks for all the advice

Re: 5 years post BK

morgacj2004 — Sun, 26 Jun 2016 21:04:32 GMT

I am 3.5 yrs post BK. So far I am in with Discover, Barclay's, Cape One, Pen Fed, NFCU, BofA, Synchrony, Community, AK USA FCU. CITI gave me a secured Visa that will unsecure in 7 months. BofA unsecured 2 months ago. Neither BofA or Discover will give me a second card. No go from US Bank, CHASE or CITI unsecured. Did get a Sears card from them. Cap One gave me the highest limits an most cards . Hope this helps.

Re: 5 years post BK

aussiesareforever — Sun, 26 Jun 2016 21:24:47 GMT

Completely agree with Pizza. You have enough cards right now to continue to build your credit. Work on giving them time to grow and managing your cards well. My primary goal when I filed BK was never to get into that situation again, as much as it was under my control. Filing BK taught me financial responsibility, one I didn't need BK to learn but I am thankful for that big positive outcome from a negative situation.

Re: 5 years post BK

Creditbuilder36 — Sun, 26 Jun 2016 21:32:30 GMT

Yes I totally agree I still didn't quite understand the whole concept after my bk but now that I do I'm going to be gardening seriously gardening May was my 5 year mark so I'll be patient and keep working on my credit 😊

Re: 5 years post BK

padme — Sun, 26 Jun 2016 21:53:06 GMT

Honestly, to get ur scores up, gotta get one card to 0, maybe get an SCT or two. Also if you can get a CD loan of some sort for 12 months, thatll be good for u too. Or a small car loan. Then maybe in 12 months you can come outta garden better.

Re: 5 years post BK

pizza1 — Sun, 26 Jun 2016 23:14:35 GMT

@Anonymous wrote:
Yeah you'll definitely get a Discover that far out from BK

Dont tell people that have a BK with Baddies after a BK, that they will "definitely" get Discover. Just because the OP is "that far out" from their BK doesnt mean anything! OP has baddies AFTER a BK...a double whammy! OP is VERY lmited right now...

Re: 5 years post BK

pizza1 — Sun, 26 Jun 2016 23:18:28 GMT

@morgacj2004 wrote:
I am 3.5 yrs post BK. So far I am in with Discover, Barclay's, Cape One, Pen Fed, NFCU, BofA, Synchrony, Community, AK USA FCU. CITI gave me a secured Visa that will unsecure in 7 months. BofA unsecured 2 months ago. Neither BofA or Discover will give me a second card. No go from US Bank, CHASE or CITI unsecured. Did get a Sears card from them. Cap One gave me the highest limits an most cards . Hope this helps.

YOur profile and the OP's profile are like night and day Morjac. You have no baddies after BK, lower util, and higher scores. Even with people that have a BK....we are thrown in "dirty buckets", and compared against other people in own dirty buckets. OP is in a much dirtier bucket due to the lates and CO after the BK.

Re: 5 years post BK

pizza1 — Sun, 26 Jun 2016 23:22:35 GMT

@Creditbuilder36 wrote:
Yes I totally agree I still didn't quite understand the whole concept after my bk but now that I do I'm going to be gardening seriously gardening May was my 5 year mark so I'll be patient and keep working on my credit 😊

YOull get there!! You understand now the importance of credit, rebuilding, and taking control of your finances/credit. Things will look better for you in a year. If you can get those lates removed with good will letters, and the CO....your scores will bounce and youll have a lot more opportunites available to you.

Look in the rebuilding section on PFD/GW letters...keep at it too! I know someone here on the forums who has been sending GW letters, and phone calls every month for the last 16 months! Hopefully one day they cave! LOL...Dont get down about it...There is so much kbowledge here on the boards, especially on rebuilding, but at one point or another...each of us has been there.