topic Re: CU Secured Card Question... in Credit Cards

CU Secured Card Question...

Andy77 — Sun, 29 Aug 2010 22:46:53 GMT

There is a local CU that I applied for a secured card with. I chose them because I could make payments locally and they are affiliated with the industry I work in.

The card does not unsecure and I don't believe they will give me another card (unsecured) since I had included them in my BK and they lost 13k (between a loan and a CC)

However, if I open the secured card with them and use it and pay it on time...etc...will that build my credit even though its a secured card and considering it will never unsecure?

Also.... will it look bad that I had a credit card and loan with that same lender that was included in my BK and now I have a secured card with them?

Thoughts?

Thank you

Re: CU Secured Card Question...

Creditaddict — Sun, 29 Aug 2010 23:55:54 GMT

The better question is will they even give you a secured card because you burned them?

A secured card will help rebuild your credit.

Re: CU Secured Card Question...

Anonymous — Mon, 30 Aug 2010 01:20:57 GMT

@Andy77 wrote:

There is a local CU that I applied for a secured card with. I chose them because I could make payments locally and they are affiliated with the industry I work in.

The card does not unsecure and I don't believe they will give me another card (unsecured) since I had included them in my BK and they lost 13k (between a loan and a CC)

However, if I open the secured card with them and use it and pay it on time...etc...will that build my credit even though its a secured card and considering it will never unsecure?

Also.... will it look bad that I had a credit card and loan with that same lender that was included in my BK and now I have a secured card with them?

Thoughts?

Thank you

Did you get approved? My CU would expect the whole BK amount paid back to them, in order to do any business with them.

To rebuild your credit, you need to have accounts that report to all 3 credit bureaus. It does not matter who the bank or CU is, or if you have included them in BK, or if they unsecure.

With a fresh BK, you won't qualify for some of the better secured cards. I suggest you develop credit history with a few secured cards over the next few years. I don't think you would want to do business with anyone who would offer you an unsecured card at this point..

Re: CU Secured Card Question...

Creditaddict — Mon, 30 Aug 2010 01:26:39 GMT

try the pre approval for Best Buy MC and also Capital one, they like issuing cards to fresh out of bk people and give second chances too