topic Re: Which Credit card? 2yrs post BK, 680 score? in Credit Cards

Which Credit card? 2yrs post BK, 680 score?

orlandodean — Sun, 24 Mar 2013 23:03:38 GMT

I'm just about 2yrs post BK and acquired a car loan 6mos ago. It was the only new credit I have gotten (or tried to get) since my BK.

My Equifax score is 680.

I'd like a credit card purely to rebuild credit, however I am not thrilled about having to get a secured card.

Which cards could I apply for that are unsecured that may approve me? I haven't yet aplied for any cards.

My understandanding is to put some basic recurring charges on the card and pay it off each month. Is that the correct way to go about using the credit for the sake of rebuilding credit?

Thanks in advance.

Dean

Re: Which Credit card? 2yrs post BK, 680 score?

chevyman — Mon, 25 Mar 2013 00:25:31 GMT

Get ur FICO score firsy

Re: Which Credit card? 2yrs post BK, 680 score?

Henchman21 — Mon, 25 Mar 2013 00:30:07 GMT

Yes, I would charge every month and then PIF.

With a 680ish score, you should be eligible for several cards, but most lenders like to see previous revolving history of 6 months-1 year. You could use capital one's SP preapproval feature to see if you qualify for a unsecured. Then use it for 6 months or longer before applying again.

Re: Which Credit card? 2yrs post BK, 680 score?

Henchman21 — Mon, 25 Mar 2013 00:30:28 GMT

They are usually easy approval.

Re: Which Credit card? 2yrs post BK, 680 score?

HiLine — Mon, 25 Mar 2013 03:20:13 GMT

What banks the debt from which you discharge during BK? Some banks have a long memory of previous debt and may not let you in unless you pay it off first.

Re: Which Credit card? 2yrs post BK, 680 score?

twall06 — Mon, 25 Mar 2013 03:20:28 GMT

+1 henchmen21 cap1 is pretty easy I got approved with them and I had just paid off a charge off I had with them that week. It's only a 300 limit but I'm happy I got that.

Re: Which Credit card? 2yrs post BK, 680 score?

Anonymous — Mon, 25 Mar 2013 03:31:19 GMT

Yep Cap1 is super easy. They approved me back in July when I had 2 BKs reporting. I applied for the Cash Rewards card for average credit, $2000 CL...$2500 CL since February. The 7 was 9 years old and the 13 was 6.7 years old. Now it is just the 7 left which will delete in Aug.

Re: Which Credit card? 2yrs post BK, 680 score?

Anonymous — Mon, 25 Mar 2013 03:35:54 GMT

Barclays... No annual fee, Get the Barclaycard Rewards Mastercard...

2% on Gas / Utilities / Groceries (including Walmart, Kmart, Dollar General)

1% on everything else.

Better credit lines than Cap 1 and the avaliablity of CLI.

Good with recons.

Re: Which Credit card? 2yrs post BK, 680 score?

somotao — Mon, 25 Mar 2013 12:18:56 GMT

I would start with Capital one or GE's Walmart store card if you never included them in your BK filing.

While barclays is BK friendly they like to see 6 months of credit card history before giving you a card, if you currently dont have a card I would not recommend applying for this card just yet.

Discover is also BK friendly if you have a good post BK credit history.

Another option is to look at credit unions, a lot of them are BK Friendly.

Stay away from Bank of America, Chase, Citi, American Express.....These guys are not BK friendly.

Re: Which Credit card? 2yrs post BK, 680 score?

Anonymous — Mon, 25 Mar 2013 14:06:14 GMT

Yep, I waited 9.4 years after BK before I tried Chase and I barely got in the door with a $1000 CL. They were not burned in BK either. They just aren't BK friendly.

I truly enjoy my Cap1 card. I had to dispute a $125 charge recently and customer service was extremely courteous and helpful. I have earned $140 in cash back since July. I charge $1500-$2000 a month. And in July, I will get 50% of the total cash earned in a year back.