topic Re: BK Friendly Cards For Fair Credit in Rebuilding Your Credit

BK Friendly Cards For Fair Credit

Anonymous — Tue, 29 Sep 2020 14:52:27 GMT

Hello all! I would like to get another credit card with a higher limit to help build my credit. I currently have the following cards:

Cap One plat: $3500 CL

Cap One Quicksilver: $500 CL

Discover IT (secured): $200 CL

Discover IT (unsecured): $750 CL

First Premiere: $500 CL

First Premiere: $700 CL

Target: $300 CL

Credit One: $400 CL

My BK discharged in Jan 2019. I have no collections, but a few lates on my students loans from 2018. My Ex is 631, EQ is 627, and TU is 657.

I burned Chase, Cap 1, and Barclays in my BK. As you can see, I have too many small limit cards. I would love to get a card with a larger credit limit and close one or two of these lower limit cards.

Are there any cards out there that might approve me? Thanks so much!

Re: BK Friendly Cards For Fair Credit

Remedios — Tue, 29 Sep 2020 15:06:20 GMT

@Anonymous I've moved your post to RYC for better exposure since your BK is new in credit time.

Re: BK Friendly Cards For Fair Credit

dragontears — Tue, 29 Sep 2020 15:10:36 GMT

@Anonymous wrote:
Hello all! I would like to get another credit card with a higher limit to help build my credit. I currently have the following cards:

Cap One plat: $3500 CL
Cap One Quicksilver: $500 CL
Discover IT (secured): $200 CL
Discover IT (unsecured): $750 CL
First Premiere: $500 CL
First Premiere: $700 CL
Target: $300 CL
Credit One: $400 CL

My BK discharged in Jan 2019. I have no collections, but a few lates on my students loans from 2018. My Ex is 631, EQ is 627, and TU is 657.
I burned Chase, Cap 1, and Barclays in my BK. As you can see, I have too many small limit cards. I would love to get a card with a larger credit limit and close one or two of these lower limit cards.

Are there any cards out there that might approve me? Thanks so much!

I know that this is not what you want to hear but getting 8 cards in less than 2 years is not going to be a benefit to apping right now. That kind of credit seeking after a BK screams of desperation to lenders. Right now if you continue to apply you will continue to get low limits.

You don't need high limits to build credit scores. Use what you have responsibly and don't apply for anything for awhile.

Re: BK Friendly Cards For Fair Credit

Anonymous — Tue, 29 Sep 2020 15:18:04 GMT

@dragontears wrote:
@Anonymous wrote:
Hello all! I would like to get another credit card with a higher limit to help build my credit. I currently have the following cards:

Cap One plat: $3500 CL
Cap One Quicksilver: $500 CL
Discover IT (secured): $200 CL
Discover IT (unsecured): $750 CL
First Premiere: $500 CL
First Premiere: $700 CL
Target: $300 CL
Credit One: $400 CL

My BK discharged in Jan 2019. I have no collections, but a few lates on my students loans from 2018. My Ex is 631, EQ is 627, and TU is 657.
I burned Chase, Cap 1, and Barclays in my BK. As you can see, I have too many small limit cards. I would love to get a card with a larger credit limit and close one or two of these lower limit cards.

Are there any cards out there that might approve me? Thanks so much!
I know that this is not what you want to hear but getting 8 cards in less than 2 years is not going to be a benefit to apping right now. That kind of credit seeking after a BK screams of desperation to lenders. Right now if you continue to apply you will continue to get low limits.
You don't need high limits to build credit scores. Use what you have responsibly and don't apply for anything for awhile.

That's EXACTLY what I want to hear. Hahaha. Thanks so much! Although, I would love to get a great card with a higher limit (eventually) -- right now, I just want to build my current credit so that I am in a position to do so. If not now, I can definitely wait. What would you suggest my strategy be? Possibly wait another 6-9 months or so before applying again. Or, maybe one year? I was thinking about closing out one of my cards with the lowest limit, but someone advised me not to do that because it could lower my score.

Re: BK Friendly Cards For Fair Credit

chiefone4u — Tue, 29 Sep 2020 15:44:18 GMT

@Anonymous wrote:
@dragontears wrote:
@Anonymous wrote:
Hello all! I would like to get another credit card with a higher limit to help build my credit. I currently have the following cards:

Cap One plat: $3500 CL
Cap One Quicksilver: $500 CL
Discover IT (secured): $200 CL
Discover IT (unsecured): $750 CL
First Premiere: $500 CL
First Premiere: $700 CL
Target: $300 CL
Credit One: $400 CL

My BK discharged in Jan 2019. I have no collections, but a few lates on my students loans from 2018. My Ex is 631, EQ is 627, and TU is 657.
I burned Chase, Cap 1, and Barclays in my BK. As you can see, I have too many small limit cards. I would love to get a card with a larger credit limit and close one or two of these lower limit cards.

Are there any cards out there that might approve me? Thanks so much!
I know that this is not what you want to hear but getting 8 cards in less than 2 years is not going to be a benefit to apping right now. That kind of credit seeking after a BK screams of desperation to lenders. Right now if you continue to apply you will continue to get low limits.
You don't need high limits to build credit scores. Use what you have responsibly and don't apply for anything for awhile.
That's EXACTLY what I want to hear. Hahaha. Thanks so much! Although, I would love to get a great card with a higher limit (eventually) -- right now, I just want to build my current credit so that I am in a position to do so. If not now, I can definitely wait. What would you suggest my strategy be? Possibly wait another 6-9 months or so before applying again. Or, maybe one year? I was thinking about closing out one of my cards with the lowest limit, but someone advised me not to do that because it could lower my score.

You're probably better off waiting at least a year (two would be better) from time since last new account.

I wouldn't close any cards right away unless you are paying fee's to keep the card.

Update your annual income every month with Target (best way to get them to consider CLI, you can't request one currently). Even if your income doesn't/hasn't change(d), update monthly.

With heavy (reasonable) usage and payments that reduce your balance monthly (meaning paying same or more than you spent) on your Discover cards regularly will provide the reassurance Discover is looking for to give you bigger limits.

Capital One is hit or miss but seem to like you to spend your full credit limit monthly and PIF (pay in full) before they approve CLI's.

As your scores and history improve, CreditOne is likely to offer you CLI for a fee. Typically if you wait 30-60 day's they will offer the same increase for FREE.

I strongly suggest not paying anyone for a higher limit; obviously this doesn't include secured cards (you are adding extra deposit to increase) as you should get your deposit back when card unsecures.

Re: BK Friendly Cards For Fair Credit

Anonymous — Tue, 29 Sep 2020 18:12:57 GMT

Why do you need more cards? Is there a reason unrelated to score? Because you have enough cards, what you lack is age and time without applying for credit.

Re: BK Friendly Cards For Fair Credit

JR_TX — Tue, 29 Sep 2020 21:13:27 GMT

Every advise given above is correct. You need not app for anymore card. I suggest aging your current accounts for at least the next 24 months minimum without app'ing. Rebuilding credit from BK takes time and shouldn't be rushed.

To give you on idea, I'm still on my last leg of my rebuild approaching the 10 year mark after my BK dc!

Re: BK Friendly Cards For Fair Credit

Anonymous — Tue, 29 Sep 2020 22:02:11 GMT

There is a thread in the Scoring Primer about reaching 700 I think within two years of bankruptcy.

Re: BK Friendly Cards For Fair Credit

coreysw12 — Tue, 29 Sep 2020 22:42:57 GMT

Also agree with all of the above.

Now is the perfect time for you to garden your existing cards and try to get CLIs on them. Would avoid seeking new credit for a while, at least a year.

Re: BK Friendly Cards For Fair Credit

Anonymous — Wed, 30 Sep 2020 05:00:07 GMT

Thank you all for the advice! I will definitely take it! Most of my cards have a $0 balance, with the exception of my highest card (Cap 1) which has a $3500 CL and a $900 balance. Over the past two months, I have been spending moderately on my cards and paying down to $0 each month.

Maybe my efforts would be better directed trying to get the 2018 late payments off my student loans? Maybe I will send a goodwill letter.

Re: BK Friendly Cards For Fair Credit

Anonymous — Wed, 30 Sep 2020 05:59:02 GMT

@Anonymous Yes now you’re pointing in the right direction!!!