No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Hi,
I am a bit lost here and would need some guidance and info. I have filed for Chapter 7 back in Oct 2019 and got discharged on 1/20.
I would like to rebuild the credit, but don't know where to start. I filled for bankruptcy because of a personal guarantee situation with my business and on lawyer advice, all CC were to be included in bankruptcy. She asks me to stop paying them, so I got charge offs on my credit report. I have to include Amex, Cap1, Target, Credit One, and Wells Fargo IIBK.
My current TU is 663 the same EQ and my EX is 558.
I tried to apply for Cap1 secured got denied, same with wells Fargo and Citi secured card.
Any advice which card could I try to get credit rebuild or did I completely screw up myself by IIBK these credit cards?
I see lots of people getting approved for secured and some unsecured CC after discharge but I don't want to just rack up my inquiries.
Thank you in advance for your help and suggestions.
OpenSky, no HP
Open a Self lender account, pay off $100 of the loan balance and they'll give you option for a secured card no HP
Prequal for Discover secured (no hp if there are no products available). If approved, and you use and pif every month, they can pc your card to unsecured with a CLI to match.
Try Indigo, or Blaze. They were the first to approve me 4-5 months after BK7, along with Discover. Mission Lane and Mercury were invites. Merrick Bank is also great and i think you can still apply rather than get invited.
don't give up on Capital One: they forgive (they were IIB for me). It took time tho: 10 months after discharge they approved me. Keep doing the prequal.
good luck!!
You can get a credit rebuilder account with a company called "Self," but their interest rate is a little high at almost 15%. Check with credit unions around you to see if they do rebulder accounts. Years ago when I filed Chapter 7 I got a rebuilder account with a local credit union that had 3% interest. If they don't offer any, Self isn't too bad. Get an OpenSky secured credit card on top of getting a rebuilder account, or see if a relative of yours would make you an authorized user on a credit card of theirs.
@Anonymous wrote:Prequal for Discover secured (no hp if there are no products available). If approved, and you use and pif every month, they can pc your card to unsecured with a CLI to match.
Try Indigo, or Blaze. They were the first to approve me 4-5 months after BK7, along with Discover. Mission Lane and Mercury were invites. Merrick Bank is also great and i think you can still apply rather than get invited.
don't give up on Capital One: they forgive (they were IIB for me). It took time tho: 10 months after discharge they approved me. Keep doing the prequal.
good luck!!
Just to add to this. I IIB Cap1 in my Ch7. was denied a discharge, they approved me one year later.
I would try Discover like @Anonymous mentioned.
I tried their prequal site about two weeks after discharge and was approved for the It Secured card. Like you I did not include them in my BK7 and my FICO8 Exprian score, 566, was just a bit higher than yours when I applied.
@HaKs310 wrote:I would try Discover like @Anonymous mentioned.
I tried their prequal site about two weeks after discharge and was approved for the It Secured card. Like you I did not include them in my BK7 and my FICO8 Exprian score, 566, was just a bit higher than yours when I applied.
@HaKs310 did your secured card graduate yet? It was like clockwork, though I did put some spend on it during those 6 months. I also got it up to $500 deposit to decrease utilization during the waiting period before graduation/CLI.
No, I actulally just received the card in the mail this past Saturday. I have a thread going in this forum so hopefully come February I'll have good news to post about them graduating it though!
I read everyone's posts mentioning how quick their card graduated so Discover was my number one option for a CC when my BK7 was finally discharged.
Go to YouTube they have tons of videos that will help you!! Ollo Credit Card, Capital One, Victoria Secret, Merrick Bank, Avant, Navy Federal Visa , all gave me cards and I discharged from a chapter 7 09-01-19...