Bankruptcy Friendly Credit Cards Pt.2

[Yeliaba1]

While in a chapter 13, I opened a savings account with BOA (4/18) and was approved for a secured card 2 days later.  I used the card moderately usually PIF or carried a small balance.  The credit line increase button appeared at 5 months and I waited one more month before asking for it to be graduated .  It graduated to “unsecured” and I received a CLI.   I didn’t go out on a limb to apply, as I read of others having similar success before me.  Using their positive guidance, I took a chance and succeeded.  Just knowing it was possible was enough for me.  Thus,  unless one is an underwriter, I do not think it is fair to provide responses (seemingly so definitive)that might discourage other BK rebuilders in their efforts.

[Anonymous]

Great thread. I'm trying to decide which cards are worth the effort now that we are close to discharge.

[sarcean1]

Girlfriend is only 3 months out of ch7 discharge and got approved for a $4000 discover! Before that just had a Capital One and a Credit One (which can be closed now).

Seems a very generous credit limit for so short after Chapter 7

[coreyb80]

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@sarcean1 wrote:
Girlfriend is only 3 months out of ch7 discharge and got approved for a $4000 discover! Before that just had a Capital One and a Credit One (which can be closed now).

Seems a very generous credit limit for so short after Chapter 7

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I would keep the Credit One for a year and if there's a fee associated then 86 it.  I have one and only reason is because the AF was $39.

[kjonesjr00]

Ch. 13 discharged March 2018 for my wife and I. I applied for a Capital One Platinum card one month after discharged and was approved for $500, then increased to $1,500 after 5 monthly payments. My wife applied a week after me and was approved for a Capital One Quick Silver with a $3,000 limit. We both also received pre-approved offers from Ollo. My offer was $1,000 and hers was $1,500. She had a higher score, as I had some unpaid medical collections on my credit bureaus. We applied in December for a home equity line of credit for $100k thru Signature Federal Credit Union, but was only approved for $63k because of being fresh out of a bankruptcy. I applied for a Discover card a few days ago because it said I was pre-qualified. I was approved for a $12k limit. I was surprised since I took them for about $8k in the BK. My wife was approved on the same day using the pre-qualification for American Express. She was approved for a $10k limit. She was an authorized user on my Amex account that I owed about $18k before filing BK. Both of Equifax scores are about 720. We are in the mid 600 range on Experian and high 600 range on Transunion. We were both pleasantly surprised to get approved. On the negative side, I also applied for a Costco Citi card, but was declined. My wife was also turned down for a Best Buy Citi card about 6 months ago.

[Anonymous]

I got a credit one with a $500 limit at the end of January.. used it a few times and paid the balance whenever I did... barely got my first bill and they sent me a notification of increase to $650. So far so good with Credit One... my Fingerhut debacle appears to be settling. Last I looked they moved me to a $250 revolving account. Perfect because I never plan on buying from them again anyways

[cf2701]

This info is very helpful to others approaching rebuild. Thank you for taking the time to share!

Good job!

[Anonymous]

Ch 7 DC 10/18
Capital One Preferred -approval same month as d/c, SL $300, PC to Quicksilver Feb. 2019, Credit steps CLI now $500

Discover secured - November 2018 SL $400 (waiting for graduation hopefully around June 2019)

Wayfair SL $500, Overstock SL $250, and Toyota store card SL $1500 - December 2018

Navy Federal Credit Union NRewards (secured) SL $500 -March 2019 (hopefully graduates sometime in the fall)

I also got approved for a car loan with GMFinancial in December 2018 @18%, but will be refinancing hopefully with NFCU after bk hits 1 year.

I will be trying for an unsecured card with NFCU when my secured card hits 91/3 or maybe wait until it graduates. And, I may try for an unsecured Discover after I've had my current card a year (will need another for the extra 5% again )

It may be worth noting that I did not include any credit cards in my bk. I don't know if it matters or not. My scores are in my signature.

[audio-disabled]

Anyone with BK on record with WF Propel approvals? I’m approaching two years DC, wondering what the odds might look like.

[Anonymous]

Anyone in or was in a CH13, get approved for a Discover secured? If so, how long were you in your CH13 and do you remember what your score was around that time?

-Thank you in advance.