CH7 DC, Rebuild begins

[tjthebomb57]

Filed 12/23 joint no asset. MOC 2/15, DC on 4/28.

Husband burned Cap1 recently so they won't let him back in yet. Looking at options for him. Credit one denied him as well. Is OpenSky worth it as a starting point?

I on the other hand, C/O Cap1 like 2 years ago so the day after DC they gave me a $300 unsecured platinum. Yesterday GM Financial approved me $25K @Anonymous.21% (yikes I know), 72mos on an Encore GX with $0 down. Substantially better than Cap1, they wanted $2300 down @Anonymous.53%.

Is GMAC known to be easy to get in after DC? Hubby needs a car soon as well and we can put money down on his.

Thanks to everyone for all the great advice and offering some peace of mind during this whole thing. This forum has been a lifeline honestly. Happy rebuilding everyone!

[Mjhall85]

Congrats on discharge. I would look over your credit reports the next 30 days and make sure everything is noted how it should be.Getting a car after BK is not hard,pending what you want to purchase you can get some good rates shortly after. The open sky isn't terrible as it's no hard pull and can get you on your way to obtaining 3 cards. I got an open sky almost a year ago and now about to cancel it as it served it's purpose.

[chalupaman]

Open Sky I hear is a good secured card to start out with. It seems that he would be on the right track starting there. Also i did burn CapOne but after BK, they were already giving me offers for auto loans I didn't take. 

[jmcmillan]

OpenSky isn’t terrible. They report timely on all 3 CRAs, and it reports as an unsecured card from Capital Bank, so it looks legit. I just wouldn’t use it as a daily card because they hold your payment for several days before posting it to your account.

You may also want to look at SDFCU. It’s technically a no-credit check secured card, but there is a credit check to start membership to verify your identity. The card has no annual fee, and can graduate after 12 months (they also have a points/reward program if that interests you). I have 2x SDFCU and an OpenSky. I’m gardening for now and hoping US Bank will approve me for a secured card in the future.

[Anonymous]

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@tjthebomb57 wrote:

Filed 12/23 joint no asset. MOC 2/15, DC on 4/28.

Husband burned Cap1 recently so they won't let him back in yet. Looking at options for him. Credit one denied him as well. Is OpenSky worth it as a starting point?

I on the other hand, C/O Cap1 like 2 years ago so the day after DC they gave me a $300 unsecured platinum. Yesterday GM Financial approved me $25K @Anonymous.21% (yikes I know), 72mos on an Encore GX with $0 down. Substantially better than Cap1, they wanted $2300 down @Anonymous.53%.

Is GMAC known to be easy to get in after DC? Hubby needs a car soon as well and we can put money down on his.

Thanks to everyone for all the great advice and offering some peace of mind during this whole thing. This forum has been a lifeline honestly. Happy rebuilding everyone!

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Affinity FCU's secured card is another viable option. Similar to SDFCU, mentioned earlier, it's no HP but it doesn't graduate. It can be good for relationship-building though, as they have other good credit products and it's no HP to join whereas it's a HP to join SDFCU. From my experience, Affinity's customer service is great and doing business with them pretty smooth. 

Sharing a thread from last year that may also be helpful: Best Secured Cards that Graduate in 2020 Best of Luck to you and DH with your rebuilds! 

[Anonymous]

I also burned CapOne so the early stages of my rebuild haven't been able to include them yet. My one year CH7 file anniversary was 4/29. My one year charge-off date for CapOne was end of May '20 so perhaps in a few weeks my (pre-qualify) results will change with that advent. Who knows. I recommend Mission Lane. Unsecured. No AF. Got it 4 months post-DC with high 500s FICO. SL $750. They say after 6 months with on-time payments there is an auto CLI. I'm 7 days away from that so we'll see.... for the first few payments it will take up to a week for a payment to directly impact credit availability on the card. That's par for the course for subprime cards. But I've been pleasantly surprised to see what happened after a few payments. Now my credit availability updates literally within 24 hours of making a payment.... to me that's amazing.

[Horseshoez]

@tjthebomb57, I tried applying right out of the gate last year, before I found this site, and paid price in the form of a bunch of hard pulls.  After learning my lesson I strongly recommend folks with fresh discharges wait roughly 6 weeks and then check their credit reports to confirm all accounts are IIB with zero balances and your discharge is being reported.  If you follow this path, even CapitalOne will let you back in. 

[8in2years]

Opensky, no hp and also academybank.com has a no hp secured credit builder secured visa which reports to all 3 cra's. Self visa credit builder credit card also provides a no hp and reports to all 3 cra's.