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Chapter 13 Friendly Credit Cards

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Valued Member

Re: Chapter 13 Friendly Credit Cards

I’m hoping it hasn’t changed. So far I love NFCU and will attempt the Secured once I have some form of positive payment history established.
Message 11 of 79
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Regular Contributor

Re: Chapter 13 Friendly Credit Cards

I can 100% confirm that NFCU will approve you for a secured card while in Ch13.  I can also confirm it can graduate on month 5 if managed properly with a CLI to $2,000.  

 

I hope this helps. 

BBVA Clearpoints $16,000 | Discover $6,400 | CECU Visa $4,000 | NFCU Go Rewards Visa Sig. $15,500 | NFCU CLOC $15,000 |
PayPal CB MC $5,000 | Paypal Credit $10,000 | Card $6,500 | AMX Hilton Honors Ascend $1,000 | Wayfair $19,900 |
Sportsmans Guide Visa $9,900 | Kohls $3,000 | Capital One Savor One $3,500 | PNC Cash Rewards $7,500 |
PenFed Power Cash Rewards $10,000 |
Message 12 of 79
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Valued Member

Re: Chapter 13 Friendly Credit Cards

It certainly does help, thank you! Do you recall your scores when you were approved for the NFCU Secured? Any positive history before applying? I’ve been dormant since my December 2017 filing but had pristine credit prior to filing. Regardless my scores are awful at Eq 581, TU 506, Ex 550 so I was thinking of starting with an Open Sky to hopefully get a boost before burning an inquiry for the NFCU Secured. 

Message 13 of 79
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Contributor

Re: Chapter 13 Friendly Credit Cards

In my case they pulled EQ and I had a score of 675. I also had a NFCU internal score of like 335. I started with Green Dot Secured, then Credit One, a local CU secured, a local CU credit builder loan, Discover It and then NFCU secured. Most of my BK was tax related so I had few baddies and when the liens were removed my score jumped like 80 pts. The only things on my reports, aside from the CH13, were 2 closed car loans that had one 30 day late back on 4/12. Anything else was small and dropped off due to age like two years into the plan. 

Message 14 of 79
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Valued Member

Re: Chapter 13 Friendly Credit Cards

Wow, sounds like you had a successful rebuild during your Chapter 13. I hope to be that lucky. I had a great mix of solid history prior to filing with zero baddies of any form ever but I’m not sure they will be helpful going forward being that the most recent thing reporting is my filing. I think I’ll start with a NFCU Share Loan and the Open Sky Secured since neither have a hard pull and would give a decent start, then I’ll try for NFCU Secured.
Message 15 of 79
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Member

Re: Chapter 13 Friendly Credit Cards

If you have an open BK 13 how can your scores be good? Just wondering?
Message 16 of 79
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Contributor

Re: Chapter 13 Friendly Credit Cards

I wouldn't say my scores are "good" but my scores aren't terrible because, aside from the 5 year old CH13 and a 6 year old 30 day late, I have no other derogatory items. I've rebuilt little by little and kept my utilization low. I don't really run a balance on anything. I pay as I go. 

Message 17 of 79
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Valued Member

Re: Chapter 13 Friendly Credit Cards

Any other inputs on options? 

Message 18 of 79
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Member

Re: Chapter 13 Friendly Credit Cards

Open Sky is a great secured card with no credit pull. Pay the $35 annual fee and make your payments early, as the processing time varies.

 

I was approved for a Discover card, no problem. I was expecting a denial with a secured card counter and they approved me for an unsecured card. This was no my intention, so I freaked out and called my attorney! He said it's fine as long as I don't carry a balance. That the trustee in my district doesn't care about credit cards... just not to take out an auto loan or apply for a mortgage.

 

Message 19 of 79
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Regular Contributor

Re: Chapter 13 Friendly Credit Cards

Hey all. I have been searching for updated post on ch 13 bankruptcies. btw excuse my spelling. I am in an open 13. I file Feb. last year. I was encouraged by my attorney to start my rebuild. The courts also was very open and approved of my credit rebuild up to $5,000. 

 

I will say my local credit union instantly appoved my for a credit builder/ secured loan. I sared that a wek after I had my meeting with trustee. 

I put 500 into my savings and now they debit out 16 or so each pay period which I never miss.

 

About 3 months ago I got a preapproval from Indigo mastercard. It is subprime I know. 

 

I was looking around last week and tried the shopping car trick. 

I was approved (pre-qualified) at victoria secret and overstock. 

I now have both cards. Before BK I could never get any cards nor the SCT to work. 

 

I made a purchase on each card and have already paid it back just to give it a go. 

 

I login in every few days to see the available credit full and balance at 0 just to make myself feel proud and for that extra assurance that I can bounce back fro BK an be credit worthy.

Message 20 of 79
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