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Chapter 13 Secured Credit Card

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Anonymous
Not applicable

Chapter 13 Secured Credit Card

I am almost exactly 1 year into a Chapter 13 with my husband.  I need a credit card for occassional car rentals for work (only owners have access to CC's in my workplace).  I have a 9 year old toyota I'm hoping makes it through Ch 13, so renting is less expensive than wear and tear on my car.

 

I have applied with citi, capital one, discover and Merrick, all declined.  Has anyone had success with a secured CC while in an open CH 13?  I searched both threads but I'm not finding much info regarding CH. 13

Message 1 of 10
9 REPLIES 9
Anonymous
Not applicable

Re: Chapter 13 Secured Credit Card

eta:  I DO have approval from my trustee to get a secured card.  I did that first.

Message 2 of 10
Anonymous
Not applicable

Re: Chapter 13 Secured Credit Card

Open Sky. They don’t check your credit,

 

https://www.openskycc.com

Message 3 of 10
Anonymous
Not applicable

Re: Chapter 13 Secured Credit Card

https://greendot.com/for-people/our-products/secured-credit-card

 

Green dot is 100% secured - $200 minumum with a $39 yearly fee they charge directly to the card.  They DO NOT pull your credit.  You just need a job and decent income to be approved.  They are chapter 13 safe, and report to all three CUs every month.  I have used this card within my 13 and in the past to rebuild.  Its legit and 100% works to rebuild.

 

Check it out.

Message 4 of 10
CH-7-Mission-Accomplished
Valued Contributor

Re: Chapter 13 Secured Credit Card

I think Green Dot is just a prepaid Visa/MC you can buy at any store.   It is not a true secured card that reports payment history to the three bureaus.   If I'm wrong, please let me know.   But if you want a FICO score improvement you need a card that reports to all three bureaus.

Message 5 of 10
FireMedic1
Community Leader
Mega Contributor

Re: Chapter 13 Secured Credit Card


@CH-7-Mission-Accomplished wrote:

I think Green Dot is just a prepaid Visa/MC you can buy at any store.   It is not a true secured card that reports payment history to the three bureaus.   If I'm wrong, please let me know.   But if you want a FICO score improvement you need a card that reports to all three bureaus.


Its true they have the debit card that you refill. But it is a real secured card and reports. From their FAQ's:

Green Dot reports your credit standing to the three major credit bureaus. Credit standing includes information like whether you make your minimum payment in full and on time every month and whether your card balance is low. A history of good credit standing can help build your credit. However, not making your minimum payments on time each month and other negative use can damage your credit.


Message 6 of 10
webhopper
Moderator Emeritus

Re: Chapter 13 Secured Credit Card

I got a USAA Secured Credit Card. 

FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 7 of 10
Yeliaba1
Frequent Contributor

Re: Chapter 13 Secured Credit Card

FNBO has a secured card that grows while you’re in a CH13 provided you handle it wisely of course.  I received it prior to they imposing geographic restrictions.  However, their affiliate First Bankcard I believe is open to anyone and they offer a secured card.  FNBO will manage the card I imagine just like they do for the Ducks Unlimited for First Bankcard.

Message 8 of 10
Lawns1
New Contributor

Re: Chapter 13 Secured Credit Card

I’m looking into the Open Sky card. One question I had was are you able to increase the secured amount over time or is it a one time shot? The way I read their description is it’s a one time shot so I want to plan wisely.
Credit Unions


Credit Cards


Auto Loans


April 2023 right before the 13 reports complete

December 2022

November 2019 Chapter 13 Scores


Message 9 of 10
CH-7-Mission-Accomplished
Valued Contributor

Re: Chapter 13 Secured Credit Card


@Lawns1 wrote:
I’m looking into the Open Sky card. One question I had was are you able to increase the secured amount over time or is it a one time shot? The way I read their description is it’s a one time shot so I want to plan wisely.

I had their card long ago and it worked great.   I thought I had added to it but couldn't remember.   This is from their website's Q&A:

"How can I increase my credit limit on my secured card?

 

 

Requesting an increase is easy and can be done at any time.  Simply log in to MyAccount at OpenSkycc.com and choose the Request Credit Line Increase option in the Account Services section. If approved, you’ll receive an approval letter with instructions on how to send the additional security deposit to fund the increase to your credit limit."

Message 10 of 10
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