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Chapter 13 Secured Credit Card

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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 7
6 REPLIES 6
New Visitor

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 7
Established Contributor

Re: Chapter 13 Secured Credit Card

Open Sky. They don’t check your credit,

 

https://www.openskycc.com

I just returned from financial hell. Don't go, the brochure is a lie.
Message 3 of 7
Valued Member

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 7
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.

FICO 08: EX-698, EQ-732, TU-705 - [8/2/2019]
FICO 09: EX-748, EQ-775, TU-748 (8/2/2019)
Mortgage: EX-737, EQ-712, TU-748 - [8/2/2019]
NFCU NavChk 15K | NFCU Visa 50K | CapOne Venture Visa 50K | CapOne Savor 30K | Barclay Aviator MC 12.5K | Discover It 32K | Alliant 3% Cash Back Visa 25K | Penfed Promise 20.5K | BECU CLOC 10K | DCU Visa 10K | BofA AK Air Visa 5K | Apple (Goldman) MC 6.5K |
Amazon Prime 10K.
276.5K Total Revolving.
Alliant Car Loan 16K/31K
BK 7 Filed 8/23/2013 - Discharged 11/27/2013.
Message 5 of 7
Senior Contributor

Re: Chapter 13 Secured Credit Card


@CH-7-Rebuilding 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.





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 6 of 7
Moderator Emeritus

Re: Chapter 13 Secured Credit Card

I got a USAA Secured Credit Card. 


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 642 EQ 656 EX 647
Filed Chapter 13 on 06/01/2017 after job loss.

Goal: FHA Construction Loan

Take the myFICO Fitness Challenge
Message 7 of 7
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