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Chapter 13 Secured Credit Card

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New Visitor

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
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 10
Valued Contributor

Re: Chapter 13 Secured Credit Card

Open Sky. They don’t check your credit,

 

https://www.openskycc.com

Message 3 of 10
New Contributor

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
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-738, TU-721 - [8/2/2019]
FICO 09: EX-748, EQ-785, TU-770 (8/2/2019)
Mortgage: EX-737, EQ-769, TU-761 - [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 | BECU CLOC 10K | BofA AK Air Visa 5K |Amazon Prime 10K.
239.5K Total Revolving. Alliant Car Loan 15K/31K
BK 7 Filed 8/23/2013 - Discharged 11/27/2013.
Message 5 of 10
Super 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. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 6 of 10
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 676 EQ 676 EX 676
Filed Chapter 13 on 06/01/2017 after job loss.

Goal: FHA Construction Loan

Take the myFICO Fitness Challenge
Message 7 of 10
Regular 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
Valued Member

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.
Message 9 of 10
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."

FICO 08: EX-698, EQ-738, TU-721 - [8/2/2019]
FICO 09: EX-748, EQ-785, TU-770 (8/2/2019)
Mortgage: EX-737, EQ-769, TU-761 - [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 | BECU CLOC 10K | BofA AK Air Visa 5K |Amazon Prime 10K.
239.5K Total Revolving. Alliant Car Loan 15K/31K
BK 7 Filed 8/23/2013 - Discharged 11/27/2013.
Message 10 of 10
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