Declined for credit one card

apay · ‎09-20-2017

Both me and spouse due to burning them in ch 7. Trying rebuild steps and it just says to get secured card through credit union.
Which credit union do you recommend to do this?
Do I then follow all steps accordingly with secured card as if it were credit one card in the instructions?
My spouse has received prequalified offers from capital one. Should we try that? Or risking too many inquiries?

Thanks!!

Scupra · ‎09-20-2017

@apay wrote:
Both me and spouse due to burning them in ch 7. Trying rebuild steps and it just says to get secured card through credit union.
Which credit union do you recommend to do this?
Do I then follow all steps accordingly with secured card as if it were credit one card in the instructions?
My spouse has received prequalified offers from capital one. Should we try that? Or risking too many inquiries?

Thanks!!

Both of you should run your info through the Cap1 prequal to see if anything pops up. If something comes up, go ahead and apply for that. Cap1 prequal is pretty spot on for the most part. I know the decline may sting a bit but look at it as a blessing in disguise

Are you currently a member of any credit unions? If so, call them up and inquire about the policy on BK. Obviously someone you have a relationship with already would be best.

apay · ‎09-20-2017

Thanks!!

My husband had a navy federal credit union account many years ago. So I assume he’s a member? his father was in the navy.

Scupra · ‎09-20-2017

@apay wrote:
Thanks!!

My husband had a navy federal credit union account many years ago. So I assume he’s a member? his father was in the navy.

Go join NFCU now! They are life savers for us BK'ers

Anonymous · ‎09-20-2017

@apay wrote:
Both me and spouse due to burning them in ch 7. Trying rebuild steps and it just says to get secured card through credit union.
Which credit union do you recommend to do this?
Do I then follow all steps accordingly with secured card as if it were credit one card in the instructions?
My spouse has received prequalified offers from capital one. Should we try that? Or risking too many inquiries?

Thanks!!

Probably a good thing. Go through Capital One and a credit union such as SDFCU, PenFed, NASAFCU, DCU, etc.

Cap one is infinitely preferrable to Predator One.

apay · ‎09-20-2017

Thanks! Went to prequal site for cap one. My spouse got approved, and we added myself as second user. I agree blessing in disguise credit one was awful to deal with. They still haven't corrected my credit reports to show as included in bk 7 too.

@Anonymous wrote:
@apay wrote:
Both me and spouse due to burning them in ch 7. Trying rebuild steps and it just says to get secured card through credit union.
Which credit union do you recommend to do this?
Do I then follow all steps accordingly with secured card as if it were credit one card in the instructions?
My spouse has received prequalified offers from capital one. Should we try that? Or risking too many inquiries?

Thanks!!
Probably a good thing. Go through Capital One and a credit union such as SDFCU, PenFed, NASAFCU, DCU, etc.

Cap one is infinitely preferrable to Predator One.

Anonymous · ‎09-21-2017

Even if your husband is no longer a member (but had accounts in good standing), he continues to be eligible as a family member of a veteran (his father). If he re-joins Navy Federal, he'll be able to sponsor you as well.

For the secured card, just make sure Navy Federal has not taken a loss, your bankruptcy is discharged and your debt-to-income ratio is sufficient to repay the credit card (e.g. no more than 45% of your gross monthly income should go toward payments reported on your credit report).