I can’t even get approved for a secured card..

frankjaeger · ‎10-09-2020

I'm at six months post-BK. I burned literally everyone in my BK. Chase, capital one, citi, boa, amex, discover, etc etc. I had at least one card with everyone issuer and burned them all. Now I can't even get a secured card with any of them.

I currently have a Credit One card with a $300 limit and a Target Red Card with a $300 limit. I also have an affirm loan, a self builder loan, and an auto loan. My score has risen from 500 to 650 since my BK.

What are some recommendations for getting back in with a "major" company? Or am I screwed and will just have to keep going through these no-name credit companies that charge $100 annual fees?

Please don't recommend a credit union either. I have my own person reasons for not wanting to deal with a credit union ever again.

Slabenstein · ‎10-09-2020

To my knowledge, Capital One is the most forgiving of the lenders you listed and may let you back in after about a year. You could start checking the prequal page for their subprime cards, since it would only be an SP to look.

Brian_Earl_Spilner · ‎10-09-2020

Unfortunately, just about all of the majors blacklist for an extended period of time after a BK. Try cap1 again after you pass 1 year past bk. Same with disco, though, depending on how bad you burned them, you may have to wait longer.

blindambition · ‎10-09-2020

You may have to start with a Indigo, or Credit One. Just until you gain payment history, and the credit doors start opening.
Its not ideal, but it's a start. Burning all major lenders will limit you, but not forever.
@frankjaeger wrote:
I'm at six months post-BK. I burned literally everyone in my BK. Chase, capital one, citi, boa, amex, discover, etc etc. I had at least one card with everyone issuer and burned them all. Now I can't even get a secured card with any of them.

I currently have a Credit One card with a $300 limit and a Target Red Card with a $300 limit. I also have an affirm loan, a self builder loan, and an auto loan. My score has risen from 500 to 650 since my BK.

What are some recommendations for getting back in with a "major" company? Or am I screwed and will just have to keep going through these no-name credit companies that charge $100 annual fees?

Please don't recommend a credit union either. I have my own person reasons for not wanting to deal with a credit union ever again.

frankjaeger · ‎10-09-2020

I actually got a mailer for an Indigo card today saying I was preapproved. The yearly fee of $125 kind of scared me off though..

Anonymous · ‎10-09-2020

@frankjaeger wrote:
Please don't recommend a credit union either. I have my own person reasons for not wanting to deal with a credit union ever again.

Did you get cross-collateralized and burned?

Credit unions are *probably* going to be your most generous route to large lines.

They're pretty similar to banks in that they all have their own UW and operating standards.

CapOne and Disco would be on the easier side of major banks to get back with

To avoid AF rebuilders you can do 1 or 2 shopping cart trick cards and then garden.

Anonymous · ‎10-09-2020

You may not want to hear it, but you're limiting your rebuild by dismissing all credit unions. There is probably a lot of opportunity in that pool now and down the line.

I don't know your reasoning, but I'm going to guess it revolves around a bad experience with one. There are bad banks and bad credit unions, but they aren't all bad and it may not be advantageous to dismiss them all. It would be kind of like buying a Chevy that's a lemon and then refusing to buy any brand of car ever again...

TGG_1976 · ‎10-10-2020

Doesn't Amex have a "rebuilder" card, the Optima? I am not sure if it still exists and if you would be eligable. I know you will need to be invited into the Optima program via mailer, maybe call them to see if the program is still around?

Snipper117 · ‎10-10-2020

I'm in same boat, burned all the big guys. I just got my BK7 discharged on 10/7/20. Check out this link I found here on the forums. I applied today for Dell Prefered Financial and somehow I was pre approved for $2500. When I submitted application I was approved for 3k line today. I'm just using this to help rebuild my credit file. Not exactlly a big guy, but it cant hurt your credit profile moving forward if you are approved and use it responsibly.

https://ficoforums.myfico.com/t5/General-Credit-Topics/List-of-Soft-pull-PREAPPROVALs-Updated-10-07-...

10/07/2020 BK7 Discharged Papers Received
10/07/2020 FICO 8 SCORES EXP 586 EQU 610 TU 557

Anonymous · ‎10-11-2020

@TGG_1976 wrote:
Doesn't Amex have a "rebuilder" card, the Optima? I am not sure if it still exists and if you would be eligable. I know you will need to be invited into the Optima program via mailer, maybe call them to see if the program is still around?

Optima would be something to ask about if/when calling them to arrange payment for the amount they were burned on in the BK. Pay them off to make them whole, and receive Optima as a way back in after payments are complete.

I believe this is a ways off still though - Amex won't consider offering a card until 61 months after the filing date AND they've been made whole. They still may not at that point but odds are better than just waiting 61 months and apping. Without paying then what's owed, you can be blacklisted for decades. They do not forget.