Re: New Data Points?

icyhot · ‎10-24-2018

Hello all! Last I posted here, I was not doing well. I was in terrible financial straits, underemployed with little income, and robbing Peter to pay Paul to keep my payments up to date. You all convinced me to file BK, and I swallowed my pride and did it. I couldnt be happier! I’m currently waiting on my discharge and I’m teetering with how I should proceed with my credit. After it’s all said and done, I will only have my student loans to look after, so I’m not sure if I should get a new card just for payment history and UTL purposes or just stay away from cards. If I do get a card, I would like one that 1) is not a subprime lender (eg Credit One) and has a secured option that will allow me to graduate or be unsecured out the gate. I burned all the major players, Amex, BofA, Chase, CapOne, Citi, Discover, Wells Fargo (it was secured) PayPal when it was under Comenity, and my credit union in NC. I should be discharged by around Thanksgiving. What’s one good card I can get, and when should I look to applying?

Loquat · ‎10-24-2018

@icyhot wrote:
Hello all! Last I posted here, I was not doing well. I was in terrible financial straits, underemployed with little income, and robbing Peter to pay Paul to keep my payments up to date. You all convinced me to file BK, and I swallowed my pride and did it. I couldnt be happier! I’m currently waiting on my discharge and I’m teetering with how I should proceed with my credit. After it’s all said and done, I will only have my student loans to look after, so I’m not sure if I should get a new card just for payment history and UTL purposes or just stay away from cards. If I do get a card, I would like one that 1) is not a subprime lender (eg Credit One) and has a secured option that will allow me to graduate or be unsecured out the gate. I burned all the major players, Amex, BofA, Chase, CapOne, Discover, Wells Fargo (it was secured) PayPal when it was under Comenity, and my credit union in NC. I should be discharged by around Thanksgiving. What’s one good card I can get, and when should I look to applying?

OP, I'm not going to say it's impossible, but it may be very hard since you've mentioned that you want someone that is not perceived as a subprime lender...especially when all the other perceived prime lenders are the ones that you burned.

Outside of "subprime" your options may be limited. I noticed that Citi wasn't in your list of those that you burned...maybe their secured card is an option...and that may be a long shot. Hopefully others can chime in with suggestion but closing yourself off from those perceived to be subprime makes it hard to recommend a card with a fresh BK and all the major players being burned in it.

Best of luck to you and congrats on your soon-to-be fresh start.

icyhot · ‎10-24-2018

@icyhot wrote:
Hello all! Last I posted here, I was not doing well. I was in terrible financial straits, underemployed with little income, and robbing Peter to pay Paul to keep my payments up to date. You all convinced me to file BK, and I swallowed my pride and did it. I couldnt be happier! I’m currently waiting on my discharge and I’m teetering with how I should proceed with my credit. After it’s all said and done, I will only have my student loans to look after, so I’m not sure if I should get a new card just for payment history and UTL purposes or just stay away from cards. If I do get a card, I would like one that 1) is not a subprime lender (eg Credit One) and has a secured option that will allow me to graduate or be unsecured out the gate. I burned all the major players, Amex, BofA, Chase, CapOne, Discover, Wells Fargo (it was secured) PayPal when it was under Comenity, and my credit union in NC. I should be discharged by around Thanksgiving. What’s one good card I can get, and when should I look to applying?

Oh! Let me add them in, because I burned Citi as well. If subprime is my only option for a while, I don’t mind waiting. I just haven’t been on the boards in a while and don’t know if any new credit builder products have come out

AverageJoesCredit · ‎10-24-2018

Most lenient will most likely be Capital One but id suggest giving it a year, perhaps less.

NRB525 · ‎10-24-2018

State Department FCU may be an option.
The secured card is pretty much up to you as to limit, based on your deposit of security. I think the security amount is adjustable. No AF, no FTF.

Once you have some time with them to rebuild, their 2% Everywhere card has no AF, no FTF and so would serve as a nice rewards card. It is not a graduation off the Secured, but that aspect really seems minor since the 2% card is competitive with anything else out there.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765

icyhot · ‎10-24-2018

@NRB525 wrote:
State Department FCU may be an option.
The secured card is pretty much up to you as to limit, based on your deposit of security. I think the security amount is adjustable. No AF, no FTF.

Once you have some time with them to rebuild, their 2% Everywhere card has no AF, no FTF and so would serve as a nice rewards card. It is not a graduation off the Secured, but that aspect really seems minor since the 2% card is competitive with anything else out there.

Doesnt look like I qualify for membership, however I was considering the credit union route. I just need to find one I can join

icyhot · ‎10-24-2018

Yes I was thinking them too. I wanted to try to get the BofA and Discover secured card and a CapOne unsecured, but not sure how forgiving the first two would be, even with their secured option

@AverageJoesCredit wrote:
Most lenient will most likely be Capital One but id suggest giving it a year, perhaps less.

AverageJoesCredit · ‎10-24-2018

I think a little time is your best route. Credit Unions are a great way to start. My advice, since you are starting a new, only get a few cards this time for the long haul. If you take your time and be strategic you can end up with 3 great cards and enjoy your credit again.

icyhot · ‎10-24-2018

@AverageJoesCredit wrote:
I think a little time is your best route. Credit Unions are a great way to start. My advice, since you are starting a new, only get a few cards this time for the long haul. If you take your time and be strategic you can end up with 3 great cards and enjoy your credit again.

That’s the plan. Which is why I want to be sure I don’t get subprime or cards that won’t grow or can’t be PC’d. I’d like to Amex again, I only burned them for $1700 and I heard if you pay them they’ll let you off blacklist?