Tried to get credit after BK

[lovelylisa84]

I would recommend first progress secure. Annual fee 39.00, 14.9 apr & they report to all three credit bureau s. Its a start.

[LB08]

Okay, thanx. I'll look into First Progess.

[NewDawn]

Hi... I am in process of Chap 7. What is this I hear about report clean up? I have heard that some say you will be wiped clean but my understanding is that not only will it list you BK but that it will tag your deisharged debts with a BK notice of discharge.. Meaning that they stay that way til time eventually clears them off after several years? 

[mrsjr]

I agree that you should take a look at your credit reports first to make sure that everything is reporting correctly.  In my experiece, after my bk discharged, I was able to remove all collections and my one judgement completely off of my report.  After discharge, the only thing that is reporting is the original creditors showing as "included in bk".  There's no collection or judgement of any sort on ANY of my credit reports.  And I didn't even have to dispute the collections.  All three CRAs automatically removed them after discharge.  Then, I'd start with a secured card.  First Progress is good to start with if Cap1 won't approve you.  That's actually who I went with right after discharge.  But I closed it once I was able to get a secured visa through Wells Fargo.  Once you get one tradeline established, you will be able to get other cards.  But most lenders want to see a few months of  reestablished credit, which is why I would definately start with a secured credit card. 

[d12]

---

@NewDawn wrote:

Hi... I am in process of Chap 7. What is this I hear about report clean up? I have heard that some say you will be wiped clean but my understanding is that not only will it list you BK but that it will tag your deisharged debts with a BK notice of discharge.. Meaning that they stay that way til time eventually clears them off after several years? 

---

Your debts willl be gone and you won't owe anything, but the bad accounts will stay on your report for seven years and the Chapter 7 for ten years.

[lizz01]

Is it normal to have the collection accounts and judgements fall off your CR after discharge? I am not getting too ahead of myself... but that would seriously make my day if the only reporting accounts were from the original creditors! ! could you please give me some information, mrsjr?

[Scupra]

---

@lizz01 wrote:
Is it normal to have the collection accounts and judgements fall off your CR after discharge? I am not getting too ahead of myself... but that would seriously make my day if the only reporting accounts were from the original creditors! ! could you please give me some information, mrsjr?

---

In short, yes 

[dallasjetfan]

---

@shorrttyycm1 wrote:
Welcome! I would suggest starting with a secured credit card through your local credit union. Capital One also has a good secured card. Use it and always pif. After about 4-6 months you should be okay to apply for a unsecured with them. Also try for a secured personal loan with a local credit union. Don't go pull happy ;-). That's what i did...i applied for everything under the sun before reading these boards and ended up with 12-15 pulls but only netted 3 small subprime, fee laced accounts at the time.

I would stay away from anything prime and READ READ READ!!! These forums have been a blessing and helped me recover after my chapter 7 2 years ago.

Good luck...and be patient...its gnna take a while

---

Be patient.  I know when I filed in 2005 that the credit landscape was different.  I had a car loan, 3 CC's and Lasik financed in first year.  They seem to be more difficult now.  8 years later, I haven't been denied for credit in the last two years.  Chase denied me last week, but after talking with them they approved me.  It has taken awhile, but I have had 6 car loans and now have $50K in CC's.  I could get approved for basically anything at this point and when the BK drops off, I'm sure it will be even better.  I now have Citi and Chase now and don't need anymore credit.  I will say I wish Iwould have gone CU route from beginning.  I have a great CU and the rates are half of any card I have and I can get instant approval now for cars, loans or CC's.  Good luck.

[dallasjetfan]

---

@LB08 wrote:

Thank you all for your advice. I'm going to request my credit reports in June, that way it will be at least 60 days since the BK closed. I'll review it to make sure everything is showing BK. I'm not going to do a subprime card the interest rate is way to high-36% plus a monthly maintenance fee of $14.95. To me that is way to high interest and a maintenance fee is out of the question! I think I'll wait at least six month to apply for a card and if all else fail, I'll get a secure card. On my way to better credit!

---

One last thing, I avoided First Premier and other CC's like that specifically for the fees.  I can't imagine the big banks look favorably on these "lenders".

[ezdriver]

"One last thing, I avoided First Premier and other CC's like that specifically for the fees.  I can't imagine the big banks look favorably on these "lenders"."

The sub "premier" cards have their use in rebuilding credit profiles. I'm using two from First Progress.

Regarding the fees, not all fees are as high as that of First Premier. Mine is $35/year on each.

Regarding high interest rates on credit cards, my opinion is that credit cards are a lousy means to finance anything. I don't buy anything with a credit crad that I cannt pay off in 30 days. If someone needs to purchase a much needed item [eg: tires for the car to get to work] and have to pay off in a couple of months, that too is understandable. Again, the creditors hope that you use their money to finance your purchases over longer period of time. Don't make their day!