BJ’s Credit Card Pre-approval + Secured Cards Post Chapter 7

[LuckyB338]

I received an "invite to apply" at BJs while at self-check out counter but wasn't really sure if I should go through with it and held myself back bc I'm waiting till August to apply.

1. Should I consider this when I'm ready to apply in Aug?

2. I currently have 2 cards Cap1 QS $5500 and Cap1 Plat $3300. Keeping in mind my BK Ch7 was fully discharged in Mar. 2021after being filed in Dec. 2020, what are some realistic options?

3. I have been a PenFed member since Mar. 2021 and have both checking and saving with them and there's a substantially large balance sitting on the checking untouched since. Do I have a shot at a card with them? 

4. I can open up 2 secured cards with BOA and TD at $5000 each and have a banking relationship with each of them as well with large checking account balances. Is this a better option?

EX:665 

EQ:653

TU:654

[Cory88]

My mum got her card that way back in 2016 and it was a very good card for rewards if you buy bj's a lot as some time they will have extra "x" % back for different times in the year. The only thing bad is that they card does always stops working and she has to call and order a new card.

[LuckyB338]

Do you by chance have any data points for her approval?

[CYBERSAM]

@LuckyB338  Given you received the Pre Approval, I'll say you have a decent chance!

Also BJs portfolio is moving to CapOne probably as soon as early summer! This could change the approval process!

[LuckyB338]

I really don't mind using a HP if it means I would get approved. I currently have between 2-4 inquiries across 3 CRs all of which would be a year old on Aug 9th, 2022. I figured I can set myself up for AZEO if I get one or two more cards at the one year mark.

Any thoughts on the impact chapter 7 bankruptcy would have on a comenity bank approval? I don't really want to be stuck with a sub-prime SL either bc I can easily set up two secured cards with $5000 deposits each.

[coldfusion]

IIRC your BK7 was discharged almost exactly a year ago.   I've seen members report Comenity approvals less than 6 months after a BK7 discharge which infers they don't have an immutable autodenial policy if a BK is reporting (at least, as long if they were not IIB)

Note that while there is some growth potential with most Comenity cards and CLI requests are processed with soft pulls they are not known to be generous with starting limits.  Predicting an outcome if you applied is an inexact science but if you were hoping to get a $5K+ approval I don't think that is a likely outcome.

[LuckyB338]

That's what I figured. I don't want to risk an approval below $5K+ and that's the only reason I didn't go with lenders like credit one or merrick though I've heard good things.

I've been setting myself up for a PenFed approval for about a year now and I'm an authorized user on my wife's PRC that was just approved last week at $12.5K. Maybe that's an option?

It should be noted that I am an authorized user on my wife's BJs credit card which is yet to show up on my credit reports at $15.1K.

What is the safest way I can get the fico rebuild bonus and hit $5K+ lines?

[CYBERSAM]

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@LuckyB338 wrote:

That's what I figured. I don't want to risk an approval below $5K+ and that's the only reason I didn't go with lenders like credit one or merrick though I've heard good things.

I've been setting myself up for a PenFed approval for about a year now and I'm an authorized user on my wife's PRC that was just approved last week at $12.5K. Maybe that's an option?

It should be noted that I am an authorized user on my wife's BJs credit card which is yet to show up on my credit reports at $15.1K.

What is the safest way I can get the fico rebuild bonus and hit $5K+ lines?

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If your already AU on this card then probably not worth another membership fee!

Currently the high SL are given by FNBO, Chase Amazon Prime and X1 Card once you qualify.

[LuckyB338]

I'm on the waitlist for X1 and I only get the prequalified offer for FNBO Secured but haven't read much about graduation process which is why I've set myself up for BOA and TD. I burned Chase, Amex, Citi, Disco in Chapter 7

[FinStar]

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@CYBERSAM wrote:

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@LuckyB338 wrote:

That's what I figured. I don't want to risk an approval below $5K+ and that's the only reason I didn't go with lenders like credit one or merrick though I've heard good things.

I've been setting myself up for a PenFed approval for about a year now and I'm an authorized user on my wife's PRC that was just approved last week at $12.5K. Maybe that's an option?

It should be noted that I am an authorized user on my wife's BJs credit card which is yet to show up on my credit reports at $15.1K.

What is the safest way I can get the fico rebuild bonus and hit $5K+ lines?

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If your already AU on this card then probably not worth another membership fee!

Currently the high SL are given by FNBO, Chase Amazon Prime and X1 Card once you qualify.

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@CYBERSAM - the OP won't be eligible for the Chase Amazon CC if there's a presence of BK on reports, especially if they were included in BK. 

Also, X1 does not approve any applications with BK on reports.