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

[LuckyB338]

Thank you @Red1Blue! That really helped clear up everything I had in mind before going for it.

I was under the impression BoA may be bk friendly if not IIB and maintained a relationship which I have. But I'll certainly do more research and take that into consideration before applying.

I live in NJ so I do access to affinity as well. My wife apparently had a secured at $500 with them a long time ago and eventually closed it bc it didn't graduate (as in they never offered, and she never asked). I'll look into this as well.

Thank you so much for taking the time. I appreciate it!

[LuckyB338]

Thank you for following up @Horseshoez!

TD Secured data points were very insightful and shows that it can grow after graduation. I will definitely go forward with the application come Aug.

Are there any other lenders you have found to be more forgiving since your BK?

[Horseshoez]

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@LuckyB338 wrote:

Thank you for following up @Horseshoez!

TD Secured data points were very insightful and shows that it can grow after graduation. I will definitely go forward with the application come Aug.

Are there any other lenders you have found to be more forgiving since your BK?

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I applied for cards from the following institutions (in order):

• CapitalOne: Approved for both a secured card, closed after 7 weeks, and unsecured card with a $3,000 limit (now $3,300)
• BofA: My bank during my bankruptcy, denied for a secured card, appealed, and denied again
• TDBank: My new bank after leaving BofA, initially approved for $5,000 secured card, since graduated and granted a hefty CLI
• Discover: Denied for any card, including secured, even though I applied following a "pre-approval" letter in the mail for an unsecured card
• PenFed: Applied 54 weeks after discharge, approved for Platinum Rewards with a $6,000 limit
• Citi: denied for a secured card

At this point I really don't "need" any additional credit as I pay my cards in full monthly, however, when my company's travel restrictions are lifted, I will once again be flying Delta a lot and would love to get a Skymiles card, unfortunately I burned AMEX for something north of $25,000, so that ship has pretty much sailed for me.

[Red1Blue]

Hi @LuckyB338 you might want to chat with @FireMedic1 about rebuilding credit after BK. He has done wonderful job and was able to get cards with very high limits from quality institutions. Slow and steady wins the race. He did a wonderful job. You might want to reach out to him who can give better insights to you than me.

[FireMedic1]

@LuckyB338I'll touch on a few things. Everything goes by the file date. DC date is just when and how it ended. Once you past 2 yrs things get a bit easier to get. My mother (RIP) always said a smart man makes money while he sleeps. Place all that un-used $ in savings. That is if it isnt a interest bearing checking account. Pull it when you need it. You got nice limits on the 2 cards. You'll want to get a 3rd card so the real AZEO will apply. FICO likes <50% of cards reporting. With 3 cards its 33.3%. Your on the edge with 2 and having one report. Dont have both report or none report a balance. So @Red1Blue is the secured dude around here with high secured CL's. I didnt have to go that route. So grab 1 secured high deposit account. Now the big question. You got any loans?

Back to Mom. Once I became a full fledge FireMedic working 24 on and 48 off. See Mom. I make money while I sleep now. Happy? It takes time to get into the more prime areas of the credit world. Back in 2015/16 it was much easier for those higher SL's. Your at the cusp but not there just yet. Took over 6 yrs to get where Im at after BK. It may come down to get in with the lenders who will grow with you as the rebuild ages. PENFED/NFCU come to mind. Getting your foot in the door does wonders. But if you think all approvals will be 5g's or more each time. Nope. Good thing is FICO doesnt care how much credit you have. I've floated around 720's to 740's for a little over 3 yrs. Total CL was in the 50g's now over 90g's and it didnt move the needle at all. Just an example. Higher FICO scores not total CL's gets better things.

[LuckyB338]

Thank you to @Red1Blue for the tag! I really appreciate your help and will def update you guys once I apply in Aug.

And thank you @Horseshoez @for all the data points. It really helped drive home the point Red1Blue had made about being able to meticulously approach the rebuild.

Finally, thank you @FireMedic1 for following up on the thread. I had not considered the FICO rebuild bonus and setting myself up for AZEO. The extra money I have is in interest bearing checking or savings spread across 3-4 institutions. I'll definitely give more thought to where I want to go with the rebuild and it absolutely does make sense to shoot for one secured rather than 3. If I were to do so, I will have 3 credit cards, 1 car lease, and 1 student loan which would give me a good credit mix. I feel like im trying to rushing it and the biggest thing for me is to be patient until it's time.