Which CC's to App - 5 yr Post CH 7 ???

[Anonymous]

So my friend asked me for some advice regarding who she should app for. Her CH 7 was completed June 2010, so exactly 5 year's ago. Since than, the only CC she has is a Cap One from 2011, all positive history, no lates, and 0 INQ's on any of her CR's as of today. Fico's are all between 690 - 710. I told her she should've opened up a at least 2 more account's right after her BK, but that's too late. So, with those scores and the CH 7 from 06/2010, what lender's should she try for without wasting INQ's ??? No sense apping any lender who is adverse to a 5 yr old BK. Went to Cap One's prequal, and everything came up, Venture, Venture 1, QS, and QS 1. Her original 2011 Cap One is a 3500.CL Plat (all positive). I told her we'd definitely do the Venture and maybe a QS, but prior to getting any INQ's, I figured she should try another lender, maybe Amex, Chase, Citi, Disc, or any other lender's you folks might recommend. She's not looking to go on an app spree, only to gain 2 - 4 additional account's to help her scores. I believe she had Disc and Amex prior to BK, and those account's were closed with her CH 7, but she's not sure if any debts were owed. Her BK was mainly business related (personal guarantees) and not so much personal debt. Is Barclays a good choice ??? Citi, Chase,, Amex ??? Thanks.

[Anonymous]

I would recommend Barclay's, Captial One. I wouldn't chance the pulls on Amex and Discover if they were possibly included in the BK. Maybe check chases pre-approvals. Good Luck!

[Anonymous]

Cap One is a definite. Already showing prequal there for Venture and QS. Chase showed nothing. How is Citi with BK 5 year's old, definitely not included. Disc & Amex were closed with BK but weren't CO. I'm thinking Barclay's and Cap One may be enough. One more quality card with another bank would be better though than 3 Cap One cards I'm thinking.

[somotao]

I think Capital One and Barclays are the best options. Citi is a no go not until the BK falls off the report. Some have reported getting in with Amex at 5 years provided they were not burned during the Bankruptcy. Chase is an automaitic denial for anyone with BK, however their recon department seem very good and some have reported getting a card if they were not burned. Discover is another option at the 5 year mark. I would not recommend and apps spree....Pick two cards and use them for 6 months to a year before applying for others. I will be 5 years post Chapter 7 BK in December and the two cards I will be going for are Chase and Amex.......Keep us posted...All the best.

[Anonymous]

Thanks. She appd Cap One QS and got 10K CL. Than immediately did Venture and got the "we need more time to review, blah, blah, blah". I think she'll probably be fine as she's had the Plat for 4+ year's with 3500. CL and has always paid on time, no lates. I told her it be nice to have one more card from one other lender, but it sounds like Chase, Amex, and Citi are a definite no go. We'll try Barclays and maybe Disc. If the Venture gets approved, she'd have 3 accounts reporting, but all Cap One. Not sure that's an issue or not. Main thing is to get 3 accounts reporting.

[somotao]

Don't think it is an issue having three cards with one lender. I think it is nice to diversify a little. Your friend should be able to get a Barclaycard and possibly Discover. My only issue with Capital one is that they usually would run their inquiries through all three credit bureaus

[Nismotony]

All cards in my sig are 5 years post ch7