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Credit Card suggestions 8 years post bankruptcy

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DaveInAZ
Senior Contributor

Re: Credit Card suggestions 8 years post bankruptcy

Well, congrats on a weel done rebuild after BK. My BK7 was discharged Jan. 2011 and my rebuild really took off after finding MyFico.

 

Before going into CCs: "June 2018 got a Capital One car loan at a high interest rate". How high an interest rate? It shouldn't have been unreasonably high 7 years post discharge and your low debt. Cap One can be good for car loans with less than perfect credit, but can be high on interest rates. I bought a car in Sept. 2017 and Cap One offered me around 8%, I got 2.99% for 65 months from DCU (Digital Credit Union). With your credit scores you should be able to get under 4% from DCU, so you might look into refinancing and save a bunch of interest.

 

Now, CCs: "BoA Cash Rewards denied March 2019" - Have you called in for reconsideration? BoA is pretty much an automatic denial with a BK on your credit report, but they are reasonable if you call in & explain things. Try 800-824-5895 and/or 800-354-0401. I included a BoA CC in my BK and opened a secured card in 2015 with the minimum $300, today it's a Cash Rewards w/$5k CL and last year I got a Travel Rewards CC w/$5k CL.

Your Cap One QS One is likely "bucketed" as a starter card, meaning little or no change for CLIs, no annual fee, etc. Try their pre-qual page (google Capital One pre-qualification) and see what they show for you. With your scores you'll likely qualify for a Quicksilver, Venture or Savor One with decent CL.

Chase & Citi are automatic denials with a BK on your CR. Chase will recon if you call in, but bear in mind their "5/24", denial if more than 5 new accounts in the last 24 months. Since you included Citi in BK forget them until at least the BK falls off.

Good luck!

Message 11 of 15
mikesonthemend
Valued Contributor

Re: Credit Card suggestions 8 years post bankruptcy

Thanks, @Duke.

 

Just upgraded my Platinum to QS via your link.

 

You rock!




Living through Darwinism is so much worse than learning about about it in school.
Message 12 of 15
DoogieBall
Regular Contributor

Re: Credit Card suggestions 8 years post bankruptcy

CapOne offered 7.3 and was the only one that approved me out of seven inquiries.  I was planning on refinancing once I had 12 months of payments under my belt.  I'll start looking into DCU and other finance in a few months.

 

I called the BoA recon line and was still denied.  I have to admit that the CSR was very nice.

 

I have no problem waiting until the Amex reaches a year old to start applying for new cards.  I'll regularly check the pre-quals to see if anything peaks my interest.

  

R.I.P Cards 





Message 13 of 15
DoogieBall
Regular Contributor

Re: Credit Card suggestions 8 years post bankruptcy


@HeavenOhio wrote:

 

In your case, you'd want to take any offer that's available just to lose the fee. If you have an offer for the VentureOne and would prefer a Quicksilver, take the VentureOne offer rather than waiting it out for something "better." Once you've escaped the fee, offers to PC to other no-fee cards should appear down the road. There'll be no offers at all for at least six months, but sometime after that, they should start to appear.


I didn't even think of changing to a no-AF card.  I'll keep plugging away at the pre-qual page every so often.  Thanks

  

R.I.P Cards 





Message 14 of 15
Duke_Nukem
Established Contributor

Re: Credit Card suggestions 8 years post bankruptcy


@mikesonthemend wrote:

Thanks, @Duke.

 

Just upgraded my Platinum to QS via your link.

 

You rock!


You're welcome!  I can't claim to be the one originally finding that link, as its floated around here the past couple of months that I've found this wonderful site.  But I keep clicking it to see if they will ever offer that Savor card as a PC!  Glad it worked for you!

 


Message 15 of 15
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