My Chapter 7 was discharged in July 2009 and I have begun the process of rebuilding. I actually had an excellent payment record before filing but I lost my job and could no longer make the monthly payments which had swollen significantly due to increased minimum payments ... so, here I go on my new credit quest. I have accepted the fact that I will probably NEVER get financing with Chase ever again b/c half of my entire BK portfolio was owned by them so I obviously have had to look elsewhere.
The good news is that due to the excellent advice consisistently given on this board, I was able to accomplish the following in the past 45 days:
1. Got approved for an Orchard Card, 23.9%, $500 limit, $69 AF..have been using but EVERY transaction is PIF as soon as I can get my little legs back home, get on the computer, and make that online payment!
2. Got approved for a Credit One Card, 19.9%, $300 limit, $69 program fee, $69AF charged at $5.75/mth-sucks but beggars can't be choosy .....have used sparingly but EVERY transaction PIF once charged. I cannot believe they charge $7.95 to $9.95 for online payments. I had to send a check...with fees that high, they should be cutting the card holder some kind of break, honestly, when is enough enough, but I am still grateful to have the card.
3. Got approved for a NFCU secured card, 15.9%, $600 secured limit, no AF......I hope this will grow and I can develop a relationship with them. I left $400 in a savings account that I was required to open and I have $25 direct deposit going into the account every other Friday. I will use but will PIF as soon as charge occurs.
I still have my two student loans (2003 and 2006), Chadwicks and Dress Barn accounts with no balances which have both been opened since 2001 - use every now and then to keep open, and my mortgage which has been opened since 2007 with timely payments.
All in all, I would say that I am on way back...baby steps....but have a chance to get there.
The bad news is that I got denied for a Citibank $600 secured card but now that I have typed all the good news, this one line of bad news doesn't really matter.
I want to thank you guys as you have always answered each of my questions, no matter how elementary, and your advice has always been on point. I would never have known about the secured card if it were not for you guys...Thanks for helping me when I needed it most.
Is there anything else I need to be doing...if so, let me know.
I am so motivated!!!!!!!!