Next Cards?

[Hopelives2]

Okay, I rarely ask for help but am looking for it now:

BK - Ch 7 --> 2 years old May 25, 2012

Current cards:

Cap One:  $2250

Orchard:  $320

FP (puke):  $500

Tires Plus:  $1000

CreditOne:  $500

revolving checking account line:  $1700 (won't close this)

Current loans:

Escalade:  $39,000:  owe $35,000  (1 year old loan, never late)

Student Loans:  deferred (I'm a older premed and will now start paying them off to get down to $50k by next summer)

All have $0 balances on them.  All are unsecured.

FP is coming up on two years.  It was my first card post bk.  Cap One and Orchard followed suit.  Cap 1 has given me CLIs but I think I've had two now, so that is most likely done.

My estimated score is: 715 - 765 (done via myfico estimator_.  I'm waiting for an erroneous collection activity to fall off before pulling my own myfico score.  The CA said the deletion take 7-10 days.

So, if my score is anywhere north of 680 (the bottom end of good), what cards should I close, look at, think about?

Thanks!

[Anonymous]

Your only issue will be bk. trying to remember who is not bk friendly. Assuming good income, I would walk into local cu with income and credit report/score. I like cu for getting on your feet, because you can talk to loan officer before applying to get sense if you are going to get approved. Also, you can ask if they will give you cl higher than you would get otherwise from large card issuer assuming your income is high. Large issuer might only give you 2.5k to 3.5k at best. Might be able to talk a cu into 5k or more depending on your income. I would research on this forum under xyz card issuer bk friendly to see who is cool with 2 year post bk. I'll see if I have any recommendations in a bit.

[Creditaddict]

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@Hopelives2 wrote:

Okay, I rarely ask for help but am looking for it now:

BK - Ch 7 --> 2 years old May 25, 2012

Current cards:

Cap One:  $2250

Orchard:  $320

FP (puke):  $500

Tires Plus:  $1000

CreditOne:  $500

revolving checking account line:  $1700 (won't close this)

Current loans:

Escalade:  $39,000:  owe $35,000  (1 year old loan, never late)

Student Loans:  deferred (I'm a older premed and will now start paying them off to get down to $50k by next summer)

All have $0 balances on them.  All are unsecured.

FP is coming up on two years.  It was my first card post bk.  Cap One and Orchard followed suit.  Cap 1 has given me CLIs but I think I've had two now, so that is most likely done.

My estimated score is: 715 - 765 (done via myfico estimator_.  I'm waiting for an erroneous collection activity to fall off before pulling my own myfico score.  The CA said the deletion take 7-10 days.

So, if my score is anywhere north of 680 (the bottom end of good), what cards should I close, look at, think about?

Thanks!

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 CLOSE:

Orchard:  $320

FP (puke):  $500

CreditOne:  $500

Let us know if any of the following were in your BK so you might be Black Listed:

Discover - Check Pre-Approval on Discover Website though, not sure I would apply if you don't get pre-approved

Barclay - The new Ring or Apple might be good choices - They are great for recon to higher limits

American Express Zync might let you in with one of the hard limit cards

Any Stores you shop at a lot? You would be in great order for GE most likely - Walmart, Amazon, CareCredit, Gap, etc.

[emptypockets]

Barclays Ring card is not BK friendly. That was part of their literature went they introduced the card, that applicants should not have a BK.

[Creditaddict]

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@emptypockets wrote:
Barclays Ring card is not BK friendly. That was part of their literature went they introduced the card, that applicants should not have a BK.

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It's not true... Many have been posting they were trying to sell this as a new Prime Barclay Card like the Visa Black Card they introduced however many years ago... it still gets approved with CL as low as $500 and all sorts of "Credit Profiles" are able to successfully get it.

They are all underwritten in same call center as the other cards like Apple.

[emptypockets]

Re: The offical Barclaycard Ring Thread [ New ] Options 04-17-2012 01:18 PM - last edited on 04-17-2012 09:52 PM by haulingthescoreup

Here is some guidence as to what they are looking for to approve the card:   This is from the application and counts me out :-(    

Below are optional questions to help you determine if you are a good fit for the community credit card product. These questions are not designed to pre-screen you for the Barclaycard Ring MasterCard. Instead, the questions are intended to introduce you to some of the key credit granting criteria, and are designed to provide you with information about how we make our credit decisions for this particular product.

  Do you know your current credit score?   Credit scores are intended to reflect how you manage your credit. We generally do not approve customers who have a credit score below 680. Although having a credit score above 680 does not guarantee approval, it does increase the likelihood. In addition to the credit score, we consider other factors, such as income and debt, in the decision process. If you would like more details about your credit score, please visit www.myfico.com.    

Have you paid more than 30 days late on any account or filed for bankruptcy? We do not approve applications when there is a history of late payments for more than 30 days. Consumers make late payments for many reasons, but extending credit to consumers that show a history of making late payments is not considered to be a safe and sound practice by our regulators. Bankruptcy is a process that occurs when a consumer cannot repay the debts owed to creditors. To protect the bank and the consumer, we do not approve consumers whose credit files show an adverse public record such as bankruptcy.    

Do you have 2 or more credit card accounts with high balances?   Consumers with substantial amounts of debt compared to their annual income, pose a greater risk of being unable to pay bills. As a person's debt increases, their payment amounts also increase. If a significant percentage of the income is used to pay debt (i.e. mortgage, credit card and loan balances, etc.), this indicates that the individual may not have the ability to pay any incremental debt. Again, as a way of managing the safety and soundness for consumers, credit is not granted when high debt compared to income is present.

[Creditaddict]

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@emptypockets wrote:
Re: The offical Barclaycard Ring Thread [ New ] Options 04-17-2012 01:18 PM - last edited on 04-17-2012 09:52 PM by haulingthescoreup Here is some guidence as to what they are looking for to approve the card:   This is from the application and counts me out :-(     Below are optional questions to help you determine if you are a good fit for the community credit card product. These questions are not designed to pre-screen you for the Barclaycard Ring MasterCard. Instead, the questions are intended to introduce you to some of the key credit granting criteria, and are designed to provide you with information about how we make our credit decisions for this particular product.   Do you know your current credit score?   Credit scores are intended to reflect how you manage your credit. We generally do not approve customers who have a credit score below 680. Although having a credit score above 680 does not guarantee approval, it does increase the likelihood. In addition to the credit score, we consider other factors, such as income and debt, in the decision process. If you would like more details about your credit score, please visit www.myfico.com.     Have you paid more than 30 days late on any account or filed for bankruptcy? We do not approve applications when there is a history of late payments for more than 30 days. Consumers make late payments for many reasons, but extending credit to consumers that show a history of making late payments is not considered to be a safe and sound practice by our regulators. Bankruptcy is a process that occurs when a consumer cannot repay the debts owed to creditors. To protect the bank and the consumer, we do not approve consumers whose credit files show an adverse public record such as bankruptcy.     Do you have 2 or more credit card accounts with high balances?   Consumers with substantial amounts of debt compared to their annual income, pose a greater risk of being unable to pay bills. As a person's debt increases, their payment amounts also increase. If a significant percentage of the income is used to pay debt (i.e. mortgage, credit card and loan balances, etc.), this indicates that the individual may not have the ability to pay any incremental debt. Again, as a way of managing the safety and soundness for consumers, credit is not granted when high debt compared to income is present. Starting Score: 650 Current Score: TU 684 / EX 671 / EQ 624- Lender Pull Goal Score: 725 Take the FICO Fitness Challenge

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I don't understand what you are saying and posting this... Im aware of what the application says regarding who will get declined etc.

I think from everyones experience with Captail One and the fab online system that "Helps you choose what you may qualify for" it's just not usually true.

I guess I overlooked a very large thread of denials all around, Im pretty sure when this launched the thread I was seeing was approvals prooving the above "Guidelines on App" were not really solid stone decline points.

[emptypockets]

Relax, just trying to be helpful. Wouldn't want someone 2 yrs out of BK wasting INQ's. I don't think AMEX would approve either, until probably 5-6 yrs from BK. BK friendly cards should be those likely to be approved with the Bk reporting, not long shots...

[Creditaddict]

Barclay does want 1 year min, prefer 2 years after bk for approval because they are all about establishing credit SINCE BK, So crazy about since bk they flat out ignored ALL my credit cards that were opened befiore my BK even though still open now after the bk!!

But otherwise they seem to just really care about DEBT and INQ.

Amex won't pull HP if declined so why wouldn't you apply!!

If you have 640+ score on Fico TU i would risk it if you want the Ring or any other Barclay card, I think if everything else is looking pretty good you won't have a problem recon. 

[Hopelives2]

Thank you, everyone, for your suggestions.

I am back on my feet... my credit score is 725 with the collection having fallen off and my balances paid to $0.

As for what was included in my BK, no credit cards as all of mine were paid to $0 each month.  What was included:

Chase Manhattan

Wells Fargo

That was it.  My experience with AMEX was through corporate cards and those were always PIF by me, and then reimbursed by corporate.  I know corp cards don't matter so ... not looking at AMEX right now.

So, I am eager to close the three mentioned above (FP, Orchard, Credit1) but should I wait until I get decent limit from another card?  FP and Orchard are almost 2 years old.  Credit1 is fairly new (I took it when my job ended and I needed books for school - BAAAAddd, I know but when a student you do whatever it takes to get the materials you need to get A's... and I did )

Anyway, so Barclays... am I out of the running for Discover?  or a Citi?  or something like that?  I'd love to have a larger limit than $2,250 and for all the bad things I hear about Cap One, I love those people!!!  As for stores I shop at a lot, Nordstrom.  They've already told me to apply after a year out of BK and I have a checking account with them now.  They are also fully aware of the situation around my BK and my foreclosure.