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Which secured cards are BK friendly?

bobbuds
Valued Member

Which secured cards are BK friendly?

I already know from personal experience that Discover Secured is BK friendly. I've read varying reports of others. So, my question is who has applied and been approved post bankruptcy for any of the following. Also, include how long post BK you were when you applied, and if and when your card graduated from secured to unsecured.

 

Are the following BK friendly:

 

Bank of America Secured

Wells Fargo Secured

US Bank Secured

 

 

Thanks for your replies.

 

 

Message 1 of 11
10 REPLIES 10
Myzery
Regular Contributor

Re: Which secured cards are BK friendly?

You can't get any of those particular cards with a bk showing. I suggest trying OpenSky. I don't think they even check your credit.

Message 2 of 11
jacetx
Valued Contributor

Re: Which secured cards are BK friendly?


@Myzery wrote:

You can't get any of those particular cards with a bk showing. I suggest trying OpenSky. I don't think they even check your credit.


Not true, you have to wait a few years. I got 3 BoA cards last year with a BK showing and my mother got an unsecured card from WF also with a BK showing. My BK was 7 years old and my mom's 5 years old. So, I don't think it is impossible to get the secured ones.

Message 3 of 11
bobbuds
Valued Member

Re: Which secured cards are BK friendly?

I've seen people get the BOA secured one year post filing. I also recall people getting the Wells Fargo secured around, or even before, one year post filing. I'm just looking for recent examples from the horses mouth.

Message 4 of 11
Creditplz
Valued Contributor

Re: Which secured cards are BK friendly?

From what I've always heard, it seems like U.S Bank is picky on who they give their cards to and do not like bankruptcy.
Message 5 of 11
bobbuds
Valued Member

Re: Which secured cards are BK friendly?

I just read a post at creditcard forums where a guy obtained a US Bank Secured one month after discharge. He tried to unsecure it and was told no-go until 5 years post bk.

So, here is what I know so far:

Discover Secured: Maybe, Graduates around 12 months (I got it 2 months post discharge)
US Bank Secured: Maybe, Will not graduate until 5 years post bk
BofA Secured: Maybe, Graduates around 6-12 months (12 months post discharge, likely recon needed for approval)
Wells Fargo Secured: Unknown

Message 6 of 11
NRB525
Super Contributor

Re: Which secured cards are BK friendly?

State Department FCU has a HP for membership, but no credit check for the secured card.

The secured card would not graduate, but it's a "post-BK friendly" card since no credit check.

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Message 7 of 11
RCFL
Frequent Contributor

Re: Which secured cards are BK friendly?

Skip secured, get CapOne
Message 8 of 11
Namaste7
Established Contributor

Re: Which secured cards are BK friendly?


@Myzery wrote:

You can't get any of those particular cards with a bk showing. I suggest trying OpenSky. I don't think they even check your credit.


To other posters who may read this thread, I do not think the above is wholly accurate. If not IIB, then:

 

BOA secured (partially or full): 1-2 yrs post is possible but YMMV on graduation date.

US Bank secured: As noted above can be obtained with PR reporting. No auto graduation. YMMV on eligibility for the unsecured products. 

Citi secured: 2yrs+ post BK but YMMV on graduation date

SDFCU secured: I think i've seen data points between 1-2 years. No auto graduation. YMMV on eligibility for the unsecured products. 

Discover IT secured: 0-3 yrs post but YMMV on approval if IIB and eligiblity for the unsecured products. Discover has shown no consistent pattern on profiles that get approved versus those who do not. 

 

Of course there are the CapOne's and lower tiered providers that offer secured products but I think the above list has the greatest rebuild potential power because it could result in a long-term relationship with the institution. 

 

Also a great resource 2015 Secured Card List (myfico link). 

 

 

 

 

 

 

 

 

~~MMXX~~
My Garden Goal: Double NW
Message 9 of 11
Closingracer99
Valued Contributor

Re: Which secured cards are BK friendly?


@RCFL wrote:
Skip secured, get CapOne

I will take a Secured Citi over ANY Cap one product 100% of the time....  Better bank and better cards imo.


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Message 10 of 11
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