Re-establishing Credit Via Exxonmobil Credit Card

[Anonymous]

Hi Everyone, I'm looking for ways to re-establish credit after bankruptcy. A recommendation was made to purchase a share of stock (or minimum requirement - I'm strapped for cash at present) in one of the major oil companies, such as Exxonmobil. Then a request can be made for an Exxonmobil credit card. My questions are as follows: Does anyone know if this is automatic, that a credit report will not be checked? Do the three credit reporting agencies receive information on a monthly basis from Exxon which would go on my credit report (and help to raise my scores)? I would not want to tie up cash unless this measure would be effective in raising my scores. Thanks for any and all replies. Reed

[Tuscani]

My guess is a review of your credit report would still be required. 

[MM1234]

Id go for a card like a Secured Visa or MC. Not sure if Exxon is a Gas card or some have a Visa/MC Logo so your report may have you declined and the inquriy will hurt your current score. I wouldnt apply for Unscecured cards for this reason of hurting your score wth many Inquires.

I would wait a few months after the BK and then check ALL your FICOs. Then you can go to: http://whogavemecredit.com/index.php and see what CCards were accpeted with your scores. Or you can even do that today to get a picture of your scores as they are Now and see if any places can give you a CCard with your scores.

[Anonymous]

I filed BK in 99 I started rebuilding with a secured card, it was $200 but I had to start somewhere after 6 months they refunded my deposit and changed to unsecured. The cool part was that it at least allowed me to build credit.