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Hi all, I plan to file for bankruptcy later this year and I'm currently combing through the threads on top tips to be more successful this second time around. I have never had a card with more than a $5,000 limit. My first credit card was for Macys at just $200 and I increased that to just $500 after 20 years. Can you please share with me your secrets?
@Jajamom23 wrote:Hi all, I plan to file for bankruptcy later this year and I'm currently coming through the threads on tops tips to be more successful this second time around. I have never had a card with more than a $5,000 limit. My first credit card was for Macys at just $200 and I increased that to just $500 after 20 years. Can you please share with me your secrets?
Hmmm I'm new on here too and I could be wrong but once you file for bankruptcy soon you'll probably have a near impossible time getting any higher limits on your credit cards for quite awhile.
Am I reading between the lines wrong - are you planning on trying to get higher limits ASAP so you can max all the cards out, have more credit to use before you file for bankruptcy so you won't have to pay any of the money back?
It will be a few yrs or more afterwards. You'll have to start out at the bottom and work your way up. Get your 3 starter cards and wait to pass 700. Things become easier then. Took 7 yrs for me to get 15,000 from BCU. My highest starting line to date. In 2015 things were easier to build after BK. With the way times are now. Its a bit harder. But it can be done. Good luck on your BK.
There's no magic answer here to get there in a short amount of time. It simply takes time and one very important ingredient, patience! I'd recommend as you start over with new cards, to pick your new cards wisely, trying to stick with those that best serve your needs and are most likely to grow over time. Avoid adding cards just for the sake of adding cards/accounts, that's for much, much later when you've built up a much longer positive credit history. Another important thing to do, and likely the single most important is to use your cards responsibly.
Treat them as if they're debit cards. Sure, there are times that 0% for xx months is enticing, useful, and can be taken advantage of, but... for the most part keep your utilization low and try to make it a habit to PIF every month. If you can't afford to pay it off in full at the end of the month, think twice about charging it on a card. As you build more trust and history with your lenders, the more they will be willing to entrust you with higher limits and the more likely it becomes that you'll start landing those higher SLs. Best of luck in your rebuild!
That is absolutely not what i am planning to do. I am asking for while i am rebuilding, what tips can people give to help receive higher limits on cards while i am rebuilding.
Thank You
Thank you so much! I understand. This was very helpful.