Mission Lane Visa

[Mcgraw72]

My Chapter 13 is complete but not yet discharged(should be within the month) and was offered a Mission Lane Visa Credit Card. I am looking to finance a vehicle once the Discharge is reporting. Should I accept the offer from Mission Lane? Will it help or hurt my chances at an auto loan? 

[1lifeisworthit]

I'd wait, myself.

Mission Lane isn't well regarded and I'd hate to spend a hard pull for it, not when I'm going to be hard pulling for a car loan shortly.

I'd be more inclined to accept it if I could wait a year or two for the car. But I still wouldn't like Mission Lane.

You can get (buy) a 3 bureau one-time report here at myfico that includes auto loan scores, if you want to see where you truly are for an auto loan... because they don't look at FICO 8 for them.

[Mcgraw72]

Thanks for the info. I tried getting my scores last week but it said I couldnt get them. I belive it is waiting on my Bankruptcy to show as a discharge. My account will not update my Eqifax score, which on my Dashboard the last one was 07/11/205, it wants me to update but it wont. 

[1lifeisworthit]

That sounds... odd...

Reports and scores aren't known for holding off for a bankruptcy?

I don't have any advice for that. 

Nevertheless, my 'druthers on the Mission Lane are unchanged.

[BrutalBodyShots]

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@Mcgraw72 wrote:

Should I accept the offer from Mission Lane? 

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Absolutely not. You were offered this because Mission Lane is an inferior/predatory issuer that is preying upon desperation or ignorance.

Don't take the bait. If you want a credit card, obtain one from a reputable issuer and don't pay a penny for credit.

[CaneVariant]

Mission Lane is fine as long as you get a no-annual fee offer. They were the first card offered to me post BK. Started at $3k and increased to $5500 in a year.

[BrutalBodyShots]

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@CaneVariant wrote:
Mission Lane is fine as long as you get a no-annual fee offer. They were the first card offered to me post BK. Started at $3k and increased to $5500 in a year.

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They are still an inferior/predatory issuer that one can do better than. Even with no AF, I'm guessing your card had little to no perks/rewards. Someone could just as easily go with a US Bank Altitude Go Secured card for example and at least have a meaningful product that costs nothing, has great rewards and is in with a lender that can be kept long term.

[SeanA]

Personally, I'd try to minimize borrowing after bk. You need to get into a sustainable rhythm. 

Mission Lane is solid, but it probably will affect your auto loan chances if you're applying in the next few months.  

[Patient957]

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@BrutalBodyShots wrote:

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@CaneVariant wrote:
Mission Lane is fine as long as you get a no-annual fee offer. They were the first card offered to me post BK. Started at $3k and increased to $5500 in a year.

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They are still an inferior/predatory issuer that one can do better than. Even with no AF, I'm guessing your card had little to no perks/rewards. Someone could just as easily go with a US Bank Altitude Go Secured card for example and at least have a meaningful product that costs nothing, has great rewards and is in with a lender that can be kept long term.

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Mission Lane was my first card during my rebuild, but I opened it before I even realized I was rebuilding.  I didn't know what I was doing really, but I was happy someone would offer me any credit with my awful profile.  Familiar story, I know.  It had a $19 AF and $1000 limit that increased to $2K after 3 months and $4K after 6.  Soon thereafter I was approved for a no AF Ally card and and a Venture One.  I had the ML card for 3 years and it ended up working out great for me in the end.  

Would I do it the same again with what I know now?  No, I'd do it the way @BrutalBodyShots is suggesting, and that would be my recommendation to others now.  But still, it wasn't so bad.

If I were the OP now, I'd look at secured options with major issuers before ever considering a sub prime option like ML.

[FicoMike0]

I tend to agree with the others on subprime lenders. I do think the most important part of a rebuild is to start. You must have credit to build credit. If you have no open card, you need one. 

A secured card, a mission lane card, they all report every month, there's no score bonus for having a fancy card. I don't know what your report looks like, but I think your score will increase of you go from having zero accounts reporting to one.