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One month post BK DC!

DEWALT18
Valued Member

One month post BK DC!

Hello,

As my subject states, I'm one month post BK DC. I was $31,000 in credit card debt as I changed careers. I had the following credit cards: BOA 123 Cash Rewards, AMEX BCE, Discover IT, Barclaycard Arrival,  Barclaycard Apple Rewards, Barclaycard Carnival, Citibank Thank You, OldNavy Credit Card (Synchrony Bank) and Lovesac (Synchrony bank). My d/c dated was 10/17/18. So, on 10/25/18 I went to capital one to see what cards I prequal for and I was ready to pay my deposit on a secured credit card. To my shock, capital one prequalified me for their unsecured Platinum card w/o an AF. I applied and was approved with a SL of $500. I was happy bc I didn't have to use my savings for a secured credit. I don't know if my platinum card is apart of the credit steps, but Capital1 said that if I make 5 on time payments, my credit limit wuld go up to $750. I'm total fine with that as I'm rebuilding my credit.

 

Fast forward to today, I'm going through old mail, I came across a prequal offer from Indigo (Celtic bank). They gave me an invitation # to respond by 11/30/18. Before I applied, they sent me the terms. My apr 23.9%, AF $75 - 1st year, then $99-after that. I want to apply but before I do, I need y'all help. If you were in my shoes, would you apply for an Indigo card? It said my CL would be $300 (minus the AF of $75, which means my CL would be $225). I'm fine with that but, I'm trying to get my scores to at least 650 by christmas of 2019. I'm okay with paying the $75 AF for the first year, but I would cancel this card right before the $99 AF hits my account next year. 

 

I would charge my netflix acct to my indigo card and use my cap1 card for gas only. What do you all suggest? I need your imput Smiley Very Happy

Ch 7 BK DC on 10/17/18
Post BK CS: EX 594, EQ 573, TU 530 (10/17/18)
Current Fico 8 CS: EX 631, EQ 652, TU 643 (4/11/19)

Current Credit cards:
Cap1 QS - 10/2018
Indigo Platinum Unsecured - 11/2018
Blaze Mastercard Unsecured - 11/2018
NFCU nRewards Secured - 1/2019
Ollo Platinum Rewards - 3/2019
Capital 1 Venture One - 4/2019

Product Change:
Cap1 Platinum(10/2018) PC to QS 2/2019

Average Age of Accounts: 3 years 8 months
Age of Oldest Account: 7 years 10 months
Message 1 of 9
8 REPLIES 8
ScooterMcDoodlebutt
Established Contributor

Re: One month post BK DC!

I would not take the Indigo offer. Better to get the Discover Secured card (if they let you pre-qualify), which can graduate to an unsecured card in as little as 7 months if you're lucky. GL!







Message 2 of 9
DEWALT18
Valued Member

Re: One month post BK DC!

Discover was IIB. They wouldn't approve me for a secured card bc of my past acct with them.

Ch 7 BK DC on 10/17/18
Post BK CS: EX 594, EQ 573, TU 530 (10/17/18)
Current Fico 8 CS: EX 631, EQ 652, TU 643 (4/11/19)

Current Credit cards:
Cap1 QS - 10/2018
Indigo Platinum Unsecured - 11/2018
Blaze Mastercard Unsecured - 11/2018
NFCU nRewards Secured - 1/2019
Ollo Platinum Rewards - 3/2019
Capital 1 Venture One - 4/2019

Product Change:
Cap1 Platinum(10/2018) PC to QS 2/2019

Average Age of Accounts: 3 years 8 months
Age of Oldest Account: 7 years 10 months
Message 3 of 9
ScooterMcDoodlebutt
Established Contributor

Re: One month post BK DC!

My bad; I missed seeing that the first time... =(







Message 4 of 9
Jnbmom
Community Leader
Senior Contributor

Re: One month post BK DC!

I second not getting the indigo card. AF and the card does not increase EVER. Maybe try a local CU and see about getting a secured from them. Also stay away from first premier and credit one.
EXP 758 TU 783 EQ 729
Message 5 of 9
FireMedic1
Super Contributor

Re: One month post BK DC!

Not to go against Jnbmom. Just another option. Theres always OpenSky secured for $35 a year. No HP either. Or monthly fees.

Message 6 of 9
DEWALT18
Valued Member

Re: One month post BK DC!

Thank you all for your feedback. Would you recommend me trying Cap 1 secured card then? I currently had their unsecured platinum credit card.

Ch 7 BK DC on 10/17/18
Post BK CS: EX 594, EQ 573, TU 530 (10/17/18)
Current Fico 8 CS: EX 631, EQ 652, TU 643 (4/11/19)

Current Credit cards:
Cap1 QS - 10/2018
Indigo Platinum Unsecured - 11/2018
Blaze Mastercard Unsecured - 11/2018
NFCU nRewards Secured - 1/2019
Ollo Platinum Rewards - 3/2019
Capital 1 Venture One - 4/2019

Product Change:
Cap1 Platinum(10/2018) PC to QS 2/2019

Average Age of Accounts: 3 years 8 months
Age of Oldest Account: 7 years 10 months
Message 7 of 9
Queen_Etherea
Valued Contributor

Re: One month post BK DC!


@DEWALT18 wrote:

Thank you all for your feedback. Would you recommend me trying Cap 1 secured card then? I currently had their unsecured platinum credit card.


No need to try and get so many cards at once. Since you're rebuilding, you should take it slow. It's going to take some time for your scores to increase. I know the ideal profile is 3 credit cards, but you're going to need to build some trust with the cards you just got approved for. IMHO I wouldn't waste hard pulls on cards that are just going to bucketed with no chance of growth.

 

My very first credit card was a Wells Fargo secured card and it just barely graduated (opened 3/2017). Second was the Capital One Platinum, which is most certainly bucketed and I can't for the life of me get it past $500 CL. I upgraded it to the QuickSilver, but I'll be closing that one shortly. I think I'm going to wait until I can get pre-approved for the Savor card. Right now I only pre-qualify for the Platinum and QuickSilver One. After I had those 2 cards for over 6 months, I was able to get in with Discover, AMEX, and PenFed. I know the first 2 were in your bankruptcy, but I'm just saying that after a little bit of time with your current cards, you'll be able to swim with some bigger fish.

 

I have to say, though, those 2 cards definitely helped me with my rebuild. If you REALLY want get more cards, and if Wells Fargo wasn't part of your BK, then I would try for a secured card with them. I think trying with a local CU is some sound advice as well. I see a lot of people get approved with their CU as opposed to a bigger bank.

 

I wish you the best of luck and hope you will utilize this forum as much as possible! I would not be where I am credit wise without the amazing people here.

I think I've found the sacred map that may lead me to this garden everyone keeps talking about.



Officially collection free as of 3/19/19!!
STARTING SCORES: 377 (11/2013) & 580 (3/2018)
Message 8 of 9
gorgon
Frequent Contributor

Re: One month post BK DC!


@DEWALT18 wrote:

 

 

Fast forward to today, I'm going through old mail, I came across a prequal offer from Indigo (Celtic bank). They gave me an invitation # to respond by 11/30/18. Before I applied, they sent me the terms. My apr 23.9%, AF $75 - 1st year, then $99-after that. I want to apply but before I do, I need y'all help. 

 

If you are still interested in the Indigo card, I suggest you do their pre-qualify link on their page. I got the same offers as you in the mail, but when I did the pre-qualify it gave me the one with no annual fee.

 

Link to my Indigo approval

 

 

 

Message 9 of 9
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