It's been tough building credit in general - personal and business - post bk7 as many of us know. However, there are ways to do it.
It's especially rough when you've been black listed for burning Amex AND Chase as I have. But if you didn't burn Amex, you could get a $25,000 card with ok ~680 credit as some business partner of mine had a connect.
Before I discuss the details on WF and BBVA/ PNC, I want you to pay attention to the banks you use and the relationships you maintain.The bank you use may become another bank of which can get you aroun d the BK rules that haunt so many of us whether we burned that bank or the bank turns down everyone with a BK showing up.
On with the BBVA. BBVA had 2 programs. One that allowed me to secure a business credit card with a deposit that was kept as a CD. The other was a secured business line of credit that was also a loan! These 2 are really helping me to build that credit. Unfortunately the bank stopped the secured card program a couple months before the bank was getting taken over by PNC. The business loan/ line of credit program is still being offered by at least my PNC branch, formerly BBVA. The accounts are reported to the credit bureaus.
One fortunate thing to happen with this bank, BBVA/ PNC, I built a relationship with is that the new credit card to replace the secured card WILL BE UNSECURED!!!! So unexpected and delightful for us post BK people. I've been waiting for it to be delivered and mail takes like a month to get to my box... So just look out for these opportunities, you never know when they may happen.
Now Wells Fargo. So right after bankruptcy I had no checking account or anything - went to WF to get that checking and open a secured card (they no longer offer personal secured cards - I'm really sorry) So that got started 6 years ago. Maybe about a year of playing that stupid game of using the card and paying the card ALWAYS ON TIME, they graduated me to an unsecured card. Over the years they only got me to a $5,000 limit. I don't ask for CLI on that card because they always pull the credit. 2 Years ago I opened my first business checking and a business secured card from WF. They graduated the secured card in about a year, maybe less. This last June I converted the business from an LLC to a Corporation and after a few months I went to Wells Fargo trying to udate the business info on the company. They said I'd need to open a new checking account, but I was hesitant to do so as the bank wasn't doing too many favors for my business or my personal credit. But it was a good thing that I did get the new account as I was approved on the spot for a $10,000 unsecured card with NO CREDIT CHECK due to the relationship I had with Wells Fargo. This is crazy - this doesn't happen to post bankruptcy folks, it just doesn't happen! But it did. I also got turned down for a Business LOC that I was "pre-approved" for. The reason was the BK and they did do a hard pull - wasted, just wish I knew it would be an auto decline, bummer.
If you learn anything, please, please, please be as perfect as you can on your personal credit (don't give them good/ fair reasons to turn you down), pay attention to your banking relationships (they like seeing money go in and out of your accounts), and Find opportunities to build your credit - secured cards, loans, special programs.
I know someone can come right in here and say, well get someone without a bankruptcy to be the guarantor. Well, of course that makes it easy. Some of us don't see ourselves riding other people's coat tails though, myself included.
I hope this data helps some of you post BK people out there. Cheer up, good things can happen!
