Bankruptcy was discharged last month (going back to 11/07) I wanna rebuild my credit, but a couple years ago I was denied a credit card, so what if I get denied again? I dont want to further hurt my credit score (650) by having all of these inquiries on it. What to do?
Originally posted 2010-01-09 06:31:16. Republished by Old Post Promoter
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After my BK back in 2001 I used Orchard Bank, H.S.B.C. and First Premier.
The fees were high and the interest was insane, but I always paid everything in full every month so the interest was not a big deal.
Within 12-months I was getting offers for good cards.
Good luck.
I understand your problem and I wish to applaud you for being so responsible, and realizing just how much having good credit really means.
Here’s some things you can do.
Get a secured credit card such as Orchard Bank. It’s like a pre paid credit card. You will pay high fees, but if having a good credit score is worth it to you, do it. You dont’ have to keep it forever either. Once they start reporting that you pay on time every single time, you will start getting regular credit card offers in the mail. So, wait about one year after you start using the secured card so that you will have all those green squares on your report. (they sure make a report look good)
See if your parents would be willing to open a joint account with you. Give them the cash up front ( if you can) to show how willing you are to be responsible.
Don’t apply for one single card in the next 9 months to a year.
If you are denied once, you will be denied by everyone else.
It’s hard work, but it will pay off if you can just be patient.
Good luck to you.
Go apply for a secured credit card. They’ll give you a limit based on your savings account and such, which your bank will use as collateral. Secured credit cards will still be reported on your credit, so you’ll be back to building your scores again. If I were you I would wait a little while to get an unsecured credit card, maybe a year or more.
Make sure when you get it to keep your monthly spendings on your card under 25% of your limit and pay it off as soon as your bill comes out. Keeping it under a quarter is the best for your credit rating. Maxing the card out, even if you pay it off every month, isn’t as good for your rating.
Normally, just being out of a BK will get you turned down for most cards. However, a lot of banks specifically take a chance on people in your situation, and most of those are there to put you right back where you were!
You’ll get tons of pre-approved credit cards in the mail… sort through them, and make a promise – - – wait for the ONE offer you’ll recieve that has low or no fees attatched. They’re few and far between, but they’re out there, and they will find you.
Most of those offers, though, will be for $300 credit limits, with $275 in fees the second you open the card. Don’t fall for those – you’d be paying $275 for an open credit availability of $25!!!
The cards I have (I was in your situation 5 years ago) are Household Bank and Credit One… they might be able to help you.
Another thing that helps is an installment loan, so you can prove you can handle those, too. I built my credit with those by using $500-$1,000 with my tax refund to get a secured loan through my local bank. They gave me the money, and secured my money in my savings account. They also set it up so the payments automatically deducted out of my savings, so I didn’t even have to think about paying my bill on time. On my credit report, though, I sure look responsible now!
You want to find a secured card. Orchard Bank was my first after bk. I got their card that had an $80 annual fee, I always pay the bill as close to paid in full as possible. Limit started at $300 and is at $800 now. Plus I got a Target card last year and they bumped my limit to 4K.
I am two years out of my bk and just was preapproved for a house. So there is hope after a successful bk as long as you use your credit wisely. Don’t max out your card, pay it every month not just the minimum and keep the balance at less than half. Also don’t think just because there is a high limit that is a chance to just spend. Be smart and you will have hope for your credit score and future.
Good luck!
Hi,
I used “Credit Solution” to settle my debt and recover from bankruptcy.They managed to reduce my debt up to 58% .It’s legitimate.I came across this company on NBC News Special Edition.Check it out here:http://starturl.com/tyjxb
http://cards.yoll.net – try this one. I personally use their card.
As I know it accepts everyone, even if a person has bad credit.