Trying to get a Credit Card after some bad credit issues.

For just about anything you want to get off your chest about credit cards.
3 posts
Jdb3388
Green Member
Green Member
 
Posts: 4
Joined: Fri Feb 17, 2012 9:25 am
Location: Rome, Ga

Trying to get a Credit Card after some bad credit issues.

Postby Jdb3388 » Fri Sep 02, 2016 9:41 am

In 2011 I had excellent credit and a high paying job. In December, I ended up losing my job and by February, I had ruined my credit. AMEX closed my account, Chase cut me off, my leased car was getting ready to be repo'd (even though I fought that off for almost a year before it actually happened) and I dropped the ball on everything I had. My credit was ruined. In 2013 my car finally got repossessed. Fast foward to April 2014. I had a decent job, not like before but decent, I was able to get a loan, at high interest of course, and a couple of credit cards. Everything was, well, still pretty bad, but at least headed in the right direction. In June 2015 my wife was in a pretty bad car wreck and it ruined me again. Since then, she is back to work, and I am back in a position that is even better and making even more money than I made back in 2011 when everything was great. It sure doesn't feel like it though, because I can't even begin to tell you how hard life is for people with bad credit, way worse than you could ever know if you havn't experienced it. I make six figures but sometimes I feel like I don't because of all the hoops I have to jump through just to do normal things that people with good credit don't even think about. Anyway, enough of that, my point is, I want to get everything straightened back out, and I know its gonna take a very long time to get back to where I was, but I was hoping somebody here might be able to point me in the direction of a credit card that will approve me. I burnt Cap One, Merrick Bank, and Credit One when my wife was in the wreck. I don't mind a secured card so long as there is some type of guarantee that it will eventually become unsecured so long as its paid on time and in full.

I appreciate any help that anyone might be able to give me, but I would especially value the help of someone who has been in a similar situation and is now back to the point of having good credit.

Thank you all.


Kevin86475391
Centurion Member
Centurion Member
 
Posts: 237
Joined: Wed Feb 18, 2015 9:04 pm
Location: Texas

Re: Trying to get a Credit Card after some bad credit issues.

Postby Kevin86475391 » Sun Sep 04, 2016 5:04 pm

It sounds like you've been on quite a roller coaster the past five years. I'm glad things are starting to calm down and pick up for you.

You indicated that you now have a high, steady income - That's great! As your first order of business, if you haven't already done so, I'd recommend eliminating all debt with the possible exception of a mortgage if you have one since quickly eliminating is likely less feasible. I definitely would pay off car notes, loans, etc. ASAP though. Then focus heavily on saving up a healthy emergency fund after which you should invest. The goal of all that is to get you to a place where even with bad credit you'll be very secure and able to easily handle unexpected events with cash. Of course restoring your good credit is important, but giving it time is one of the best things you can do for your credit anyway, and this way you'll be simultaneously making other important strides in your financial journey.

As far as improving your credit, I do think a secure card might be a good place to start. I notice you didn't mention Bank of America or Discover at all in your post, so presumably you aren't in the doghouse with either of them? They both have secured cards. In fact I think Discover's is even a rewards card IIRC. Naturally experiences vary with whether or not and how soon their secured cards graduate to unsecured, but I believe people have generally had good things to say about Discover graduating and mixed results with BofA. HOWEVER, I actually wouldn't even worry that much about whether or not they graduate. If they do great, but consider that more of a bonus than a main goal. Instead I'd just focus on using the cards to build and restore your credit so you can then be approved for completely different unsecured cards.

Regarding Chase and Amex, if I understand correctly from your post, you didn't actually burn them right? They just closed your accounts because of your escalating problems? If so then it shouldn't be all that hard to get back in with them once you restore your credit.

As far as Capital One, Credit One, and Merrick...well I definitely wouldn't worry about ever getting back in Credit One's or Merrick's good graces anyway. I'd use secure cards from other banks, like BofA and Discover, to improve your credit into prime territory and then go straight for better lenders/cards. Regarding Capital One...well again, personally I wouldn't worry about them because I don't happen to like Capital One, but if you do want to re-establish a relationship with them I don't think you're out of luck by any means. As I understand it they're one of the more forgiving banks so time and an improvement of your credit is likely all you need to get back in with them. Chase and Amex are more likely to keep you black listed, but not if your accounts were paid off and closed in good standing.

Anyway, best of luck and let us know how it goes!

takeshi
Centurion Member
Centurion Member
 
Posts: 1733
Joined: Wed Jun 05, 2013 3:12 pm
Location: US

Re: Trying to get a Credit Card after some bad credit issues.

Postby takeshi » Sun Sep 04, 2016 8:15 pm

Jdb3388 wrote:but I was hoping somebody here might be able to point me in the direction of a credit card that will approve me.

Not enough info on the shape of your credit profile for us to begin to guess and even with the info we can't guarantee anything. What's on your reports? How many derogs (lates, collections, charge offs, etc)? What are the ages of each of them?

Instead of relying on what you think you might get approved for you need to work on addressing the derogs that can be addressed and then look into applying for credit. You probably wont be able to remove everything but the more you can remove the better.

Kevin86475391 wrote:focus heavily on saving up a healthy emergency fund

This. Do not rely solely on credit for emergencies. I know it's much easier said than done but it is a must.

Jdb3388 wrote:I don't mind a secured card so long as there is some type of guarantee that it will eventually become unsecured so long as its paid on time and in full.

I don't keep track of these things but they're a fairly common discussion topic on credit sites. Not sure how much you'll find here in existing discussions but you'll certainly find info on sites with a high amount of traffic.



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 2 guests