Need credit card/bank guidance. Filed for bankruptcy 3 years ago...

For just about anything you want to get off your chest about credit cards.
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MrJack
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Need credit card/bank guidance. Filed for bankruptcy 3 years ago...

Postby MrJack » Sun Jul 22, 2012 3:28 pm

Hey guys, this is my first post here and I'm looking for any and all advice. sorry for the long post but I feel the more you know the better the advice.

I'm 23. I filed bankruptcy in winter 2010 for an HSBC credit card. Hadn't checked my credit score since but I did last week and I'm 604 EQ (the one my bankruptcy is filed under) and 640-650 on the other 2. Since 2010 I have been using a joint credit card with my mother. I want to rebuild my credit with my own cards and eventually get airline mile cards in the near future. I would also like to use cards that are merged with banks (most likely Bank of America and/or Chase) for checking and savings.

I recently picked up a well paying bartending job (pays around $3000 cash a month but off the books) and have $2,500 cash saved up to deposit in BoA or Chase depending on which one could give me a regular unsecured card. I don't think I could get Chase anytime soon as they are more a premier card so BoA seems my best bet for credit, checking and savings, but if possible I'd rather get Chase so I could start a relationship with them for Sapphire in the future.

So here are the facts:
bank accounts that are still open are my HSBC account that I filed BK with (no credit card just a checking account) and a Chase account I've had since I was 16 that has literally 2 cents in (I was using HSBC primarily since I was 18)

I'd like to get an unsecured card from either BoA or Chase if possible. Any advice is welcome guys. I'm far more responsible with my money than I was years ago and would be paying everything I purchase in full every month. I still live with my parents as I am going back to school in the spring and have to save money to pay for it.

thank you again for any advice.

-Jack


SteveT
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Postby SteveT » Sun Jul 22, 2012 5:19 pm

MrJack wrote:Hey guys, this is my first post here and I'm looking for any and all advice. sorry for the long post but I feel the more you know the better the advice.

I'm 23. I filed bankruptcy in winter 2010 for an HSBC credit card. Hadn't checked my credit score since but I did last week and I'm 604 EQ (the one my bankruptcy is filed under) and 640-650 on the other 2. Since 2010 I have been using a joint credit card with my mother. I want to rebuild my credit with my own cards and eventually get airline mile cards in the near future. I would also like to use cards that are merged with banks (most likely Bank of America and/or Chase) for checking and savings.

I recently picked up a well paying bartending job (pays around $3000 cash a month but off the books) and have $2,500 cash saved up to deposit in BoA or Chase depending on which one could give me a regular unsecured card. I don't think I could get Chase anytime soon as they are more a premier card so BoA seems my best bet for credit, checking and savings, but if possible I'd rather get Chase so I could start a relationship with them for Sapphire in the future.

So here are the facts:
bank accounts that are still open are my HSBC account that I filed BK with (no credit card just a checking account) and a Chase account I've had since I was 16 that has literally 2 cents in (I was using HSBC primarily since I was 18)

I'd like to get an unsecured card from either BoA or Chase if possible. Any advice is welcome guys. I'm far more responsible with my money than I was years ago and would be paying everything I purchase in full every month. I still live with my parents as I am going back to school in the spring and have to save money to pay for it.

thank you again for any advice.

-Jack


First, I think you should check into opening up an account at a credit union and get a secured card from them. CU have the best rates and minimal fees. Check out State Department Federal Credit Union or research credit unions in your area.

Good Luck

MrJack
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Location: NY

Postby MrJack » Sun Jul 22, 2012 5:43 pm

I was also wondering if I should cancel my old HSBC account and get off my mothers shared card once I get a new card?

hematino
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Postby hematino » Sun Jul 22, 2012 6:56 pm

DON'T deposit your "off the books" tips in the bank, whatever you do. Trust me, I was a bartender for 6 years (and actually i still do it on the side a few hours a week). You're gonna be in a whole lot of s**t with the IRS if they start poking around in your finances, and after a recent bankruptcy you will likely be more noticable on their horizon for a while. The only exceptions here are if your tips are on the books (i.e.- your boss has a book where every shift you declare the amount of tips you made so you can pay taxes on them). Where I'm working now im really lucky, my boss is 89 years old and if he is ever asked he just tells the tax men that it is a small neighborhood pub and his employees don't make tips. It is better to keep undocumented income like tips in cash money and spent as disposable income (gas, groceries, etc.) and not in the bank where it leaves a paper trail. If they go snooping around and find that you are not paying taxes on your tips, they can potentially charge you back taxes which is usually somewhere to the tune of 30% of the total earnings of the till every shift. Again, I'm just warning of the worst case scenario, but believe me it sure isn't worth taking the risk. The odds aren't the greatest but I know a few people that have gotten royally screwed by doing this. Bartending is only a secondary source of income for me, but if it is your primary, do yourself a favor and either declare your tips for tax or don't spend them on anything that could raise questions later. By the way, it IS ok to deposit the amount you get from your hourly rate, as that is all legit, just not the tips unless you have declared them.

Sorry if that went off topic a little, just some friendly advice :)
Now she's eyeless.
The snakes she held once
Eat up her hands.

MrJack
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Location: NY

Postby MrJack » Wed Jul 25, 2012 12:15 am

Just bumping this up for any other advice :)



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