Just out of Ch. 7

For just about anything you want to get off your chest about credit cards.
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wongfaihung
 
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Just out of Ch. 7

Postby wongfaihung » Fri Aug 09, 2013 10:29 am

Hi Forum,

I was issued my discharge paperwork a month ago, i've had a secured CC for 3 years and i didn't include it in my BK. I want to start rebuilding, any opinions on what CC i should apply for or should i just continue with what i currently have and wait?

Thanks


Crashem
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Postby Crashem » Sun Aug 11, 2013 12:53 am

I would first get copies of your credit report post BK. Make sure it is correct and that BK accounts are removed/labeled correctly.

I would then get another secured card so you have 2 revolving credit lines. If you are able to come up with serious cash, think about doing so as it will help you get out of toy limit hell faster.

With the two cards, I would give it 6 months and check your FICO at that point. In the mean time, you need to find out which lenders are BK friendly. Also, which of your previous lenders might have blacklisted you.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

MemberSince99
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Postby MemberSince99 » Sun Aug 11, 2013 5:03 pm

Right out of BK, I'd say secured, or First Premeire and Credit One and bottom of the barrel is all you are going to get. Don't bother with ANY of the prime lenders prime cards - you won't get em. None of them likes to see a recent BK, some of them hate it more than others and won't let you in even years later if it's on your reports.

wongfaihung
 
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Joined: Thu Aug 08, 2013 2:10 pm
Location: United States

Postby wongfaihung » Mon Aug 12, 2013 2:43 pm

Thanks for the reply guys. I just applied for the Cap1 Quicksilver One cards, got one of those 7- 10 days response on the site. I've had the FP and Orchard Cards before, never closed them and didn't include them in my BK. I haven't used them since 08, they are both paid up and no lates, should i activate them so that i can take advantage of the time?

DavidNY
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Postby DavidNY » Mon Aug 12, 2013 5:24 pm

Depends on your plans. I would stick with the secured card.

flipnsf
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Postby flipnsf » Sun Sep 01, 2013 8:07 pm

i recently needed to build up my credit and found the easiest way to do it is by opening 2 credit cards and an installment loan. first open a credit union account where you live. the key to building is having multiple credit lines and a revolving credit card and installment loan..... tell them you want a 1 year secured loan which means that you deposit an amount of money say 1000 to your account and you will pay it monthly thru auto deductions. you deposit your money but the loan gives you the 1k back which then you will use to open a secured visa card... this means you deposit the 1k in your account and you get a visa credit line with them... if you want you can split the 1k and open a 500 credit line and go to another bank or another credit union to open a 2nd secure line of credit... visa or personal loan... either one.... the advantage with credit unions is the low fees... they wont charge you an arm and a leg in interest rates and annual fees so you can build up credit easily.

like i said i did this about a year ago and my credit score shot up within 6 months. don't charge more than 30% of the credit line on the visa card and pay it off monthly and don't miss any payments on the personal loan. btw my interest rate on the loan is less than 5% and the visa is 7.5%.... (wont matter since you pay this off every month) good luck to you. you can go back after a year and take back your security money after a year....



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