Best ways to rebuild credit?

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CrazyCatLady14
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Best ways to rebuild credit?

Postby CrazyCatLady14 » Wed Jan 08, 2014 2:49 pm

My chapter 7 is about to be discharged and my lawyer advised that I obtain one or two credit cards from the offers that will be coming to me in the near future.

Is there one bank that is better than the other? I know in the beginning an annual fee is par for the course withe a BK7. Capital One is one of the lenders included in my BK7 so I don't know if they are an option. (When I told them I was filing they were actually very nice, the nicest they ever were and said they would look forward to having me as a customer in the future.)

Any feedback would be greatly appreciated. I want to make sure I do this right so that I can rebuild efficiently.

Thanks in advance.


MemberSince99
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Postby MemberSince99 » Wed Jan 08, 2014 6:42 pm

Yeah they may be an option, though I doubt they will take you back right away, might take a little time.


Cap One is the least bad of the options for people rebuilding. From there you go to some truly vile companies who fee you to death as the price for having bad credit. So if you can get back with Cap One that is your best option to rebuild for the future.


You will be looking at them, secured cards, and the bottom of the barrel lenders who make you pay dearly for carrying plastic. Those are about the only options I see for a while.


Alternatively, you may be able to get someone to add you as an AU (authorized user) to one of their accounts which would speed up your rebuilding process if it reports to the bureaus.


Good luck!

takeshi
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Postby takeshi » Fri Jan 10, 2014 9:07 am

CrazyCatLady14 wrote:Is there one bank that is better than the other? I know in the beginning an annual fee is par for the course withe a BK7.

Secured cards and credit unions are both common recommendations for those building/rebuilding. I had to rebuild starting with a CO secured card after my BK but CO wasn't included in my BK.

CrazyCatLady14 wrote:Capital One is one of the lenders included in my BK7 so I don't know if they are an option

You can only really find out by giving them a shot.



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