help re-establishing

  • Posts: 4522

Replied by Meya on topic Re: help re-establishing

I am sure your posting will help the next person, especially when you mentioned how you went from sub-prime to prime after your discharge. Thanks so much for sharing your story!
10 years 1 month ago #1
  • Posts: 1

Replied by zulemara on topic Re: help re-establishing

I filed june 2010 and finally got my discharge notice today(darn FL is all backed up). I enrolled in identity guard, pulled my credit report and scores, then used this site to find a card that is in my credit score range. Believe it or not, I have a 620 credit score and was just approved for a citibank card with a 750 limit and 0% APR on purchases till september. APR after that is like 17%, but I don't care because I have the money to pay off the card each month.

I started with the premier bank card, which I have had for a month. Yes there is an annual fee right off the bat, but if you want to rebuild, its the price you have to pay. Again, I don't care about high interest because when all I'm doing is charging a bill I would usually pay with cash, I know I won't be paying interest.

I hope that helps. Don't feel like you're doomed for years because of it.
10 years 2 months ago #2
  • Posts: 3479

Replied by hjm331 on topic Re: help re-establishing

Sorry to hear about your hardships. Times are definitely tough but keep your head up and things will start looking up.

There's plenty of information you can absorb through the forum and I'm sure others will chime in.

Good luck
10 years 2 months ago #3
  • Posts: 1

Replied by Louise on topic Re: help re-establishing

Hello I am new on here, but I need some advice. Just did a Ch 13 conversion to a Ch 7, foreclosed on my home. Yeah not the best year

I'm sorry that your year has been a difficult one; with that said let's take a positive outlook for your future. You can have sterling credit after BK so don't look at your blemish as the end of your financial future. If you want to jump back into the credit game, the following credit issuers can help you: Capital One, Orchard Bank, Credit One, Hooters, and Barclays for unsecured credit cards. Bank of America will allow you to open an account but you must deposit funds in order to activate the account. Chase, Amex, etc will not take a chance on you so don't even bother.

I would even give some issuers like First Premier a chance but the fees are really high. However, one must start somewhere.

I totally understand your position. I was there 6 yrs ago but I managed to build up my credit and have several accounts to prove. Some people like to jump back into the credit game after filing for BK. I didn't jump back so quickly. I hired a service to clean up my credit report....sometimes the credit agencies don't remove quickly. I did not apply for credit 3yrs after filing but since I had some installment accounts (student loans) and a car that was paid for, I knew my credit was getting better. I had a one of those prepaid cards that I used instead of an unsecured card because I was hurt and angry that I took such a financial fall and I just could not deal with credit card companies.

Then one day in 2008 I started to receive credit card offers and car loan offers. My first unsecured cc was WAMU (now Chase) for 1.3k (I thought when Chase took over my account they were going to close it but they didn't)....then Capital One for 4.25k, another Cap One for 1k, Hooters 1.3k, Barnes and Nobles Mastercard (Barclays Bank) for 2.4k & iTunes (1k), also Barclays Bank. So, yes one can survive BK and come back strong.

The following is a list of credit card issuers that I've dealt with post BK

Kay Jewelers (nice initial credit limit 5.1k)
Saks Fifth Avenue -HSBC (nice initial credit limit 2.5k)
Target (initial credit 500.00) They tend to be very low
Barneys New York - (nice initial credit limit 2.2k)

Department store credit cards tend to offer the financial olive branch: Macy's, Bloomingdales (Federeated Department Store Credit) Low initial credit lines 200.00 but they will give you a chance with a BK on your credit report.

WFNNB - They will give you credit but you need to have a bank card. They have an array of different stores.

GEMB - credit issuer for JCPenney's, Walmart...they can help get you started for some of their products.

The only advice I can give you is that time does help. Be patient. One can have a credit score of 712 with a BK on your report. I wish you the best and if you need further advice, please contact me.:cool:
10 years 3 months ago #4
  • Posts: 1265

Replied by Wanderer on topic Re: help re-establishing

Hello I am new on here, but I need some advice. Just did a Ch 13 conversion to a Ch 7, foreclosed on my home. Yeah not the best year

Welcome to the FG site. There are several posters who should be able to offer ideas. I did a BK Ch 7 in 09/2001 and it still haunts me today (nine years plus). No one has offered me credit in nine years. I have however been able to start with secured and subprime bank cards and turn them into better credit over time. It took a long time. Credit rebuilding is a slow process (very). You can not rush it. People try but the creditors look at it "...once burned twice shy...". All that said, after the first couple of years brand name card issuers open up some. Banks like Chase and Wells Fargo want nothing to do with subprime clients. Bank of America and Citi Bank have bent some... Capital One has been real good. HSBC has Orchard Bank and Household Bank which have been good. Premier Bank and the like exist as bottom feeders and rip off the cardholders. Think about a secured card. Seems to work pretty well. Oh, credit unions have been real open to helping people start over so if you have some in the area it might be worth consideration. :cc:
10 years 3 months ago #5
  • Posts: 1

was created by asj79

Hello I am new on here, but I need some advice. Just did a Ch 13 conversion to a Ch 7, foreclosed on my home. Yeah not the best year :scared:. My Ch7 should be discharged in Dec. so just wondering does anyone have any advice on how to get my credit re-established.:innocent:
10 years 3 months ago #6