Credit Tips: Credit After Bankruptcy

Posted On: January 1, 2005

Author: Brian
Guest
Posted: Sat Apr 17, 2004 4:26 pm
Post subject: Second Chance with Card

Five years ago I filed for bankruptcy and included my Citibank, Amex and MBNA accounts in the filing. Yet, I now get solicitations in the mail from these same companies that I have been preapproved or pre-selected. Has anyone ever defaulted on an account and was later approved for a new account? If so, with whom and how long after the default?

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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2132
Location: Illinois
Posted: Sat Apr 17, 2004 7:20 pm

American Express definitely black lists consumers having included them prior in bankruptcy - they do keep their records. Maybe 15 - 20 years down the line, but I would not hold my breath on that one. The other two I don’t know about,

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Author: Guest
Posted: Sun Apr 18, 2004 3:09 pm

Preapproved and preselected really mean nothing. Your really just applying for the card. I can tell you this much however

1) Amex, you can forget about it, no way in ***** will you get in again unless you pay back what you owe, once you pay it back, you can get in again after 1 year.

2) MBNA, highly doubtful you’ll be approved until that BK falls off. Good news however is that you can get in again, but you’ll start with a low CL to start.

3) Citi, well lets say that they do definately blacklist and if your on it, don’t even waste your time and the inquiry until its been about 10 years since you IIB citi.

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Credit Tips: Credit After Bankruptcy

Posted On:

Author: elephant3823
Joined: 25 Jul 2004
Posts: 7
Posted: Sun Jul 25, 2004 3:37 pm
Post subject: secured card

I filed bankruptcy in 1995; My fico score @7/15/04 is 702(average of 3 credit bureaus); Current credit card charges 19.99% plus $7.95 monthly fee; Have paid it off but not closed it. In order to keep it open I have to pay the monthly fee even if no balance due them. But have no other open credit cards, other than a Sears card on which I owe 26% of my credit line, so do not want to close my current Visa until establish another credit card. (Have a joint mortgage and line of credit on mortgage). Considering a secured card but it seems to me I read that it is best to initially open it with the largest amount possible. I would, it appears, have annual fees on the secured card also. What are the pros and cons and keeping the Visa I now have compared with replacing it with a secured card? Since this would entail applying for a new card, whether or not the credit bureaus are aware it is a secured card, wouldn’t that reflect negatively on my credit reports? Also, information regarding a secured card on Cardrating.com refers to 4 credit bureaus. I am only aware of three. What is the name and address of the credit bureau, in addition to Transunion, Experian & Equifax, to which you are referring?

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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2203
Location: Illinois
Posted: Sun Jul 25, 2004 8:54 pm

1st off call the current credit card companies you have now to request lower interest rate, and on the secured one, request that they make it unsecured. With scores in the 700’s you should have a heck of a lot better rates then you have now. All of the negative accounts which were included in bankruptcy should be off all of your credit reports, and that bankruptcy should come off next year. The 4th credit reporting agency is Innovis - innovis.com They have been around for some time now, but still not used as much as the other 3 credit reporting agneices, they deal more with negative account reportings. So make sure they are up to date as well as the others. With your scores, you should be getting better cards with better rates then what you have now.

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Author: elephant3823
Joined: 25 Jul 2004
Posts: 7
Posted: Sun Jul 25, 2004 9:08 pm
Post subject: secured card

Thanks for responding so quickly. Perhaps I was unclear. I do not have a secured card, however was considering one. Seems some have lower interest rate than my visa, which is not secured. But it does have a fee, which I would like to get out of paying. I asked for a lower interest rate, but was told not available. They did raise my credit limit (?) & they did offer to let me consolidate other debt at 3.99% until January 2005 at which time it would then be 9.99% plus prime. I politely declined. Because of the bankruptcy I have been turned down by credit card companies. Any suggestions as to which ones I should specifically apply to? These inquires are not looking good on my credit reports so I want to be selective. I would much prefer a credit card @ 0% interest. Who wouldn’t? What is reasonable? I will check out innovis as well. Thanks for that info also.

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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2203
Location: Illinois
Posted: Sun Jul 25, 2004 10:07 pm

That was not bad of a deal you got there 9.9% I have one currently at that.. was Citi Bank w/ balance transfer offer of 0% for 9 months. I have been chasing for good credit card offers, but checking on the internet, I have not seen many that I want.. it is a mixed bag. Like the one you had or that I have now. I have been trying to get lower fixed rate cards like what Pulaski Bank offers, but I been there and tried that with no luck. Plus learned afterwards how easy they sell their accounts. So you would only have the deal as long as you stayed within their requirements, which are quite tight. Here is a list another person had put together listing specifically which creditors are bankruptcy friendly that you can try.

webgroups.biz/creditcardperks/phpBB2/viewtopic.php?t=1896

I am starting to think the way to go will be opting back in to the credit reporting agency so that the companies start sending me offers again. Originally opted out for security from ID Theft, but since then I have switched to using a po box - so that should be better now to reverse the opt out.

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Credit Tips: Credit After Bankruptcy

Posted On:

Author: cruiserma
Joined: 03 Nov 2004
Posts: 4
Posted: Sun Nov 14, 2004 1:26 am
Post subject: Who will give you a 2nd chance after you burn them in BK?

Unfortunately I had to list Providian, Capitol One, and Orchard when filing for BK and all had balances on them. Does anyone know if any of the above will give you a second chance? How long after the discharge do I need to wait before applying. I really need to start re-building my credit. Thanks for any info!

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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2308
Location: Illinois
Posted: Sun Nov 14, 2004 1:50 pm Post subject:

webgroups.biz/creditcardperks/phpBB2/viewtopic.php?t=1896

Here is a bankruptcy friendly list of creditors that may grant approval after bankruptcy.

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Author: Curious
Joined: 14 Nov 2004
Posts: 6
Posted: Sun Nov 14, 2004 8:28 pm
Post subject: Who will give me a 2nd chance after BK

I filed Chapter 7 bankruptcy in August 2002. I had 2 Captitol One’s credit cards, one with a $4200 balance and one with a $500 balance that was included in my bankruptcy. I received a guaranteed approval letter from Capitol One in July 2004. I responded to the letter and received a Capital One mastercard with a $300 limit. I’m hoping my limit will increase as I contnue paying on time.

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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2308
Location: Illinois
Posted: Sun Nov 14, 2004 9:22 pm

Likely not expect anything changing for at least a years time, before requesting any increases in credit limit from them. Sometimes increases can be requested within 6 months with some creditors after opening account, but I would think in this case with the bankruptcy, a year is ideal.

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