Credit Cards After Bankruptcy
Author: dasrock
Posted: Fri Sep 02, 2005 5:50 am
Post subject: Credit Cards After Bankruptcy
BK CH7 was in 6/05.
I checked my scores through truecredit:
Transunion 642
Experian 590 *still disputing to clean credit report
Equifax 663
which cards should I apply?
need to rebuild my credit.
I kept my auto loan so that helps some...thanks!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Ira
Posted: Fri Sep 02, 2005 11:01 am
Post subject: Credit Cards After Bankruptcy
The short answer is: don't. No card issuer is going to want to touch you for quite some time. Your only option might be a prepaid card.
Author: rhwbullhead
Posted: Thu Sep 08, 2005 4:21 am
Post subject: Credit Cards After Bankruptcy
There's a sticky in the "General Credit" forum with a list of BK friendly creditors.
You can probably get an Aspire, Orchard Bank, and First Premier card easily. I would advise against Aspire & First PRemier as they have incredibly high fees. (Approximately $200 or so to start and like the equivalent of $150+ in annual fees).
The Orchard Bank card is your best bet. It has a $39 annual fee and they'll start you with a $200 credit limit. Max it out each month and pay it off. Eventually, you'll get free credit limit increases. (First premier, by the way, charges you for credit limit increases: another reason to beware). I got the card about 2 years ago and I'm at a $1200 limit. The card review section has comments from people that suggest that if you somehow end up paying interest for a few months, your credit limit increases will come quicker. Of course, that it is not recommended that you carry a balance. Just pay it off and maintain your grace period.
Of course, make you have your spending under control before you start getting cards. After all, that's how we ended up in BK in the first place.
Other options for building credit are secured cards (Plains Commerce Bank is a good choice as they pay interest on your security deposit). Secure loans are another option. If you have the extra cash, then those are good options. Otherwise, just start with Orchard Bank and add more cards later.
Providian will grant you a card after a year or so of rebuilding, but not right away.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Board Monitor
Posted: Thu Sep 08, 2005 9:12 am
Post subject: Credit Cards After Bankruptcy
Take a look here for tips on secured cards:
http://www.cardratings.com/securedcreditcards.html
You can also comparison shop for the best secured cards on our site. Good luck and let us know how things turn out!
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314
Posted: Fri Sep 02, 2005 5:50 am
Post subject: Credit Cards After Bankruptcy
BK CH7 was in 6/05.
I checked my scores through truecredit:
Transunion 642
Experian 590 *still disputing to clean credit report
Equifax 663
which cards should I apply?
need to rebuild my credit.
I kept my auto loan so that helps some...thanks!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Ira
Posted: Fri Sep 02, 2005 11:01 am
Post subject: Credit Cards After Bankruptcy
The short answer is: don't. No card issuer is going to want to touch you for quite some time. Your only option might be a prepaid card.
Author: rhwbullhead
Posted: Thu Sep 08, 2005 4:21 am
Post subject: Credit Cards After Bankruptcy
There's a sticky in the "General Credit" forum with a list of BK friendly creditors.
You can probably get an Aspire, Orchard Bank, and First Premier card easily. I would advise against Aspire & First PRemier as they have incredibly high fees. (Approximately $200 or so to start and like the equivalent of $150+ in annual fees).
The Orchard Bank card is your best bet. It has a $39 annual fee and they'll start you with a $200 credit limit. Max it out each month and pay it off. Eventually, you'll get free credit limit increases. (First premier, by the way, charges you for credit limit increases: another reason to beware). I got the card about 2 years ago and I'm at a $1200 limit. The card review section has comments from people that suggest that if you somehow end up paying interest for a few months, your credit limit increases will come quicker. Of course, that it is not recommended that you carry a balance. Just pay it off and maintain your grace period.
Of course, make you have your spending under control before you start getting cards. After all, that's how we ended up in BK in the first place.
Other options for building credit are secured cards (Plains Commerce Bank is a good choice as they pay interest on your security deposit). Secure loans are another option. If you have the extra cash, then those are good options. Otherwise, just start with Orchard Bank and add more cards later.
Providian will grant you a card after a year or so of rebuilding, but not right away.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Board Monitor
Posted: Thu Sep 08, 2005 9:12 am
Post subject: Credit Cards After Bankruptcy
Take a look here for tips on secured cards:
http://www.cardratings.com/securedcreditcards.html
You can also comparison shop for the best secured cards on our site. Good luck and let us know how things turn out!
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314
posted by CardRatings.com at 1:27 PM
0 Comments:
Post a Comment
<< Home