Trying To Rebuild Credit With No Sucess

[NOMOREBADCREDIT]

TRYING TO REBUILD CREDIT i can not get approved with no one i tried for secured card no one will give me credit. what can i do to get started to rebuild thanks.

[HeatherB]

Do you have any collateral? Like a car that's been paid off? If so, perhaps you could get a small loan against it thru a bank and just pay it off (but you will still have to pay some interest.) Only other thing I can think of.... which is very very bad... and not sure if they even report...... a payday loan? Just make sure that you read all the fine print. (some won't let you do an early payoff but some will) Both of these options will cost you, keep that in mind.

Other than those two things, if you can't even get a secured card.... I'd say wait.... and wait.... and your scores will go up and you will eventually get a few offers (albeit crappy ones at first) Remember, time is your friend provided that you are paying all of your bills and are current.

[stljohn]

hi

who knows, no info.

checked all reports?
got all TLs as clean as possible (IIB, no balance)?
employed?

who did you apply with? bank/cu?
did you talk to people or just put in applications?

why did you get denied?
potentially, they deny cause they don't know about discharge.

find out from them what's wrong: talk to the deniers and again check your reports.

[325Falcon]

Whats the rush to get credit again?

[chpxiii]

Whats the rush to get credit again?

It's not a rush to just get credit, it's a rebuilding process. A person may have goals that require credit. i.e. buying a house. I am personally not in a rush to get credit per se, but to rebuild it so I can buy a house in two years.

[AMISLANDER]

TRYING TO REBUILD CREDIT i can not get approved with no one i tried for secured card no one will give me credit. what can i do to get started to rebuild thanks.

Truthfully, it may be just too soon....my personal suggestion is to forget the secured cards...

Maybe try Hooters? They are very bankruptcy friendly (my first card after going since 2002 without credit cards....lived for four years without any credit whatsoever...). They might charge you a $72/per year fee but they bill it at $6/mo. and although the interest rate for most people is about 29%, if you just use it, say for gas purchases & pay it off monthly, that might just get you started.

[BassBoy]

I agree with AMIS. You were just discharged 30 days ago and it may be too soon. Also, your prior credit history may play a part in the denials.

Personally, I'm wasn't very fond of the Hooters card because I did not want to pay that outrageous interest rate. Can you tell us who you applied with, or if you applied at lending tree (or the like) and who denied you.

Under this section of the forum, there is a thread with regards to recommended credit cards and maybe there could be a few other creditors you could apply with. (If you haven't reviewed that thread yet).

[NOMOREBADCREDIT]

Truthfully, it may be just too soon....my personal suggestion is to forget the secured cards...

Maybe try Hooters? They are very bankruptcy friendly (my first card after going since 2002 without credit cards....lived for four years without any credit whatsoever...). They might charge you a $72/per year fee but they bill it at $6/mo. and although the interest rate for most people is about 29%, if you just use it, say for gas purchases & pay it off monthly, that might just get you started.

Thanks everyone i applied with. capp one, hooter's, orchard bank, target.

[FLBK7]

Thanks everyone i applied with. capp one, hooter's, orchard bank, target.

I think it's much too soon to apply for credit. Moreover all these applications bring hard pulls and that lowers your score!

I didn't apply for credit until 8 months after discharge, and that was for a pre-approved Crap1. I used those 8 months to clean up my credit and make sure every thing read zero balance and IIB.

You just got discharged in November. I think in your case patience will pay off.

That's just my opinion of course.

Happy Holidays to all.

[PaKettle]

In my opinion, using secured cards is the way to go, as long as you are sure they report to the cr. bureaus.
I used one years ago to start my credit, and it definitely worked. I got one with a $500 deposit and just kept a balance on it, paid it off sometimes, other times carried a balance. I've heard that it's best to pay about half and leave about half of what you use on it. But anyway, whatever I did, worked fine, and after maybe 6 months I began to get Macy's, Shell, and so on and so forth. Using secured cards can be a good thing, in my experience. Just try to find one that reports and that doesn't charge too many fees or too high of interest. Google is your friend.

[CindyLou]

For me I started with Aspire. 150.00 fee. For hubby I started off with First Premier 125.00 fee. We decided to do this just to get things started. Both cards came with 300 credit line ...minus the fees of course.

Now some will recommend against this. But it is the decision I made right after my BK to "jumpstart" my credit. I just looked at it as a "cost of business" at the time and I am very happy with the results. Both hubby and I now have WAMU cards with 3500 limits, Juniper with 2500+ limit as well as have been able to refi our car at 6.75%, and are now in the process of buying a home with an FHA loan. We also got approved for a Sears card with a 5200 limit.

My opinion is pay the fee and start rebuilding. Others will say, "heck no" don't ever pay a fee. But the choice is ultimately yours and knowing what you can afford and how you want to go about it.

I would remind you that if you have not started cleaning up your credit report to reflect that your accounts were included in BK, this could be a huge reason your are being decline. You should get a copy of all three reports and start disputing those accounts that still show delinquent.

Good luck and keep us posted.

We have been diligent to keep our utilization low.

[stljohn]

Its never too early to start the rebuilding process but it is counterproductive to make applications without first cleaning up the reports.

[tinroofrusted]

Reports MUST be cleaned first!!
If not, you don't stand a chance of getting credit. I had to wait almost 6 months to start getting offers in the mail after discharge....

[cap350z]

Credit Rebuild

I'm surprised that First Premier hasn't come knocking at your door.

I think it's just a roll of the dice when your are recovering from bankruptcy. And it's up to whomever is approving you. Because it's strange that someone else you may know who has filed bankruptcy that's in worse shape than you are get approved for credit. And when you go to the same creditor, they turn you down.

Before my bankruptcy was even discharged. I got two pre-approved offers from First Premier and Orchard Bank. HSBC was involved in my bankruptcy, very strange that Orchard was knocking on my door.

Just keep trying, you'll get your chance to get back in debt (LOL). Just do it wisely.

And by all means avoid pay day loans like the plague. I've made the mistake by getting involved with these lenders. They suck you dry and completely stall the process of re-building credit. In my opinion.

[NOMOREBADCREDIT]

Thanks everyone for youre help iam having problems with experian will not do any disputes i mail them the disputes. trans union sends me a letter stating my disputes are frivolous. trans union states they verified the accounts that where discharge in bk. hows that.