Hard to obtain a creditcard

[mikemike]

I been discharged for a like over a month and i have applied for capone, hooters, jays and jared jewelry, bestbuy rewards and i was denied by all of them. i even tried to get a secured card by citibank and got denied as well. this process of trying to get my credit score up is harder than i thought. My scored are all 565. I make decent money and have 0% dept to income ratio. i am clueless on what to do now. I was planning on getting a car in june and was hopeing i raise the score till than atleast a lil.

[BobMango]

Have you checked your credit reports to make sure everything is reporting correctly? You should start with cleaning that up if you haven't already. I have quite a few different tradelines that were paid off and reporting positively, so my credit history post filing still shows an average age of more than 4 years.

As far as cards, I would suggest HSBC, but now that you have quite a few hard pulls on your credit file you definitely should wait at least a few months. I received an HSBC card before discharge with a $500 limit and a $39 annual fee.

I'm guessing the other thing working against you is the new credit card law that is taking effect on Monday (Feb 22, 2010). The uncertainty around the effect of this legislation has led credit grantors to really scale back the amount of credit they are willing to extend.

[mikemike]

Yea i checked my credit report. i even have a monthly subscription with all credit unions. I have cleaned up my report. I believe the bestbuy card is hsbc. but u are right i am going to wait a few months before i reapply for anything. i just dont understand that my credit score is going to stay the same so i wont see the difference. What was ur credit score when u got the card?

Yea that new law is going to make it tougher for all us who bankrupt.

[HHM]

You haven't waited long enough. The offers will start coming to you within about 3-6 months.

Keep off the credit score hamster wheel. Your credit will take care of itself over time.

[dscurlock]

I been discharged for a like over a month and i have applied for capone, hooters, jays and jared jewelry, bestbuy rewards and i was denied by all of them. i even tried to get a secured card by citibank and got denied as well. this process of trying to get my credit score up is harder than i thought. My scored are all 565. I make decent money and have 0% dept to income ratio. i am clueless on what to do now. I was planning on getting a car in june and was hopeing i raise the score till than atleast a lil.

I applied for citibank (secured) and they sent my $1000 back..can
you belive that? in this economy citibank sent back money...
citibank are retard dooshbags....its like me walking into a
store and them saying they do not want business...if citibank
does not want business, maybe they should go out of business.

go with appliedbank.com - Guranteed approval...

[Logan]

You haven't waited long enough. The offers will start coming to you within about 3-6 months.

Keep off the credit score hamster wheel. Your credit will take care of itself over time.

I've only received one credit card offer in the mail since I discharged 2.5 years ago so don't count on it.

Logan

[SPalin]

Like others have said I would wait to apply for another unsecured card for at least 3-4 months. Have you thought of going to a local Credit Union and getting one of their secured cards? Also Public Savings Bank has a secured card that is really good and it reports to all 3 credit bureaus, at least I never heard of anyone getting denied there, too. It will at least show a new credit line on your reports and in a year close it and move on when you have unsecured cards. Just an idea...

[nerves]

MikeMike - SPalin provided some good advice. If your goal is to get a car loan, a credit union may be the best way to go in regards to interest rates. I was just discharged on the 17th and I secured a vehicle loan from our local credit union.on Friday. I haven't done any business with them in the past but plan to move savings and checking to them. They gave me a 7.19% interest rate, which I think is really good for just coming out of bk. My credit score was 563. Good luck to you**

[jadams]

Citi, Wells Fargo, US Bank, and Bank of America all have secured cards -- but they ARE NOT guaranteed and require minimum credit standards. While there is no fixed rule, it seems these four require at least 1 year past bankruptcy before they will even consider you for a secured card.

If your bankruptcy is very fresh, don't waste your time with them. They consider their secured cards as builder products, not rebuilder.

Find a local credit union. Usually they can offer decent secured cards, and many will open without any credit pull the day after your discharge. Especially if they're local and you can actually go in and speak to a loan officer, explain your situation, etc. And if they won't open because of the BK, at least they're usually more upfront and will tell you that right away before you waste an inquiry.

[redo]

I was amazed that I applied for two cards today and was approved for both. One was HSBC small limit and Cap One, unknown limit. I'm a year out from discharge and I have not received that many CC offers and I'm glad that I have waited until now to apply for one.

[whipster1]

OP you may try a small installment loan at Lacks or Conns or something similar. They will approve anyone with a down payment then you pay it off in a couple of months. They both report to all 3. There must be something similar where you live. Good luck!