New secured card
Hi All,
Long time no post from me! Well 13 months after BK discharge we were approved for a secured card. For those that read my last couple posts, you'll recall, we waited almost a year to apply for any new credit.
IMHO, you should now apply a couple months after discharge. My reason for this, is I closely monitored our CR's and all of our CC's did not get changed until several months after the BK... I *THINK* that is why many people are able to get new CC's after discharge.
In our case, we waited to apply, which came back to bite us in the rear! First, my wifes Credit score actually DROPPED 26 points about 6 months after discharge due to "not enough revolving credit". THEN, when we did apply a few months later, (to HSBC and Target) we were denied by both due to the BK, and "lack of current credit accounts reporting".
The good news... my credit score went from 633 to 659 about a week after the card was reported to the CRA's, and my wifes went from 651 to 670.
Maybe, one more card in another couple months...
PS... sorry, the blog hasn't been updated in almost a year! But... all has been recorded and I'll update soon, to bring it up to date. And no... we still have not closed!
Long time no post from me! Well 13 months after BK discharge we were approved for a secured card. For those that read my last couple posts, you'll recall, we waited almost a year to apply for any new credit.
IMHO, you should now apply a couple months after discharge. My reason for this, is I closely monitored our CR's and all of our CC's did not get changed until several months after the BK... I *THINK* that is why many people are able to get new CC's after discharge.
In our case, we waited to apply, which came back to bite us in the rear! First, my wifes Credit score actually DROPPED 26 points about 6 months after discharge due to "not enough revolving credit". THEN, when we did apply a few months later, (to HSBC and Target) we were denied by both due to the BK, and "lack of current credit accounts reporting".
The good news... my credit score went from 633 to 659 about a week after the card was reported to the CRA's, and my wifes went from 651 to 670.
Maybe, one more card in another couple months...
PS... sorry, the blog hasn't been updated in almost a year! But... all has been recorded and I'll update soon, to bring it up to date. And no... we still have not closed!
- Still awaiting Closed Status 