5 Years since BK, Need suggestions.

[Jnetty99]

[BobMango]

After five years I would think getting a regular card from Capitol One, HSBC or Orchard would be fairly easy to accomplish. Have they looked at their credit reports to make sure everything is reporting correctly first?

My advice would be to clean up the credit reports first, then apply to HSBC or Capitol One and see what they get. Many folks out of bankruptcy for much less time are able to get cards from these issuers.

[Jnetty99]

My advice would be to clean up the credit reports first, .

Clean the reports first? All the credit reports have old accounts that were closed during the BK and nothing else in them.

What do I need to look for?

[Flamingo]

Accounts included in the BK filing should be showing as such (included in BK) and have zero balances showing and no past due payments; however if payments were past due prior to the filing date, those will continue to show and cannot be removed. THe BK and the lack of any credit in the past five years can work against them as they will not have any recent credit lines showing. When we cleaned up our reports after our BK came off (7 years after filing date), we had no recent credit...we were denied credit due to that. It may take time but they need to establish themselves as credit worthy again.

[Jnetty99]

So I checked Equifax credit report. It was the only one I could get for free through annual credit report.

All account on the report says "Included in BK" or "Payed as Agreed" with $0 balance, and nothing past due.

Only 1 active account and that's because they are the co-signer and that account is being payed off by primary account holder on time and without any issues.

So I think they look good?

[GettingGoing]

So I checked Equifax credit report. It was the only one I could get for free through annual credit report.

All account on the report says "Included in BK" or "Payed as Agreed" with $0 balance, and nothing past due.

Only 1 active account and that's because they are the co-signer and that account is being payed off by primary account holder on time and without any issues.

So I think they look good?

Sounds like they should be able to secure a decent card with a decent rate. You could try the hsbc soft pull and see what it recommends.

https://www.hsbcapply.com/start/hsbccreditcard

[Jnetty99]

Sounds like they should be able to secure a decent card with a decent rate. You could try the hsbc soft pull and see what it recommends.

https://www.hsbcapply.com/start/hsbccreditcard

This is all safe?

[Mi Bankruptcy]

One year out of BK I applied for a CAP 1 card and got approved. I would try them

[Jnetty99]

One year out of BK I applied for a CAP 1 card and got approved. I would try them

With Cap 1, what credit level do you select? Limited History or Average Credit?

[Mi Bankruptcy]

I think there was an option of rebuilding credit. They raised my credit limit after three months. Just select one and they will adjust. After 5 years I would worry about it.

[Backtobasics]

Why doesn't your family member ask the question?

[newbie2]

Why doesn't your family member ask the question?

Not everyone has internet access. Not everyone is comfortable posting on message boards and forums even if they do have access.

My question to you would be why would you care if someone asks a question for a family member or friend?

[JackBondLove]

Accounts included in the BK filing should be showing as such (included in BK) and have zero balances showing and no past due payments; however if payments were past due prior to the filing date, those will continue to show and cannot be removed. THe BK and the lack of any credit in the past five years can work against them as they will not have any recent credit lines showing. When we cleaned up our reports after our BK came off (7 years after filing date), we had no recent credit...we were denied credit due to that. It may take time but they need to establish themselves as credit worthy again.

So you are saying that for anyone doing a Chapter 7, unless he was up to date at the time of filing, that there will be past due payments. Who in the world would be up to date when filing a Chapter 7?

[Jnetty99]

Why doesn't your family member ask the question?

Like someone else said. The person is not PC knowledgeable so I'm helping them with asking questions here and pulled up their free credit report.

[Jnetty99]

So went to capital one and did their assessment. It recommended a No Hassle Cash Rewards at 0% APR till March 2011, 19.8% after, and a $39 annual fee.

Do you think that is good?

Also anyone know if the annual fee is paid upfront or they charge it on the credit card?