Holy Cow!! 2 Years out and Denied

[nomoneynomore]

BTW, I would not recommend the Premier card unless it is your only option. Their jump in interest for no reason really bothered me. Also not allowing any credit increases or reducing the yearly fee I thought was just not worth it.

[mom2three09]

What did you expect? You have a Chapter 7 BK on your record. Get the secured credit card, charge something, and then pay it back slowly. Maybe you'll luck out with a regular credit after a while.

I myself don't expect to be able to get *unsecured* credit until the BK is off my credit report!

You're kidding, right? Ofcourse you can rebuild your credit after a BK -- even while it's reporting on your credit reports! Don't wait until it's off your reports to start the rebuilding process -- there's no need to. My dh and I are 10 mos. post BK and have a new auto loan (9.99%) and two CC's (Cap1 & Best Buy Mastercard) -- and our scores have jumped 100 pts since getting these new lines of credit!

OP, it's possible to get approved for cards that you BK'd -- my dh bk'd Cap1 and they approved him 3 mos post BK ($500 starting CL & bumped it to $750 after 3mos) -- you just have to know which ones are BK friendly. If you haven't yet tried Cap1 I would start there. And as others have said, join a good Credit Union -- we did and they have been very good to us!

[Logan]

OK, I take back what I said. All of my creditors told me that once I would have a Chapter 7 on my record, I would not be able to get a credit card until the BK would be off the credit report. I guess they were trying to threaten me with a "worst case scenario." It did make sense to me since past behavior a good indicator for future behavior, and I wouldn't want to lend money to someone who would make a "business decision" to stiff me.

Now, I'm wondering about the terms with the unsecured credit everyone is getting. Is it 35.9% with no grace period and a $150 annual fee? I don't consider Hooters or Best Buy as real credit cards as you can only use them to buy their stuff. FWIW, I got turned down for a Target credit card at 2 months post filing (I only signed up because I would have gotten 15% off that purchase.)

If the terms are normal, I'd like someone to post them here (or at least send them to me in private, so I can get one!)

One year out of BK I had a Chase, Capital One and Juniper. Nothing wrong with these card and the interest is between 7.99% and 20 something. Not that the ineterest rate matters.

[shelveen]

get a Public Savings Bank secured card...you will be approved

[ABC]

I got a flyer from "After Bankruptcy Foundation" in the mail. I was going to throw it away but it says they are Non Profit.

Anyone take their seminar ?

[chrisdfw]

I got a flyer from "After Bankruptcy Foundation" in the mail. I was going to throw it away but it says they are Non Profit.

Anyone take their seminar ?

Got that too, I just can't afford to take the time, I am working my part time job and bulding my business so I can't see the benefit myself. Until I get my income up there is no reason for anyone to loan me money. Too many student loans and my house payment is around 40% of income. I gor declined for credit recently from Orchard, but I don't think it was my BK, I am pretty sure they solicited me because of it.

I was turned down for debt to income. I am in line to double my business income in the next two years and my part time job should become full time and six figure next august (I am in a very high demand field when I finish my fellowship)

Don't discount not BK or credit related items like income and debt to income if you reaffirmed any debt or had non-dischargeable debt. I am working on rebulding with very small charges on a Lowes card that did not have a balance at BK. I applied for a credit line increase last month and they raised it from 500 to 2500, which should help the utilization.

My goal is to buy a house, but I think my problem will be income, I am not sure how long before my new income will be counted, fortunately I should get 50-60k out of my current house, so down payment is a plus factor.

[keepmine]

3 years post bk, I applied for a Juniper card {Barnes and Noble rewards}. I was approved with an initial cl of $2K in Feb 08. They've since bumped it to $3500.The interest rate is nosebleed-22.9% so you definitely want to pay this puppy in full every month!

[Logan]

3 years post bk, I applied for a Juniper card {Barnes and Noble rewards}. I was approved with an initial cl of $2K in Feb 08. They've since bumped it to $3500.The interest rate is nosebleed-22.9% so you definitely want to pay this puppy in full every month!

I still wonder why people even mention interest rates on this board. We've all declared BK and we all should know better than to keep a balance. There are some here who think they should carry a balance to improve their credit score but they are giving their money away. I did have a card with a low interest rate that I liked to use only because I wanted to support the lender that gave out the lowest interest rate but that changed when they decided to lower my credit limit.

Logan
The above poster will never ever carry a credit card balance agin in his life so he doesn't give a hoot what the interest rate are on hi cc's!