Banks won't help

[tada]

In addition to a credit card from CapOne, I wanted to setup some small secured loans at a bank or two to work as installment loans to help rebuild my credit. But to my surprise, Wells Fargo, Chase, Citi, etc., won't touch me and give me a secured loan because of the BK. A secured loan!

So I am left with credit unions (which I like) who easily give secured loans, usually without even running your credit report. But most of the credit unions here just report to Experien, not to all three credit bureaus.

So I guess that is the best I can do right now. I secure the loan, deposit the money into another sub-account, and then pay the loan automatically. Not big loans, just around $300 for a 12 month period. It's a hands off process that shows that the debt is always paid on time.

I guess only CapOne is going to help me with all three credit bureaus. I could probably do a car loan with CapOne, but I don't want a car payment.

I really want to rebuild my credit in the next 2 years so I can qualify for an FHA loan to refinance my "Pay and Stay" mortgage loan.

[IamOld]

Beware of CapOne...

[discombob1]

Beware of CapOne...

Curious why you say that.

[nokia123]

Curious why you say that.

I would like to know too!

[nc73]

Well FHA guidelines say they look for no credit usage after bk or good payment history after getting credit cards. I don't see anything wrong with Cap One. Get another one from them and there you have 2 credit cards. That should do it. I got 3 cards after bk and my score dropped around 10 points, and has not changed in a few months. I do a simulation on myfico and even with 2 years of on time payments, my simulated score was the same!

[feelingnutsy]

Hey---nc73---may I ask who your cards are with?

[IamOld]

I would like to know too!

Sorry about my late response - but because they're no better than anyone else - they're not "nice" if you will.

[thereshope]

tada Have you thought about a secured credit card to help you rebuild your credit? like Bank of America, Public Savings Bank. They both report to all three credit bureaus. Bank of America will review for a unsecured card at a later time.

[IBroke]

tada Have you thought about a secured credit card to help you rebuild your credit? like Bank of America...

Don't waste an inquiry on BoA. They DO NOT APPROVE you after a BK - not even for a secured card!

[egeitz]

you will see after bk there are many banks does not want your business like chase boa to name a few. also there are many cc you cannot applied because of bk like amer. express, chase discover etc

[reddy2011]

Really great discussion abt this topic

[DebtHater]

I guess only CapOne is going to help me with all three credit bureaus. I could probably do a car loan with CapOne, but I don't want a car payment.

Don't feel flattered that Crap One is helping you. They don't help anyone but themselves.

Realistically, they are no different than Chase, BOA, or any of the other big banks. They use the same deceptive practices as the others and lie about it. They attempted to "help" me prior to filing BK and offered me a payment plan. The only problem was they would refuse to put their offer in writing. As far as I'm concerned if it's not in writing, it's doesn't existent. The reason is Crap One doesn't put their "offers" in writing is because they have no intention of upholding their offers. When someone is gullible enough to give them electronic access to their checking account, it gets wiped out. Sure, we'll only deduct $200 from your account. Then $200 more, and $200 more.....

Trust me when I say that when banks "refuse" to help you, they are really doing you a favor by not doing business with you.

[HHM]

When were you discharged?

I have to say, these sorts of threads are actually depressing...the fervor with which people want to get back in debt and the mis placed importance placed on a credit score means that after going through BK, you haven't learned the FULL lesson bankruptcy. I know the excuses will start flying....blah blah blah, want a house, it effects employment (poppy-cock). Most wealthy, truly successful people are actually credit ghosts because they DON'T USE CREDIT. It is not actually unreasonable to think you can buy a car for CASH and g-a-s-p, buy a house.

It is the one piece of propaganda, the importance of credit score, that somehow survives the BK process.

[HHM]

When were you discharged?

I have to say, these sorts of threads are actually depressing...the fervor with which people want to get back in debt and the mis placed importance placed on a credit score means that after going through BK, you haven't learned the FULL lesson bankruptcy. I know the excuses will start flying....blah blah blah, want a house, it effects employment (poppy-cock). Most wealthy, truly successful people are actually credit ghosts because they DON'T USE CREDIT. It is not actually unreasonable to think you can buy a car for CASH and g-a-s-p, buy a house.

It is the one piece of propaganda, the importance of credit score, that somehow survives the BK process.

[tobee43]

yikes..i guess i'm not the only one have a problem with the double postings with the site this morning. anyway, i so agree with hhm, people who say their credit stayed intact after filing, well, i do believe it is possible for a few things to slip through the cracks, but not a general rule at all.

we had numerous zero balanced pd in full accounts we had never been late on in 40 years. it took a few months, but the companies closed all of them because of bk. not one survived. and just a note, our credit scores were 690 and 685 (not really bad my most standards), after our bk and we can't buy a hill of beans on credit at this point.