How long until I should apply for a secured card? (Barclay, Hooters, Capital One)

[Epic]

I'd like to start rebuilding my credit. I filed in Feb and was discharged in May of 2011. I also got a new job in May 2011. Is it too soon to apply for a secured card like a Barclay card? Should I put at least a year behind me with a new job and the discharge date in May 2011?

[prindia]

Part of rebuilding is getting new credit. make sure you pull your credits to see what is on them and dispute mistakes. If you are with a credit union that would be a great place to start with a secured card..

[LadyInTheRed]

Many people receive secured cards very soon after discharge. Do as Prindia suggests and make sure your credit reports are accurate before you apply.

[JackBondLove]

Apply for a regular CC @ CapitalOne - $39/yr w/ rewards. It seems that *everyone* gets approved for it. Then a year later go for a Barclays Bank & Discover card w/ no fee.

[buffetbuster]

We've been out of our CH7 for about 6 months now and I just recently got an Orchard Bank card to help re-establish my credit. It's a 19.99% interest rate, $59 annual fee, $300 limit...but, having it on my credit report for one month brought my credit score up already.

[HHM]

For Credit Rebuilding, the immediate priority after bankruptcy is making sure your credit report is accurate. If the credit report is accurate, you will start getting offers, so you don't really need to be out there applying (triggering hard pulls on your credit). Generally, most people will start getting offers within 6 months of discharge (if not sooner). If you don't, that means there is likely something amiss on your credit report that needs to be fixed.

[Amy26]

Yes, agree with everyone else. Also, you do not necessarily have to get a secured card to rebuild. I never got any secured cards, I just paid attention to who was granting approvals and went with them. I also did not get any cards with annual fees. If you do enough to clean your credit up then you may not get slapped with annual fees and mega interest rates. But, everyone's credit and experience is different. But I wouldn't resolve yourself to having to get a secured card just yet. You may not have to.

For me, I got a hooters card 1 month after BK and an orchard bank card. I used those for about 3 months and then I finally got a capital one card after they had denied me 3 times. At 6 months I refi'd my car loan to a credit union and have been using credit unions since...they are a BK person's golden ticket. After that I got a Visa with Navy Federal Credit Union at about a year post BK. At that point I closed the orchard bank card. I then added credit cards from Alliant Credit Union and Partners Federal Credit Union at about 1.5 years post BK. I then closed my hooters card. And last month I finally got approved for a Barclays visa. My next closure will be my capital one card but I will hold on to that one for a while I think. I have all the credit I need now and I won't be applying for anything else for at least a year or 2 as we want to buy a house later on.

Hope that helps.

[mountanddo]

What exactly is a Hooters card?

[Nicollette]

What exactly is a Hooters card?

I believe its a Visa or Mastercard issued through Merrick Bank?

[Amy26]

Yes sorry, Merrick bank Hooters card. I'm not actually sure if they have applications open at the moment. They open and close enrollment a lot and I know they closed applications for the card 3 months ago or so...

[mountanddo]

ok, well I thought it was a restaurant card for Hooters. I was thinking who would get a credit card for a restaurant.

[jetsfan2010]

very good info here. does anyone know if NFCU is BK friendly(bk'd a LOC with them before)

[Amy26]

Well, I did mention that I have credit with Navy... they are BK friendly, however they are not friendly if you burned them in your bankruptcy. They are non forgiving of that.

[jetsfan2010]

Thanks Amy

[daylate]

What exactly is a Hooters card?

I think it is for people who have gone bust. Sorry couldn't resist.