I'm a loser please tell me what I'm doing wrong.............

[geturdone]

OK so I filed for Chapter 7 in Oct 05, was discharged in Feb 06 and I have yet to obtain credit. I was able to get my bankruptcy and all neg removed from EQ and I'm still working on EX (5 negs & Chap 7) and TU (6 negs & Chap 7). So far I've only applied for 2 credit accounts (USAA Mastercard which I've had their checking account for 2+ years & Circuit City) both were declined . My scores are as follows: TransUnion: 609, Equifax: 647, Experian: 640, I really don't want to apply for every card under the sun and bring my scores down more than they already are but I do need some LOC to start my rebuiling process.

Please help.

[SinkingFast]

Have you been receiving any offers for Credit in the Mail??!! If not, you may have "Opted Out" when you filed BK. "Opt Out" would automatically exclude you from receiving any offers from any Creditors.

You're doing the right thing. Working to clean up your Credit Reports. Have you signed up for a Credit Monitoring Service where you can work on all 3 CRA's at one time??

Also, many people here start with Orchard or Aspire to begin with. Maybe you're shooting a little high right out of the gate. Try lower level Creditors and maybe even a Secured Card that reports to the CRA's to begin with. Then build to bigger and better Creditors and LOC's.

[geturdone]

Have you been receiving any offers for Credit in the Mail??!! If not, you may have "Opted Out" when you filed BK. "Opt Out" would automatically exclude you from receiving any offers from any Creditors.

You're doing the right thing. Working to clean up your Credit Reports. Have you signed up for a Credit Monitoring Service where you can work on all 3 CRA's at one time??

Also, many people here start with Orchard or Aspire to begin with. Maybe you're shooting a little high right out of the gate. Try lower level Creditors and maybe even a Secured Card that reports to the CRA's to begin with. Then build to bigger and better Creditors and LOC's.

I think I opted out years ago cause I haven't received any pre-approvals in the mail, or junk mail period for that fact. Which credit monitoring service is best? Since I'm done with EQ I just have TU & EX to finish up (which I'm having no luck at all with) they keep "verifying" my accounts and making my verified dates more recent . Is BofA pretty good with their secured cards? I have had my checking accounts with them since 98 but I included 2 of their CC in my Chapter 7.


Thanks for your advice in advance

[CindyLou]

have three words...Hooters, hooters, hooters. Very BK friendly. Also, Orchard bank has been very good to me. I know some may not agree, but I have one with 350 limit(initial 250), one with with 400 (initial 300); and after calling them they sent me a letter to combine both with 1000 limit and 14% interest and 39 fee. I've had both cards since DURING my BK. Go to www.orchard.com and do the pre-application. It will show you what you will most likely qualify for without doing an inquiring. If you then choose one and apply it will then do an inquiry. I do the pre-app from time to time just to get a good idea of where I'm at..... you should not have any problem with qualifying with them. You may have to bit the bullet and take one "whatever you can get" card just to bump you up enough. Also try www.whogavemecredit.com. This will help give you an idea. Good luck.

[geturdone]

have three words...Hooters, hooters, hooters. Very BK friendly. Also, Orchard bank has been very good to me. I know some may not agree, but I have one with 350 limit(initial 250), one with with 400 (initial 300); and after calling them they sent me a letter to combine both with 1000 limit and 14% interest and 39 fee. I've had both cards since DURING my BK. Go to www.orchard.com and do the pre-application. It will show you what you will most likely qualify for without doing an inquiring. If you then choose one and apply it will then do an inquiry. I do the pre-app from time to time just to get a good idea of where I'm at..... you should not have any problem with qualifying with them. You may have to bit the bullet and take one "whatever you can get" card just to bump you up enough. Also try www.whogavemecredit.com. This will help give you an idea. Good luck.

How many is too many inquires to have within a certain timeframe? I applied for Circuit City on Sunday 8/20 and USAA tonight, prior to these two there are 2 pulls in May that I have no clue of what they are (I plan on disputing these also), 1 in Feb and 2 in Jan.

[CindyLou]

Well if you look at my numbers the scores continue to go up even though I've had quite a few inquiries. I think the main thing is to initially only apply for one that you are pretty confindent you will be approved for. Personally, I haven't found that the inquiries have really hurt me all that much vs. the benefit from actually having the credit line open with a very small revolving balance. Just do your research and apply wisely! I use truecredit 3 in 1 and check my scores every day. I'm a little obsessive with it but its worth the 10 bucks a month to get to know what affects it and what doesn't. For example on Transunion I have 11 inquiries in 2 years; experian 13, and equifax 15. Its a lot, but my scores are looking much better. (I've bought two vehicles so a few of them are from that.) Good luck. Keep reading on here and you will learn a lot from many people who have been right where you are.

[FilingOnMyOwn]

My scores have skyrocketed despite many inquiries. I don't know your credit history prior to bk, but I can tell you it wouldn't hurt to go on a credit card application 'spree', as numerous inquiries during a 2 week period do not hit you as badly as inquiries drawn over time. My suggestions to you, in this order:

Household
Orchard
Capital One
Providian
Hooters
Anything from juniper.

[SinkingFast]

Many people here use http://www.truecredit.com 3 in 1 for monitoring and clean-up. It's about the least expensive. $24.95 for the first month and then $14.95/mo after that. But you can Google "Credit Monitoring Service" and get a whole list of different companies. Maybe use the Search function, enter names, and see if others have used a particular company.

Personally,.............. I would stay away from applying with Lenders you BK'd on.

Multiple inquiries within a short period of time where you successfully get Credit may not be so bad. Like when you car shop at several different lots and then finally buy a car. Then you don't have any other Credit pulls for many more months. You just don't wanna make a habit of every month or so applying for Credit somewhere. That will not look good to prospective Lenders.

We received an offer for a First Premier secured card. Personally, I would not take that one. I Googled them. They charge $159 up front. $149 is their "Application Fee". Which means you only have $10 available on your Secured Card, unless you put more money on there. There are also NUMEROUS customer complaints been filed against them for their Secured Card practices.

There are several Stickies at the top of this Forum Section. How to Dispute. BK Friendly Creditors and such. Try reading thru those as well.

[newstart]

geturdone,

I was started out with crownjewelers and was approved for $1500 limit, it is an online jewelry store, they don't do a credit check and they report to all 3 cRA's. I also took the first premier card which did charge up front a fee but I can't remember if it was $150 or not but it has a 9.9% interest rate, and I also have the orchard bank which I am not happy with but it was a trade line to build my scores. I hope this helps you. Good luck rebuilding.

[CindyLou]

FYI. Here is the link for juniper cards. Also, please note that HSBC and Orchard are the same company and if you apply for both it will be two inquiries listing HSBC Nevada on your credit report. Just choose one.

https://www.juniper.com/app/ccsite/affiliates/prtnrCoBrandDynamic.jsp

Hey, keep me up to date...I'll be anxious to hear how your re doing!!

[pink_amulet]

Like the other have said start lower. My scores are EQ 624, Trans, 624, and EX 575. A agree with Cindy.....Orchard is an easy way to go. I JUST applied on line for Orchard and was approved right then and there. $300 limit @ 14%. I applied for them last month a dn was denied go figure? Hubby's scores are EQ 624, Trans 607, and EX 531, he also has Orchard....same limit and rate.
A monitoring service is also a great idea. We used to use Privacy matters , but it was only for one score, not all three. So we shopped around, and heard truecredit was slightly better.
However with the truecredit, use the Wal-mart link. We (each) paid $13 for the first month and $11.21 each month after, it is for the 3-in-1 plan.

So good luck and it will happen.

[pink_amulet]

Here is the Truecredit info through Wal-mart......

https://www.truecredit.com/orderOrigination?op=Improve:Right&product=CreditMonitoring&cb=WalMart

[Bronte]

Your not doing anything wrong. My first card out of bankruptcy was Orchard. BTW-do not try to get a secured card from Bank of America-they are not bk friendly. I hate to see you waste an inquiry on them.

[Fedler]

Nothing says "I'm a responsible, respectable person," like carrying a Hooters credit card.

[so-beyond-broke]

FYI. Here is the link for juniper cards. Also, please note that HSBC and Orchard are the same company and if you apply for both it will be two inquiries listing HSBC Nevada on your credit report. Just choose one.

https://www.juniper.com/app/ccsite/affiliates/prtnrCoBrandDynamic.jsp

Hey, keep me up to date...I'll be anxious to hear how your re doing!!

I applied for the Carnival Sea Miles Card from Juniper last week and was denied. Do you know if once Juniper denies you for one card - the others apply as well. So if I was denied a Carnival will I also be denied a Air Trans by Juniper. The Carnival card pulled my TU report so I would hate to waste my time.

Thanks

sbb