Hate to ask- How soon to get a secured Credit Card?

[CatsInTrouble]

Need it for holds at the local rental store-- we are doing some home improvements this summer- all cash yay-- but need to rent some power tools.

we will be in the middle of our 60 day wait at the time - filed in May and 341 June 19. We are already getting the things in the mail-- will they really allow us one before dischrage? I have the money saved up to secure it.

[willbfree]

Cats you can purchase one of these prepaid VISAS at Wally World and load it yourself. If you have the cash to pay for the rentals and just need the VISA credit card as a security deposit then check into a prepaid VISA at Wally World.

http://tinyurl.com/ypfb6t

[TEW]

Need it for holds at the local rental store-- we are doing some home improvements this summer- all cash yay-- but need to rent some power tools.

we will be in the middle of our 60 day wait at the time - filed in May and 341 June 19. We are already getting the things in the mail-- will they really allow us one before dischrage? I have the money saved up to secure it.

None of the card offers I have seen were good offers. Use your debit card learn to live on cash

[dingdong]

B of A offers a secured card. Some CU do as well I believe.

If you have the cash to put on a prepaid and you are going to PIF every month a secured makes sense as you wll be adding a positive tradeline to your CR. Prepaids work like debti cards essntially and don't report and just deplete as you use them and you have to reload and can incurr fees everytime you reload.

I know people say not to get credit soon after BK, but if you are going to need it to keep the rental holds off of your debit card, it does make sense.

You might try searching creditboards.com or creditnet.com, they are consumer credit oriented forums and have a lot of info on the subject.

Or you can just use a visa debit card from your bank, but the holds tend to last about a week, so it can be a pain.

[TooMuchCredit]

The OP has a point. Not all VISA / MasterCard products are created equal. A good example is trying to rent a car.

To rent a car most companies require an actual credit card. Otherwise, they will run a credit check on you. And if you are BK, you know what that means! A debit / prepaid card indicates DEBIT / PREPAID on the front of the card.

[Mi Bankruptcy]

Here's a story. I was on travel for Business a couple months back for work. My company paid for the hotel and meals etc.. However, when I checked in the hotel wanted a credit card. I offered up my debit card. They said they were locking out $300.00 for incidentals encase I charged something to the room that my company wouldn't pay. Fortunately, I had the money.. I was not happy.. They would have not done this if I would have given them a credit card. I would also prefer to offer a credit card to places I wouldn't visit on a regular basis. it would suck to lose a 1-2k because you lost your debit card.

[MrSmithster]

Pre Paid

My friend tried to use prepaid cc for deposits on rentals. they wouldnt accept them. they said with a cc, they put a "hold" on your funds till you return item, your not fully charged, if you are charged with a normal cc, they can refund back to your card. they cant do that with a prepaid cc, there are no "holds" with prepaid, and merchant cant refund back to a prepaid cc, they only would offer future store credit for the depo amount. maybe some have different terms, but that was trying both prepaid visa and mastercard and trying to rent at The HomeDepot in Torrance, CA.

[hnhlvr]

Shouldn't you wait until after your discharged? Won't it look bad handing money over to a bank to secure a credit card, like it's preferential treatment?

FWIW, I defaulted on my cards last summer and now am looking for a secured card and there are a few decent ones out there. Be sure to shop around.

Best of luck.

[MrSmithster]

would you mind letting us know of the "good" secure cards you have found?

to OP, i dont see a problem using perpaid cards before BK discharge, but i was under the impression that i not open or use any credit cards or apply for any before discharge, doesnt matter if they are secured or non-secured(unless its part of your filing, and you intend to pay it off). seems to be a flag for the trustee, i mean, you are saying your insolvent by filing BK, yet you have enough to secure a credit line? hows that going to look to the trustee, regardless of reason. or how do you think some of your creditors will feel if they see you opening secure credit line, while they get squat? sounds like just asking for trouble, but thats just my opinion. i wouldnt(didnt) do it.

[Bell30656]

Get a very low limit card. There are cards with $300 limits. Visa Debit is not the same thing as a real Visa. Nothing on the front of the card says it is a secured card. After your finished with the bankruptcy then you can raise the limit and not worry about anyone whining.

[Mi Bankruptcy]

would you mind letting us know of the "good" secure cards you have found?

to OP, i dont see a problem using perpaid cards before BK discharge, but i was under the impression that i not open or use any credit cards or apply for any before discharge, doesnt matter if they are secured or non-secured(unless its part of your filing, and you intend to pay it off). seems to be a flag for the trustee, i mean, you are saying your insolvent by filing BK, yet you have enough to secure a credit line? hows that going to look to the trustee, regardless of reason. or how do you think some of your creditors will feel if they see you opening secure credit line, while they get squat? sounds like just asking for trouble, but thats just my opinion. i wouldnt(didnt) do it.

I would definitely wait until discharge if you can. You don't want to set off any alarms. If it's after the 341 you might be alright. I would have never done it before the 341. Having a secured card is almost like having money in the bank account( if the trustee was interested).

[knotholeone]

Just get a visa debit card that uses your checking account. It has the visa logo.

[teacher]

Just get a visa debit card that uses your checking account. It has the visa logo.

doesn't matter, if the card is a debit (it says debit on the front) card and not a credit card, it cannot be used as "security" unless they actually place a hold on your money

[CatsInTrouble]

"Having a secured card is almost like having money in the bank account( if the trustee was interested)."

This is a good point and makes me think to wait til discahrge (altho I'm not sure I'd have a choice anyway).

You cannot rent power equipment without a "real" credit card (NOT debit card). Straight from their mouth. Same for MANY auto rental places with a few exceptions. My debits say DEBIT right on the front. I wouldn't even mind putting a debit down to rent the power equipment, but IT'S NOT ALLOWED!!

So now we are looking at delaying our roof work because we don't have a )(*&^%$^&*() credit card to hold for the damn saws and whatnot!!

[willbfree]

At this point why not give a trustworthy friend, neighbor, or relative the deposit money so they rent the power tools for you? If you have the cash to do the project then it's time to call in a friendship marker and let them help you.