Does DMB (Direct Merchants Bank) still offer a secured credit card? I checked their site and I don't see one although I've read many posts referring to one. Also...do they offer instant approval? I'm trying to make a list of cards to apply for that might take someone with a bk without horrible fees and who actually give credit limit increases. Capital One and Providian are out since they were included in my bankruptcy and I was going to go with FCNB until they started having problems. I also didn't like First Premier and Orchard offers. So far I've lucked out and got a Target Visa ($4000/15.9%) and a loan from Ford (2.9%/60 mo), but I need 1 more cards to help rebuild my credit. Since "whyspers" husband managed to get a card after bankruptcy, I thought I'd give it a try. If you have any experience with DMB or have any suggestions for another card that might accept a bk, please let me know. Thanks in advance! Cynthia
topazmoon, I'm brand new to this board and I am in the same position, as far as having a previous bk. I'm curious to know how long it had been since your bk was discharged before you were able to get the Target Visa and the car loan at such a good interest rate. My bk was discharged in January, and I'm too scared to apply for anything so soon. Thanks in advance. Jamal
I was declined by DMB twice for lack of credit history, when my scores were in the 600-700s. My brother, whose score is about 780 (he has four cards that are a year old?) also was denied.
My bk was discharged in March 2002 and I applied for my Target Visa the same month. I bought my car on April 30th. I had attended the Stephen Snyder "After Bankruptcy" seminar and he said Ford was very Bk friendly. As for Target...I figured I had nothing else to lose...I was in the store and the firl was really pushing the Visa.
Topazmoon, Thanks for your response. I did a search on Stephen Snyder and I found one of his books at amazon.com. Since you have attended one of his seminars, would you recommend his material as being helpful in the credit rebuidling process? I assume it is with the results you've had so far.
what was covered in the seminar? anyone have the book? worth a purchase? looking for good advice about car loans after 13BK. 13BK filed spring '96, discharged Dec 2000, BK and negative tradelines associated with it due to fall off spring '2003
I posted my experiences at a Stephen Snyder seminar under this posting http://consumers.creditnet.com/stra...d=149694&highlight=Credit+After+Bk#post149694 You can also do a search under Stephen Snyder to get input from other people about his work or check out his website: www.afterbankruptcy.com. The website used to list where he was going to be speaking, but now it's just listing dates. I'm sure if you email them, they let you know if they be coming to your area. That's how I found out he was coming to Southern California. I also found great reviews of his book "Credit after Bankruptcy" at Amazon.com http://www.amazon.com/exec/obidos/t...2901795/sr=8-2/ref=sr_8_2/103-9593198-9955020 The story of how I managed to get my Ford at 2.9% is under this posting: http://consumers.creditnet.com/stra...tid=171676&highlight="french+blue"#post171676 I highly recommend the seminars or if you can't attend the seminar, try to obtain the book from your local library or bookstore. Ford is definitely bankruptcy friendly and will give you a headstart on rebuilding your credit. At the time of seminar, Stephen was recommending FCNB, but now that it is no longer issuing secured cards I believe he is recommending American Pacific Bank that he mentions in his book (www.apbank.com). All I know is I wouldn't be driving a brand new car at 2.9% APR only two months after bankruptcy if I hadn't attended his seminar. I also know how I can rebuild my credit so I can buy a house in two years and not be a social pariah for ten years.
DMB is BK7 friendly. I've had there card since early 2000 when I was 4 years out. It was a solicitation for a card for $99 for 500 so I gave them $600 and got a $1000 credit limit. I was denied last year being issued a unsecuured card and refunded $500 and told to try next year.
