Got approval from Patelco for a $2,500.00 Visa. All I need to do is open a $5 savings account with a one-time $20 application fee. I too was confused about not being in California or being among the two listed employers but apparently I was approved according to the email they sent. I just have to fax them over my paystub and send in my $5 with the application form. Again I'm 3 years post BK with around a 678 PG Fako score w/ established credit since the BK.
Congratulations! That's awesome! This seems like a great alternative for those of us trying to rebuild. Which did you do first, apply for the card or open the bank account? What amount did you enter for the requested credit line? How long did it take to get a response from Patelco? You've really done well establishing tradelines since your BK. I'm trying to determine what the optimum mix of credit may be. I can tell you one thing I've learned is to not apply for any card that you've included in your BK. Made that mistake with Orchard, whom I didn't realize was owned by HH. Oh well, live and learn.
I have read that multiple credit pulls within a 14(?) day time period count as one pull for CCs (non-mortgage), and any credit pulls within 30 days for a mortgage/car loan count as one as well. With that in mind, I assume it's best to get your scores as good as you can and then make several credit apps at the same time, correct? Because of the average age of your credit accounts being factored into the FICO score, if (by some strange luck) you get approved for 3 or so at the same time, should you cancel one (or more) of these to not drag that down too much? Or just look at the long term and the total credit limits as being a positive? BK 04/01 FMCC 09/01 car loan HH 04/02 MC CC $250 HH 10/02 CL incr $450 JSC 10/02 Visa CC $1000 (secured) - local CU SunTrustMortg 08/03 House Mortgage Prov 09/03 Visa CC $1000 JSC 10/03 secured to unsecured HH 07/04 CL increase to $550 JSC 07/04 CL increase $1500 No idea on FICOs at the time of the approvals. I think middle FICO ~640 during mortgage app. Current FICOs ~600.
Small victory for me I applied for Patelco and received 15.45% refiancing on my car. Orginally I had 22%, so I'm happy. Thank You Mongrol. Let's see they pulled Experian.
I applied for the card first. I asked for a $3500.00 limit and they gave me $2500.00. They emailed me the next day with the approval. Within the approval email they said I need to open the savings account and fax over a copy of my last pay stub. I faxed over my paystub same day and mailed out the app and my check the next. I'll let you know when I get the card. They pulled Experian for me in Arizona.
Thank you for the detailed response broncsboi! I will go the same avenue as you. One thing to keep in mind is Mongrol stated they would upgrade to gold in six months. That might be something to shoot for, or at least a CL bump. Keep us updated on when you receive the card. This should really open up some possibilities for you elsewhere. Too bad so many of the prime cards are BK unfriendly. You've got a nice mix of cards though. Thanks again.
just want to let people know that it took about 1.75 weeks to get my Patelco CC. Got it today with my nice... 3k CL... Everyone should apply...they give the limit increase in about 2 minutes with someone actually looking at your report...!! can't wait ... gold 5k card in 6 months..!!!! GL people...
Well they said my score with experian was 605 I thought i was higher from the last time I pulled it but I did open a new accounts and got some inquiries. But anyway I expected to received something like, you see through my bk7 I have a judgment for 1 car with ford and I gave back a car through the bk7 also. So too me 22% to 14.15% in 1 year is real nice. I am what you might call a real risk. I keep chipping away at my credit and I will get better offers.
I have two friends. Both are sisters and both filed BK-7 almost 7 years ago. I have helped both of them clean up their credit considerably. The one sister I applied for a Bank of America visa. The system turned her down because of the BK. I wrote a letter on her behalf to the VP of the Credit Department @ Bank of America. Almost a month ago mind you. Last Saturday she received her new Bank of America credit card with a $7000 limit! Last December she also got a Capital One card with a $5000 limit even with an unpaid Capital One charge off! (now currently paid) As soon as she paid the charged off account Capital One gave her another account equaling the charged off amount. Tonight I applied for a Bank of America card for the other sister. The system turned her down. I am gonna write a letter on her behalf as well. I am sure she will get the card. In the mean time I applied for this sister with Citibank. With the BK the system approved her, no questions asked for a $6400 limit! At current time both sisters scores are right around 700. Both sisters are quite happy.
BK 04/01 FMCC 09/01 car loan HH 04/02 MC CC $250 HH 10/02 CL incr $450 JSC 10/02 Visa CC $1000 (secured) - local CU SunTrustMortg 08/03 House Mortgage Prov 09/03 Visa CC $1000 JSC 10/03 secured to unsecured HH 07/04 CL increase to $550 JSC 07/04 CL increase $1500 ---update--- Patelco 07/04 $2000 Cap1 07/04 $1000 PECU 07/04 $700 Anyone know how much the % usage ways against the average date of accounts? I have just went from 3 cards with avg age of 24 months and total CL of $2450, to six cards with avg age of 12 months and total CL of $6750. Anyone have any input on that?
Hey Kev, I would also like to know what kind of letter you wrote. I'm in a similar situation with Chase...I used a credit counseling service as opposed to bankruptcy. Thanks
Hey Kev, I would also like to know what kind of letter you wrote. I'm in a similar situation with Chase...I used a credit counseling service as opposed to bankruptcy. Thanks
Chalk another one up for Ford Motor Credit. I got approved for a brand new vehicle with a sticker price of about $20K. With a $5K rebate the price was dropped to $15K and we didn't put anything down. I was discharged from BK7 just under 30 days ago. Equifax 546 Experian 571 Transunion 558 *Wife's scores are a little higher (low 600's).
