Credit Card Approvals with BK

Discussion in 'Credit Talk' started by NanaC, Jul 21, 2001.

  1. nightowlky

    nightowlky Well-Known Member

    I should have posted in here when I bought my new car.

    Bought a Mazda 6 back in Dec. 03 about a week after I got my discharge papers. It went through someplace called Regional Finance.

    I will be refinancing in a month or two, though. :)


    The finance mgr was amazing. He sat w/me for about an hour going over ways to rebuild credit which, admittedly, I've not started following until this past month. Wish I'd started right away. I'd probably be in the mid-600s by now.
     
  2. muf_fin@3

    muf_fin@3 Well-Known Member

    To Oexplayer

    Could you explain how you made the mistake in applying for a Orchard card after your BK? Did you include them in an reapplies to them after you discharge? That's what I did why was that baddd?
    Thank you
     
  3. Mongrol

    Mongrol Well-Known Member

    WHOOOOTTTT # 500!!!!
     
  4. KevPochop

    KevPochop Well-Known Member

    Chase is BK UN-friendly.

    I got my friends approved with Bank of America and also Citibank.

    ---------

    Bank of America
    Post Office Box 2493
    Norfolk, Virginia 23501

    Fax Number: 602 597 2433


    SSN: *********

    Dear Robin Brickland,

    I am writing you today concerning my application with Bank of America. My application was denied because of a Chapter 7 Bankruptcy filed in 1997 â?? Seven years old.

    In 1997 I was in an accident which caused me to take time off work, which put me into Bankruptcy. Since my Bankruptcy, I have done very well re-establishing my credit as it is very important to me.

    I have bought a car through Chrysler Credit. I also bought a house through Downy Savings and Loan whereas both have been paid according to terms.

    I have a few other credit cards, all established after the bankruptcy. All of these accounts have been paid according to terms.

    I would like the opportunity to build a solid financial relationship with Bank of America.

    I would like to thank you for your attention and look forward to a positive response from you.


    Sincerely,

    XXX

    ---------------

    This same letter worked for two sisters.

    Kev
     
  5. KevPochop

    KevPochop Well-Known Member

    BUMP
     
  6. BKinNE

    BKinNE Active Member

    O am curious, what interest rate?
     
  7. buttlord

    buttlord Member

    14.4% - but you can be sure that I'll be looking to refi in 12 months. ;-)
     
  8. Mongrol

    Mongrol Well-Known Member

    refi with Patelco.... I went from 14.95% at americredit to 5.150% with Patelco... (3 months after I bought it)
     
  9. buttlord

    buttlord Member

    Thanks. I'll be sure to do that.
     
  10. xhardc0re

    xhardc0re Well-Known Member

    Here are ALL the companies that I know will approve you post-BK7 for a cc. With documentation from the court, current employment, a street address, & valid state ID they approved me or close friends. Hope this is of some help:

    Bank of Louisiana (Metairie, LA)
    Fleet
    American Pacific Bank (Aumsville, OR))
    Merrick Bank (Old Bethpage, NY / Salt Lake City, UT)
    HSBC (Hong Kong & Shanghai Banking Corp)
    *Providian
    *Orchard (Household)
    Amalgamated (Chicago, IL)
    Emigrant (used 1st Natl Bank of Omaha)
    Trustco (New York)

    except where noted (*), all of these are secured Visa or MasterCards.

    soapbox mode ON:
    If you are post-BK and want to build credit, YOU MUST apply for atleast 3 secured cards and be approved. Why do I say 3? Simply because Fair & Isaac's scoring model prefers those with a good mix of credit. Mortgages. Auto loan. Credit Cards. Student loans/etc. Those are the main categories that credit is classified into.
    One credit card is not going to cut it. Neither is two. With three cards or more, you are showing that you can handle multiple payments, utilize your credit effectively and maturely, and most important to all creditors: PAY YOUR BILLS ON TIME. I, myself have 6 credit cards. Two are the secured from the above list & 4 are unsecure. Post BK7 by 8 months and already have scores into the mid 600's. I believe that by applying for all my cards around the same time & removing a few hard inquiries, etc. I have been able to do this. Or maybe it's just dumb luck ;)

    soapbox mode OFF.
     
  11. szccdw

    szccdw Active Member

    I was recently discharged from a Chap 7 BK. My scores at this time are around 493. How can i begin to rebuild?
     
  12. xhardc0re

    xhardc0re Well-Known Member

    szccdw, i'd recommend you:

    1) Begin with a check of your credit score w/the Big 3, for benchmark purposes.

    2) Then, apply for 1 secured card and then another and then another as money becomes available to do so. Try to open these accounts as close together as possible.

    3) Don't go over 50% of your credit limit at ANY time if possible.

    4) Never, EVER, EVER miss a payment or go over 90% of your credit limit.

    5) Set up a utility or two in your name, a cellphone as well.

    6) Bring all student loans & IRS/govt liens current; attempt to pay these above the minimum payment each month.

    This is but a small part of the equation.
    You can dispute until your face turns red & purple, but unless you have new accounts to prove creditworthiness, don't expect to be mortgage approved!!
     
  13. nightowlky

    nightowlky Well-Known Member

    Just got denied from Providian (15 months past BK7 with FICO scores around 610)

    They pulled TU, btw.
     
  14. Brad J

    Brad J Well-Known Member

    Providian is not a bottom feeder anymore. Lots of folks who would have been approved a few years ago by Providian are now being turned down.

    Who would have thought that Providian would actually have minimal credit standards?

    Your not alone. Lots of people have been turned down by Providian as of late.

    Want proof? Go to planet feedback and look at some of the letters asking for reconsideration.
     
  15. fstops

    fstops New Member

    I'm on my 7th BK year. My scores are floating around 675. AMEX gave me a gold rewards card. You have to apply online , you will get denied but you call and have a supervisor manuall review it. The BK must me 7 years old!
     
  16. BellyUp

    BellyUp Well-Known Member

    7TH YEar and 675?

    I'm 1.3 years CH7 and 669.
     
  17. shport

    shport Well-Known Member

    Fstop:

    What was the rest of your credit history like? Any late pays after the BK? Anything that might be considered moderately negative but not on the level of a BK.

    I'll hit seven years in November and I want to make sure that I'm clear for an AMEX.

    By the way, which report did they pull? All help is appreciated.

    Shawn.
     
  18. BostonJeff

    BostonJeff Well-Known Member

    What Agency Is Pulled

    Is there a website or linked here to find out what agency is pulled by a creditor? Thanks.
     
  19. LarryP2

    LarryP2 Member

    credit after bankruptcy

    My Chapter 7 one-year discharge anniversary date is August 20, the day after tomorrow. All of my credit cards are unsecured with the following credit limits:

    Providian $4,000
    Merrick $1,000
    Orchard $700
    Capital One $500
    Sears $1,500
    Two Verizon Cell phone lines with no deposit.

    I bought a 2005 Jeep Liberty and a 2005 PT Cruiser in June. The Liberty was financed with no down payment at .9 % (Thats right .9 NOT 9%). The PT Cruiser at 5.9%. Both had huge rebates, and reduced the payments from what we were paying on our tradeins. Chrysler FInancing was wonderful. A 2001 Honda Civic (with 40,000 miles) @ 18% (Pre-Credit cleanup through Transouth) and a 2003 Mazda B-4000 financed at 10% through the local Credit Union, where we have a checking account and a Mastercard Debit card. I wished to hell I would have listened to the Finance manager at the Honda dealer who BEGGED me to join Numerica Credit Union to finance the Honda. Just before we traded the Honda in, Capital One sent the paperwork to refinance the Honda at 12 percent.

    I bought the two new rigs because I am trying to spike my credit score to obtain FHA Financing for a house I bought three months pre-petition on a two-year owner carried contract at 7%. There is a special FHA exception for medical BK's a year after discharge, and mine is well-documented. I have had absolutely flawless payment history on the long-term escrow (which does not, unfortunately show up on my CRs.) I paid off my student loans entirely in March, although there was a six month period where I was medically disabled and made no payments. Prior to that, I had a flawless payment history on the Student Loans. Pre-BK, I had a FICO score of 750, which dropped to a low of 550 at the time we financed the Honda. My hardworking broker has assured me that I will qualify for a 5% 15-year FHA A-paper loan under a not very well known medical exception. (Most loan officers will tell you that FHA requires two years post-BK, which is NOT true!). It helps that the value of the house, which I purchased for $133,000 has soared to an appraised value of $200,000 + in 1.5 years.
     
  20. ctaylor79

    ctaylor79 Member

    credit after bankruptcy

    My Husband and I just recently filed for BK. We go to court in about 5 weeks. My question is does anyone have any tips on what we should do to start rebuilding our credit after this is discharged?
     

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