Rebuild Credit After Bk Read This!!

I had my bankruptcy discharged about 14 months ago and now have 8 visas and mastercards. My FICO went from 400's to 664 in a six month period and ANYONE can do it. I just noticed an old post by NanaC on credit card approvals with BK. It is extremely helpful and should be printed by anyone trying to rebuild credit after Bankruptcy. Also pay extreme attention to the ones listed that will turn an application down automatically because of a Bankruptcy on the report the uneeded inquirys are not worth it. It seems that Capital One is no longer accepting applications except for "Platinum" and Miles One Capital One has also gone away from new secured accounts. Providian has also definatley raised the criteria for getting an account through them. But still possible Aria is no longer around many accounts were bought by providian (get smart).

 

rejections to add: Wells Fargo secured card if you have a Bankruptcy then don't bother automatic turn down. U.S Bank cards except skypass secured automatic turn down.

 

Kmart credit card started with a $50 credit limit six months ago and it is now $500 with NO annual Fee. Merrick Bank $1000 unsecured limit with no annual fee and decent A.P.R

 

Secured cards: Umbrella Bank $35 annual fee and thats the only charge. They report to all 3 reporting agencys and is reported as unsecured, I put $2000 on that one and they review the acount once a year to determine unsecured status. Also American Pacific Bank $35 annual fee and thats the only charge. Once you are a member you can recieve $10 for referals, They also report to all 3 and report as unsecured. I did $400 on that one and am ready to really pump that one up and here is why! After 9 months of good status which is what I'm close to personally they will give a 25% unsecured increase. EXAMPLE $400 Deposit=$500 limit. $2000 is the max limit they match that to. EXAMPLE $2000 Deposit=$2500 limit. After 18 months it's 50% unsecured increase. EXAMPLE $2000 Deposit=$3000 limit. After 27 months it's 75% unsecured increase. EXAMPLE $2000 Deposit=$3500 limit and on top of all of that you get interest on the deposit.

 

It was less than a year ago when I started this and so much has changed since then. Capitol One Secured, and Capitol One unsecured Classic or Gold seem to be gone. Providian is alot harder to get into but should be done after getting some FICO score. First Consumers National Bank use to be a great starter unsecured card but their up in the air now to. I am personally helping two friends rebuild after very recent Bankruptcys and find it to be a fun game and a passion of mine. GOOD LUCK TO ALL and by the way after Bankruptcy FIX THE CREDIT REPORTS with letters and phone calls is an absolute MUST!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

Orchard Bank "Household Bank" and Skypass "U.S Bank" are also great secured cards to get into because Household and U.S Bank are also among the top 10 issuers of credit cards. I believe that banks that charge stupid uneeded fees that are not top banks are a waste of time and money and will not get you anywhere. Such as the ones that say "No Credit check, Auto approval BLAH BLAH BLAH. DON"T DO IT. Application Fees and Monthly participation fees and Processing Fees are GARBAGE!!!!!!!!!

 

Secured credit cards are the fastest way to rebuild credit the ones that report as unsecured. The FICO score will move up very quickly and then you will receive pre-approved cards that are unsecured such as Providian, Household Bank, Merrick Bank, K-mart credit card through Capitol One, and more but don't ever apply for a card that you will not receive because of the simple fact that you have a Bankruptcy on the credit report. Wasted inquirys are only going to hurt you!!!

 

To raise FICO score after Bankruptcy also keep your debt to credit lines low by paying off your new credit cards in full every month to avoid finance charges and because of the fact that usually when your statement date cuts for a credit card is usually when it is reported to the credit agency.

 

When you pull a credit report through Equifax you can go through the FICO score simulator. It will tell you what your score situation will be after any givin situation such as getting a credit card and you can type in the limit. Or what your score will range if you pay your bills on time in a 1-6 month period. Or you can simulate paying down your current debt and can get a score range from that. Your total balances are on the credit report and that is why everyone after Bankruptcy should go through it. The report will probably show balances that are owed and should have been cleared after Bankruptcy. You need to do this yourself with phone calls and certified letters. The balance of your debts will go down therfore increasing your FICO score.

 

If anyone knows of any smaller credit card issuers not in the top 20 that will issue an unsecured credit card after credit and FICO score have been greatly improved after a Bankruptcy please let me know. Within 10 years of Bankruptcy and when you were able to get approved would be GREAT info. I was wondering about smaller issuers like Atlantic Federal and Zions and Peoples bank and Virtual Bank and many more. PLEASE ADD INFO IF YOU CAN!!!!!!!!!

 

If anyone can relate to this after a Bankruptcy listen to this. Did you wonder before you filed or during the time that you filed or after you filed. Or within 10 years that after you filed Bankruptcy that you want to get your credit back to were it used to be and maybe even better? That is my mission and hopefully yours, Smaller banks that are Bankruptcy friendly after years of filing or recently LET EACH OTHER KNOW. Get the credit back to where it used to be and put past problems behind!!!!!!!!!!!!! Lets get some info here I can help even more with more help!!!!!!!! HELP!! HELP!! HELP!! INFO!! INFO!! INFO!!

 

I have had the American Pacific Bank card for about 8 months now and the customer service is also A+. Only $300 dollars will get you started with this one and they report to all 3 as unsecured. I personally have Providian Getsmart $1000 CL and also Providian Gold $1000 CL. I have also heard many "horror" stories but haven't we heard these from most banks? Providian has never sent me a late statement or posted late, I think some that got approved are not responsible with sending payments within reasonable time and then try to hold them accountable. Providian has also sent me a pre-approved Platnium also. They have been the best credit builder in my case.

 

Even months after a Bankruptcy discharge you need to clean up your credit report yourself and it is not that hard to do really. Many creditors will report that you still owe them a balance and it will not say "included in bk". You need to contact the bureau yourself and then just dispute that you owe the balance and that it should say "included in bk". It should be done with a phone call first and then they will send the dispute papers. Send the dispute papers back "certified mail" with receipt and they will send you a new credit report back with the changes. If the disputed creditor does not respond back within 30 days the entry is simply deleted. The FICO score will rise at least as much as establishing new credit. Also check out the FICO score simulator at Equifax to get a better idea of the balances that should be wiped out and if you were to get a new credit card and you can type in the credit limit. It will give you FICO scores to aim for that will give yourself realistic goals!!!!!!!

 

When you are connected with someone on the phone they ask which item you wish to dispute. You finish with that item and they ask if there are any more. I had like 15 different ones I did in one phone call.