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Discussion in 'Credit Talk' started by ShyGuy, Nov 28, 2000.
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Forget it.No department store is going to lend to someone that has BK.The only way i see possible for them to give you a credit card after bk is to reaffirm 1 of your debts that you have BK on with them.otherwise it would have an impact on you for 10 yrs. to come.It is in a persons best interest to use their credit more responsibily to begin with where none of this bad stuff has to happen.I don't know anyone that has to date gotten a store card after BK.
Don't pay any attention to ble103! This person sounds like they are not knowledgable! This person just wants to lecture! I don't know the answer to your question but I know many others will. There is plenty hope for you. Many reputable card issuers will allow you to re-build. Keep reading this board and learn. You will soon be able to distinguish good advice from bad advice. Reaffirm a bk debt! LOL..who does this person work for?
As stated in the link below,
1) Check your credit reports for errors
2) Correct the errors
3) Apply for a few secured credit cards
4) Open a bank account and secure credit with a savings book
5) Keep employment stable
6) Pay utilities on time (they report when delinquent)
Good Luck! keep us posted!
Maybe in Russia, here in America the department stores cards are much easier to get after BK than other forms of unsecured credit.
Are you trying to say that someone with a bk can not get credit for 10 years?
No i am not trying to say that they can't get a credit card for 10 yrs.He was asking about store cards they take someone gone BK very serious therefore it would be very hard to get the card from them.As far with getting a major card that's a different story because many high risk major card issuers are willing to risk someone after a discharged BK.It's giving them a second chance.The only thing bad about it is they charge expensive fees,etc,and only get a low credit limit.Also some of these cards have no grace period.That is a terrible price to pay for going BK.
I've posted this before, but I'll say it again. Depending on your situation, it may not be as bleak and our friend ble is making it out to me. It all depends on what your "story" re: filing BK is.
I make the assumption that in most of the BK cases, the person went through some kind of catastrophy- job, health, divorce, etc. IF so ... document it and explain it well- including what you have done to prevent it from happening again, and (hopefully) with 1 or 2 credit references (secured card, debt not included, etc) that go back for a couple of years.
In my situation, Sears gave me a $2k limit 1 year after BK (it's up to $12k now)... 2 years after BK, Macy's gave me a $2k limit (now it's something like 5k, with another $5k with their Visa).
I didn't include any of my consumer debt in the BK (medical stuff, late mother stuff), so when you look at my credit it's pristine -except for the BK filing. Most lenders will listen, look at the total situation, and work with me... those that don't will never earn my business.
Good luck to you-
RE: Read the theory!!
I think the whole department story theory isn't being viewed in the correct scope. When reading websites, it is often mentioned that TO ESTABLISH credit - not re-establish -apply for a store card. The store more than likely will approve an account with a small limit (most likely under $500) to someone with an empty profile.
The situation is quite different for those with blemished credit. Yes, a target or penney's card is easier to qualify for than a Chase or AMEX or Discover, but the limits are typically less. So far, I may seem to be establishing a strong case for the BK individual: the low limit.
But, let me give you a situation. I apply for a Target card and am approved for a $1000 limit (certainly on the upper end). I then apply for a Blue from AMEX and am approved for $16,000. See my point??
Store card limits are inheritently small, so someone with pristine credit who otherwise qualifies for prime CC's with 10-20K limits will be granted a limit of perhaps $1000. Some will a BK will have a hard enough time getting unsecured with a gob of fees and $200; a secured card is really the only option. So even if you are approved for a VISA w/ a $200 limit, remembering the relationship I used above, your limit on an unsecured store card - they all are - would be negative.
About Your Theory...
Dave, I love theories, and yours is very interesting. However, I believe there is a logical error here.
If store card limits are inherently small, then people with large bank cards could get small limits for that reason alone. People with small bank cards could get the same inherently small store card limits, provided they got any limits at all.
Okay, but store cards have low credit limits too, and relatively high interest rates to cover the extra risk. Their interest rates are certainly not prime. So how can these alleged credit lepers get subprime bank cards while they have to wait 10 years to get almost subprime store cards?