I have 5 sub prime cards the longest I had one has been 15 monthis. How long will it be before I can get a prime card. Also I have a 3 year BK.
As long as you have any major derogs on your credit file, don't expect to get any until they are removed (7 years) from your credit file.
the bk is gonna hurt you for awhile. I dont have a bk. But I have some paid collections on my report. I have 3 prime cards after less than 1 year of rebuilding. Like I said, I think the Bk will keep you from prime unless you go secured at a bank and then upgrade or unsecure the card after 18 months. roni
Great point Roni! My BK is 9 years old and I still can't get any prime cards, even though my credit has been spotless since 1992! In another year when the BK comes off my credit reports I will then start to reapply for prime credit - until then, I have accepted my subprime fate! chet
I got 2 prime cards from credi that I have belonged to for many years. Both were granted within 1 year of my BK. they were granted under special circumstances. I had to explain what happened and show income and assets. I expect my Capital One and Providian cards to become prime within 5 years. My Bk was awarded 2 years ago today. I now belong to 5 credit unions having just joined 2 of them last week. Getting more prime credit was why I joined.
Maybe you should look more at the actual terms you're getting. I've negotiated Providian to 16.9 and a rebated annual fee w/5599 credit line. I have a 2 year old BK. A friend of mine has perfect credit for 15 years, and MBNA card w/16K (all used) and his rate is 19.98 and they won't budge on reducing his rate. Yes, he has a grace period and I don't but if we both carry balanced, I'm better off. I won't get 9.99 for a while, but then again, he's not getting it either because his balances are maxed. The lesson I've learned is to ask for improvements in your cards every 4 months or so (esp W/Providian).
