Please advise on the best subprime cc (lowest fees/high approval rate) to apply for. I've read all of the terms and conditions for the cards linked on this site but it all gets a little dizzying! My situation: I'm 8 months post BK7 discharge. My credit reports have been corrected and are now accurate (credit scores - 620+). I have 1 Citibank cc that survived the BK but the first time I used it post-discharge, the credit limit went from $1000 to $100. At the advice of many of this site, I have been using it faithfully and paying most of the balance off monthly (leaving enough for them to collect some finance fees). Request for credit limit in October was denied. I also have 1 department store and 3 gas cards at "never late". My mortgage and auto loan are at "never late". Everything else was in the BK. I applied for a gas card and a department store card in September and was denied on both. I tried getting a secured loan at my bank (Wells Fargo) and was told "secured or not - no loan after a BK, ever". I pay cash for most everything now but it's very inconvenient when traveling. Any advice from this much learned group would be greatly appreciated.
cap 1 secured would be my recommendation. They have always remained "stable" unlike providian,nextcard, etc... Its going to take time, maybe years. Suggest finding a Credit union who might work with you.
Cap1 definitely. You can get at least 2 cards within the same year, work the lines up, work the terms down, then combine after 6 mos (although I'd keep the separate lines to work them quicker and then combine later). Search Cap1 and you'll see lots of hints and help. You can work to prime with them if you're good. If their new system is what they say it is, and I'll know by the end of this month, then my second choice would be Household. their initial card is a bit expensive but you can also work the line and terms pretty well within a year or 2 and with their combination of subprime and prime systems, it's been rumored that their retention dept will be able to really take you prime eventually. we'll see
the only real neg I have now noticed with Household is they now put a 5 day hold on payments that are large. Cap1 doesn't do that.
Consider a First Consumer's National Bank Visa/Mastercard. They will most likely give you 2x your initial deposit. Up to a $5k credit line. Card reports unsecured. FCNB gives you a grace period and interest rate is 18.9%. Pay on time for a year, don't max out the card every month and you will get your deposit back in 12 months. Low annual fee. Good card to get back on track and you can set the credit limit via your security deposit.
As long as they don't steal her check and refuse to answer letters and PFs and hang up the phone on her when she asks why they claim they didn't get the check.
really cap 1 cust service is top notch. There may be some "better deals" but honestly, cap 1 has gone above and beyond all the others in terms of service.In less than 2 years i went from nothing (got my 1st cap 1 secured) to $3000 in unsecured 12% credit from them. They dont play games like the other banks. And thats why i keep my old crap 1 open, even though i don't use it any more due to its APR being too high. If cap 1 is reading this, they need to make their subprime cards prettier. Writing "GOLD" on a gold card, is ghetto.
Sam your right "writing "GOLD" on a gold card, is ghetto." But now that the card is old and faded people know it was suppose to be gold. By the way mine is the classic green (very ugly). I have also done well with Cap One, $300 to $2,000 in two years. I recently added Orchard and Providian and made a small Dell purchase. My Cap One is at 9.9% the others 18.9% or higher. That is the price of rebuilding.
Your BKO Chapter 7, will affect your ability to get Credit for up to seven years.. That is the price you have to pay.. You are a risk, in regards to paying the debt back.. Best advice is do what you are doing now and that is paying for everything in cash. If you use credit cards, ect again, you will probaly start on the same road that led you to BKO..
