Trying To Rebuild Credit With No Sucess

TRYING TO REBUILD CREDIT i can not get approved with no one i tried for secured card no one will give me credit. what can i do to get started to rebuild thanks.

Do you have any collateral? Like a car that's been paid off? If so, perhaps you could get a small loan against it thru a bank and just pay it off (but you will still have to pay some interest.) Only other thing I can think of.... which is very very bad... and not sure if they even report...... a payday loan? Just make sure that you read all the fine print. (some won't let you do an early payoff but some will) Both of these options will cost you, keep that in mind.

Other than those two things, if you can't even get a secured card.... I'd say wait.... and wait.... and your scores will go up and you will eventually get a few offers (albeit crappy ones at first) Remember, time is your friend provided that you are paying all of your bills and are current.

hi

who knows, no info.

checked all reports?
got all TLs as clean as possible (IIB, no balance)?
employed?

who did you apply with? bank/cu?
did you talk to people or just put in applications?

why did you get denied?
potentially, they deny cause they don't know about discharge.

find out from them what's wrong: talk to the deniers and again check your reports.

Whats the rush to get credit again?

Whats the rush to get credit again?

It's not a rush to just get credit, it's a rebuilding process. A person may have goals that require credit. i.e. buying a house. I am personally not in a rush to get credit per se, but to rebuild it so I can buy a house in two years.

TRYING TO REBUILD CREDIT i can not get approved with no one i tried for secured card no one will give me credit. what can i do to get started to rebuild thanks.

Truthfully, it may be just too soon....my personal suggestion is to forget the secured cards...

Maybe try Hooters? They are very bankruptcy friendly (my first card after going since 2002 without credit cards....lived for four years without any credit whatsoever...). They might charge you a $72/per year fee but they bill it at $6/mo. and although the interest rate for most people is about 29%, if you just use it, say for gas purchases & pay it off monthly, that might just get you started.

I agree with AMIS. You were just discharged 30 days ago and it may be too soon. Also, your prior credit history may play a part in the denials.

Personally, I'm wasn't very fond of the Hooters card because I did not want to pay that outrageous interest rate. Can you tell us who you applied with, or if you applied at lending tree (or the like) and who denied you.

Under this section of the forum, there is a thread with regards to recommended credit cards and maybe there could be a few other creditors you could apply with. (If you haven't reviewed that thread yet).

Truthfully, it may be just too soon....my personal suggestion is to forget the secured cards...

Maybe try Hooters? They are very bankruptcy friendly (my first card after going since 2002 without credit cards....lived for four years without any credit whatsoever...). They might charge you a $72/per year fee but they bill it at $6/mo. and although the interest rate for most people is about 29%, if you just use it, say for gas purchases & pay it off monthly, that might just get you started.
Thanks everyone i applied with. capp one, hooter's, orchard bank, target.

Thanks everyone i applied with. capp one, hooter's, orchard bank, target.

I think it's much too soon to apply for credit. Moreover all these applications bring hard pulls and that lowers your score!

I didn't apply for credit until 8 months after discharge, and that was for a pre-approved Crap1. I used those 8 months to clean up my credit and make sure every thing read zero balance and IIB.

You just got discharged in November. I think in your case patience will pay off. :unsure:

That's just my opinion of course.

Happy Holidays to all.

In my opinion, using secured cards is the way to go, as long as you are sure they report to the cr. bureaus.
I used one years ago to start my credit, and it definitely worked. I got one with a $500 deposit and just kept a balance on it, paid it off sometimes, other times carried a balance. I've heard that it's best to pay about half and leave about half of what you use on it. But anyway, whatever I did, worked fine, and after maybe 6 months I began to get Macy's, Shell, and so on and so forth. Using secured cards can be a good thing, in my experience. Just try to find one that reports and that doesn't charge too many fees or too high of interest. Google is your friend.

For me I started with Aspire. 150.00 fee. For hubby I started off with First Premier 125.00 fee. We decided to do this just to get things started. Both cards came with 300 credit line ...minus the fees of course.

Now some will recommend against this. But it is the decision I made right after my BK to "jumpstart" my credit. I just looked at it as a "cost of business" at the time and I am very happy with the results. Both hubby and I now have WAMU cards with 3500 limits, Juniper with 2500+ limit as well as have been able to refi our car at 6.75%, and are now in the process of buying a home with an FHA loan. We also got approved for a Sears card with a 5200 limit.

My opinion is pay the fee and start rebuilding. Others will say, "heck no" don't ever pay a fee. But the choice is ultimately yours and knowing what you can afford and how you want to go about it.

I would remind you that if you have not started cleaning up your credit report to reflect that your accounts were included in BK, this could be a huge reason your are being decline. You should get a copy of all three reports and start disputing those accounts that still show delinquent.

Good luck and keep us posted.

We have been diligent to keep our utilization low.

Its never too early to start the rebuilding process but it is counterproductive to make applications without first cleaning up the reports.

Reports MUST be cleaned first!!
If not, you don't stand a chance of getting credit. I had to wait almost 6 months to start getting offers in the mail after discharge....

I'm surprised that First Premier hasn't come knocking at your door.

I think it's just a roll of the dice when your are recovering from bankruptcy. And it's up to whomever is approving you. Because it's strange that someone else you may know who has filed bankruptcy that's in worse shape than you are get approved for credit. And when you go to the same creditor, they turn you down.

Before my bankruptcy was even discharged. I got two pre-approved offers from First Premier and Orchard Bank. HSBC was involved in my bankruptcy, very strange that Orchard was knocking on my door.

Just keep trying, you'll get your chance to get back in debt (LOL). Just do it wisely.

And by all means avoid pay day loans like the plague. I've made the mistake by getting involved with these lenders. They suck you dry and completely stall the process of re-building credit. In my opinion.

Thanks everyone for youre help iam having problems with experian will not do any disputes i mail them the disputes. trans union sends me a letter stating my disputes are frivolous. trans union states they verified the accounts that where discharge in bk. hows that.

I would mail Transunion a copy of the discharge along with the creditor matrix and give then in writing thirty days to correct your report

Thanks everyone.

I've heard it's not a good idea to send your discharge to the credit bureaus. If disputing with the credit reporting agencies doesn't work, you will have to go to the creditor themselves.

A good resource for this is http://www.creditboards.com. They have a library of letters to send, and have quite a few knowledgeable people there as well.

I sent in copies of my discharge and had no problems they corrected everything within 24 hours after recieving

I sent in my stuff to all 3 agencies in December. I have yet to hear back from any of them. Equifax told me they didn't have me on file but they had my name all screwed up, so I disputed that. I had to send them a copy of my driver's license and my social security card and something with my current address, so I sent in a copy of my voter registration card. But no responses yet.

I'll have to look up why some people believe a person should not send in discharge papers. I'm not sure of the reason. Once I find out, I'll post what I found out.

I'll have to look up why some people believe a person should not send in discharge papers. I'm not sure of the reason. Once I find out, I'll post what I found out.

Well, only thing I've heard is that if you send in the papers, sometimes the CRA lists EVERYthing as IIB. Even if it wasn't actually included (stuff that's been reaffirmed). Then, if you had anything that you were current on and was in good standing, it states IIB (which is derogatory). Then, if you dispute that they could possibly delete it. Once it's deleted, they have no way of knowing it was there and you could have to contact the creditor and plead with them to "re-report" to the CRAs.

This is all just stuff that I've read that has happened to someone. Not everyone. But could you imagine having to go back and call 3 or 4 different creditors and ask them to report to the CRA. I don't think they would do it until they usually report. It *could* turn into a big mess.

That being said, if pretty much everything you had was IIB, then there would be no harm in it (other than making the CRA's job easier by doing their work for them).

I've read on a couple of "repair your credit websites that you shouldn't send b/c if you ever try and dispute the bk they will not investigate. The same for any accts on the matrix. You are stuck with them for the whole time, whereas some will eventually dispute as "not mine" or "inaccurate" and eventually have some of them removed.

Basically, sending the discharge papers make them permanent as you have verified the info in writing for them yourself.

Now don't anyone jump in me here re: the morality of disputing "not mine"....just stating what I've read.

well i sent mine because every time I disputed they sent letter saying verified and it was a invalid dispute. So I highlighted every creditor on each report that should have been IIB and mailed the discharged papers with the creditor matrix and blacked out everyone but the ones I highlighted on credit report. Plus I have noticed that yesterday i called experian to ask about a letter i recieved from them and today I get a email from them saying that my score has changed LOL so i clicked the link to see and what they did was erase three collection accounts that I have never disputed because they had zero balances. But when I was on phone with the lady she must have thought I was disputing them LOL. So that was 40 point increase

How will we know that they report to the big three credit bureau's? What websites can you go to to find out about secured credit cards?

Good job. Anybody that can get someone to do something positive concerning the credit bureau's and their credit report is o.k. in my book.

Thanks everyone for youre help iam having problems with experian will not do any disputes i mail them the disputes. trans union sends me a letter stating my disputes are frivolous. trans union states they verified the accounts that where discharge in bk. hows that.iam still getting the same problems from trans union states my disputes are frivolous. and experian had put everything IIB with no bal does my score go up with no bal.

The first thing is to get copies of your credit report from the three CRAs. Then get the reports as accurate as possible.
Next get reports again with your scores, this will cost about $50. The first reports are free as you can recieve one free report per year.
The best securied card (lowest cost) I could find was First National Bank of Omaha @ $20/year. With some persons paying $200 for a $300 credit CC, no wonder they are in finincial trouble. This bank reports to all three CRAs monthly.
The next thing is to establish a CD at a bank that will loan you money with the CD as security. Yes that will cost you a few $$$ in interest v what the CD will pay, but my savings on insurance with a good FICO score came to over $200/year.
Within six months of payments you will be on the out of the bad credit garbage dump.
Remember you must make life style changes to stay on the right side of life.
I hope this helps, as it worked for me.
regards,
emoney

I'll have to look up why some people believe a person should not send in discharge papers. I'm not sure of the reason. Once I find out, I'll post what I found out.

Sending my discharge papers to all 3 CRAs was the ONLY way I could get them to correct 4 different First USA accounts. (I believe First USA is now BOA, although I'm not 100% sure. All I know is that they were bought by another bank.) For over a year after discharge the CRAs refused to report correctly. They showed my First USA accounts with balances due as well as charged-off. Each time I disputed this, they came back as verified.

Once I sent my discharge papers (with all creditors blacked out except for the First USA accounts) the balances due instantly became $0.00. The charge-offs remained for about 5 months. And then, lo and behold, all 4 First USA accounts simply dropped off all my reports!!!!!!! I didn't even request THIS. It just happened.

I have no intentions whatsoever to dispute my BK as "not mine" -- so sending in my discharge papers was a great decision that got me much more than the desired results.

iam still getting the same problems from trans union states my disputes are frivolous. and experian had put everything IIB with no bal does my score go up with no bal.BUMP

FLBK i did same thing blacked all other accounts but the one i was disputing on my creditor matrix and discharg papers and wham it was corrected. Nomorebadcredit try that it helped and my scores went up

Nomorebadcredit, IIB and zero balance is how each and every account should read.

Nomorebadcredit, IIB and zero balance is how each and every account should read.
TRANS UNION HAS A HIGH BAL. AND WERE THE BAL IS BLANK.

What you need to look for is the date of last activity and the date of first delinquency. That will tell you when the accounts will fall off your account. If those accounts were IIB, then those dates should all be around the same time. I have found that writing letters with my point by point disputes and documentation has had good results. I still have a way to go but it is getting better.

What you need to look for is the date of last activity and the date of first delinquency. That will tell you when the accounts will fall off your account. If those accounts were IIB, then those dates should all be around the same time. I have found that writing letters with my point by point disputes and documentation has had good results. I still have a way to go but it is getting better.I Have writing letter but have had no suscess.

the high balance is highest the balance ever was not current balance. As long as that number is correct, they can leave it there. The balance is blank is the same as a 0 being there, they are not showing a balance.

thanks everyone

check out my new post that show how trans union reported on cr.

http://www.bkforum.com/showthread.php?p=140149&posted=1#post140149

TRYING TO REBUILD CREDIT i can not get approved with no one i tried for secured card no one will give me credit. what can i do to get started to rebuild thanks.

My advise is to give it some time before youo start rebuilding. I would first start with the claen up of the credit reports. And allow at least 6 mpnths from your discharge to start applying for new credit. You need to give your scores time to settle down before you do anything.

My advise is to give it some time before youo start rebuilding. I would first start with the claen up of the credit reports. And allow at least 6 mpnths from your discharge to start applying for new credit. You need to give your scores time to settle down before you do anything.i have got credit with target. but trans union is not reporting right see post ^