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    Secure credit card options?

    Chapter 7 discharged in January and I want to start rebuilding my credit.

    Thus far, have been denied: Discover Secured; Capital One Secured; American Express secured

    CreditKarma's suggested cards have not worked for me.

    I also tried to open a savings account with DCU credit union so I could apply for their secured credit card but my application was denied (not sure why but will check when I get letter from bank - happened today).

    Any other secured credit card options anyone can suggest I try?

    My last resort is Open Sky secured credit card which doesn't check credit but that I hear awful things about - again, I just want to start rebuilding my credit.

    Thank you as always for your help.

    #2
    If you are already in a credit union, then I suggest their secured card. If you are already banking at a particular bank, ask them about their secured card program. Credit Unions are usually the easiest. Most major banks will actually check your credit for a secured card.

    Personally, I'd go with a local credit union.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: [URL="https://www.bkforum.com/blog.php?u=15365"]justbroke's Blog[/URL]

    I am not an attorney. Any advice provided is not legal advice.

    Comment


      #3
      Originally posted by justbroke View Post
      If you are already in a credit union, then I suggest their secured card. If you are already banking at a particular bank, ask them about their secured card program. Credit Unions are usually the easiest. Most major banks will actually check your credit for a secured card.

      Personally, I'd go with a local credit union.
      The only credit union I found ( where I could qualify to become a member) denied my application to open a savings account. And can't apply for their secured credit card if you're not a member of the credit union.

      Currently, I'm banking with Ally which is an online bank that does not have a secured card program.

      Comment


        #4
        wiggybrain, I'm thinking part of your problem is multiple applications in a short period of time. After Capitol One denied me earlier this year following the discharge of my Chapter 13, I waited something like 6 weeks and applied again; they approved me that time around.

        While on the subject of Capitol One, their secured card is maybe a tad atypical as they do in fact grant you credit above the security deposit; specifically, they grant you $151 above your deposit. Say you put down a $49 security deposit, you get a credit line of $200. In my case, I gave them $849 and got a credit limit of an even $1,000; unfortunately, that limit is annoyingly low for me. I find I am needing to pay off my credit card literally weekly; case in point; last Friday I sent them a payment of about $322, it was posted on Monday, and today I sent them another check for something like $520. It sure will be nice when I can qualify for say, a $5,000 limit and then only need to pay once per month.
        Latent car nut.

        Comment


          #5
          Originally posted by wiggybrain View Post
          The only credit union I found ( where I could qualify to become a member) denied my application to open a savings account. And can't apply for their secured credit card if you're not a member of the credit union.
          This may actually be an issue in ChexSystems causing you to not be able to open a simple bank account. I would go to the ChexSystems website and order your free report (tell them you were denied credit/account). Then, if there is negative information in there, file a dispute and use bankruptcy as the reason they should remove the negative information.



          Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
          Status: (Auto) Discharged and Closed! 5/10
          Visit My BKForum Blog: [URL="https://www.bkforum.com/blog.php?u=15365"]justbroke's Blog[/URL]

          I am not an attorney. Any advice provided is not legal advice.

          Comment

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