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    Usaa

    I included usaa in my bancruptcy last year and I randomly applied for a card on a whim and got approved for the secured card. I’m really confused because I thought if you include them. In bancruptcy you wouldn’t be alllowed to get credit. Does anyone have this experience? Is this a good card to get even though I’d rather have an unsecured one.

    #2
    Hi..since they've offered you a secured card, they don't have a risk in giving you a card. If it was unsecured you could file BK and they don't get paid. In this case, you've paid the money up front and all you can buy is what's available on your card. How long have you been out of BK??? Unsecured is a way to help build your credit..but whether that's what you want to do is a choice only you can make. You can wait for a while after being charged and try again for an unsecured card. There are banks who are very forgiving such as Capital One.
    Filed Chapter 13 - 07/20/12
    Discharged 8/2/16

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      #3
      I have been out of bancruptcy 10 months. Does anyone know if the secured card would lead to a unsecured card or help me get it in the future? Or since I’ve filed bancruptcy chapter 7 it would never lead to an unsecured one?

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        #4
        Originally posted by ashley90 View Post
        I have been out of bancruptcy 10 months. Does anyone know if the secured card would lead to a unsecured card or help me get it in the future? Or since I’ve filed bancruptcy chapter 7 it would never lead to an unsecured one?
        You would need to find a creditor that has secured cards that "graduate" to unsecured. Capital One is certainly one of those creditors, some credit unions do (not all), and many of the large bank cards (think Citi, Bank of America, Chase, etc).

        I would check my credit report and make sure it's clean. If you have FICO 8 scores above 640 (and certainly higher), you may find good luck at credit unions. Be careful with application "sprees" as some creditors, especially credit unions, are very leery when it comes to many inquiries. Stick to the major ones that will "pre-qualify" you without hitting your score. And you should be leery of some of those that will say that you're pre-qualified but you are not truly pre-qualified.
        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: justbroke's Blog


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

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          #5
          Thank you! I can’t seem to get any secured card at the moment besides usaa. Does anyone know if’s the secured card would help me able to get a unsecured card from them in the future since I have a bancruptcy on my record?

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            #6
            Yes, secured cards help you with your credit by actually having things in your credit report. I started with a secured AMEX from FNBO (yes, that's what they want to be called now) and have improved my credit tremendously. After 6-10 months, and with good payments and keeping your utilization low on your secured card (below 9% and definitely below 29%), you should start seeing your score improve (should be 660+) and may be able to get better deals.

            Again, the credit unions are much nicer. Major banks are very tough and many require scores over 680+ to get a mainstream card product issues from those banks.
            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: justbroke's Blog


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

            Comment

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