Rebuilding question

[MARKETSACRIFICE]

I posted this in the wrong area earlier today, thank you in advance for your time

Hello all, Happy Thanksgiving.

I have a question regarding restablishing credit.

This isnt something i want to go around asking prior to filing, so i thought it would be best to draw from the experience here.

One of my ideas post BK, is to take out CD's say $2500 each at two or three different banks.

Then take out a $2000 loan secured with the $2500 CD at each bank.

Anyone done this? It makes fiscal sense for the bank, but i dont know if it is taboo b/c of the BK.

also, will your major banks do a secured credit card? maybe in the same scenario? $2500 deposit or CD in exchange for CC.

Would these scenarios be more attractive to a "local" bank or major bank?

ANy insight is appreciated.

Thank you!

[BassBoy]

From my experience, even if with a BK, the major banks are less likely to grant a CC, even if it's secured. These types of secured CC's offered by the major banks are more for those who have little or no credit history, like a student or recent grad. They are not rebuilding credit. On the other hand, it never hurt's to talk with the bank and discuss this. They may be able to offer you some options if they are unable to help you.

With rebuilding credit, there are plenty of unsecured CC's that are available to those wanting to re-establish credit (look under the "Recommended Credit Cards" thread under the Rebuilding Credit section of the forum). Be careful of what CC you choose though because some of them have outrageous fee's and low limit's.