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  • crackerbear
    replied
    There is Life after Bankruptcy

    We have an Orchard Card that we got about 6 months after discharge on a Ch. 7. We have a $59 annual fee but no monthly maint. fee. We have been happy with them. We have gotten 3 credit limit increases in less than 2 years. We now also have a Providian Card with no annual fee and lower interest rate. We even had 6 months no interest on this card. We got this one about one year after discharge. We have bought 1 new and 1 used vehicle, financed through our Credit Union, since discharge. And now finally 2 years after discharge we are buying a house with no interest rate penalty. We close the end of June and that we be a great report to the credit bureaus. There is life after bankruptcy.

    Leave a comment:


  • HRx
    replied
    Click on the link below for information about various credit cards designed for individuals with bad, slow or no-credit. Please exercise caution, and common sense when applying for sub-prime credit cards! Also read, and re-read all the fine print. Also ensure that the credit card you ultimately decide to apply for is "managed" "issued" from an actual bank. e.g. Cross Country, Orchard Bank, et cetera.

    Good Luck!

    Click Here

    Leave a comment:


  • Robert7
    replied
    Look to Credit Unions for secured cards

    There's no reason why you should be paying excessive fees for a secured credit card. An annual fee under $100 is probaly ok. However, amounts beyond that or these ridiculous monthly maintenance fees is just another way for the ccc's to capitalize on your misfortune. Also an APR over 22% should be avoided. If you do your homework, you can find good offers for secured cards even for the recently bankrupt. Your best chance is with your local credit union. Credit Unions are much more friendly than banks and typical ccc's. My local CU has a secured card with a 14% APR, No annual fee, and no monthly maintenance fee. They require you to make an equal deposit for the credit limit I want. They also pay .75% savings on the security deposit. Also bankruptcy is not a problem. So, check with your local CU. They all vary, but generally have much better offers than the banks. If you've declared bankruptcy, don't even bother with the Well's Fargo's and Bank of America's. Hope this advice helps.

    Leave a comment:


  • bk2003
    replied
    I refuse to pay monthly 'maintenance' fees. It's just another way for the cc companies to make an extra buck. I'll stick to paying cash for everything until I can get a card w/no fees.

    Leave a comment:


  • tinroofrusted
    replied
    I applied for a secured credit card through First Premiere, and got approved. They allow you to make $25.00 payments until you have a balance of $200.00, and then they send you the card.

    I did my research first.

    BTW- I also have completely cleaned up my credit reports- all three! They are all now reporting ALL of my accounts as included in bankruptcy, and I am now on my way to rebuilding credit.

    If anyone wants more information on cleaning up credit reports, IM me or email me!

    Leave a comment:


  • vic6string
    replied
    Be picky and wait if possible.

    As soon as you get your discharge (if not sooner) you will get credit card offers for cards (secured and unsecured) with huge fees like the one that started this thread ( I believe it was $150/year plus a monthly charge). If you can wait for a card, you should. I got all of these offers, and thought they were insane (before BK I had all platinums reward type cards, never paid fees of any kinf other than finance and late fees) I waited, and eventually the same banks offered better cards (higher possible limits, lower fees) ..kept waiting..offers got better. Eventually, Capitol One sent me a pre-approved platinum (only $2000 limit, no rewards, but no annual fee and no maintenance fees). Once I got that one, I used it, and paid in full every month. I waited some more and now all the card offers are for platinum. My wife did the same and got the same results. My theory: they will offer you the worst they have, and if they see you settle for it, they will keep sending you that type of stuff. Be patient, be picky. Life after bankruptcy shouldn't be worse than life before it.

    Leave a comment:


  • daneyb
    replied
    Originally posted by Todd
    Several factors exist as to why your husband was denied. He may not have met Aspire's credit approval criterias. Also, how long as it been since the BK? Does all three CRA's accurately represent your credit report? yes, this denial will have some affect on your husband's credit report. Just save, save, and save!!! ;) Before you know it, secured credit card vendors will be sending you "pre-approved" applications!

    Good Luck!

    -Todd
    It has been 8 months after BK. We have just had most of our credit reports updated with accurate information. We have $13K saved up in an ING Direct Orange Savings Acct, but we are looking to buy a house in December and we are trying to get our credit reestablished. I have been disputed things on my credit report and I plan on pulling all 3 next month (again) to see if all the errors have been fixed.

    We are looking for a secured credit card to start rebuilding our credit. I know US Bank will not approve you if you've had a bankruptcy (I called them), does anyone know of a secured credit card that you won't be denied for? Like Orchard Bank?

    Please, any information would be so greatly appreciated.

    Leave a comment:


  • BrokeCh7
    replied
    Could i be deined a secured card

    Just a quick one on secured cards is it possible to be denied one? I don't unterstand they have your money and you get nothing in return except the cc to use up to your limit of finds in their bank.

    Leave a comment:


  • HRx
    replied
    Originally posted by daneyb
    My husband was declined for the Aspire Visa on their 30-sec application. Will this show as a credit inquiry? I'm very despressed now, how are we going to rebuild our credit if we cannot get a credit card?
    Several factors exist as to why your husband was denied. He may not have met Aspire's credit approval criterias. Also, how long as it been since the BK? Does all three CRA's accurately represent your credit report? yes, this denial will have some affect on your husband's credit report. Just save, save, and save!!! ;) Before you know it, secured credit card vendors will be sending you "pre-approved" applications!

    Good Luck!

    -Todd

    Leave a comment:


  • daneyb
    replied
    My husband was declined for the Aspire Visa on their 30-sec application. Will this show as a credit inquiry? I'm very despressed now, how are we going to rebuild our credit if we cannot get a credit card?

    Leave a comment:


  • joe715
    replied
    Thanks for the info midori76. I still havent picked a card yet and am still trying to decide.

    Leave a comment:


  • midori76
    replied
    Orchard Bank Vs. Aspire

    Hi,
    I have both the Apire and the Orchard Bank Card. I defintely prefer the Aspire Card. They are reporting to the CRA's every month. They also have been very good about increasing my limit. I have had the Orchard Bank card for over a year and they have yet to increase my limit and I have been on time every month. Orchard is also snail slow in reporting to the CRA's. I have credit watch so I check it every day to make sure my payments are being reported. I have had the Aspire card for about 8 month and they have increased my credit limit twice. The only thing I don't like about Aspire card is when I intially obtained it I had problems with activating it. Once received they make you pay a fee before you can use it which is drawn from your checking account. This was not disclosed in the intial paperwork they sent me. After the fee was deducted from bank I had to call and make sure that my card was now activated. The call center is in India, so the reps are hard to understand. I was told on 3 seperate occasions that the card was okay to use. When I went to use it each time the card was declined. Received several different explanations on why the card would not activated, but after about a week the whole thing was straightened out.

    Leave a comment:


  • joe715
    replied
    Originally posted by robivi3
    Don't go to Aspire just based on what i have stated. I researched the Cards through Ripoffreports.com. Aspire does have numerous complaints. As far as the State of Florida goes they seem to be few. Research any card thoroughly before you accept it.

    Type in some keywords that will bring up different reports for the cards you are looking for.

    Oh. Didnt know that. I guess thats why i'm here asking questions. Just started researching different credit cards and got an offer in the mail from Orchard. Gonna do some digging right now. Thanks for the link and info.

    Leave a comment:


  • robivi3
    replied
    Don't go to Aspire just based on what i have stated. I researched the Cards through Ripoffreports.com. Aspire does have numerous complaints. As far as the State of Florida goes they seem to be few. Research any card thoroughly before you accept it.

    Type in some keywords that will bring up different reports for the cards you are looking for.

    Leave a comment:


  • joe715
    replied
    Hello. I was wondering if anyone had any experience with the Orchard Bank credit card. I just got an offer in the mail for one of these cards. $59 annual fee and looks like $3.50 monthly maint fee. I'm sure the limit is low like $300.00 but I guess I wont know until I am actually approved. It actually says "Pre-selected" and not "Pre-approved". Anyone know if these guys report every month? I'm looking to rebuild my credit and the fees here seem to be much cheaper than Aspire. I will go with Aspire if I must because of the great review by Robivi3. Your info is appreciated Robivi3. Thank you. -Joe

    Leave a comment:

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