Credit cards that I found on Myfico.com for ppl w/ bad credit

[debtmonster]

So this is the one?

https://www.dcu.org/

[mike258]

So as nice as that Navy CU sounds... it won't work for me.

Not to worry...DCU will work just fine.

[debtmonster]

So as nice as that Navy CU sounds... it won't work for me.

[mike258]

I thought you could not join the Navy one unless you were in the military.

[debtmonster]

I thought you could not join the Navy one unless you were in the military.

[mike258]

Yep DCU and Navy Federal CU are supposed to be among the better BK friendly credit unions out there. I'd recommend Navy Federal over DCU if you can find a way in. Navy's membership requirements are a strict compared to DCU.

Not all CU are BK friendly (PenFed, cough, cough)

[jcregs28]

Thanks Mike! I have opened up an Orchard Card, Credit One Bank card and am an authorized user on a parent's Capital One card post discharge last month. I will look to speak with DCU about the secured card as it looks like they are one the most friendly secured cards to get after bankruptcy!

[mike258]

Mike 258, are you from the Massachusetts area? I am looking into DCU to get started and was just discharged 8-24-09. I wanted to see if they would approve me for a secured CC so soon after bankruptcy...any thoughts? What was your experience? THanks!

Yes, I am in MA, but DCU does business all over the US. I haven't opened up any accounts with them (Im going to Navy Federal CU instead), but I stopped in a branch about a month ago and spoke to a rep about my BK. She told me to wait until I was discharged, them come in and open up the accounts...she didn't specifically give a time line.

[Mi Bankruptcy]

I was discharged in March and got an unsecured credit card from CAP 1 for $500.00. I only applied for one card and was approved. I checked my FICO and it was 633

[jcregs28]

Dcu

Mike 258, are you from the Massachusetts area? I am looking into DCU to get started and was just discharged 8-24-09. I wanted to see if they would approve me for a secured CC so soon after bankruptcy...any thoughts? What was your experience? THanks!

[TroubleinCalif]

...and placed like DCU will let you open up a secured loan. Deposit $1,000 into a CD and they will loan you the $1,000 back and report the loan to the CRA. If you default, they will take the money in the CD.

Now if you do that (the secured loan route), take that $1,000 that the CU gave back to you and open up a secured credit card. That way you can get two positive tradelines with only one security deposit.

That is a slick idea my friend!!!!! Nice one!

[debtmonster]

Cool idea. Thanks for the tip. I'm really gonna have to look into doing this.

[mike258]

That's a slick idea. Don't you have to pay interest on the CD that you're borrowing against?

Yes, but it's usually very low...usually 4-7% or less

Say it was 7%...and you borrowed $1,000 for 24 months. You will pay about $45 a month...with a total interest charge of $75 over the life of the loan. That is alot less than the outrageous fees you would pay if you opened up a First Premier (or similar) account. Plus the CD will ear interest, maybe only 1-2% but that would effectively lower your interest rate.

[debtmonster]

...and placed like DCU will let you open up a secured loan. Deposit $1,000 into a CD and they will loan you the $1,000 back and report the loan to the CRA. If you default, they will take the money in the CD.

Now if you do that (the secured loan route), take that $1,000 that the CU gave back to you and open up a secured credit card. That way you can get two positive tradelines with only one security deposit.

That's a slick idea. Don't you have to pay interest on the CD that you're borrowing against?

[mike258]

...and placed like DCU will let you open up a secured loan. Deposit $1,000 into a CD and they will loan you the $1,000 back and report the loan to the CRA. If you default, they will take the money in the CD.

Now if you do that (the secured loan route), take that $1,000 that the CU gave back to you and open up a secured credit card. That way you can get two positive tradelines with only one security deposit.