Banks won't help

[thereshope]

tada Have you thought about a secured credit card to help you rebuild your credit? like Bank of America, Public Savings Bank. They both report to all three credit bureaus. Bank of America will review for a unsecured card at a later time.

[IamOld]

I would like to know too!

Sorry about my late response - but because they're no better than anyone else - they're not "nice" if you will.

[feelingnutsy]

Hey---nc73---may I ask who your cards are with?

[nc73]

Well FHA guidelines say they look for no credit usage after bk or good payment history after getting credit cards. I don't see anything wrong with Cap One. Get another one from them and there you have 2 credit cards. That should do it. I got 3 cards after bk and my score dropped around 10 points, and has not changed in a few months. I do a simulation on myfico and even with 2 years of on time payments, my simulated score was the same!

[nokia123]

Curious why you say that.

I would like to know too!

[discombob1]

Beware of CapOne...

Curious why you say that.

[IamOld]

Beware of CapOne...

[tada]

In addition to a credit card from CapOne, I wanted to setup some small secured loans at a bank or two to work as installment loans to help rebuild my credit. But to my surprise, Wells Fargo, Chase, Citi, etc., won't touch me and give me a secured loan because of the BK. A secured loan!

So I am left with credit unions (which I like) who easily give secured loans, usually without even running your credit report. But most of the credit unions here just report to Experien, not to all three credit bureaus.

So I guess that is the best I can do right now. I secure the loan, deposit the money into another sub-account, and then pay the loan automatically. Not big loans, just around $300 for a 12 month period. It's a hands off process that shows that the debt is always paid on time.

I guess only CapOne is going to help me with all three credit bureaus. I could probably do a car loan with CapOne, but I don't want a car payment.

I really want to rebuild my credit in the next 2 years so I can qualify for an FHA loan to refinance my "Pay and Stay" mortgage loan.