Discharged, and now Starting to rebuild....

[NewStart11]

I was Discharged, $89,000 back in May.
Clean Slate, just opened a Scured Card, and that is $200.00, that was my money, no pull to credit report, and it is reported as pays as agress.
Line of Credit from Post Bankrucpty, $200.00, Pays as agrees.
Got in the Mail form household bank, Pre-approved, $1000.00 Line of Credit, Filled it out, and in 30 Sec APPROVED!!!
Is this bad??? No fee, expect for a $39.00 Annual Fee. for Household Bank.
Or is this what I should be doing to rebuild, I need at least a line of Credit for hotels I use for bussiness expenses during the week I travel.
Any Ideas to help me through this discharge phase?
Thanks
Russ

[jetsfan2010]

congrats on the discharge and the credit fresh after. 200.00 card, who is that from?

also, to get a 1000 from household isnt bad at all.

[NewStart11]

Guess, I can still be denied, havn't got the card yet, just did the online app. and it "said' approved, and my account profile says limit $1000.00
Over Draft from my bank, they were not inculed in the bankrucpty....

[AngelinaCatHub]

I was Discharged, $89,000 back in May.
Clean Slate, just opened a Scured Card, and that is $200.00, that was my money, no pull to credit report, and it is reported as pays as agress.
Line of Credit from Post Bankrucpty, $200.00, Pays as agrees.
Got in the Mail form household bank, Pre-approved, $1000.00 Line of Credit, Filled it out, and in 30 Sec APPROVED!!!
Is this bad??? No fee, expect for a $39.00 Annual Fee. for Household Bank.
Or is this what I should be doing to rebuild, I need at least a line of Credit for hotels I use for bussiness expenses during the week I travel.
Any Ideas to help me through this discharge phase?
Thanks
Russ

Now Russ, I'm sure you know I am biased against CCs. Are you SURE you want to wind this old clock again? Please don't be so gleeful to get new credit again. You have been here once. I don't want to see you here again except to help others with your experiences. Do I REALLY sound like a Dad? I guess I do. Good fortune to you. Be careful. 'Hub

[NewStart11]

Hi AngelinaCat Hub,
I agree, I need this for work, only have a line of Credit of $1,000, and no more, it's just with the $200, I have on my report, when I charge a hotel room that is $99.99 it's show's I am using 47% of my avialbe credit....
The Scured Card is my own money, not extened to me. Only Money extened to me is $1,000. And an overdraft line thorugh my Bank of $200.00
Is this not what I should be doing to rebuild my credit and ablity to pay??
I made mistakes, and have learned to never make them again.
What would you reccomend I do to help others?
THanks
Russ

[IBroke]

Is this not what I should be doing to rebuild my credit and ablity to pay??

It is and I'm doing the same. Since you even need credit even if you don't want any credit (funny, huh?), there's nothing wrong with that - as long as you keep it under close attention.

[jo23171]

I don't recommend those secured cards with annual fees. Remember to get the most out of those credit cards is to keep them open for years and years. Cards like Orchard are blood suckers. Try secured cards from First Tech CC and Commonwealth CC, they are secured in the first year and go unsecured after that. NO fees at all. If you open an account with Orchard and cancel in a few years because you got fed up with all the fees you are not going to get the most out of it.

Now to those talking about getting back in the old routine - NOT everyone goes BK because they were shopaholics. Some file because of medical bills, failed businesses, divorce or judgements against them plus lots more reasons

I had to file for BK and didn't spend a single penny on a shopping binge. I am ready to restart my credit and I can manage my finances extremely well. So dude go for it, if you can manage your finances start rebuilding your credit ASAP.

[LSUTiger32]

You do not NEED credit for work or anything else, that's what people tell themselves who WANT credit and NEED an excuse. Anything you can do with your credit card, I do with my DEBIT card.

[Amy26]

You do not NEED credit for work or anything else, that's what people tell themselves who WANT credit and NEED an excuse. Anything you can do with your credit card, I do with my DEBIT card.

Wow that is so not true. I dunno how many times I've posted about the clearance I got after I filed. Everything about me financially was looked at and was told by numerous people during the process that if I didn't show good history and had not got my credit in order after the BK, my clearance would have been denied. My car insurance rates are also driven my credit in my state.

And do you get cash back using your debit card? I highly doubt it...

Seriously, might as well just delete this forum if all people do is tell people not to get any credit after BK. Or is that the point? We have the forum just so we can bash people? The title of this forum says "How to rebuild credit, apply for secured cards, dispute items etc" ... and that is exactly why people post here. Not to get condescending remarks or be told not to do exactly what this forum is for. If this is the stance that even the moderators take, then I really don't know why this section of the forums is here.

I run all my monthly charges and groceries through my CC with Navy and then move the money from my checking account to the CC every time and I make about 50 bucks a month when I do that... wow, I'm actually making money on a credit card... who'da thunk it. And no there is no sub text or witty retort that you can make off this statement. No I am not paying any interest on this card and YES I make money on it by running my charges through it.

[sunshinepa]

I believe each person has their own circumstances. Some want to have cards again and some don't..........so I say to each his own. Hopefully anyone who is getting new cards to rebuild will use discipline and never be back here.

I also agree, not everyone was here because they lived above their means as I am one of them. The majority of my cc debt was ran up helping my son pay bills, feed family and stay afloat for two years. Yes, I did do some foolish spending after nursing my father thru brain cancer. After he passed away, I didn't deal very well, ran away and spent about 3500.00 real foolishly. But most of the 59,000 I BK'd was used for my son, grandkids and a good deal was interest, late fees and etc. after I tried to work with the CCCs. i had cards for 30 some years and never carried a balance until this all unfolded!!!

While I myself doubt I will ever have cards again, I believe that is an individual choice.

[BankruptinNJ]

You do not NEED credit for work or anything else, that's what people tell themselves who WANT credit and NEED an excuse. Anything you can do with your credit card, I do with my DEBIT card.

This is simply not accurate.

I don't want any credit cards at this time, but I know that I will eventually have to get one. Back in 2000, when I got my very first cell phone, I went to The Wiz to buy it. I hadn't had any credit cards in years, just debit cards. They looked up my credit history and were horrified to find that I didn't have any credit! I was rejected! I was treated even worse with NO credit than I was with BAD credit! They were incredibly snotty.

I was told that if I wanted the cell phone, I would have to put $1000 down to get it. I got mad and said "just get me a pre-paid phone" and have had pre-paid phones ever since.

I LOVE debit cards and they are one of the most wonderful inventions of the last 30 years, but they don't build credit.