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    Hello everyone! I have a question after filling chapter 7 last year every thing was finalized in October of 2020 so it’s almost 4 months no CC active at the moment on my end only a tire plus acc for truck repairs that’s all I wondered how difficult or easy Is to acquire Credid in a store like Best Buy ? Can anyone help with answer thanks

    #2
    Welcome to the site Journey721, unfortunately the answer to your questions is like much else in life, "It depends".

    If you have a credit score in say, the mid-600s, getting a store card is a definite maybe. I exited a Chapter 13 a little over a year ago and effectively cheated and applied for a Secured Credit Card; doing so dramatically increases the odds of being approved. Unfortunately I didn't do my homework properly before I applied and needed to close my first secured card less than two months after opening it due to an unusably low limit of only $1,000. So, here are a couple pieces of advice:
    1. If a credit limit of $1,000 or under is sufficient for your needs, then CapitalOne is a pretty good place to start; they typically require a security deposit which is $151 less than the credit limit you want, or, said another way, for a credit limit of $1,000, the security deposit is $849. The deposit is refundable in the form of a credit to your card if/when the card is unsecured, and is refundable in the form of a check within 90 days of the closure of the account; obviously I took this path.
    2. If you need a credit limit of more than $1,000, there are various banks offering secured cards with limits upwards of $10,000 (Wells Fargo), and others up to $5,000 (Bank of America, TDBank, and numerous others, Credit Unions included). Unlike CapitalOne, all of the banks I looked at "secured" the card via a locked interest bearing savings account which is simply unlocked when they unsecure your card after you maintain your account in good order for a certain amount of time, typically six months.
    In my case, after shopping around I opened a secured card with TDBank for $5,000, paid it off every month, and had it unsecured after six months; they also prorated the "annual fee", which was only $29. One of the secondary benefits of these bank cards is they accrue "cash back" bonuses of a penny for every dollar you spend; by the time my TDBank Cash card was converted to an unsecured card I had already accrued about $150 in cash bonuses.

    Keep us posted on how you make out.
    Latent car nut.

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      #3
      Hi I like to tank you for all the questions I pose it helps a lot
      I will follow you advice and proceed with caution at the moment a card with $2000 will suffice since I can pay off the debt quickly since I don’t have any major debt hanging over me anymore ( Amex) love the card but it got out of control my fault I guess but I must tread lightly ( wife will be PO 🙂👍

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