Posted on: 29th Feb, 2008 04:33 am
I have been discharged from bankruptcy chapter 7, 6 years ago and have taken 2 credit cards after that with no late payments on any one of them. I've bought and already paid off a car worth 60k. I've been paying my mortgage and there's still 2 more years of payment left. I have also bought a vacation home and have been paying for it since the past 1 and 1/2 years. My debt to income ratio is around 26%. My mid fico score is 725. I have savings worth 30K in the bank and an employment history of 10 years with the same employer. Now I do need a credit card having higher limit since I'd have to travel a lot due to job requirements. But whenever I apply for a card, I get denied..i guess it's for the bankruptcy? Is that so because I've no late payments and have been managing my loans quite well. I doubt whether I am not going after the right card?
Try to raise the limit with your current cards.
You can also apply for a Home equity line of credit.
10yrs from BK is the policy with most major credit card providers...especially chapter 7
You can also apply for a Home equity line of credit.
10yrs from BK is the policy with most major credit card providers...especially chapter 7
You do have good score and savings. At the same time your work history too is appreciable. So, just because of the bankruptcy, that too, from which you have been discharged 6 years ago, you won't be having much problems in getting a card. How many times have you been rejected by the way?
As I know, the effect of old record die down with time, so the 8 years of bankruptcy will hopefully be not a problem. Try with some other creditor and see what they say. It takes time before you can actually find the right creditor and the right credit card.
Regards,
Jessica
As I know, the effect of old record die down with time, so the 8 years of bankruptcy will hopefully be not a problem. Try with some other creditor and see what they say. It takes time before you can actually find the right creditor and the right credit card.
Regards,
Jessica
Hi brown,
Welcome to the forum.
I agree with Jessica that you should not have much of a problem now as you have good job history and credit report. I think you should apply for other companies.
Best of luck,
Larry
Welcome to the forum.
I agree with Jessica that you should not have much of a problem now as you have good job history and credit report. I think you should apply for other companies.
Best of luck,
Larry
i will respectfully disagree with both jessica and larry - why bother applying for new credit cards that will only increase your potential for debt, reduce your credit scores and (perhaps) increase your interest costs?
you've done well since your bankruptcy to reestablish yourself, so one would think that you might be able to exist without the cards. if it is a necessity for you to have them, well thats another issue. if not, then is it simply self-gratification?
truly, you seem to be wasting your time 1) applying for the cards at all; 2) worrying about why - after all youve done - you keep getting decline.
i submit that you are better off without the cards anyway, and the less often you apply, the less often you will have to worry about the issuing companies' decisions.
you've done well since your bankruptcy to reestablish yourself, so one would think that you might be able to exist without the cards. if it is a necessity for you to have them, well thats another issue. if not, then is it simply self-gratification?
truly, you seem to be wasting your time 1) applying for the cards at all; 2) worrying about why - after all youve done - you keep getting decline.
i submit that you are better off without the cards anyway, and the less often you apply, the less often you will have to worry about the issuing companies' decisions.
The fact that the OP travels would make it that he may have to have a card. You can't carry tons of cash along with you now a days. How about if you set up a savings account with your own money for travel expenses and you can get a debit card fot it to take along with you. Also when you get denied they ususally send you a denial letter in the mail. What does it say in that letter? Most tell you it was determined from your credit report and they list which one they used. Get on and check to see if any errors may be holding you back. I do agree with the previous poster in the fact that if you don't need the card then don't get it. Wsith 30k in the bank why pay someone else outrageous interest rates when you can get a debit card for a saving account. This would leave yolur money in your pocket.
The debit card or a prepaid card may be an option for you, there are so many prepaid options out there now that you can use. Just google prepaid cards, they are also available at many department stores, I know walmart has one that you can purchase at the customer service desk and use it just like a mastercard or a visa. goodluck hope you find a solution soon. Look for a card that is going to report to the credit reporting agencies for you, some have that option, this will help you recover from the bankruptcy also by building new credit.
Does these prepaid cards report to the credit agencies? I really don't think they do but I could be wrong on that one. With it being secured with your own money the prepaids aren't really at any risk so why would they pay the fee to report? It would be nice if they did because one could build credit quickly with this.
I give up on trying to get anything descent, I give up on the credit card thing totally, I refuse to pay the ridiculous fee. I don't need a card anyway?
True...just another bill to pay off. Right now with finances the way they are it would be too easy to use a credit card. I actually started leaving mine at home about a year ago. Just too easy.
great idea, lock it up and only use it when absolutely necessary. Especially for those girls who like to shop, I have a younger sister who is a shop a holic, I don't care if she buys a can of peas, she has to buy something. LOL
Is she really a shop o holic or does others make her out to be one. Isn't it funny that as soon as someone says "hey I have to run to the store for something they automatically become a shop o holic. I say this cause I have this done to me constantly. While I am out getting groceries and maybe a little something for my daughter or even something for home repair everybody labels that as extra spending that isn't needed. BUT in the mean time they are out getting boats, campers, animal gizmos, eating out constantly, race car parts, new tools and so on. I want to yell "MY SHIT DOESN'T EVEN COME CLOSE TO ADDING UP TO WHAT YOU SPEND A YEAR!!!
OOPS posted that a little too soon. Good example last christmas I bought my daughter a cheaper version of an I POD. Got a deal since it was near Christmas and got the second half off. Both totaling under $150. I kept one for myself for work. My sister spent 4 times that amount on her son (gun, toys, games) and she made it out to be such a big deal that I bought what I did since we were not the best finacially at the time. How is one child allowed to have a nice christmas present and another not? Never did figure it out and just kept quiet...didn't matter to me anyway..they would all just find something else to talk about so I figured I would just let them linger on that one for a while. he he he