Waiting Pays Off

[jenrw74]

Hey guys, haven't been on here much since d/c in May. Just wanted to post that we applied for our 1st post-BK credit card today. We got a WaMu offer in the mail today for 0% for 7 mos. and 8.99% thereafter with no fees.

I had read from other posters on here that instead of applying for high fee and secured CC's after d/c and possibly getting denied repeatedly while adding a ton of inquiries to your CR you should just wait until you start receiving normal offers in the mail, if you can be patient, and then apply. This is the first app we've done for a CC and we were approved for a credit limit of $2,300. Of course we don't plan on using it for more than just gas purchases and emergencies--I don't trust myself to go shopping with it!! But I think it's important to rebuild credit so we can get a good rate on our next house. This will be the only CC we get and we'll pay it off every month.

We also were approved for a brand new car 1 week after d/c with 9.8% so with these 2 credit lines and our mortgage (if they ever take our account out of the BK dept!!!) I'm hoping our scores will continue to go up. Since we filed 13 all of the bad stuff will fall off of our CR's in 7 yrs (2011) instead of 10.

So life is slowly but surely getting back to normal after 3 yrs of CH13 payments!!

[Boscoe]

Excellent job. That is the best way to do it. Short of filing a chapter 7, a 3 year ch 13 is the way to go. And like you say, after 7 years all the bad stuff falls off your credit report. You will be good to go in less than 4 years now!

[CindyLou]

yea washington mutual recently approved hubby for 3000 and me for 3500 from the pre approved offer things....I was pleasently surprised! I wish they would combine them into one account!

[AMISLANDER]

Just do take a look at your bill after you get it re: the APR.

I received a Race Track that was supposed to be 11%...turned out to be 21% in actuallity. I don't know how, but that's what it says.

I am paying off my Hooter's card next month & canceling it.
29% APR is too much to deal with for me. Thank you Hooters for being the first, but you gotta go!