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Which credit card is better?

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  • Which credit card is better?

    I have been offered numerous card offers by both Orchard Bank and Capital one. The Orchard has $49 annual fee and interest free for 1 year and then 12.9 rate after that. The Cap1 has no annual fee, interest free until 9/2011 and then rate of 22.9. I will only use the card to build credit and not carry a balance. I'm leaning toward the Cap1. Any suggestions? i just don't want to get stuck paying 50 dollar fee every year. Which card do you recommend? Thanks in advance for all responses!!
    Discharged Chapt 7 on 7/7/10.
    Scores as of 7/12/11: EQ Fico 653; TU Fico 644; EX Quizzle 652
    Only card right now is Cap One $2500, no AF, approved 12/4/10.

  • #2
    If you don't intend on carrying on a balance, then I would go with the Cap1 card. Why pay for a fee when you have option not to?
    I may be smarter than an attorney, but I'm not one. No legal advice here, people.
    Filed Ch. 7 pro se on 10/22/10 341 on 11/19/10 Report of No Distribution Filed on 11/19/10 Discharged 1/19/11 Closed 2/2/11

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    • #3
      I do not have any credit cards currently. My bk was d/c on 7/7/10. Cleaned up my credit reports to indicate IIB with exception of Equifax where I have trouble with one creditor. Should I apply for one of the cards I talked about above (Capital 1 or Orchard Bank) before I setup utilities at my house. REason I ask is that At&T as well as Dish Network do credit checks. These are the cheapest services in my area so I have to go with them to meet my budget. Any advice is greatly appreciated. Thank you!!
      Discharged Chapt 7 on 7/7/10.
      Scores as of 7/12/11: EQ Fico 653; TU Fico 644; EX Quizzle 652
      Only card right now is Cap One $2500, no AF, approved 12/4/10.

      Comment


      • #4
        Originally posted by ssc2761 View Post
        I have been offered numerous card offers by both Orchard Bank and Capital one. The Orchard has $49 annual fee and interest free for 1 year and then 12.9 rate after that. The Cap1 has no annual fee, interest free until 9/2011 and then rate of 22.9. I will only use the card to build credit and not carry a balance. I'm leaning toward the Cap1. Any suggestions? i just don't want to get stuck paying 50 dollar fee every year. Which card do you recommend? Thanks in advance for all responses!!
        It's my opinion that anyone who has gone through BK has learned a lesson and should NEVER carry a balance on a credit card. That being said, who cares what the interest rate on your credit card is if you don't carry a balance?

        NO fees is what you should be looking for and since you've been through BK you no the importance of no credit card debt.

        Logan

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        • #5
          I do not think an application for a credit card would harm your application for utilities. Just be prepared for the utilities to ask for a deposit. Personally, I would apply to Cap 1 first. Though you have a 2 week window, so if you don't hear about an approval in that time, you may want to apply for the Orchard if you feel that is your only other option. Try to look on this thread about other cards that are bk friendly with no fees first though. A card with a fee should be a last resort, though I am not opposed to paying $50 a year to get my credit back on track, would just prefer to not have to.

          Good luck to you!
          I may be smarter than an attorney, but I'm not one. No legal advice here, people.
          Filed Ch. 7 pro se on 10/22/10 341 on 11/19/10 Report of No Distribution Filed on 11/19/10 Discharged 1/19/11 Closed 2/2/11

          Comment


          • #6
            Cap one will raise your limit regularly which will increase your fico score. Orchard bank will most likely give you a $300 or $500 limit and never increase it. High limits do not matter if you do not use the card much, but having higher limits will help you with your fico score if you ever have a balance end up showing on your reports (sometimes payments get applied to an account after the cut off date, and a balance ends up showing on your reports even if you pay in full each month. Timing is tricky on making sure you always show a zero balance....) Also having higher credit limits help with any manual credit revew you ever go through with a bank, car finance company etc.... as your ability to handle more credit, is a sign of great responsibility in the bank's eyes.
            You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

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            • #7
              CapOne.. better rate and reporting. I was discharged last Nov 1st. I was approved only for $500. Also offered a 1 year no interest. I already got money saved to purchase a laptop and i'll just use this card and pay it off right away after receiving the first bill. On my way rebuilding my credit. This forum is awesome. Thanks for all the help!!!

              Bankruptcy filed - July 2010
              341 Meeting - Aug 25 2010
              Discharged - Nov 01 2010

              Comment


              • #8
                Does it make a difference whether I apply for Capital One directly on their website vs applying via a pre-approval offer I have received? It shouldn't matter, but maybe the pre-approval offer will increase my chances of being approved. Thanks again for everyones help and respones.
                Discharged Chapt 7 on 7/7/10.
                Scores as of 7/12/11: EQ Fico 653; TU Fico 644; EX Quizzle 652
                Only card right now is Cap One $2500, no AF, approved 12/4/10.

                Comment


                • #9
                  Any help or responses to the above: Applying for Cap 1 direct on their website, vs using their pre-approval offer I received in the mail. Would it make any difference. I was d/c chap 7 on 7/7/10.
                  Discharged Chapt 7 on 7/7/10.
                  Scores as of 7/12/11: EQ Fico 653; TU Fico 644; EX Quizzle 652
                  Only card right now is Cap One $2500, no AF, approved 12/4/10.

                  Comment


                  • #10
                    what about indicating on the application a higher household income than is actually true? Does this make a difference?
                    Discharged Chapt 7 on 7/7/10.
                    Scores as of 7/12/11: EQ Fico 653; TU Fico 644; EX Quizzle 652
                    Only card right now is Cap One $2500, no AF, approved 12/4/10.

                    Comment


                    • #11
                      I applied to Capitol ! through the mail and was approved for the free interest for a year deal that they sent through the mail. It makes no difference.

                      Comment


                      • #12
                        Originally posted by ssc2761 View Post
                        what about indicating on the application a higher household income than is actually true? Does this make a difference?
                        That is credit fraud and could be a problem later if you have any issues with the account.
                        You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

                        Comment


                        • #13
                          Originally posted by ssc2761 View Post
                          I have been offered numerous card offers by both Orchard Bank and Capital one. The Orchard has $49 annual fee and interest free for 1 year and then 12.9 rate after that. The Cap1 has no annual fee, interest free until 9/2011 and then rate of 22.9. I will only use the card to build credit and not carry a balance. I'm leaning toward the Cap1. Any suggestions? i just don't want to get stuck paying 50 dollar fee every year. Which card do you recommend? Thanks in advance for all responses!!
                          we went with both....however prefer cap one....

                          we are finding we are having problems using them....we use them rush home and pay the balance...i know we are attempting to try and build back up our credit...but it feels too terrible at this point to even have them!!
                          8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

                          Comment


                          • #14
                            Got approved today for the Cap One w/no interest until 9/2011 when it will be a variable 22.9%. The int. rate is high, but I am not going to carry a balance anyway. The main thing is there is no annual fee or any other maintenance/monthly type fees so I won't ever have to close this card, which affects your credit history negatively when you close the first/oldest card. I will have to wait until I get it to see what the credit limit is. Only plan on buying gas on it each month and paying it off to build credit. Does anyone have any advice about when to get a 2nd credit card? Should I wait until like 1 yr after my 7/7/10 discharge to get better offers? Also what is best/cheapest way to get all 3 reports and fico scores? I love this forum, it got me going again after being down during the whole bk process. I'm on my way now with my first card!!
                            Discharged Chapt 7 on 7/7/10.
                            Scores as of 7/12/11: EQ Fico 653; TU Fico 644; EX Quizzle 652
                            Only card right now is Cap One $2500, no AF, approved 12/4/10.

                            Comment


                            • #15
                              Originally posted by ssc2761 View Post
                              Got approved today for the Cap One w/no interest until 9/2011 when it will be a variable 22.9%. The int. rate is high, but I am not going to carry a balance anyway. The main thing is there is no annual fee or any other maintenance/monthly type fees so I won't ever have to close this card, which affects your credit history negatively when you close the first/oldest card. I will have to wait until I get it to see what the credit limit is. Only plan on buying gas on it each month and paying it off to build credit. Does anyone have any advice about when to get a 2nd credit card? Should I wait until like 1 yr after my 7/7/10 discharge to get better offers? Also what is best/cheapest way to get all 3 reports and fico scores? I love this forum, it got me going again after being down during the whole bk process. I'm on my way now with my first card!!
                              I think it is a good idea to go for a second card right around the same time, so that the hit to your reports happens at the same time. Also, you will get the immediate benefits of having two positive trade lines, which will override the negative effect of a new trade line and the inquiry.

                              The best way to get all three reports, is to apply for a card you know you are not going to get and then use the denial to get a free report. This will not get you a fico score however. The inquiry is worth having several months of free credit reports in my opinion, but some would say that the inquiry isn't worth it. It is a personal preference and ymmv. Experian doesn't even do consumer fico scores, so the best you can do is get all three reports and two fico scores. MyFico offers score monitoring for $100 a year that will give you updates on your equifax fico score whenever it changes. I use that, plus the free reports I get from my "denial".
                              You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

                              Comment

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