CC Recommendations

[lilacs80]

Hi Everyone,

I got discharged in October 2010. I have not applied for any credit cards. I'm looking into applying for one to rebuild credit.

I've read a lot of people on the forum seem to have very good luck with Capital One and Orchard Bank.

Aside from these 2 cards, are there any other cards you recommend? And for the people who actually own a Capital One and Orchard Bank cards, how do you like it?

Thanks!

[IBroke]

I got the Capital One (partially) secured card and I really like it.

[carlsbadmike]

CC Recommedation

I got the unsecured Credit One card with a $75 annual fee and I'm very satisfied with it. My original credit limit was $500 and after a couple of months of paying it off every month, my credit limit was raised to $600. I was approved for this card about 4 months after my BK7 discharge.

[IBroke]

I got the unsecured Credit One card with a $75 annual fee and I'm very satisfied with it. My original credit limit was $500 and after a couple of months of paying it off every month, my credit limit was raised to $600. I was approved for this card about 4 months after my BK7 discharge.

Ah yes, I have that card, too, and I can recommend them as well. My credit-limit is the same. Was raised from $500 to $600 after 1 month. I can't complain.

[gotcoffee]

I got discharged last month and just applied with capital one. approved for Classic Platinum.

[feelingnutsy]

Hi---gotcoffee---how does Classic Platinum differ from other CapitalOne cards?

[Amy26]

Right after discharge I got the Best Buy Reward Zone MC ... it was "ok". It doesn't really grow with you (aside from 1 credit increase they gave a bunch of people a few months ago for 300 dollars) and it usually has an annual fee. I kept it for a year and then got rid of it.

Another card that I got early was Hooters MC. I actually really like my hooters card. They have auto increased my limit twice in 200-300 dollar increments. The interest rate isn't bad and the version I have was without annual fee.

The other thing I recommend is find a bankruptcy friendly credit union.

[brokr741]

Firestone and Hooters are great starter cards. Firestone gave me $1500 and Hooters $300 within a few months of my CH7 discharge.

[carlsbadmike]

With regard to rebuilding credit, does it make much of a difference if you have 3 credit cards versus 2 credit cards?

[Amy26]

Take a look at the "How many CC's would you recommend" thread... we discussed that topic in there.

Its a little ways down the thread list... maybe like 8 posts ago. I'm too lazy to link it.

[lilacs80]

My reply is a little late, but thanks for all the input and replies. Appreciate it!

[lilacs80]

For people who have credit cards with Cap One, which cards do you have with them? They have quite a few online and I want to make sure I'm looking at the right one. Thanks!

[Kuya]

Some cards that may be bk friendly are:

Orchard Bank (HSBC) but it is only a $300 limit and they no longer offer CL increases. But, it was a great card for me to start out with.
Also, at AccountCentral . . . you can get a discover card (Also HSBC . .HSBC allows up to two of their cards). It will also have a $300 limit with no increases.

Both of these above have yearly fees ranging from $30 - $59 and the rates are not bad at all, considering you are a BK'er lol.

CreditOne (no affiliation with Capital One) gave me a $900 starting limit and a $100 increase every 6 months. Yearly fee of $69, I think . . and about 21% interest. Again - acceptable considering we have less than stellar credit.

JCPenny - gave me $200 limit, but I called them same day I got the card and told them I wanted to make a larger purchase. They asked if $1,000 was enough and instantly raised my limit.

I also have a chase card . . but that's by magic. Chase hates BK's and I am waiting for the day they catch it and cancel me. I was a WAMU card holder and Chase took over about 2 years ago, or so. They did review my account and sent me a congratulations letter, they were keeping my account open . . but I don't hold my breath.

These ALL worked really well for me. I actually got all of these with an open BK. Never charged more than $300 at one time, and rotated the cards. Paid them off immediately. (Trustee gave me a $500 window of acceptable debt, with lawyer approval).

I started this process about 2 years into my BK 13. Now, my BK is discharging in just a few days and myFico for Transunion is 701 today.

Again, I mention that everyone's Trustee is different . . don't go out and get ANY credit cards unless you have permission (for anyone who reads this that is till in bk)

Good luck on your credit adventure. Use any card you get to build your credit . . use it to go to dinner or a movie, then pay it off. small baby steps. DONT use it to live. If you need it to live off of, cut it up and get rid of it.

[Amy26]

FWIW: GEMB is not BK friendly if you BK'd them. I have not been able to get any GEMB card that I have applied for and they never check my credit its just instant denial. That is the bank that services JCPenny.

[prettyobk]

I've had my Capital One MC for almost a year now and got a credit limit increase once. Best Buy MC gave me a lousy $100 limit then closed my account when I went a month w/out paying. (Umemployment screwed up and I missed a whole month of checks). I want to get a Citi Secured MC but I don't know if they will approve me since Best Buy (HSBC) closed my account back in October.

Anybody tried to get a secured card with Citi, Wells Fargo or US Bank post bk?