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Choosing A Credit Card

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  • Choosing A Credit Card

    I received my chapter 7 discharge today. While in my 60 day stay period Credit Krama was recommending I apply for a Capitol One card with an annual fee. Since my discharge my credit score has gone up and now CK is recommending a BofA card with no annual fee.
    I remember reading a post here where a bk member had called Cap One, explained his situation, and Cap One provided a CC with no annual fee.
    My sole purpose for applying for a CC is to start rebuilding my credit rating. I am in a house that will be foreclosed and I will need to rent. I would like to have a decent credit score when that happens.
    I have saved a good amount of money. I am very happy using a debit card. I have no desire to rack up credit card debt.
    Several years ago I had a Cap One card and never had a problem with Cap One. I never dealt with BofA but I have heard not-so-good things about them.
    I am thinking of calling Cap One and see what happens.

    Comments appreciated, thanks.

  • #2
    Capital One has a card finder tool on their website. It's a soft pull to see if you qualify for a card. If you app they will do a hard pull from all 3 CA's. Maybe try their secured, it supposedly will turn into an unsecured if you use it wisely.

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    • #3
      I second using the credit car preselector tool at Cap1. I did right after discharge and it told me I was prequalified for a card, however the card they prequalified me for have an annual fee. I decided to apply for the same Cap1 card except with no annual fee and was approved.

      I think paying annual fees is a bad idea and I do not recommend doing it. Barring future transgressions, your credit worthiness will go up and up as time passes. No reason to pay an annual fee.
      Chapter 7, above median, no asset. Discharged with no UST involvement.

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      • #4
        If you do apply for a CapOne card, make sure it's one for average credit, a Mastercard, the Visas are for excellent credit. Many of us were approved for an unsecured card right after discharge, or a few month anyway. Do you know what your Fico scores are right now? I would find out before wasting any inquiries.

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        • #5
          This was the answer I got at Cap One card selector:

          "we couldn't match your records to a card offer.
          But based on your answers, we think you might like this card"

          This card was a Cap One Platinum, no annual fee.

          Comment


          • #6
            Nioka, your credit reports probably do not yet show you were discharged. You'll have better luck getting approved for a card with decent terms if you wait for your credit reports to catch up.
            LadyInTheRed is in the black!
            Filed Chap 13 April 2010. Discharged May 2015.
            $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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            • #7
              LadyInTheRed,

              The odd thing is that before I got my discharge I received several car loan offers. One even listed, my case number, discharge date, trustee, and judge. I am surprised that the car loan folks are more on top of this than the CC companies.

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              • #8
                Originally posted by nioka View Post
                LadyInTheRed,

                The odd thing is that before I got my discharge I received several car loan offers. One even listed, my case number, discharge date, trustee, and judge. I am surprised that the car loan folks are more on top of this than the CC companies.
                The car lenders are waiting to pounce on people who they can charge high interest rates and who won't be able to discharge any debt for 8 years. Actually, a lot of people also receive unsolicited credit card offers right after discharge. But, those offers probably have terrible terms. I'd rather get credit from a bank I seek out, not one who seeks me out.
                LadyInTheRed is in the black!
                Filed Chap 13 April 2010. Discharged May 2015.
                $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

                Comment


                • #9
                  Originally posted by Mayo View Post
                  Capital One has a card finder tool on their website. It's a soft pull to see if you qualify for a card. If you app they will do a hard pull from all 3 CA's. Maybe try their secured, it supposedly will turn into an unsecured if you use it wisely.
                  Unfortunately, Cap. One's secured card WON'T turn into an unsecured one - that's their policy and that's "carved in stone". I have a secured card with them basically since day 1 after my discharge and I'm going nowhere with it. I'm planning on closing it now and getting my security deposit back.
                  Filed CH7 9/24/2010, 341 on 10/28/2010, Disch.&Closed: 1/6/2011. FICO EX: 9/2: 672.
                  FICO EQ: pre-filing: 573, After BK Public Record: 568, 10/3: 673.
                  FICO TU: pre-filing: 589, After BK Public Record: 563, 9/2: 706.

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                  • #10
                    use a credit union for a secured visa
                    Discharged- pro se- chapter 7~!

                    Comment


                    • #11
                      I got a ton of letters from car companies wanting me to refinance after my BK was discharged. Credit card offers not so much. I did find the Capital One Journey card, which I think is targeted towards college students or young people with no credit, but somehow I qualified for this without an annual fee and haven't had any problems.

                      Comment


                      • #12
                        6 days after discharge and I got a capone with a waved first year fee. It has a $2000 limit. We are going to need to rent after college so i'm going to start working on my credit asap.

                        My credit score on credit karma went up 18 points to 633 after I got approved.

                        Comment


                        • #13
                          Just curious, those of you getting cap one cards right after discharge, was cap one one of your creditors you filed against?
                          Filed ch7 6/7/14 Discharged 9/16/14 Case closed 10/1/14

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                          • #14
                            For me, no CapOne was not on my credit matrix. However, it doesn't really matter much. CapOne is known to not blacklist. I wouldn't worry about having burned them in BK.
                            Chapter 7, above median, no asset. Discharged with no UST involvement.

                            Comment


                            • #15
                              I BK'd at least 10k on CapOne... I had tried applying every few months out of BK.. and finally after a year or two of attempts (don't recall exactly), they finally gave me a CC. So, I don't think they blacklist.. I truly feel it's very time based... some people for some reason are able to get a CapOne right after BK, and some after months or years.

                              I did end up closing the card because they were charging an AF (only $19.. but still). I was using it to re-build (score bump) to get better cards. Once I got better cards, I closed the CapOne.
                              Retained Lawyer: 04/2009 Filed: 09/2009 341 Meeting: 10/2009 Discharged: 12/2009 Asset: 05/2010 made asset Closed: 07/2013 after 47 long months

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