Easiest Credit Card to Get

[RedLight]

I was just discharged and am beginning the process of cleaning up my credit reports. It looks as though they are relatively correct and should not have much to clean. So, along those same lines, the dreaded credit card comes into play. All of our credit cards were wiped out, even the 4 with a zero balance got closed. I think I am going to call Capital One and see if they will open a card for me. They closed it, but it had a zero balance.

Also, what is the easiest credit card to get? I know that a lot of people choose the following:

Hooter's Mastercard
Orchard Bank
Capital One
HSBC

So, with the credit crunch and all, which CC's are most likely to approve someone with credit scores between 560 and 610?

[d80indebt]

Why do you need a credit card so soon after your case was discharged?

[RedLight]

I am not applying for anything...but am looking for the best deal when I am ready. Trust me, I understand the dangers of credit cards, however, I also understand that they are critical to have in order to re-establish my credit score. I used to have a 780 credit score and at "some point" would like to get there again which can only be done with something reporting on my credit report. DW and I did not reaffirm either of our cars or mortgage, so NOTHING is reporting.

We are more than able to live on a cash only basis now, fully contribute to my 401K, Roth IRA, and put $2,000 a month into our savings account. We are saving up but know that credit is important...do you think it is foolish to be concerned about your credit? At any rate, I was asking for opinions on credit cards, not lectures from others who may hold a grudge because of their financial difficulties. Thanks!!!

[downwardspiral]

I got approved for Capital One one month after my discharge. They gave me a 3k limit. Great terms. I would say that one.

[BassBoy]

I agree.......you can't get anything in the future w/o a little rebuilding.

Capital One may a good start. I also think it's wise to call and speak with someone because you didn't necessarily BK on them. Be prepared for a denial though because you did have to include them on your creditor matrix.

HSBC, Orchard, Hooters and WaMu are good ones to apply for. These lenders appear to be more BK friendly. Stay away from the Big Guns, like Chase, BofA, Citi, Discover and American Express for example because they will usually deny anyone with a BK on their credit report.

There are also CC's like First Premier and Continental Finance, but these CC's have huge upfront fees and a low limit and most of the limit is gone before you receive the card. I would try to avoid these, unless no one else will approve you.

[RedLight]

I agree.......you can't get anything in the future w/o a little rebuilding.

Capital One may a good start. I also think it's wise to call and speak with someone because you didn't necessarily BK on them. Be prepared for a denial though because you did have to include them on your creditor matrix.

HSBC, Orchard, Hooters and WaMu are good ones to apply for. These lenders appear to be more BK friendly. Stay away from the Big Guns, like Chase, BofA, Citi, Discover and American Express for example because they will usually deny anyone with a BK on their credit report.

There are also CC's like First Premier and Continental Finance, but these CC's have huge upfront fees and a low limit and most of the limit is gone before you receive the card. I would try to avoid these, unless no one else will approve you.

Thanks everyone. I fully agree with you, I need to contact Capital One after a month or so. I have some stuff to clean up on the credit reports first.

Also, I love your Mark Twain quote...it is so true.

[carbk]

I got two credit cards within a couple months after my bk was discarged (bk discharged in june 08) I got a capital one with 0% apr for 6 months and $500 credit line and orchard bank with 14.99% and $300 credit line. I am pretty happy with both credit cards, I usually use cap one the most cause 0% apr, but those two credit cards are the ones I would recommend. good luck.

[Logan]

Why do you need a credit card so soon after your case was discharged?

Why do people ask such stupid questions?


One obvious answer---To rent a car!

[Logan]

To answer the question on the easiest CC's.

I received a credit card with a $500 balance with Orchard immediately.

A month or so later a Capital One CC for $3500.

A WAMU Card 5 months later with a 7k balance.

When WAMU was taken over by Chase I decided to apply for Juniper since I BK'd Chase.

Juniper for 6K.

I applied last week for another Juniper to take advantage of 6 months no interest to buy a Macbook. I was only approved for $500.

I have since closed Orchard since they charged an annual fee.

Good luck,

Logan

PS....I need a credit card because:

1) My checking account gets 6% interest so I get to float a couple grand a month to collect 6% interest.

2) To rent cars.

3) To buy things on the internet.

4) I plan on buying a house in a year or so so I will have reestablished credit.

Happy Holidays!!!!

[BassBoy]

Hey Logan,

How is the Juniper Card? I mean how are the terms, rate and customer service? I've been trying to help a friend re-establish credit and I've recommended those little guys, like First Premier and Continental, but my friend does not want to pay the fees. My friend BK'd on Orchard, HSBC and Cap One and my friend is a little leary of applying with them right now and I didn't know who else my friend could try.

[Logan]

To answer the question on the easiest CC's.

I received a credit card with a $500 balance with Orchard immediately.

A month or so later a Capital One CC for $3500.

A WAMU Card 5 months later with a 7k balance.

When WAMU was taken over by Chase I decided to apply for Juniper since I BK'd Chase.

Juniper for 6K.

I applied last week for another Juniper to take advantage of 6 months no interest to buy a Macbook. I was only approved for $500.

I have since closed Orchard since they charged an annual fee.

Good luck,

Logan

PS....I need a credit card because:

1) My checking account gets 6% interest so I get to float a couple grand a month to collect 6% interest.

2) To rent cars.

3) To buy things on the internet.

4) I plan on buying a house in a year or so so I will have reestablished credit.

Happy Holidays!!!!

Juniper's interest rate is 7.99% and there is no charge for the card.
I pay it off every month so the terms don't mean too much right now. I have no problems with the card.


I maxed out my Capital One a few months in a row and it would take them 10 days to make sure my payment cleared before they made that credit available to me. That pissed me off so I us my Juniper Card the most right now.

Logan

[Flamingo]

"So, with the credit crunch and all, which CC's are most likely to approve someone with credit scores between 560 and 610?"

There is no guarantee in this economy that any credit card will accept anyone with a BK on their record. Even those with excellent credit right now are having a hard time getting credit. The best thing to do after a discharge is to slowly build up credit and not make it a contest as to who can rack up the most cards in the shortest period of time because that will just wreck your credit more. If you need a credit card that bad for car rentals, etc. (you can buy online with a debit card and also rent cars with a debit card with certain restrictions), try to obtain one card only several months after discharge (you need to make a track record of not applying for too much credit after discharge and make it a point to pay your rent, mortgage and utilities on time and no late payments). You may just get denied for every application which will also work against you. Be prudent...don't let a credit card or your money control you...learn to control your credit and your money and you won't find yourself back posting in this forum in another 7 or 8 years.

[MomIcantFindmy]

We have been able to secure Orchard for $750 for each of us in August, hubby received the Military Exchange Card for $5000 in October and I just recently got a Target card for $200. Guess I look like a bigger risk than my husband....lol...funny since I pay the bills! For us it really doesn't matter what the limits are. We only charge what we can AFFORD to pay off in 1 month...like gasoline and food to reestablish our credit. It seems to be working. We hope to buy a house within 5 years after we save the down payment.

[BassBoy]

Juniper's interest rate is 7.99% and there is no charge for the card.
I pay it off every month so the terms don't mean too much right now. I have no problems with the card.


I maxed out my Capital One a few months in a row and it would take them 10 days to make sure my payment cleared before they made that credit available to me. That pissed me off so I us my Juniper Card the most right now.

Logan

Cool. I checked out the Juniper site, but there does not appear to be an apply link. Is a mail offer required? I would like to forward this info. to my friend.

Thanks!

[Logan]

Cool. I checked out the Juniper site, but there does not appear to be an apply link. Is a mail offer required? I would like to forward this info. to my friend.

Thanks!

I was getting an offer from them once a week for a couple of months so I used the confirmation number. It was annoying but after Chase bought WAMU I decided to get one so I guess their advertising worked.

You can apply through the Apple web site for an Itunes rewards card.

Logan