House, then credit car, then car? which order?

[moneytree]

--oops, I meant 'credit card'.... lol

We'll either be buying a home or choosing to rent 2 more years.

If we get the mortgage, will we still qualify for a measly credit card to help rebuild our credit?

If we don't get the mortgage, we might upgrade our car in a year or two, but only if the interest rate is normal (any idea what a post-bk rate is?)

We've received an offer from First Premiere. But I also need to do more research on reputable card companies. Should we apply for a card thru or bank, or should I focus on a retail card, like Gymboree?

Thanks!

[poorme]

Sorry, but a lot of what you're asking will depend on your situation and priorities. You don't leave much information here to guess at.
How long have you been discharged (assuming bk, right?)
Ch 7 or 13?
Family, income, age of car(s), housing situation now?
Past credit problems? What's the scope?

Generally, advice re First Premiere is to avoid them - they are bottom feeders and you pay dearly. Don't be in such a rush to get new credit. Work on fixing/improving your scores and cleaning up your reports first. For some, that can take a year or more. read the sticky's here on how that's done.

If at all possible, don't enter into long-term financing on a car. If you need one, get a beater or one you can afford w/ cash or 'easy' terms. Everything else will fall into place. But you will need time and effort to get more credit, a little at first, then more and eventually able to finance a home. Yes, there are lenders out there who will write you a home loan one day out of BK, but again - you pay dearly.

[FilingOnMyOwn]

If you can obtain a card at least 3 months before you buy a house or car, that will give a nice boost to your credit scores if you are responsible with it and give you a lower interest rate on large secured purchases. Decent 1st cards include Capital One, Household/Orchard, Target, Hooters. I recommend that noone use the high fee cards like first premiere and aspire, those will put you several hundred dollars into debt before you even swipe the card for the first time.

[BassBoy]

It's difficult to get a CC form a conventional bank. I've asked a few (i.e. National City, Fifth Third, Key and those of the like) and all had similar responses.........go with a secured CC. They usually don't offer an unsecured CC to post BK'ers wanting to rebuild

My wife got a First Premier card, and yes, the fees are ridiculous. With a $300 credit limit to start with, the fees sucked up the first $200 or so. No sense having a card you can't use (responsibly though). BTW, we've paid off the balance and we ARE NOT using it.

I'm looking at other CC's, but I'm ONLY looking. On the other hand, I'm holding out until I can get a CC from a conventional bank......better interest rate, no (ridiculous and outrageous) fees and higher credit limit.

[emoney]

I was in the same place a few months ago. For the credit rebuild try First National Bank of Omaha. The cost is only $20 per year and a $500 dollar deposit for the security deposit. If you cannot affort that then you are not yet ready. They also report it to the CRAs as securied.
That worked for me while in BK.
Before discharge HSBC sent numberious offers. I was assured that I was approved and only the amout was in question. I bit was was susprised with a $5000 unsecured limit. Interest is high but that does not matter as I always pay in full.
Other ideas: clear up credits reports before looking for cards. Remember, first things first.
On buying a home until you have a FICO score of over 650 you still need more time. A home should be a blessing and not a curse. Without savings and a dowpayment of 20% things are getting out of line and there may be a price to be paid in the furtue.

Regards,
emoney

[Gracia]

I feel getting a home is a best choice. Its just my opinion.

You ask and enquire with many and take ur own decision.