A New CC To Try For: GE Money Cards

[Brendon]

Seems to me that if you apply for a card and are accepted that you go for low credit limits. Sometimes high cc limits can get people at the same place they started. I would assume that a low limit cc would be just as good in helping boost one's credit score than one with a high cc limit--being that the sole purpose really, afterall, should be to get the cards to "help" with improving credit worthiness.

Cap1 approved me for a 2200 limit; however, after contacting them, I had my limit decreased to 500 simply because I didn't want to be tempted.

However, I'm in no way saying you or anyone else is tempted to use your cards all the time to the limit of maxing them out...

I understand what you are saying, but not everyone files bk because they can't control their Credit Card usage. CC's have never been an issue for me. The ratio of credit being use/credit available has an effect on your score, and is the reason I am trying to take on more available credit.

[FilingOnMyOwn]

The interesting thing is, if you go to mastercard.com and find a "personal card" they will ask you if you currently have a CC (yes) and have you ever filed bk (yes) 5 of the 14 suggested cards are Chase! Leads you to believe they are bk friendly..

Yup. Actually 8 of them. Chase is not tremendously bk friendly, but many many people have slipped through the cracks.

Seems to me that if you apply for a card and are accepted that you go for low credit limits. Sometimes high cc limits can get people at the same place they started. I would assume that a low limit cc would be just as good in helping boost one's credit score than one with a high cc limit--being that the sole purpose really, afterall, should be to get the cards to "help" with improving credit worthiness.

Cap1 approved me for a 2200 limit; however, after contacting them, I had my limit decreased to 500 simply because I didn't want to be tempted.

However, I'm in no way saying you or anyone else is tempted to use your cards all the time to the limit of maxing them out...

I understand what you are saying, but not everyone files bk because they can't control their Credit Card usage. CC's have never been an issue for me. The ratio of credit being use/credit available has an effect on your score, and is the reason I am trying to take on more available credit.

Brendon is right on here. You want higher limits because you want to keep your utilization % low, preferably below 10%. Now lowering your limit on a capital one card won't affect this, because they don't report limits anyways. But any other card, a higher limit will help to increase your credit scores. And if you get cards with higher limits that worry you, you don't have to carry them. You can sock them away, or destroy them. The accounts will still exist as positive tradelines on your reports, and you only have to use the account a couple times a year to keep them from cancelling due to inactivity. Thats as simple as buying something online or using a convenience check written to your bank account, then paying the back the account with it.

[Spartan]

I ALWAYS ignore all that crap. You will be turned down for 90% of prime credit products with a BK. But this is not a prime card. The worst anyone can do is say no. The only near guaranteed turndowns with a bk are amex, citi, and chase.



700 TU fico, thats what they pulled. I had about 5 inqs.

How do you ignore that? Don't they pull your CR? Wouldn't they see the BK on your CR?

I am not that concerned about moral dilemma, but I am concerned about perjury.

[FilingOnMyOwn]

How do you ignore that? Don't they pull your CR? Wouldn't they see the BK on your CR?

I am not that concerned about moral dilemma, but I am concerned about perjury.

Worst that can happen is they say no. All its telling you by those statements is that you will most likely be declined under those conditions.

[cap350z]

No Luck either with GE

I found GE to be very unforgiving. I filed chapter 7 on 9/25/05. I had one Sam's Club charge which at the time was through GE/Monogram Bank, it was included in my BK as well.

I have applied several times for various credit cards through GE and was turned down flat for the following cards: HSN Charge, PayPal MC, and finally JCPenney.

When I received the decline letter, the same reason appeared. 'Poor payment obligation on past account(s)'.

Sounds like GE can be very 'salty' when it comes to previous customers who filed BK on them.

Oddly enough I filed several accounts with HSBC and I get pre-approval offers from them every week for credit cards and loans.

[FilingOnMyOwn]

I found GE to be very unforgiving. I filed chapter 7 on 9/25/05. I had one Sam's Club charge which at the time was through GE/Monogram Bank, it was included in my BK as well.

I have applied several times for various credit cards through GE and was turned down flat for the following cards: HSN Charge, PayPal MC, and finally JCPenney.

When I received the decline letter, the same reason appeared. 'Poor payment obligation on past account(s)'.

Sounds like GE can be very 'salty' when it comes to previous customers who filed BK on them.

Oddly enough I filed several accounts with HSBC and I get pre-approval offers from them every week for credit cards and loans.

GE is known to have a very long memory. Theres people who defaulted on GE cards 20 years ago, and didn't even file bk, that can't get a GE card now, 20 years later.