Credit Card Woes......

[wayne-o]

I got an orchard secured card right after discharge and I had debt with HSBC. It said there was an annual fee but I was never charged it. I have had the card since december. They have reported to all 3 credit bureaus as well.

[sharksfan]

So I took all those new credit cards and put them in a glad plastic container. Filled it with water and froze the credit cards.

I think this is a fantastic idea. I'm going to utilize this tactic when rebuilding credit. Setup a single bill to charge on a particular card, setup an automatic payment for the card, then put it on ice!

[cap350z]

I found myself getting over my head again. And what happened was even though I wasn't paying any of my bills late, my FICO score took a nose dive because of all the revolving debt. It totally reversed all my good efforts of restoring my credit. So I took all those new credit cards and put them in a glad plastic container. Filled it with water and froze the credit cards. So far I haven't used a credit card since Christmas time. And I'm only paying on the cards. I have one card almost paid off.

[CindyLou]

I'm curious - of those who have been discharged and taken on new credit, have you found yourself getting in over your head again? Do you use the card? If so, do you pay the balance each month or carry a balance?

We have been living without credit for so long (not by our choice at first, of course ) that it's just unimaginable to think of getting more.

ann

Things got a little out of hand shortly after filing, but I am now back on track and have only about 1100 in credit card balance that will be down to zero once I get my bonus next month.

I have now gotten into a different mindset and only purchase things that I can afford with cash. We recently bought a new TV for the bedroom, and also a new computer (old one died) and I paid with my debit card...FELT GREAT!!!!!!!!

It is very easy to get back into the credit card mindset. WE have now over 16,000 in available credit that we do not plan on using at all!!

[CindyLou]

I also recommend the Orchard Bank card. My husband and I each got one after filing. I also would recommend Credit One Bank....

Credit One has VERY high signup fees!

[cali girl]

Well, Orchard Bank approved me for $500 CL, $39 annual fee. That's good enough for me right now, I just wanted something to get me started rebuilding.

Good job! Now just use it wisely!!!

[RickInMich]

I just got an Orchard card, too, post bankruptcy. Do they ever switch you over to a non-annual fee card down the road? I just hate having to pay that. But I also realize it's a necessary evil for us.

[CLEAR4579]

I also recommend the Orchard Bank card. My husband and I each got one after filing. I also would recommend Credit One Bank....

[bkdone]

Very good then! They are good about raising your credit limit too. My DH has an Orchard card and it started out with a $750 limit. He got it a year ago, and after about 6 months of using it and paying it down, he stopped using it all together. The balance is low, and we'd just pay the minimum or a bit more each month. Well after about 4 months of non-use and payments only, they raised his limit to $1200. Nice!!

Update to my own post... Just went online to pay my DH's cc bill...they increased the limit another $300 within the past few days. We didnt even know... Orchard has been good to us! Really!

[bkdone]

Very good then! They are good about raising your credit limit too. My DH has an Orchard card and it started out with a $750 limit. He got it a year ago, and after about 6 months of using it and paying it down, he stopped using it all together. The balance is low, and we'd just pay the minimum or a bit more each month. Well after about 4 months of non-use and payments only, they raised his limit to $1200. Nice!!

[jdmc1973]

Well, Orchard Bank approved me for $500 CL, $39 annual fee. That's good enough for me right now, I just wanted something to get me started rebuilding.

[bkdone]

Be careful though...Orchard is HSBC...same company.

[Flamingo]

I'm curious - of those who have been discharged and taken on new credit, have you found yourself getting in over your head again? Do you use the card? If so, do you pay the balance each month or carry a balance?

We have been living without credit for so long (not by our choice at first, of course ) that it's just unimaginable to think of getting more.

ann

There was a time when I did not want to see another credit card again. However, they are a necessity in life if you want to rent a car, if you travel, need a hotel, etc. Also they are needed for emergencies. We have two department store credit cards and a Mastercard and Visa. None carry balances. We use them and pay them off immediately. The Mastercard or Visa comes in handy for car repairs or household repairs. We mostly use our debit card tied into our checking account. Before we filed BK, every card imaginable was after us as we had marvelous credit; we did not have to get them but we did; and when the job loss it, it just took us down over a year's time. We will never put ourselves in that position again and make every effort to avoid purchsing things we just do not need.

[ann1073]

When/if you start to get new cards, do not every again be late with payments or have any nonpayments. Be diligent and it will pay off.

I'm curious - of those who have been discharged and taken on new credit, have you found yourself getting in over your head again? Do you use the card? If so, do you pay the balance each month or carry a balance?

We have been living without credit for so long (not by our choice at first, of course ) that it's just unimaginable to think of getting more.

ann

[Flamingo]

I recommend Orchard Bank and Washington Mutual. You will probably never be able to get a credit card again with Citibank or Chase or any store affiliated with the bank (i.e., Chase or Citibank handling a store credit card). I have heard they blacklist BK filers even beyond the 10 year mark when it comes off your credit reports.

When/if you start to get new cards, do not every again be late with payments or have any nonpayments. Be diligent and it will pay off.