List your re-established credit since BK Discharge!

[BK2008]

Thanks, Hope.

Does the Orchard & Household cards have annual fees and other misc stuff? Are these secured or unsecured?

[HopeFaith]

These are all unsecured. The Orchard and Household don't have any other fees to start-up the account. I guess you compromise on the annual fee, to get a good rate. They are good starter cards.

You can see if you're pre-approved before applying (pre-approval won't result in a hard inquiry, but applying will). If you go to their website, you can check for pre-approved offers without getting hit with the inquiry. Cap One does it too, check both their websites when/if you are ready for new credit.

[PaKettle]

BK7 discharged in March.

After that:
*GM Card rode through with $300 credit dropped from around $3000. At least they let me keep it for rebuilding purposes (I didn't owe them anything, thus it was not included in the Ch. 7.

Then I cleaned up my credit reports before applying and got:
*BEST BUY Master Card (can use it anywhere) with $500 limit

*ORCHARD card with $750 limit and $39 annual fee.

I also got to ride through with a $1000 line of credit (Overdraft Protection) from my bank, the Bank of Internet.

I applied for a WAMU card for my wife and she was turned down, I can't understand why; she has an account there and she filed against less credit debt than I did.

I applied for a WAMU for me (on the net) and they did not turn me down nor approve me. Said they'd contact me within 2 weeks. It's been my experience in the past that this usually means I'll get a rejection letter. I'd rather they had just turned me down on the web page like they did my wife, than to wait 2 weeks and then get the rejection in the mail, but so it goes... Maybe I will get approved but I am skeptical.

I am not going to apply for any more credit (even though I had hoped for something more like a $2k card) until my credit score gets up to around 680-700. Right now it is between 580 and 640 depending on who I quote. My true FICO was 580 but that was before I successfully disputed some items, so it may be closer to 620 or so now.

[Cali]

I am not going to give up using credit cards and I refuse to pay a fee to have a card.

[Flamingo]

You can see if you're pre-approved before applying (pre-approval won't result in a hard inquiry, but applying will). If you go to their website, you can check for pre-approved offers without getting hit with the inquiry. Cap One does it too, check both their websites when/if you are ready for new credit.

Any pre-approval when you respond to that to apply for the card provides a hart hit to your credit reports. My hubby received a pre-approval twice in the mail from WAMU (we responded to the second one via going to their online "code" for him to utilize that pre-approval). He was instantly approved but had a hard hit on all three of his credit reports from WAMU. Pre-approval does not mean you are yet approved - they will pull your credit reports as soon as you provide that Social Security Number and have hard inquiries appear.

[Stilltheone]

Here's our credit:

Husband:

Hooters--$500 CL, $60 AF, 25.99%
Target--$200 CL, 20%
Orchard Bank--$750 CL, 8.6%, $60 AF, divided monthly

Me:

Captial One: $1K CL (after 90 days $1500CL), 0% until Dec, then 8.9% after, $39AF
Orchard Bank: $750 CL, 14.99%, $60AF, NOT divided monthly

CAR LOAN:

Got approved through Capital One, at the dealership, for 16%, $1K down, on an 04 Pontiac GTO: $13K. We're going to wait it out 6 months and then apply for a blank check loan instead.

[movingon]

Discharged 10/2007

Car Loan Thru Local Credit Union: 20K @ 9%
Navy Federal Credit Union Visa: 17.5K @ 11.9%
Navy Federal Credit Union MC: 9K @ 12.9%
Wamu: 4.5K @ 12.9%


Some pre-building cards were Hooters, Orchard, Target, Best Buy MC that are all in the sock drawer now because they had stupid rates. I also used OX Publishing and USA Credit merchandise cards (17K with OX, USA 12.5K) to bring up available credit. These cards got me out of the 500's..

Took a small hit with the recent NFCU cards, but all FICO scores are between 660-690 now. Hopefully after 6 months with these I'll start to get close to 700. Have about 2K balance between all cards; learned lesson the hard way!!!

I agree you take a hit with new credit, but best way to raise scores is to establish new good credit. Its worth the hit in my opinion.

[bkdone]

BK7 discharged in March.

I applied for a WAMU for me (on the net) and they did not turn me down nor approve me. Said they'd contact me within 2 weeks. It's been my experience in the past that this usually means I'll get a rejection letter. Maybe I will get approved but I am skeptical.

I applied with WaMu...got a pre-screened offer in the mail. It said the same thing 'we'll get back to you within 2 weeks.' About a week later, I got a big white envelope in the mail. It said "Welcome to WaMu" on it...I was approved...$2500 llimit, no annual fee, no interest on balance transfers for a year. I cannot complain. You might be approved!

[cap350z]

Rebuild Process

Chapter VII Filing 9/26/05

Chapter VII Discharge 3/2006

Chase Student Loan-----------$3500.00
Orchard Bank MasterCard------$3000.00
Applied Bank Visa--------------$1350.00
Merrick Bank Visa--------------$1150.00
WAMU HSN Rewards Visa-------$1000.00
Chase Rewards Visa------------$700.00
CapitalOne MasterCard---------$500.00
CapitalOne Visa----------------$500.00
Target Red Card---------------$500.00
Best Buy RewardZone MasterCard----$300.00

Justice Federal Crerdit Union Signature Loan------$3000.00

New Car Loan
GMAC 6%--------------------------------------$36000.00

No credit card balances. $1700 balance on Signature Loan.

I feel lucky that I have been able to re-establish my credit.

[Logan]

Orchard Bank CC: $300.00 CL (8.65% - $35 AF)
Household Bank CC: $300.00 CL (9.95% - $35 AF)
Capital One CC: $2,000.00 CL - (CLI to $2,500.00 after 90 days) (0% Interst for 12 months - No AF)
Hooters MC: $1,100.00 CL (18.24% - No AF)
Target Red Card: $200.00 CL (20.99% -No AF)

Only carrying $50-$100 balances on each, just to get some payment history reporting. I hate the HSBC cards... but they were my first, and I like that these have been reporting since opening to each of the CB's. These were the only ones that charged AF's.

Why would you keep balances? Your car loan payment will bring your score up the most and for every balance you have your throwing money away that could go towards a home. Plus you're better off putting more towards that crappy car loan than anything else. If you want to buy a house the most important thing along with reestablished credit is a low debt to income ratio.

Good luck

[Logan]

I applied with WaMu...got a pre-screened offer in the mail. It said the same thing 'we'll get back to you within 2 weeks.' About a week later, I got a big white envelope in the mail. It said "Welcome to WaMu" on it...I was approved...$2500 llimit, no annual fee, no interest on balance transfers for a year. I cannot complain. You might be approved!

I applied for a WAMU card over a week ago and said to expect a letter in the mail. There were two phone calls with no message left to my cell phone that I traced to WAMU.

I was discharged last year in October and my reestablished credit:

Orchard for $750. I since canceled due to AF
Capital One $3500
DELL for $4000 (survived BK)
I was pre approved for a $24K loan at 10% interest 8 months ago but I never bought a car. I know interest rates have dropped since.

I spoke in length to a Mtg Broker and closed credit lines that were open after discharge can be considered for a Mtg. The most important factor for a good loan is a low Debt to income ratio. 1 year after discharge and the Mtg broker said it would be worth submitting because I have reserves and a 20% DTI on the properties I'm interested in. I'm not ready yet and will most likely wait until next year.

Logan

[Logan]

Chapter VII Filing 9/26/05

Chapter VII Discharge 3/2006

Chase Student Loan-----------$3500.00
Orchard Bank MasterCard------$3000.00
Applied Bank Visa--------------$1350.00
Merrick Bank Visa--------------$1150.00
WAMU HSN Rewards Visa-------$1000.00
Chase Rewards Visa------------$700.00
CapitalOne MasterCard---------$500.00
CapitalOne Visa----------------$500.00
Target Red Card---------------$500.00
Best Buy RewardZone MasterCard----$300.00

Justice Federal Crerdit Union Signature Loan------$3000.00

New Car Loan
GMAC 6%--------------------------------------$36000.00

No credit card balances. $1700 balance on Signature Loan.

I feel lucky that I have been able to re-establish my credit.

I would cancel the low credit limit cards. They can do more harm than good at this point.

Logan

[PaKettle]

I applied with WaMu...got a pre-screened offer in the mail. It said the same thing 'we'll get back to you within 2 weeks.' About a week later, I got a big white envelope in the mail. It said "Welcome to WaMu" on it...I was approved...$2500 llimit, no annual fee, no interest on balance transfers for a year. I cannot complain. You might be approved!

Well, funny you should say that...
I actually got an email 2 days ago (found it in my SPAM box) that said that I had been accepted and that I would be receiving my card in the mail. But it did not say for how much credit or what the interest rate was or ANYthing... So I've been waiting but so far have not received anything in the mail. If I don't receive something within next week I will call them and ask them if they sent it; maybe it was stolen?

So it APPEARS that I have been accepted by WAMU but I'm still waiting to see what I am getting... I'll post here when and if I do get something... I HOPE it's $2500 of credit. If it is, that will solve all my credit needs and I can stop worrying about getting credit.

The other cards I have are all under $1000 limit which is not enough to use when traveling, to rent a 4x4 truck in the back country, etc.. So if I get at least $1500 from WAMU with not too high of an interest rate, I'll be thrilled.

Actually the interest rate isn't even that important because I don't intend to carry a balance. I just need it to cover deposits on a truck rental when out of the country.

As for those who say they don't want credit cards, that's fine, but it does look good if you have to rent a house or apartment, if you want to buy a house, if you apply for a job where they check such things, and so on. It also would be handy IF you need emergency medical care of some such... I just think it is a matter of security in emergencies, to have a decent amount ($1500-$3000) in available credit.

The key is not to CARRY A BALANCE on them, to pay them off - or down to under $100 each - so you are not deeply in debt. Just my 2 cents.

[CindyLou]

BK7 Discharged 2/06

2/06 Orchard Bank (initially 300 each then hubby and cobined accts for 1300 total in 11/06)
2/06 Aspire Visa (300 limit and 180 fee..but increase my score a great deal) now cancelled.
4/06 Ford Motor Credit $24,000 0.9% (large downpayment)
5/06 Hooters $1000/me $1200 hubby
7/06 Cap One $500/me &750 Hubby
11/07 Christian Community Car Loan 6.75% 60 months
1/07 Juniper 3200/me $3750 Hubby
11/07 WaMU 5000 me 4200 hubby
4/08 Shell $750

btw, we have managed our credit very well and do not have anything other than incidental use of the credit cards that is paid off monthly....saving points for a cruise on the juniper carnival card )

credit scores from Transunion now: me 710 697 698 hubby 680 675 692

[Banko]

Also, student loans do nothing for credit scoring.

Why do you say this?