HSBC or Capital One?

[mrbsf]

If you were applying for your first credit card out of bankruptcy and you had a choice between HSBC or Capital One, which would you choose and why?

[magyar123]

While they both have annual fees, CapOne usually starts you out with a higher limit and are increasing limits faster, actually more frequently than HSBC products.

[Genenco]

I'd be surprised either would offer them to you..Have they?

I know of Cap 1, but nothing of HSBC...

Good luck and yeah, I'd go with Cap 1.

[relief13035]

Since I BK'd on both of them - LOL - I doubt that I would have any luck with either.

If I got to choose though, I would pick Capital One.

[2live]

I have both cap1 and hsbc and after 3 years of no lates, no over limits they still won't take off the annual fees or raise limits above 500.00.

[Scooter10]

I have both cap1 and hsbc and after 3 years of no lates, no over limits they still won't take off the annual fees or raise limits above 500.00.

I just got a CAP1 with a 3K limit (I will never use more than $100, I am all cash now) and they will increase after 3 months of on-time payments. My CHP7 discharge was 4/08. I will however check my credit in a few months to insure it is reporting correctly. CAP1 is known for not issuing the limit on the credit report which will hurt the capacity score.

[yoyoma51]

My wife and I both received Cap 1 cards with no fees and and 14.99% interest right out of BK. Her limit is $5500 and mine is $3500. It helped that we did not BK them and our Kohls card survived the BK, therefore leaving some credit in good standing on our CRs.

We spend about $100/month on each of them and pay them off every month.

[HHM]

Just wait for them to send you offers, because they will. The rush to credit cards is misguided. More than anything else, time will heal your credit. Most people start receiving offers within 6 months of discharge.

Actually, if this is your 1st CC out of BK, those mainline companies will probably deny you, you should be looking at Orchard, Hooters, Etc, if it really is that important to you.

[exhausted]

My husband received a CC offer from Cap One in the mail the other day. Our discharge was only a month and a half ago. It was a pre-approved offer and not a pre-qualified offer. They made it clear (in a nice way) that they knew about our BK, as they stated, "..... know that you've successfully moved beyond the financial difficulties of the past." I was really surprised at what they offered:

No annual fee
0% APR till June 09, 16.9% thereafter
They don't engage in universal default (not that we plan on getting into this mess again)
Will raise limit after 3 on-time payments
Payment isn't considered late until 3 or more days after the due date
Credit limit up to $3,000 (but I don't expect or want our limit to be anywhere near that)

I've read the offer about 5 times now looking for the 'catch'. I have yet to find it. DH and I aren't sure we are ready start rebuilding just yet.

EDIT: I forgot to mention that we didn't BK on them. At one time we both had our own accounts with them, but canceled them due to the $40 annual fee. Neither one of our CO accounts was ever paid late.

[mrbsf]

...CAP1 is known for not issuing the limit on the credit report which will hurt the capacity score.

I believe that Capital One changed this policy recently because of complaints it was hurting fico scores. Can anyone confirm this?

[mrbsf]

Just wait for them to send you offers, because they will...

My credit report is blocked for promotional purposes. Will I still receive these offers via mail?

...The rush to credit cards is misguided...

Believe me, I'm in no rush. I was going to wait several months before applying and just wanted some opinions. The reason I mentioned HSBC or Capital One is I would prefer to have an unsecured card. This may not be possible and I will have to go the secured route, but it seems some people have had luck getting an unsecured with the above mentioned companies.

I did not BK on either company and my CR's are listed properly. Do I have a chance? What should my fico be before applying?

[Logan]

Since discharge 09/08 I have applied and received CC's from HSBC, WAMU, Captal One, and 2 from Juniper.

The only one charging an annual fee was HSBC and I canceled that card.

Logan

[downwardspiral]

I got approved for a Cap One instantly online. The annual fee is $29

I also got a HSBC, but that it longer to approve.