Just applied for Hooters card..

[Blondie75]

and was denied. Anyone else have any other ideas on how to start rebuilding my credit? My credit before filing was high 700's. TIA

[AngelinaCatHub]

Blondie, don't open yourself for trouble with plastic. That is washing success down a sewer with credit. Start on your new life with cash or don't buy it. Hooters is expensive but the food is good but very rich. McDonalds may fill the need but Ronald does not look as good to me as the Hooters girls. LOL 'Hub

[Blondie75]

Thanks for the advice but I need to start rebuilding my credit. Can anyone give me sound advice here?

[AMISLANDER]

My opinion.

Hooter's Mastercard is the first cc I got after the bk. It was 29% interest & $79 yearly fee with a $1000 line of credit.

My credit score pre-bk was probably over 800 or whatever the highest score could be.

I used the card for a year, keeping a balance, paying some then once I was able to take advantage of a lower interest card, I did. Went with Racetrack at 16%, no yearly fee. Used that for awhile, then paid it off, and started with WAMU. WAMU gave me 6 months no interest and my current rate is now 10%.

My advice: LOOK AROUND! Do not, I repeat, do not go with any cards that require you to pay a bunch of fees....better to wait another year and let the credit gods cool off.

As far as getting denined from Hooter's, I'd call them & see why.

[AngelinaCatHub]

Thanks for the advice but I need to start rebuilding my credit. Can anyone give me sound advice here?

I wasn't kidding. However if you must, time will heal part of it as well as a secured credit card. After a while on a secured card, and good payment history, the firm usually allows a bit of credit beyond the secured amount. Another way may be to purchase a car. Not necessarily new, but these dealers are dying to sell their stock and some work out payment plans for any sale. Do you rent or own? If you rent, your renter may submit a good report.

Other than this, credit is getting tighter over all. This is why so many banks and card companies are in trouble. Sorry to not give the answer you wished but if you look at my signature, you may guess I have a bias against credit cards. I'm here on the bk forum, and cards are a major reason. 'Hub

[Blondie75]

I called them and they said its a final decision and no discussion. I find that odd as many others on here were approved.

[Flamingo]

I called them and they said its a final decision and no discussion. I find that odd as many others on here were approved.

Blondie75 - You need to know that just because some folks may get approved for a card on here after BK, that does not mean that you will. With a Chapter 7 on your records (it will be there for 10 years from your filing date) you will receive more denials for credit over the years than you will acceptances. You will need to accept that and it is just because you filed bankruptcy. Many creditors see a BK on your credit report and just will not extend you credit. There are some credit friendly places, Orchard Bank being one of them. They start many off with a low credit limit, a yearly fee and usually an interest rate of about 14.99% or higher. WAMU used to be BK friendly but now they have been taken over by JPMorgan/Chase so you can kiss the BK friendly aspect goodbye with that.

You may have to establish yourself for a while just making sure your utilities, other bills, etc. are all paid on time for a while and let things ride for a bit before you apply for a card. Everytime you apply and get turned down, that is another inquiry on your credit reports and they stay on for two years and bring down your score, plus it does not look too good after filing a BK to have a lot of credit inquiries. Time is your friend after BK as to reestablishing any credit and you will have to fight the BK demon on your credit report for a long time yet.

Just giving you some fair and true advice...best of luck to you.

[trying_to_fix]

I was just discharged earlier this month and was accepted for an Orchard Bank card. I call it a "crap" card since the limit is only $500 and I have a $39 annual fee.

But the key is I have a card and now can rebuild my credit history.

Give them a try and see what happens.

[Blondie75]

I opened an Orchard Bank card with a $300 limit and $59 annual fee. I've already paid that off. I'll be putting my first charge on it next weekend and have the money put aside to pay it off in small payments to rebuild my revolving credit.

[GoFigure]

Hooters Masctercard gave me a card in 01/2008. 14.99% interest rate, no annual fee. Opening credit line of $4500. I called them last week to ask a question and the CS person said that they never saw a new card issued with a $4500 CL before. It was her first. Lucky me I guess.

GoFigure.

[BK2008]

Orchard just approved me for a $750 limit, no fees, 8.9% unsecured.

[Lajazz947]

and was denied. Anyone else have any other ideas on how to start rebuilding my credit? My credit before filing was high 700's. TIA

Secured credit card is the best way. That and pay your mortgage on time.

I agree with Cat though, no way I will EVER get into the credit trap again. I will have one card for emergencies at some point.

Rebuilding my credit is the furthest thing from my mind right now. I will be cash forever. ( And I mean it )

[AMISLANDER]

The only way a credit card becomes a "trap" is when you abuse the credit card. Otherwise, if you use the card & have the money to pay the balance; voila, no problem.

[violetuniverse]

i got denied for the hooters card, but got the american dream card