Recommended Credit Cards

[Tiedyedsky]

HAHA! I will tell my husband. He saw that I asked that and said it was a dumb question that of course it can only be used at Target! Thanks for the info!

I also just applied for a credit card at Wal-mart and my husband was approved for $100 and I got approved for $490! Yay!

[tinroofrusted]

Can you use a Target credit card only at Target?

Redcard, yes
Target Visa you can use anywhere.

[Tiedyedsky]

Can you use a Target credit card only at Target?

[FilingOnMyOwn]

Hi everyone. I noticed that a lot of the members on the board have been approved for a Target card after bankruptcy. My chapter 7 bankrupcty was discharged in May of 2005 and I just got approved for a Orchard Bank card. I would like to know from the people that have been approved did you already have a few credit cards in good standing when you got approved?

Thanks in advance for any feedback.

Nope, orchard is often the first card many of us get. They do take longer to send it though, sometimes almost a month.

[Naz428]

Hi everyone. I noticed that a lot of the members on the board have been approved for a Target card after bankruptcy. My chapter 7 bankrupcty was discharged in May of 2005 and I just got approved for a Orchard Bank card. I would like to know from the people that have been approved did you already have a few credit cards in good standing when you got approved?

Thanks in advance for any feedback.

[highNdry]

Hi Pink_amulet

You have to ask Hooters for the reason for the denial, which they will mail in a another letter.

[pink_amulet]

Hubby applied for the Orchard bank and go the email today saying he was approved for the unsecured one. He already has First Premier with only $300 limit, so we figure Orchard will be $300 limit as well. Oh well it is a start.

Oh and by the way on 4/28/06 he was denied for the Hooters card, yet on 5/17/06 he was approved for the Orchard unsecured...so Hooters is still being picky...and also he waited for the "letter" of denial..LOL the only thing is stated was they were unable to approve him based on what the credit report said.....it never mentioned BK or anything....so it was just a general letter.

pink

[concerned]

Pre-Approved Cards--Should I bother?

Ok, sar far, I have a Orchard Bank Card, a Household Card, and a Target Card--thanks to the advice on the forum. I have started to get pre-approved offers in the mail. Should I bother trying for them? Most show 0%, no annual fee, etc., but the catch is they are all appearing in my maiden name, which is surprising. Any suggestions? I would love to get a card before next year that doesn't have a fee, but at the same time I know that if I close one of the new cards, it will hurt my credit score.

Thanks,
concerned

[nk29]

Hi,

My attorney said it was fine to apply for credit cards without getting any special approval. If I were out shopping for a mortgage or car, then for sure I would need approval. To be honest, my whole experience with the Ch 13 has been very lax and not at all what I was expecting it to be, no one ever bothers me I just send in my $200 a month and that's it. I even got to keep my tax return for $800! When I asked my attorney's office if I got to keep it, they thought I was crazy to think they would take it away, they said they only do that if you had back taxes owed. I am in NJ, by the way.

FHA does consider credit score, it deducts or adds a certain %age to your APR depending on how good or bad the score. I applied last year before my BK and was given a table of what the score ranges and APR adjustments were:

Type of adjustment
Amount of adjustment to the rate

Loan amount < $150,000
+ .125%
Loan amount < $120,000
+ .250%

Credit score > 680
- .250%
Credit score > 660
- .125%
Credit score < 620
+ .125%

Credit score < 580
+ .250%

Credit score < 550
+ .500%

Bankruptcy/CCCS
+ .250%

Non-occupying Co-borrower
+ .125%

Open collection accounts
+ .125%

Manufactured home
+ .500%

[StaciMM]

Nk29-

If you're in 13, aren't you not supposed to open new credit without the trustee's permission? And, I don't think FHA goes by credit score.

[nk29]

I just wanted to share this since there was just some discussion about multiple cards with HSBC. I received the Household Platinum Mastercard (which is misleading because it's only for like $300!), and shortly after got an offer in the mail for their Visa card (same 14.9% APR and $59 annual fee). I called to ask if I could apply for both, and they said yes because they aren't identical cards. So I applied and got approved this time for $500. I am really happy just because now at least I have one of each, a Visa and MC, and can be on my way to rebuilding credit. It's weird living off cash alone, after all before the BK I had every card under the sun and never paid fees, plus had way too high credit limits. At the same time it is liberating not feeling the weight of the debt on my shoulders! I just want to raise my credit score so I can get a good mortgage rate within the next year, I am waiting to the one year post mark for an FHA mortgage since I filed Ch 13 last August.

[FilingOnMyOwn]

Platinum means nothing on an orchard bank card, except that you will probably have a starting credit limit of $300.

[baybreeze]

Decided to Apply for Orchard

Hi again,

Well, after extensive research in this forum & other bankruptcy and credit forums, I decided to apply for an Orchard Bank credit card. I had noticed too many issues with Cap 1. from too many people.

Good thing is Orchard lets you fill in some info first, then lists their different cards that you would most likely be approved for. I was suprised to see that I would probably be approved for the Platinum unsecured card as well. So I applied for the unsecured..and was approved!!!!! I have no clue yet what my credit limit will be (though it doesnt much matter as I could care less to really use credit cards anymore - except sometimes one needs one when renting a car, or booking a hotel, etcc..Plus i only plan to use it to build my credit more)

I found a tip as well - while browsing some other Credit Forums, I found lists from people regarding which cards are BK friendly. Many of them even noted how long after BK they got them and from which CRA they pulled their credit reports from. I notice time after time people reported that Orchard only pulled Experian. That helped me because my FICO score from Experian is much higher than TU or EQ. (Experian=689) The other 2 are 628 and 632.

[edwards2]

Staci - I did just that with Capital One. Any by the way remember the poster who said he got both Household Bank and Orchard Bank credit cards when their website specifically says you cannot have more than one card with them; well I contacted them and they said...they will issue more than one card but it is strictly based on your credit report..so the poster must have had a high score.

[StaciMM]

Let us know how it goes!

One thing about Cap1 to be aware of: they don't report the credit limit, so the 'high balance' is used to determine utilization %. A high utilization % hurts the credit score. What this means is that if you have a $75 balance but never had more than $100 on it, it looks like you're nearly maxed out.

What to do to fix that: When you get your card, DO max it out. Not by shopping sprees, but by putting things on it that you normally pay from your checking account. Cable/phone/utilities, even groceries, auto insurance, etc. Whatever you can put on the card to get the balance up. Once the first statement comes, pay it off (since the $$ for those things should still be in your checking account). We did this for Dh's $500 limit Cap 1, so it now shows $494 as the 'high credit'.