New Credit Cards after discharge

[BBW]

I just though I'd share. I received an offer from Credit One the same day as I received my discharge papers. So I decided to apply and was approved for a $350 limit $75 upfront fee, $69 annual fee, 23.9% interest. I took it because I will never use it. A week later I received an offer from Orchard Bank and again figured what the heck. Approved for $500 limit $39 annaul fee 0% interest for 12mons then 9.9% thereafter. I'm sure my post discharge credit score of 655 helps.

Funny thing was when I had a 720 score before filing orchard bank would only give me a secured card.

[LimpDisc]

Wow! Those CC's put you $183 in debt by just activating them. No way I take those cards!

[BBW]

Wow! Those CC's put you $183 in debt by just activating them. No way I take those cards!

Well not exactly. I've already paid off the junk fees so I'm paid up for a while. Credit cards are a necessary evil when trying to build or rebuild credit. So those fees are part of my cost of rebuilding credit. I'm actually very happy with the orchard card. Decent starting limit, only $39yr fee, 9.99 apr. All in all not way out of line. The credit one card on the other hand is a bit of a rip off but the setup fee is paid for already and it will just cost me $5.75 a month to have a positive trade line on my credit report. Which is nothing compared to the $20 a month a spend just on monitoring my credit report.

To me a couple hundred bucks is well worth the cost to expedite my credit score recovery.

[jadams]

HSBC will often credit at least half the annual fee, if not the entire fee, if you ask.

Credit One will fee you to death, but HSBC is usually pretty good about only having the AF and no other random fees.

[CCsAreEvil]

HSBC will often credit at least half the annual fee, if not the entire fee, if you ask.

I do not think this is a 100% guarantee. I have both BestBuy Rewards Mastercard (issued by HSBC) and the Orchard cards. Both each have $59 annual fees. I tried reducing the BB card but they totally refused. I said I'll cancel and they said fine. I still have my Orchard card open. I will probably try getting that reduced this week. But I have a feeling they won't reduce it at all. Both are unsecured cards.

[aces67]

Yeah we passed on that one also. The fees are just way too high.