Next step after CapOne and HSBC Orchard/BB

[Amy26]

Good to know thanks! I will apply in a few months. 2500 total credit line is sufficient for me, for now!

You're welcome. Yea, I'm happy with my hooters and my capital one... I have 2800 between the two of them... I just really hate my BB Reward Zone MC... 500 limit with no hope of increase...and annual fee.. I want to get a barclays card to replace it at some point. Then I will be content.

[dumpinmydebt]

Yeah but with cash back cards you could earn more than a savings account. That isn't my motivation though. I'm just rebuilding my credit so I can buy a house later. No other reason. I pay off the balance before the bill comes.

This is the same reason I will be getting a credit card once I'm discharged. Don't really want it, but I know it's needed to rebuild.

[dumpinmydebt]

tobee - I never heard of the Hooter's card until I joined this site as well. You are not alone my friend.

[nc73]

I have found that my debit card works very well, doesn't have any fees for me to pay, and.... I'm making interest on the money in my account. It's nice to pay cash and not owe any bills at the end of the month.

Just my 2 cents worth.

Yeah but with cash back cards you could earn more than a savings account. That isn't my motivation though. I'm just rebuilding my credit so I can buy a house later. No other reason. I pay off the balance before the bill comes.

[frogger]

I have found that my debit card works very well, doesn't have any fees for me to pay, and.... I'm making interest on the money in my account. It's nice to pay cash and not owe any bills at the end of the month.

Just my 2 cents worth.

[nc73]

I do not have an annual fee on my hooters card.

Good to know thanks! I will apply in a few months. 2500 total credit line is sufficient for me, for now!

[Amy26]

shoot i forgot they had an annual fee. might just keep my two cap one's.

I do not have an annual fee on my hooters card.

[tobee43]

I'm pretty sure I've stated this before, but 99% of the time, there's no good reason to leave any balance at all. Always pay off your balance. The only time you want want to leave a balance (1%-10% utilization against total credit limit) is when you are about to make a big purchase and need credit for (ex: auto or house). Leaving some balance (< 10% usage) will slightly bump up your FICO score. This maximizes getting the best interest rate for a potential loan. You can google around if you need more information on this.

i heard it is better IF they see you making monthly payments......but i'm with YOU on this one...

our fico scores immediately following our discharge were 690 and 685....because we never were late with cc's...and filed bk before they could report "late" payments...i think that helped with our scores....

actually...we have been recalibrating and re-calculating our numbers..... and if we do this right.....i think we should be able to buy this house cash instead of even taking out a mortgage...in a few years...we have an option to buy it after 5 years so we will be doing it.

so the only thing that would be left to need any amount of credit for, is, if, our old car gave out...we are hoping we have a bit of time for it...(5 years PLEASE)...although it's already 10 years old it only has about 65k miles on it...so we are trying to keep it up.

[CCsAreEvil]

...and it's NOT good to pay the full amount off so you can build up a "history"....i'm finding i'm FREAKING OUT about this...we have the money and i just want to see zero balances!!

I'm pretty sure I've stated this before, but 99% of the time, there's no good reason to leave any balance at all. Always pay off your balance. The only time you want want to leave a balance (1%-10% utilization against total credit limit) is when you are about to make a big purchase and need credit for (ex: auto or house). Leaving some balance (< 10% usage) will slightly bump up your FICO score. This maximizes getting the best interest rate for a potential loan. You can google around if you need more information on this.

[nc73]

I haven't kept a balance. It is usually paid off before the bill. It must be working since cap one gave me another card with a 2k limit.

[tobee43]

You can't be serious? Well, just in case others may question, just like there's no "BestBuy" Bank :P They use VISA/MC issued by a "real" bank lender. In this case, Hooters uses Merrick Bank. Look at the Hooters Mastercard login URL.

Annual fee ranges from free (rare?) to I think around $79. I think it's either $19, $39, $59.. (goes by $20s).

And most of us rebuildin' folk usually don't care about interest rates because we don't carry balances.. Amirite?

CC!! i was serious!! i never even heard of a hooster's card until this site!! i guess i'm just way out of it.

we got the capitol one with no annual fee....but the orchard banks one had no fee and the other...me, had the $39.

you got that right about the interest rate..you know, i was told to use the card for the holidays so it looks like we are buying and paying it off and it's NOT good to pay the full amount off so you can build up a "history"....i'm finding i'm FREAKING OUT about this...we have the money and i just want to see zero balances!! so it's taking all my strength to stay off the site to make the payment!!!

[nc73]

shoot i forgot they had an annual fee. might just keep my two cap one's.

[CCsAreEvil]

i thought hooters is a restaurant??? they are a bank as well??

You can't be serious? Well, just in case others may question, just like there's no "BestBuy" Bank :P They use VISA/MC issued by a "real" bank lender. In this case, Hooters uses Merrick Bank. Look at the Hooters Mastercard login URL.

Annual fee ranges from free (rare?) to I think around $79. I think it's either $19, $39, $59.. (goes by $20s).

And most of us rebuildin' folk usually don't care about interest rates because we don't carry balances.. Amirite?

[tobee43]

Well I first got a 500 limit the day after discharge but now I got a second one for 2k limit and it's only been 2 months!
I figured that would happen. My scores are under 700. Hooters in a few months.

i thought hooters is a restaurant??? they are a bank as well??

the first time i saw the name was on this forum....but i guess for some that may be the only card they can get??? what type of fees and interest does it have?

[nc73]

Well I first got a 500 limit the day after discharge but now I got a second one for 2k limit and it's only been 2 months!
I figured that would happen. My scores are under 700. Hooters in a few months.