Which credit card is better?

[backtoschool]

Cap one will raise your limit regularly which will increase your fico score. Orchard bank will most likely give you a $300 or $500 limit and never increase it. High limits do not matter if you do not use the card much, but having higher limits will help you with your fico score if you ever have a balance end up showing on your reports (sometimes payments get applied to an account after the cut off date, and a balance ends up showing on your reports even if you pay in full each month. Timing is tricky on making sure you always show a zero balance....) Also having higher credit limits help with any manual credit revew you ever go through with a bank, car finance company etc.... as your ability to handle more credit, is a sign of great responsibility in the bank's eyes.

[dumpinmydebt]

I do not think an application for a credit card would harm your application for utilities. Just be prepared for the utilities to ask for a deposit. Personally, I would apply to Cap 1 first. Though you have a 2 week window, so if you don't hear about an approval in that time, you may want to apply for the Orchard if you feel that is your only other option. Try to look on this thread about other cards that are bk friendly with no fees first though. A card with a fee should be a last resort, though I am not opposed to paying $50 a year to get my credit back on track, would just prefer to not have to.

Good luck to you!

[Logan]

I have been offered numerous card offers by both Orchard Bank and Capital one. The Orchard has $49 annual fee and interest free for 1 year and then 12.9 rate after that. The Cap1 has no annual fee, interest free until 9/2011 and then rate of 22.9. I will only use the card to build credit and not carry a balance. I'm leaning toward the Cap1. Any suggestions? i just don't want to get stuck paying 50 dollar fee every year. Which card do you recommend? Thanks in advance for all responses!!

It's my opinion that anyone who has gone through BK has learned a lesson and should NEVER carry a balance on a credit card. That being said, who cares what the interest rate on your credit card is if you don't carry a balance?

NO fees is what you should be looking for and since you've been through BK you no the importance of no credit card debt.

Logan

[ssc2761]

I do not have any credit cards currently. My bk was d/c on 7/7/10. Cleaned up my credit reports to indicate IIB with exception of Equifax where I have trouble with one creditor. Should I apply for one of the cards I talked about above (Capital 1 or Orchard Bank) before I setup utilities at my house. REason I ask is that At&T as well as Dish Network do credit checks. These are the cheapest services in my area so I have to go with them to meet my budget. Any advice is greatly appreciated. Thank you!!

[dumpinmydebt]

If you don't intend on carrying on a balance, then I would go with the Cap1 card. Why pay for a fee when you have option not to?

[ssc2761]

I have been offered numerous card offers by both Orchard Bank and Capital one. The Orchard has $49 annual fee and interest free for 1 year and then 12.9 rate after that. The Cap1 has no annual fee, interest free until 9/2011 and then rate of 22.9. I will only use the card to build credit and not carry a balance. I'm leaning toward the Cap1. Any suggestions? i just don't want to get stuck paying 50 dollar fee every year. Which card do you recommend? Thanks in advance for all responses!!