Which credit card is better?

[dumpinmydebt]

I took a credit report class when I worked for a mortgage company and they also stated to not go over 30% usage.

[oregonpilot]

what i had read somewhere is to not go over 30% usage.
Good luck!

[ssc2761]

Got the Cap 1 card yesterday. $2000 limit. Pretty good for the first card. I plan on buying just gas on it every month and then paying it off in full by due date. Any different suggestions on how i should use it or is the best way to just make gas type purchases, not go over 50% usage and pay off in full each month?

[Jameslaker]

For me Orchard is bad credit card I have ever had.They charged me $74 a year which is very high.I have a bad credit so i paid it.

[stormy]

I just applied for a Capital One and was approved instantly for a $500 limit with the 0% interest until 2011; unbelievable! So now I'll have my car and a credit card with a low limit to help me rebuild my credit....excellent!!

[ssc2761]

The wife was approved yesterday for the Cap One no annual fee platinum card. This was same card i was approved for a week ago. In our case it was better to apply via the pre-approval offers in the mail that stated no annual fee. We did try going directly to Cap One site and seeing what we qualifed for via the soft pull of credit. The cards offered all had annual fees, but in some cases a lower interest rate. We ended up then just applying via the pre-approval offer online and preferred the no annual fee. That way we don't have to ever close these accounts since they will now be our first and oldest. Thanks to all who helped and guided us toward the best bk friendly cc offers.

[backtoschool]

Got approved today for the Cap One w/no interest until 9/2011 when it will be a variable 22.9%. The int. rate is high, but I am not going to carry a balance anyway. The main thing is there is no annual fee or any other maintenance/monthly type fees so I won't ever have to close this card, which affects your credit history negatively when you close the first/oldest card. I will have to wait until I get it to see what the credit limit is. Only plan on buying gas on it each month and paying it off to build credit. Does anyone have any advice about when to get a 2nd credit card? Should I wait until like 1 yr after my 7/7/10 discharge to get better offers? Also what is best/cheapest way to get all 3 reports and fico scores? I love this forum, it got me going again after being down during the whole bk process. I'm on my way now with my first card!!

I think it is a good idea to go for a second card right around the same time, so that the hit to your reports happens at the same time. Also, you will get the immediate benefits of having two positive trade lines, which will override the negative effect of a new trade line and the inquiry.

The best way to get all three reports, is to apply for a card you know you are not going to get and then use the denial to get a free report. This will not get you a fico score however. The inquiry is worth having several months of free credit reports in my opinion, but some would say that the inquiry isn't worth it. It is a personal preference and ymmv. Experian doesn't even do consumer fico scores, so the best you can do is get all three reports and two fico scores. MyFico offers score monitoring for $100 a year that will give you updates on your equifax fico score whenever it changes. I use that, plus the free reports I get from my "denial".

[ssc2761]

Got approved today for the Cap One w/no interest until 9/2011 when it will be a variable 22.9%. The int. rate is high, but I am not going to carry a balance anyway. The main thing is there is no annual fee or any other maintenance/monthly type fees so I won't ever have to close this card, which affects your credit history negatively when you close the first/oldest card. I will have to wait until I get it to see what the credit limit is. Only plan on buying gas on it each month and paying it off to build credit. Does anyone have any advice about when to get a 2nd credit card? Should I wait until like 1 yr after my 7/7/10 discharge to get better offers? Also what is best/cheapest way to get all 3 reports and fico scores? I love this forum, it got me going again after being down during the whole bk process. I'm on my way now with my first card!!

[tobee43]

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!!

we went with both....however prefer cap one....

we are finding we are having problems using them....we use them rush home and pay the balance...i know we are attempting to try and build back up our credit...but it feels too terrible at this point to even have them!!

[backtoschool]

what about indicating on the application a higher household income than is actually true? Does this make a difference?

That is credit fraud and could be a problem later if you have any issues with the account.

[kymgirly]

I applied to Capitol ! through the mail and was approved for the free interest for a year deal that they sent through the mail. It makes no difference.

[ssc2761]

what about indicating on the application a higher household income than is actually true? Does this make a difference?

[ssc2761]

Any help or responses to the above: Applying for Cap 1 direct on their website, vs using their pre-approval offer I received in the mail. Would it make any difference. I was d/c chap 7 on 7/7/10.

[ssc2761]

Does it make a difference whether I apply for Capital One directly on their website vs applying via a pre-approval offer I have received? It shouldn't matter, but maybe the pre-approval offer will increase my chances of being approved. Thanks again for everyones help and respones.

[snapfish96]

CapOne.. better rate and reporting. I was discharged last Nov 1st. I was approved only for $500. Also offered a 1 year no interest. I already got money saved to purchase a laptop and i'll just use this card and pay it off right away after receiving the first bill. On my way rebuilding my credit. This forum is awesome. Thanks for all the help!!!

Bankruptcy filed - July 2010
341 Meeting - Aug 25 2010
Discharged - Nov 01 2010