I got my first Credit Card since discharge.

[dneil]

I just went ahead and applied for a credit card through Capitol One and I was approved I am so excited. I am not planning to charge up like a mad woman, just use it for one of my bills so that I can show that I have revolving credit on my report. I will pay it off every month. No frivolous spending.... at all.

Just wanted to share my happy news. I am excited to re-build so this was a very happy thing for me

[chicagoannie]

What limit did they give you? Interest rate? Is there a annual fee? (If you feel like sharing...!)

[stormy]

I got a Capital One with a $500 limit, 0% until July 2011 and a $39 annual fee. I put $100 on it in December and am paying it off this Friday. I got my card 1 month out of discharge.

Same here; just wanted a card so I can show revolving credit and an installment loan to help rebuild my credit. I did see my credit report for the first time since filing BKCH7; it didn't look as bad as I thought it would. My score was even higher then I thought it would be!

[dneil]

There is no annual fee. 0% interest rate until October, 2011. After that, 22.5% variable APR. But here is the thing about the interest rate. You still can help your credit by charging a small amount on the card and paying that amount off as soon as you receive your bill. This is my plan. I do not know, yet, what my credit line will be, however it said on the application up to $3,000.00. I just need a 300 or so limit, just to re-build my credit.

Here is their website

http://www.capitalone.com/contactus/?linkid=WWW_1009_CUST_A0B2084C1F86D22A0E1FFBF38F9G1F85H5AF4_HOME_H1_23_T_CU1

[onthefence]

Just wondering....did either of you BK any accts with Cap 1?

[dneil]

yes... let me double check my Matrix, but I believe we sure did... My husband had Capitol One accounts for sure! Not sure if I did... I am going to go look for you.

[dneil]

yes, we indeed do have them on the Matrix. We had 2 accounts with them.

[onthefence]

yes, we indeed do have them on the Matrix. We had 2 accounts with them.

Thanks for the reply - we also had 2 accounts with them. We were just discharged (12/28) and are starting to make a plan for credit recovery and looking into our options. May I ask, how long after discharge did you apply?

[chicagoannie]

Thanks for posting rates, etc. I was not being nosy; my BK was not due to CC debt (not that I want to run out and rack up any new cards!) and I do feel I need one card post-discharge for re-building. The one card that was on my BK was an Orchard Bank card, very small amount.

[dneil]

us either. Our credit card debt wasn't really why but it didn't help. My husband was laid off and the place closed down. We also had a failed business when the economy went to crap. So we had no other options. The one thing we will do different is save for 'the rainy days'.... and also we will not purchase anything we can't afford with cash. We will be only buying larger purchase items after the money goal (what we call it) is saved and it can be paid for in cash.

No problem with posting rates or anything else. It isn't personal for me... we are all in the same boat and sometimes when you share the 'ores' it makes things a lot easier in getting to your destination

Best of Luck to you

[dneil]

Thanks for the reply - we also had 2 accounts with them. We were just discharged (12/28) and are starting to make a plan for credit recovery and looking into our options. May I ask, how long after discharge did you apply?

Want to be blown away? Sure ask when I was discharged..... January 4, 2011!!! We filed in July, had our meeting in September and discharged a week ago tomorrow!

[onthefence]

Want to be blown away? Sure ask when I was discharged..... January 4, 2011!!! We filed in July, had our meeting in September and discharged a week ago tomorrow!

Wow, I really am blown away! Thanks so much for sharing your experiences.

[dneil]

You are very welcome. There is so much to learn. I will be honest with you.... I was scared to death of being turned down and it ruining my day. I am not worried about being responsible with a card, I was more afraid to be disappointed by being turned down. But they approved me and to be honest, it made me feel really good! For once in the past 3 years of HELL I feel like things are starting to actually calm down, and it really does feel like we are being given a second chance. yes, the rate is crazy, but I am a risk.... I have to prove myself now. I am happy for that opportunity. And as long as I pay the balance in full, I wont be having to pay that high interest. And after a year or so, who knows what I will offered.

[Amy26]

Getting in with a credit union is really the best thing we can do post BK. Well, let me rephrase...getting in with a Bankruptcy friendly CU is the best thing. I have the small lines with Hooters and Capital One and HSBC... but it was really Navy Federal CU that really helped me out. They refi'd my auto to 5.2% gave me a MC at 5k, Visa at 3.5k and an overdraft LOC at 5k. So, 6 months - 12 months post BK ... you're really going to see the most generous lines from a CU.

[dneil]

Thank You Amy. I will remember that in a year to check into a BK friendly Credit Union