Recent discharge - Applied for Cap One Quicksilver only $300

[rustymich]

I waited 2 1/2years out before even thinking about it,got one and one only 10-20%max because the reports said no credit histort reporting Ive climbed sense..Respectfully I think your in ro much of a hurry save your money its good to have cash in hand...

[CCsAreEvil]

Agreed, but that is how people got in this mess in the first place. I would like to know how many people have been discharged, started off fresh, got a few cards, then just ran them up again. I'm not trying to start an argument, I just don't see the need for a wallet/purse of cards.

Correct. I'm sure a certain percentage of people fall right back into the trap. This happened to me years ago when I "consolidated" (great term, right?) all my CC debt onto my HELOC.. bad mistake. We ended up running up all our cards again in addition to the HELOC balance! Well, that's long past now, though. I'm sure some do the same with BK. There are definite "repeat offenders" (for lack of a better word). When we went for our BK meeting, the people right before us were filing for a 2nd time.

But on the multiple card issue, yes, you need at least 2-3 credit lines (but not necessarily more!) to actually increase your credit score by a decent amount. After those initial 2-3 credit lines, there's really no more "boost" in your score. I recall that adding the 2rd or 3rd credit line bumped up to the score by 10-20 points. I think after your 3rd credit line, there's really no more score increase benefit (maybe just a couple of points since you are increasing your overall CL).

[catleg]

I think I see the game as it is being played by the cards here.
1. They want to see you put enough charge volume through the card to justify a higher limit.
Observation: my wife and I both started with WF secured cards with $500 ea. After a year our deposits were returned and new cards issued unsecured. BUT, in the meantime I had put enough money through the card to get my limit bumped to 700 (partially unsecured). Few months later, I get another increase to 1100. My wife, who doesn't seem to get it or doesn't car, sits at a 500 limit even now.
2. They are only willing to take a chance on you to the extent that someone else is.
Observation: we both applied for Barclaycard US airways card a few months ago. Both approved, I get limit if 1100 (same as my WF card) and she gets 750 (grr...boy was she pissed).
3. Then last week since we've both put money across the cards for a few months now, I (on a lark) apply for a 1000 increase for both of us. Both approved. Win win for everybody.
4. .Meantime, I also have a ripoff Cap One card from during BK with a $59 annual fee for a $300 line. Cap One increases both our cards to $500 limit.
5. Finally on a lark the other day, I apply for the Cap One Quiksilver card for both of us. Both approved for individual accounts for $3000 each. I'm sure the increase in the limit of the Barclay card the previous week accounted for the new bigger line, at least in part.
6. Other (post-)BK friendly cards include Cabela's visa, issued by "Worlds Foremost Bank" (probably a captive bank), they gave me a $500 line about 2 weeks after discharge. We only got discharged in August.

Stuff we have been turned down for: All Chase, Citi, BofA products. I don't even bother with Amex or Discover ,will try the latter eventually. Thinking I need to try a couple of other regional banks like PNC or TD.
I'll also add that CreditKarma is useful because they report back the low and high scores of accepted applicants, so you get a good feel for whether you have a shot.

Most embarassing moment recently; trying to qualify for the 0% financing for an expensive temperpedic bed.
As soon as I saw GE Money Bank on the app I knew it was over. declined, declined (applied twice as individuals).
Temperpedic has a website and offers financing thru Wells Fargo which was our next step but Sleepy's unexpectedly offered us a 20% discount to continue the order so we picked out a better mattress for us (firm; the original was too soft) as well as a temper adjustable bed frame (rather than the leggett & Platt that we were originally buying). this way if anything goes wrong I expect temper to stand behind their product even if Sleepys wont.

So in summary it looks like Barclays and Cap One are very post BK friendly, WF is decent and so is Cabelas. And we still have a Kohls card that we acquired during the midst of chapter 13. And applying for Comcast cable for the new house, we passed the credit check and no deposit required. (But we also qualified for VZW service on an iphone back during chapter 13 also.)

[iswmle]

I wouldn't bother with PNC. They are very picky. My husband was approved for them, but they originally declined him because of limited credit. The bank manager reconned for us and they gave him a 1k limit. Since then he has been approved for an Amex and Arrival. He has no bad reports, no BK, never carried a balance and never had his utilization above 12%... PNC gave him a $100 credit increase. =/ This is after being loyal customers (we've never been in the red with PNC) paid in full faithfully. I put the card in the drawer, it is not one that grows. Plus, from my understanding PNC is not BK friendly.

Now Barclays has been amazing to me. I have gone from a $1200 limit to 6k in 2 1/2 years. But I have not carried a credit card balance since my BK and PIF. Either which way, they have been nothing short of wonderful to me.