Recommended Credit Cards

[aces67]

I have a question for you guys. Dh and I have both applied for a Cap One card and a household bank card. We have the same things on our credit report. We filed Ch 7 jointly and were discharged jointly. The only difference? He has a job and I'm a stay at home mom.

He got approved with Cap One and HSBC with no problem. I used his income where it asks for other income and I got denied on both. The reason? They say b/c I recently filed BK. So since I don't work will I never get my own credit? We did reaffirm our mortgage and that reports positively on my credit and dh added me to his Cap One card and that reports on my credit also.

[jadams]

Those of you who got hsbc (household bank) cards, was it instant? Did you get the 10-14 day response when applied online.

Tanya

Go back to the HSBC site and check your application status.

I got the 10-14 days, but when I checked it just a few minutes later it reflected an approval.

Many people also get this when they need to answer some ID questions before it can be approved.

Good luck.

[treed]

I have Cap 1 included in my BK and they denied me. I am almost 3 years out of BK and cannot get a decent limit. I travel for business and its killing me to have such low limits... Since I had an Cap1 and HSBC on my BK seems like I have no options...

[SPalin]

I'm probably in the same boat as I have included 3 Cap 1's in bk! No HSBC, but I don't really like dealing with that company from past experience. Have you thought of a secure card like at BofA that converts over to an unsecured card after 9 months? or a CU credit card, that would probably be your best bet, usually low interest rates and little or no fees! If the CU turns you down you can appeal the denial to the loan/credit board of the CU and either appear in person or send a letter to support your case.

[treed]

Well, I have some unsecured cards... just really low limits. Are you sure BOFA turns into an unsecured after 9 months?

[filingsoon]

Question, what does one do when they included HSBC and Cap One in their BK?

I will discharge later this month, and I really need a CC to cover my car rental deposits when travelling. Hotels are easy to cover using my debit card, but some of the car rental companies want to pull a credit report if you use a debit and I want to avoid that.

If I can't find a reasonable one, I did see BofA is offering a secured card with only a $39 annual fee so I may have no choice but to apply for that one.

Does anyone have any experience with BofA's secured card?

[SPalin]

A coworker has the BofA secured card, but you'll be turned down unless you have at least a year since your discharge date! Since you will discharged this month (congrats!) looks like the soonest you could apply would be late December 2010 or January 2011.
I know exactly what you mean to having a card for business travel, lucky the AmEx issued by my work was zero balanced and doesn't show on any of my credit reports so was not included in my bk. But, I'm sure it will just be a matter of time before they close it? It is now taking over a month to get my travel claim processed, so not only have I had to take 15% pay cut, but I'm now floating my business expenses. Well, it could be much worst, so I'll shut-up now. I think I'll be applying for the BestBuy rewards card (HSBC) after my discharge even though I'm not thrilled with HSBC, I guess I cannot be to picky. I'll still have my student loan, maybe Bloomingdale's and Nordstrom store cards if they survive and the AmEx, so I do need a visa or m/c. You might try a CU as they are usually understanding, but mine doesn't offer secured, so I'll have to wait 12 months or so.

[viking64]

I found a recommendation on this forum for Digital Federal Credit Union. Apparently membership is easy to come by if you join specified non-profits for as little as $25-50 member fee.

http://www.dcu.org/loans_visa/visa_index.html

They have a secured Visa or Mastercard, with credit limit equivalent to the amount on deposit in a secured account or CD.

Not sure how long you need to be post-discharge, but I'm in the same boat and want to try that.

I've also heard that Alamo is easier to rent from than some of the others with a debit card.

It might be worth calling Digital to mention you want to use their secured visa to build credit and ask how long post-discharge you need to be. I'll be trying about 4 months after discharge.

[filingsoon]

Sounds great, but I don't live in the states they service.

in case someone does:

The services offered within this site are offered exclusively through our U.S. registered representatives. LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states: MA, NH, RI, GA, CO, and CT.

[viking64]

Thanks for finding that. That's a bummer. I was wondering if there was a limitation.

What about an Orchard secured card? That should work pretty much the same way, even if the terms are less favorable.

[viking64]

But Wait!

Sounds great, but I don't live in the states they service.

in case someone does:

The services offered within this site are offered exclusively through our U.S. registered representatives. LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states: MA, NH, RI, GA, CO, and CT.

Here's the full disclaimer:

Securities, advisory services, and insurance products are offered by LPL Financial and its affiliates, a Registered Investment Advisor, Member FINRA/SIPC. DCU and DCU Financial are not registered broker/dealers, nor are they affiliated with LPL Financial. The DCU Financial site is designed for U.S. residents only. The services offered within this site are offered exclusively through our U.S. registered representatives. LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states: MA, NH, RI, GA, CO, and CT.

It may refer only to the securities/advisory/ and insurance products offered through LPL financial - not the standard banking services offered through DCU. The email referenced in the disclaimer is for the financial arm, and isn't a general email address for dcu.

I am sending the main site an email to see what their residency requirements are.

[jadams]

Sounds great, but I don't live in the states they service.

in case someone does:

The services offered within this site are offered exclusively through our U.S. registered representatives. LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states: MA, NH, RI, GA, CO, and CT.

You're quoting out of context.

That only has to do with their "investing" products - mutual funds, brokerage accounts, etc.

Any of the regular credit union stuff (checking, savings, credit card, auto loan, etc.) is available in all states provided you otherwise meet the membership criteria (a donation to some organizations is sufficient).

[filingsoon]

Oh, my misunderstanding. I also found Public Savings Bank Secured Visa on Credit Karma, they only charge a $79 fee, one time only, no ongoing fees and they haved a 25 day grace period for purchases. The only drawback I see is that your deposit which holds the secured credit line doesn't earn interest, but at today's rates who cares as long as they don't charge any additional fees.

I think I might apply for that one and go with a secured card since it might be best for me right now. I can always close it later after I can get an unsecured card. The minimum initial deposit is $200 and to $1500 plus they make you pay the $79 fee upfront when you open your account so all of your deposit is on your credit line immediately (I'm shooting for $750-1000 to cover rental car and hotel deposits.)

The only bad thing this card NEVER converts to an unsecured card, but it does seem to have less fees than all of the other ones I've researched so far.

If anyone has a card from them I would like to hear any feedback before I open an account with them (not until Jan or Feb.)

Thanks!

[viking64]

Regarding Digital Credit Union & Membership

I asked if they accepted members from New Jersey and information about the secured visa. This was their reply. By the way, kudos to them for getting an email in MA on Saturday and answering on Sunday, in a blizzard for them, no less.

Dear xxxxx,

Thank you for your email regarding DCU Membership.

My name is xxxxxx and it is my pleasure to assist you this morning. I am
very happy to learn that you are considering a DCU Membership. In
order to become a member of DCU, there are certain eligibility
requirements. You can find a list of the ways in which you can become a
DCU member by choosing the Join DCU link on the top, left hand side of
our homepage. Here, you will find the applications that you will need
for membership, along with the required identification documents. There
are no minimum balance requirements, but many new members do make an
initial deposit of $25.00. Also, if you are interested in obtaining a
DCU Secured Visa card, you can apply for the card by calling us at
800/328/8797 option #3. Upon approval of the card and your DCU
membership being opened, the Visa will then be opened within your
membership.

Again, thank you for considering DCU! If I can be of any further
assistance in regards to this or any of our products and services,
please let me know. It will be my pleasure to assist you in any way I
can.

Happy Holidays!

Sincerely,

xxxxxx
Information Center Specialist
Digital Federal Credit Union

[filingsoon]

Well, I guess I will donate to one of the organizations so I can get the DCU membership. I did notice a couple of them start at $15 and they look like they support good causes.

Thank you for all the information, I just love this forum.