Recommended Credit Cards

[exitar]

I got approved for a $750 card from HSBC yesterday from an offer I got in the mail 0% APR the first 9 months and then 14.90 APR after.
It has a $59 annual fee but it's a start.
I waited until yesterday to finally try for a card I was discharged in december of last year.
For those who are discharged my advice is to wait the offers get better every month.

[scmichael]

First Tech (Addision) is the best

RichM keeps talking about how great First Tech Federal Credit Union (formerly Addison) is so I thought he might work for them. So I tried First Tech with caution.

Long story, but I ended up calling the actual branch in San Diego. RichM is right, this is the best Credit Union, not only for secured cards, but as a replacement for a bank.

I got $2500 secured, no fees and can upgrade to unsecured eventually.

My only suggestion is call the branch. I used Asaf Savion at 858-385-4006. He said I could use his name and contact. I am sure he makes money from each account, but I don't.

The customer service from the 800 number is great because it is 24/7 and they are American, but Asaf had the correct answers whereas customer service was a bit off.

I dont know what makes a secured card the best, but this has everything I needed. Especially the no fees.

Oh I forgot an important thing. I live in LA and happened to be visiting San Diego when my application was in process so I went to the branch. They are the real deal. They are the CU for HP and other big companies.

[CCsAreEvil]

I applied to First Tech but to their unsecured card. I don't recall seeing anyone starting out that way. I'm trying to get past the Orchard/Hooters/CapOne stage of rebuilding credit. I think this must be the hardest part, however. What I really want is just 1 card with a decent limit ($1k-$2k). According to my credit report, these "low limit" CCs are actually hurting my score? They are all within $300-$500 each.

I applied to First Tech via the web. It said I would be notified within 7 business days. I don't know if that's an automatic denial or what. Anyways, I'll report how it goes.

[iswmle]

Yes, let us know! I have a secured card with them but am waiting a few more months before I request for an unsecured card.

[scmichael]

CCsAreEvil

I only have an Orchard and now the secured First Tech. Both increased my score. I would think that if you have more then 2 or 3 small or large limit cards that would look bad. Also if you use them close to their limit.

I only make one or two purchases a month <$100 just to keep them active.

I applied for the First Tech unsecured. They send you notice by mail. I can't remember how long it took but not too long as I recall. Customer service can't help during this time so dont bother.

My bk was discharged on 5/4/10 and my credit score was about 680 (real Fico). I got turned down. I think it was a really stupid mistake, a rookie one at that.

I think I got turned down because one of my accounts had a 0 balance, but I forgot to have them change it to "included in bk". I had done it for all the others, but I saw a 0 balance and just overlooked it.

You get an official letter that says "you were declined for" and then I think there was a checked box. Either way it was very official and didnt really say why I was declined. No offers or anything like that. Very official.

PS. My score is now 693 and I got 2nd Tier financing for a new 2012 Audi A6 lease. Not bad.

[CCsAreEvil]

thanks for the info scmichael. I'm betting based on your experience, I will most likely be turned down. I'm just trying to bump my score up just some more because I will probably be applying for a used auto loan in the near future. There's no way I'm going to buy new.

Anyways, my recent FAKO scores are 630, 670, and 700. However, I found out that CapOne (another thread) is hurting my two lower scores because it keeps reporting monthly updates on my IIB credit card account with them. so, maybe getting another card will help much.

Lastly, I may just end up closing all these toy limit cards and just open up one larger secured card... however, last I read, people said secured cards were reported differently and don't have as much weight (for better FICO scoring) as unsecured (if anyone wants to chime in on that).

[scmichael]

CCsAreEvil

No problem. I have higher than 700 on those FAKO scores like the ones found on truecredit, but my real Fico on myfico dot com is 693 right now.

Why is your case still opened? I am sure that can't be good when applying for credit.

I'm no expert, but I would be careful closing those smaller accounts before you open a bigger one. Some credit is better than none.

Not sure about the weight of secured vs unsecured, but I did see that my credit reports did say "secured card" in the description.

FYI, First Tech reports to all 3, but only pulled from Experian. I would check your Experian credit report.

One other thing is that I looked at buying my car and First Tech had excellent financing rates. For "B Tier", Audi offered something like 3.85 and First Tech offered 3.24% and no fees.

You should call them and ask what your rate would be even though you aren't a member. Call Asaf he's great (again, I get nothing by recommending him he's just very diligent). They need your real Fico score though as far as I know, not that Advantage or whatever score.

Let me know how it goes with First Tech. I fixed my credit report so I wonder if I can get an unsecured card with them. I probably wont since I just want a few cards and the Audi Lease should help my credit.

Good luck

[CCsAreEvil]

Was rejected for First Tech, but I was trying to apply for unsecured. There does not appear to be a reason given. It could be (no surprise) the BK discharged about 18 months ago now. Also, remember that CapOne keeps updating the "Date Reported" to Exp and TU on my discharged account with them. So, since it appears they can legally do this for about 7 years, I think I'm royally screwed. Again, by CapOne which continues to do this, this will always show that I have a derogatory item within the recent 30 days.

The ironic thing is, I opened a new CapOne line which is $750 right now... go figure. I never leave a balance, but my interest rate on that account is I think around 25% (I haven't really checked exactly since I never pay interest anyways).

[rpg]

Credit cards and car loan after bankruptcy

F.Y.I

Discharged chapter 7 on Jan 5, 2011. My current credit score is a 678 from equifax

I never applied for a Secured credit card-
Navy Federal Credit Union (unsecured Mastercard) $ 12,000 limit

Used car loan yesterday for $21,000 I only put 1000 down. It wasn't easy but obtained 8.00 percent from ALLY from the dealership. I was turned down by everyone else

I would recommend if you need a car try Ally and if you have any Military background go to Navy Federal Credit Union.

[Carloscda]

F.Y.I

Discharged chapter 7 on Jan 5, 2011. My current credit score is a 678 from equifax

I never applied for a Secured credit card-
Navy Federal Credit Union (unsecured Mastercard) $ 12,000 limit

Used car loan yesterday for $21,000 I only put 1000 down. It wasn't easy but obtained 8.00 percent from ALLY from the dealership. I was turned down by everyone else

I would recommend if you need a car try Ally and if you have any Military background go to Navy Federal Credit Union.

Congrats!!

[JvilleGarden]

Got approved for a $500 Secured Visa frm Community First Credit Union in Jacksonville, FL. No fees, 14.4% interest rate, and graduates to unsecured in 2 years. Also has a rewards program. Just using this to rebuild the credit score, which is already at 646. They also refinanced the car we bought a couple of months ago for 4.99% interest. I am THRILLED!!

[fooked]

HSBC just gave me an $850 line with no annual fee. Rate is 19.99%.

[zpbk13]

Barclay's just gave me a $1500 line with no annual fee. I think the interest rate is 16.99%. Worth a try to apply for it if you want to reestablish your credit.

[LoveBubble5]

Hello, I filed BK in July 2010 (discharged in October 2010). In January I applied on by own sporadically right at the store and got a Sears card with a $60 annual fee, $ 400 limit. I have applied for a Home Depot card (denied), and I think but can't remember for another one somewhere.

My SO has applied at Sears, Home Depot, other places and nobody will give him a CC. He has never filed a BK, but does have negative medical accounts on his credit report. Years ago he had a foreclosure (no CC's), and other negative things- as well as a lot of positives because of auto loans. All of that has dropped off. I'm thinking he's getting denied because 1.) the negatives, and 2.) lack of credit.

I would like a higher credit limit, not necessarily to use but show that I have it. I would also like another CC, but don't know where to apply for better rates. My SO would also like to get a CC, but who in the world will give him one?

[zpbk13]

LoveBubbles5 - did you try Barclay's? I was surprised how quick and painless the process was and I just received the card in the mail last night. Also HSBC is a good company to try for a card post-bk. I hope this helps.