Plan to apply for a credit rebuilding card after discharge - a few questions

[sah2]

My credit was actually not really that terrible before filing- it had been pretty good up until a year or so before my financial crisis, and was around 630 when I last checked (pre-BK, I am sure it is a lot lower now). I have heard about Orchard Bank, but then I read that the average unsecured credit card has something like a $300 limit. Is that the best I can expect? I am not looking to go charge-happy, merely want to rebuild my credit, but $300 seems like a joke, especially after all the fees.

[BobMango]

My scores at six months post discharge are around 640, so pretty close to yours. I applied a couple of week ago for the Best Buy Rewards Mastercard and was approved for $1,500.00 I had previously applied for and received an HSBC card before I was discharged. The limit on that one was $500. I've had it for six months now, using it just for gas and small incidentals and pay if off each month. I may apply for a CLI just to help keep my credit utilization low.

My advice would be to look at either of those cards and avoid the real bottom feeders since the limits will be low $100-$300 and the fees will be high. Capitol One is another semi-bk-friendly issuer but I discharged a good deal of debt with them so I haven't tried.

[nomoneynomore]

First off, how long have you been discharged?

*Only speaking from personal experience*

We discharged 9/08 and finally applied for credit 7/09. We applied with Orchard and Premier w/ scores around 575. We were approved with Orchard w/ a $300 limit and not too bad APR (8.9 & 14.9%). Yes, the limits are low, but they seem pretty easy to work with & we haven't had any problems witht them.

Premier has HIGH fees and shabby customer service. We had perfect history w/ them and they jacked our rates to 20.15%, blaming the new cc rules. We have asked twice for a limit increase to justify the $132 yearly fees (not to mention the starting fees) but have been denied.

I have heard that Hooter's card is pretty good also. We were just approved for Best Buy ($4000 & $500 w/ 14.9 & 10.9%), but haven't used them, so can't speak on how they are.

[sah2]

Thanks for your help. I am not yet discharged but should be soon. Just planning ahead and exploring all my options. To the person that said to avoid the "bottom feeders" was Orchard Bank one of those? I will look into that Best Buy card. Is that Best Buy like the store or another company?

[BobMango]

Thanks for your help. I am not yet discharged but should be soon. Just planning ahead and exploring all my options. To the person that said to avoid the "bottom feeders" was Orchard Bank one of those? I will look into that Best Buy card. Is that Best Buy like the store or another company?

No Orchard would not be considered a bottom feeder, it's an HSBC brand that is geared toward customers with lower credit scores. The Best Buy Rewards Mastercard is issued by HSBC and tied to a rewards program associated with the Best Buy stores.