We got new credit in a second!! Unsecured! Wow

[tobee43]

after being discharged, i really thought i would wait it out about 6 months or so to apply for any credit. we had toss the topic over and over again.

one of us believes we should never have it again....and one of us KNOWS we need to get a mortgage again (guess which one I AM!! LOL!!).

ok so i did it.......i could not believe it...capital one...

we just got the answer this morning...we each applied separately we BOTH got unsecured cards....first SHOCK....

one of us got $1500-UNSECURED
and the other got $1300-UNSECURED

annual fee is $39 each.

both cards are 12.99%...so although that's high it's better than 39.99%!

i'm still floored...it's just been over 2 months since our discharge.

the only thing we can think of, is our credit cards didn't have much time to report late since we paid up until we filed....

neither of us wants credit ever....but we have an 11 year car....and we are going to have to get a mortgage so whether we like it or not it HAD to be done. so i'll use them for grocery shopping and then pay them right off...just to get some credit back on our report.

is this usual????

[backtoschool]

after being discharged, i really thought i would wait it out about 6 months or so to apply for any credit. we had toss the topic over and over again.

one of us believes we should never have it again....and one of us KNOWS we need to get a mortgage again (guess which one I AM!! LOL!!).

ok so i did it.......i could not believe it...capital one...

we just got the answer this morning...we each applied separately we BOTH got unsecured cards....first SHOCK....

one of us got $1500-UNSECURED
and the other got $1300-UNSECURED

annual fee is $39 each.

both cards are 12.99%...so although that's high it's better than 39.99%!

i'm still floored...it's just been over 2 months since our discharge.

the only thing we can think of, is our credit cards didn't have much time to report late since we paid up until we filed....

neither of us wants credit ever....but we have an 11 year car....and we are going to have to get a mortgage so whether we like it or not it HAD to be done. so i'll use them for grocery shopping and then pay them right off...just to get some credit back on our report.

is this usual????

This is an excellent way to rebuild! Capital One has been very good to me. If you use the card and pay it off for several months, you will be able to get a good car rate from them as well.

[ccsjoe]

Way to go tobee. I'm hoping for similar as I have no lates or any other derogatories reported pre-bk.

[tobee43]

This is an excellent way to rebuild! Capital One has been very good to me. If you use the card and pay it off for several months, you will be able to get a good car rate from them as well.

back....i'm really hoping so...we need to get a mortgage in about 2 years i hope. i was really shocked. that's good to know they will lower the rate...thanks!!!

[tobee43]

Way to go tobee. I'm hoping for similar as I have no lates or any other derogatories reported pre-bk.

thanks!

yes, joe...i really think that MUST have had something to do with, what i consider rather "high" limits for a start? your correct we had no other derogatories on our report...actually over 40 plus pages of perfect credit before this downfall.

we did have a little tiff over doing the applications...but now that he got 1500...he changed his tone...but doesn't want to use them. and, of course i do not want to either, but we do need to build ourselves back up there somehow.

[backtoschool]

back....i'm really hoping so...we need to get a mortgage in about 2 years i hope. i was really shocked. that's good to know they will lower the rate...thanks!!!

I don't think they will lower the rate, but they will increase the credit limit. I got a very good rate on a new auto (24k at 4.42%) after having the cards eight months or so. That is what I was talking about.

[tobee43]

I don't think they will lower the rate, but they will increase the credit limit. I got a very good rate on a new auto (24k at 4.42%) after having the cards eight months or so. That is what I was talking about.

well, that still sounds good to me! and actually, i have seen people get much higher interest rates that we did right off the bat.

that's great news about the car loan, since that's my number one priority now, just in case something happens to it.

thanks you just made me feel much better....

[SPalin]

Congrats Tobee! I miss my Cap1's but maybe down the road... have to settle with my Hooters with no AF, but only a $500 limit for now! They will offer a better interest rate for another card not on your existing... but it will happen!

[tobee43]

Congrats Tobee! I miss my Cap's but maybe down the road... have to settle with my Hooters with no AF, but only a $500 limit for now! They will offer a better interest rate for another card not on your existing... but it will happen!

thanks!!! SP....it's just one more hurdle we feel we just climbed!!~

[pris72]

We have a cap 1 card as well. Some here do not understand that when your future includes financing a home, you must reestablish your credit. This is a great start to getting to that point in 2 yrs. I personally do not want to rent for the rest of my life, and I am VERY leary about renting any homes right now. I know 5 people who have been put out on the streets, because the owners of the homes did not pay the mortgage payments and the banks foreclosed on them. I do not want to rent an apt., because I do not care to hear everyone elses problems and kids running ragged at all hours of the night. I think most of us here feel the same way right now. Congrats!

[LSUTiger32]

I think your significant other is a hero, but he/she lost the battle. Oh well, congrats anyway! Hope everything works out well.

Scratch the hero part, a hero wouldn't have given in and applied for one themselves! I missed that part.

[tobee43]

We have a cap 1 card as well. Some here do not understand that when your future includes financing a home, you must reestablish your credit. This is a great start to getting to that point in 2 yrs. I personally do not want to rent for the rest of my life, and I am VERY Leary about renting any homes right now. I know 5 people who have been put out on the streets, because the owners of the homes did not pay the mortgage payments and the banks foreclosed on them. I do not want to rent an apt., because I do not care to hear everyone Else's problems and kids running ragged at all hours of the night. I think most of us here feel the same way right now. Congrats!

thanks...and your correct it's for our future and buying this home...and a car only IF and when we needed.

at our age we had it, have it, did it, been there done that all...we never filed BK because of poor money management or cc cards...we did be of a serious illness and job loss...not for spending on luxury item.

thank thanks!! feels good to be one step closer to having this house!

[tobee43]

I think your significant other is a hero, but he/she lost the battle. Oh well, congrats anyway! Hope everything works out well.

Scratch the hero part, a hero wouldn't have given in and applied for one themselves! I missed that part.

what give in...i never said they GAVE IN....LOL!!! just did it.....

however if this person ever went to cash their check at the bank the bank would most likely call someone because they would think they are fake...in some families one 1/2 of the team has a clue...and the other half has other wonderful clues about other nice things.....like picking up their own socks...let's say...LOL!!!!!!!!

but remember...we never filed bk because of poor money management or over charging. i do want to stress that..when we filed or right before our credit ratings were up in the 800's we never in 40 years were late or used cc's to buy luxury items etc. one of use got really sick...used up all our insurance....and then the other lost their job.

we had 200k worth of med bills when we filed....some of that was on cc's....but not a ONE flat screen tv or dinner!! LOL..

i get your point and it's well taken. i just want this house and a car if and WHEN we need it. and i WANT the choice...i'm only attempting to get ourselves back in a situation that WE have control and WE have the choice...NOT them.

thanks again!!

[tobee43]

i need to make a correction.......one of the cards has NO fee....just one has the $39! very good....so far....now...we were just talking about HOW to use them to build our credit.

i was suggesting just groceries and then coming home and paying the bill. i don't want to use if for anything else!

[backtoschool]

i need to make a correction.......one of the cards has NO fee....just one has the $39! very good....so far....now...we were just talking about HOW to use them to build our credit.

i was suggesting just groceries and then coming home and paying the bill. i don't want to use if for anything else!

Nowadays most of the major credit card companies model your purchasing behavior. (Amex is notorious for this. They have been known to reduce your credit limit if you use the card at a store they think is demographically "risky" like Walmart.) The models consider putting everyday items such as groceries on a credit card as more "risky" behavior than buying clothing, or going out to dinner and using the credit card. If you want your limits to increase, etc. I would not put the groceries on the card, but would use the card for one or two small purchases each month and then pay it off right away when the expense hits your account. That is what I have done, and I am getting regular increases to my credit limits.