Unsecured CCs Approved - 2 Days After Discharge

[AlmostAmos]

Just in case anyone is interested. My wife & I applied for Capital One Platinum cards and Orchard Bank Mastercards this afternoon - we were just discharged on the 20th. All 4 cards were approved instantly. Cap1 cards have $39 annual fees, the HSBC cards had $49. They'll provide us decent revolving history on our credit reports.

I spent the morning doing online disputes w/ the credit bureaus. And, now I took care of the CCs. We'll bounce back from this. What a lesson this has been!

-AA

[LSUTiger32]

We'll bounce back from this.

-AA

Four credit cards before the ink dries on your BK is not going to be the reason you bounce back. I sincerely hope you do, but it won't be because of a credit card.

What a lesson this has been!

[Pandora]

2 days after your discharge and 4 credit cards approved? Yeow... I'd say congrats but...I'm still wondering why you did that so soon, and why 4. Guess to each their own.

[backtoschool]

2 days after your discharge and 4 credit cards approved? Yeow... I'd say congrats but...I'm still wondering why you did that so soon, and why 4. Guess to each their own.

I think the OP meant two for himself and two for his wife. That is two positive trade lines each. Getting the cards right after discharge is not a problem as long as they are used sparingly and paid in full each month.

[Pandora]

I think the OP meant two for himself and two for his wife. That is two positive trade lines each. Getting the cards right after discharge is not a problem as long as they are used sparingly and paid in full each month.

Yeah I know - but 4? I can see maybe one that has a joint holder, but 4 seems excessive. You only get the rating if you use the cards, kwim?

[backtoschool]

Yeah I know - but 4? I can see maybe one that has a joint holder, but 4 seems excessive. You only get the rating if you use the cards, kwim?

I see your point Pandora, but I think its better to get the cards and take the hit right away and have the inquiries and the new accounts be part of the post discharge healing. I think that many husbands and wives maintain separate credit lines. And buying a cup of coffee once a month and paying for it right away is not going to be an issue in my opinion. Of course I know there are other ways to do this too.

[Pandora]

Understood Different strokes - different folks. Do they really let you charge a cup of java these days? Wow... been so long since I've had a credit card I have no clue! LOL

[backtoschool]

Understood Different strokes - different folks. Do they really let you charge a cup of java these days? Wow... been so long since I've had a credit card I have no clue! LOL

Well it depends on the coffee....I always get a grande soy cappuccino at Starbucks and that comes to $5 which they allow me to charge.

[Pandora]

Well it depends on the coffee....I always get a grande soy cappuccino at Starbucks and that comes to $5 which they allow me to charge.

Ahhhh... I see. I'm so picky...I dont like any other coffee but mine at home and I always take it with me if I go anywhere. The things we learn huh? ;)

[AlmostAmos]

Well, calm down there Tiger. Yes - I mean 2 cards for my wife and 2 cards for me. We don't do joint cards. I realize these small CCs will not be our reason for success, nor did I mean it that way. What I mean is this is ONE of the steps required to get our credit scores back up to par - just like correcting our credit reports. In a several years from now, I plan to buy another house & need to have things looking good on paper. I'm saving quite a bit of cash & believe that together w/ decent credit I'll have no problem with this.

I did it now as my plan as been 2 lines for each of us & I wanted to take the hits now.

Believe me, I've learned my lessons w/ credit cards. I just discharged $100k of credit card debt & could have easily charged another $100k on my available credit.

[LSUTiger32]

Well, calm down there Tiger. Yes - I mean 2 cards for my wife and 2 cards for me. We don't do joint cards. I realize these small CCs will not be our reason for success, nor did I mean it that way. What I mean is this is ONE of the steps required to get our credit scores back up to par - just like correcting our credit reports. In a several years from now, I plan to buy another house & need to have things looking good on paper. I'm saving quite a bit of cash & believe that together w/ decent credit I'll have no problem with this.

I did it now as my plan as been 2 lines for each of us & I wanted to take the hits now.

Believe me, I've learned my lessons w/ credit cards. I just discharged $100k of credit card debt & could have easily charged another $100k on my available credit.

I am sorry, nothing personal but anyone who just discharged one hundred freaking thousand dollars in credit card debt just should not be worried about fixing their credit score two days after their discharge. The idea that these courses that we are forced to take during bankruptcy encourage this makes me sick.

No one wants to hear the comparison but it is like a drunk going through rehab and taking a cab from the rehab facility to a bar. "Give me a jack and coke and make it a double.....I learned my lesson."

[backtoschool]

I am sorry, nothing personal but anyone who just discharged one hundred freaking thousand dollars in credit card debt just should not be worried about fixing their credit score two days after their discharge. The idea that these courses that we are forced to take during bankruptcy encourage this makes me sick.

No one wants to hear the comparison but it is like a drunk going through rehab and taking a cab from the rehab facility to a bar. "Give me a jack and coke and make it a double.....I learned my lesson."

It is not the same LSU. Credit is a financial tool, not a drug (for most) and buying a home requires established credit (for most). Please do not judge others that are in different situations than you.

[LSUTiger32]

It is not the same LSU. Credit is a financial tool, not a drug (for most) and buying a home requires established credit (for most). Please do not judge others that are in different situations than you.

Where did I judge him? And you are so wrong on the point about it not being the same.....it's every bit like a drug habit for a lot of people and it's just as serious.

I deleted my the rest of my post, not going here again. I'm sorry, I can't agree with anyone who thinks this is OK. Can't change who I am.

I wish the OP the best of luck......I'm moving on to another thread. I did learn my lesson as far as this is concerned.

[Flamingo]

There is nothing wrong with obtaining a credit card or two after discharge if one is able to get approved - the majority do not get approved as the hundreds of postings otherwise in this forum indicate. Folks right out of Chapter 7 need to know that part of the reason they got approved was that they are now debt free (i.e., the OP himself states he is saving a lot of cash now) and creditors know that those folks if they get back in their old habits cannot file another Chapter 7 for 8 years.

In today's world, a credit card is a necessity for many things and many people are afraid to carry cash and cannot make car rentals or hotel reservations with cash or a debit card. There are good reasons for wanting to have a card on hand. However, one good point was made here that those that went crazy with credit cards prior to filing and discharged a lot of credit card debt need to know that there is more involved than just needing a credit card (having a credit card makes one feel like they have status just out of a BK after having not having them for a while) and hopefully lessons will be learned and folks learn how to control their money and not let it control them.

Anyone who files BK needs to take a long hard look at why one had to file - debt causes bankruptcy, not credit cards and credit cards cannot use themselves...

[CCsAreEvil]

I do see LSU's point to an extent, but it really can go both ways. None of us ever want to go through what we did before having to do BK (at least I hope not).

The pluses to opening both right away is that they take the hits as well as it immediately helps with the "average age of credit lines" and such. Actually, it's probably now in the best interest for the OP to never have to open up another credit card ever from this point forward if the goal is really just to re-build the FICO scores.. because "time" will heal the scores, also.

Minuses is "slowlyyyyy" getting back into the old habit of opening a credit card "here and there" over years (that's what happened to me). Of course, don't start buying cars and putting little down and financing the rest (assuming OP has necessary transportation for work/family).



It all relies on us to learn from our past and reading/learning from others, this forum, etc. Facing the reality of "needs vs wants" is huge, imo. When I'm out with my wife, I question pretty much everything we buy... even down to small household items. I say "Do we NEED it? Can we live without that?" For things like toilet paper and such, of course not! But paper towels? Hmm.. we've cut back on a lot of things and the money saved sure adds up.