Hi all,
My CH7 debts were discharged and case closed in June. I've since then received 2 of the cards for people with crummy credit and thought I'd share my experiences.
Applied Bank Platinum Zero VISA, Secured: Applied for this VISA a week after discharge. Card required a $500 security deposit. The deposit account doesn't earn interest, but there's also no interest on card balances. There is a $9.95 monthly fee (e.g., $120 annual fee).
The good:
The bad:
Hooters MasterCard (Merrick Bank): Applied for this one 3 months after discharge. They called me to confirm my application and I had the card within a couple weeks. Credit line is $500, unsecured. No annual fee, 16% adjustable APR.
The good:
The bad:
I use the Applied Bank one for business purposes and the Hooters one for personal stuff. I try to pay them off almost immediately after making any sort of charge so that they're showing as close to zero balance on credit reports, which I think also shows the banks that I deserve higher credit lines.
I'm not sure what my credit scores were immediately after discharge, but now they're 610/625/668.
Anyone else have some helpful hints on dealing with these cards? I'd like to get higher limits on both.
Thanks!
My CH7 debts were discharged and case closed in June. I've since then received 2 of the cards for people with crummy credit and thought I'd share my experiences.
Applied Bank Platinum Zero VISA, Secured: Applied for this VISA a week after discharge. Card required a $500 security deposit. The deposit account doesn't earn interest, but there's also no interest on card balances. There is a $9.95 monthly fee (e.g., $120 annual fee).
The good:
- It's Platinum, so it comes with rental car insurance and all that other good stuff.
- It doesn't scream "I'VE GOT BAD CREDIT": it's just silver print on a greyish background and looks like a standard platinum card (like the Cap 1 I had back in the day).
The bad:
- The credit limit is only $500, so good luck actually getting a rental car using it.
- There's no way to increase the credit limit by depositing more into the secured savings account -- which is too bad, because I'd budgeted putting about $100 a month into building the credit line.
- They sometimes take a week to credit Internet payments, although they're immediately deducted from my checking account.
- Slow web access, and transaction info is sometimes not current by a day or two.
Hooters MasterCard (Merrick Bank): Applied for this one 3 months after discharge. They called me to confirm my application and I had the card within a couple weeks. Credit line is $500, unsecured. No annual fee, 16% adjustable APR.
The good:
- It's unsecured w/o an annual fee.
- Will supposedly get me some sort of reward points to spend on bad chicken wings and cheap beer at the local Hooters.
- They credit payments within a day of me making them online.
The bad:
- Since the card is emblazoned with a big 'ol orange HOOTERS across it front of it, it garners either thumbs-up or What A Perv looks from the cashier. Seems to be a hit at the local bar. Less so during family dinners.
I use the Applied Bank one for business purposes and the Hooters one for personal stuff. I try to pay them off almost immediately after making any sort of charge so that they're showing as close to zero balance on credit reports, which I think also shows the banks that I deserve higher credit lines.
I'm not sure what my credit scores were immediately after discharge, but now they're 610/625/668.
Anyone else have some helpful hints on dealing with these cards? I'd like to get higher limits on both.
Thanks!
The interest rate is decent, they report properly, they credit payments quickly... its a win win card. For your comment about being "embarassed" at using it I can't figure out why. I love this card and never get any funny looks or OMG you're a perv looks. I'm a woman as well. I actually have received many compliments on the card... people think its cool. One person even asked me who issued the card cause they wanted to apply as well.
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