I just Got Approved for my 2nd Credit card since my discharge (Hooters Mastercard)

[BANKRUPT13]

I just Got Approved for my 2nd Credit card since my discharge (Hooters Mastercard)

My first card was a 5/3 Optimum with a $500 Credit Limit back in 2008

Around November of 2010 i applied for the HOOTERS Mastercard and they approved me for $1250.

Now i will earn back the trust of the lenders...Lookin forward to doin this.

It's been hard!

-C

[Amy26]

Congratulations.

[Nicollette]

That's great

[smoothdaddy]

On your path to rebuilding good credit.

[drowning123]

Stop right there. 2 cards are enough. Congrats.

[BANKRUPT13]

Thanks to EVERYONE for the Feedback!
_____________________________________________

How long would you say before applying for a 3rd credit card? Its been almost 3 years since discharge.

Others - Please VOICE In...

Much Appreciated!

-C

Stop right there. 2 cards are enough. Congrats.

[Logan]

Thanks to EVERYONE for the Feedback!
_____________________________________________

How long would you say before applying for a 3rd credit card? Its been almost 3 years since discharge.

Others - Please VOICE In...

Much Appreciated!

-C

There's no time frame. I had 3 cards one year out of BK. The most I had since my discharge 3 years ago was 5. I had one close due to inactivity and one I closed because they charged a monthly fee.
It's your choice,

Good luck.

[BANKRUPT13]

Can you please recommend some of the Credit card companies that approved you?

Thanks!

-C

There's no time frame. I had 3 cards one year out of BK. The most I had since my discharge 3 years ago was 5. I had one close due to inactivity and one I closed because they charged a monthly fee.
It's your choice,

Good luck.

[Amy26]

You can try capital one. Typically 3 major credit cards is a good number to have.

[BANKRUPT13]

I keep hearing good things about Capital One... is there only 1 capital one card?

Thanks for the Help!

-C

You can try capital one. Typically 3 major credit cards is a good number to have.

[dumpinmydebt]

I would personally stop at 2 cards, but definitely do not do more than 3. There is such a thing as having too many credit cards.

I worked for a mortgage company and this guy had a credit score of over 800. He had 2 credit cards and 1 mortgage.

[Logan]

I would personally stop at 2 cards, but definitely do not do more than 3. There is such a thing as having too many credit cards.

I worked for a mortgage company and this guy had a credit score of over 800. He had 2 credit cards and 1 mortgage.

My wife has 6 credit cards, a car loan, a student loan and a FICO of over 800. Less is not necessarily better. Noone really needs 6 cards--she accumulated them back when balance transfers were free and just hasn't canceled any.

Logan

[Flamingo]

Can you please recommend some of the Credit card companies that approved you?

Thanks!

-C

Orchard Bank and Capital One are known creditors that are BK friendly. I understand Target and Wal-Mart are also. Remember - if you filed chapter 7 you have that Chapter 7 showing on your credit reports for 10 years and while you may not like it or believe it, it is going to affect you no matter how many credit cards you try to get. If your reports show you as applying for too much credit at one time and you have the big BK on your reports, it can work against you. Also, if you used credit cards a lot prior to your filing, you know they can be addictive and can burn a hole in your pocket and you can end up where you were previously. It's like the gambler hovering outside the casino door - gee, if I go in one more time I can maybe hit that big jackpot...be prudent and take your time as it takes a while to fully remove the negative effect of that BK. You will still receive denials because of that BK as you will find out if you continue to apply for cards.

[Logan]

Orchard Bank and Capital One are known creditors that are BK friendly. I understand Target and Wal-Mart are also. Remember - if you filed chapter 7 you have that Chapter 7 showing on your credit reports for 10 years and while you may not like it or believe it, it is going to affect you no matter how many credit cards you try to get. If your reports show you as applying for too much credit at one time and you have the big BK on your reports, it can work against you. Also, if you used credit cards a lot prior to your filing, you know they can be addictive and can burn a hole in your pocket and you can end up where you were previously. It's like the gambler hovering outside the casino door - gee, if I go in one more time I can maybe hit that big jackpot...be prudent and take your time as it takes a while to fully remove the negative effect of that BK. You will still receive denials because of that BK as you will find out if you continue to apply for cards.

When I was discharged I obtained credit cards quickly with the idea that I'd have a longer credit history and the inquiries would drop off. A few months ago I had 9 inquiries over the past 2 years that are now dropping off and soon it will be down to just a few.
Also, inquiries are not as big a deal after 90 days and the reason is if you apply for credit a creditor doesn't know if you've obtained new credit if you have recent inquiries.

IMO everyone should have 3 to 4 trade lines if you intend to buy a house. Also, just make sure you've cleaned up the mistakes on your credit report then just pay everything on time and your credit will improve.

Logan

[Flamingo]

When I was discharged I obtained credit cards quickly with the idea that I'd have a longer credit history and the inquiries would drop off. A few months ago I had 9 inquiries over the past 2 years that are now dropping off and soon it will be down to just a few.
Also, inquiries are not as big a deal after 90 days and the reason is if you apply for credit a creditor doesn't know if you've obtained new credit if you have recent inquiries.

IMO everyone should have 3 to 4 trade lines if you intend to buy a house. Also, just make sure you've cleaned up the mistakes on your credit report then just pay everything on time and your credit will improve.

Logan

Hard inquiries are on credit reports for two years for a reason - the creditors can determine from the amount of inquiries how much one is attempting to obtain credit and with who covering that time span; it used to be only one year and was changed a few years back to two years. If any credit is approved, it hits one's credit report almost instantenously as anyone with a credit monitoring service can attest. I recently applied for and was granted a Kohl's charge and it was on my credit reports the next day as Kohl's along with the credit inquiry. A lot of inquiries with no new credit can indicate a lot of denials.