I got my first Credit Card since discharge.

[dneil]

What limit did they give you? Interest rate? Is there a annual fee? (If you feel like sharing...!)

I just got my card today. The limit is $2,000.00, wow! Can you believe that??? I expected a 300 or 400 dollar credit limit. Not only that, but I am allowed to borrow ALL of the 2,000 under a cash advance. Of course as I have said previously, I have no intention in being THAT stupid. Just going to use this card and then write a check out of my checkbook, set it aside after it is deducted from register and send the payment out when the bill comes.

I am excited with our new beginning and realizing that there really is LIFE, all-be-it changed, after bankruptcy

[ashleywatson]

This is a great news.... it would be better if you pay your credit every month. So that you will not face any problem future.

[Logan]

This is a great news.... it would be better if you pay your credit every month. So that you will not face any problem future.

I think what you meant to say was: This is a great news.... it would be better if you pay your credit card in full every month so that you will not face any problems in the future.

[dneil]

This is a great news.... it would be better if you pay your credit every month. So that you will not face any problem future.

Yes, that is my plan. I am going to use it with utility bills and pay it off in full when the bill comes I have no plan to carry a balance over and have to pay the interest. I also do not want "debt". Right now, with the discharge, we are debt free. We have 1999 cars, but hubby is a mechanic (a very good one) and we both plan to drive our vehicles until the wheels wont move anymore. We also have a pretty good start with savings and are paying an extra 100 every month on our second mortgage to get it paid off sooner. We have been trying to stick to a very strict budget.

[scorpion35]

Yes, that is my plan. I am going to use it with utility bills and pay it off in full when the bill comes I have no plan to carry a balance over and have to pay the interest. I also do not want "debt". Right now, with the discharge, we are debt free. We have 1999 cars, but hubby is a mechanic (a very good one) and we both plan to drive our vehicles until the wheels wont move anymore. We also have a pretty good start with savings and are paying an extra 100 every month on our second mortgage to get it paid off sooner. We have been trying to stick to a very strict budget.

did u bk capital one?

[dneil]

did u bk capital one?

I personally didn't, but my husband had two accounts with them that he bankrupted.

[professorkev]

So Do you think Cap one will leave my current $0 balance cards alone if I do a BK? be nice if I could keep those because I've had them for 10 years. It's the other bank I will be chapter 7 on!

[zania22]

Just like dneil I just got a Capital One Credit card with a $2,000 limit, 0% APR until October 2011 and no annual fee. The interest rate after that is 22+%. I was discharged chapter 7 in August of 2010 and the last time I checked one of my scores from myFICO.com it was 610.

I reaffirmed my car note and I have student loans, so with the addition of this card I have more to build my credit. Really though with or without this card the biggest impact on my credit is to pay on time. The Suze Orman credit score simulator says that, so this credit card will hep in that it's another thing to show that I'm paying on time, but not the credit card of itself.

I'll continue as I have been doing since the discharge which is to buy what I can afford. What I'll do use the credit card once a month for something I would use my debit card for and then pay it off as soon as I can get home in front of a computer.

[jsofaz]

So Do you think Cap one will leave my current $0 balance cards alone if I do a BK? be nice if I could keep those because I've had them for 10 years. It's the other bank I will be chapter 7 on!

Professor, I can only tell you my experience with Cap one. I had one card with them, had it for many years. Never late when I had a balance. $0 balance when I filed Chapter 7. I lost the card. They have not even sent me any solicitations for a new one like they seem to for most people.

[egeitz]

cap one was my 2nd cc after bk almost two yrs ago. this summer i will close cap one and orchard which was my first cc after bk. my rebuilding will be over and my fico scores are in the low 700 range now. last month got my first 10,000 dollars visa card and an 3,000 dollars loc that is linked to my checking account and an 11,200 debt loan. i have almost 26,300 dollars aval. credit i owe zero on my cc, except the debt loan.

cap one and orchard will not grow this you and most likely they really dont give cli and if they do it will be for very small amt. cap one started with 300 now almost 2 yrs 500.00 cap one said i reach my limit on this card. orchard 500 now 700 dollars with an af of 79.00 dollars good- by.

my advice after two yrs cancelled the cards as they will no longer served there purpose, and the af cap one and orchard is between 10 to 15% of your credit limit. and please dont get an 2nd card with cap one because 1. they will get another 3 inq (one of each ) with another toy limit. 2. double the af.

[Logan]

cap one was my 2nd cc after bk almost two yrs ago. this summer i will close cap one and orchard which was my first cc after bk. my rebuilding will be over and my fico scores are in the low 700 range now. last month got my first 10,000 dollars visa card and an 3,000 dollars loc that is linked to my checking account and an 11,200 debt loan. i have almost 26,300 dollars aval. credit i owe zero on my cc, except the debt loan.

cap one and orchard will not grow this you and most likely they really dont give cli and if they do it will be for very small amt. cap one started with 300 now almost 2 yrs 500.00 cap one said i reach my limit on this card. orchard 500 now 700 dollars with an af of 79.00 dollars good- by.

my advice after two yrs cancelled the cards as they will no longer served there purpose, and the af cap one and orchard is between 10 to 15% of your credit limit. and please dont get an 2nd card with cap one because 1. they will get another 3 inq (one of each ) with another toy limit. 2. double the af.

First, inquiries are not a big deal. They are a short term hit and unless you're buying a car today or a house today an inquiry doesn't matter. I have 9 inquiries over the last 2 years and my scores are in the 700's.

Second, I agree with your assessment of closing low credit line cards. Capital One was my 2nd card and I have a credit limit of 3.5K with no fees so cancelling my 2nd credit card can only hurt. I like you had an Orchard Card for my 1st card and cancelled it before the 2nd year started because of fees. Low credit limits can hurt your credit so that was another reason to close the card.

Third, IMO people on this board are to concerned with their day to day credit score. Those who are near term with their discharge will eventually learn as they are building credit that it is not their credit score that will be the limiting factor but it is their BK.

Logan

[egeitz]

inq does not hit your cr that much, but if you have too many inq could spook alot of credit card banks as credit seekers. i try to limit my credit app. twice a year, but this year i am gardening due to i dont need any more credit

as for new bk members limit your credit app. before you applied for credit do your homework. know which credit is bk friendly and which is not. read this forum and other credit forums to get more+ informations. clean up your report it took me about 4 months to get mind in order.

[CCsAreEvil]

cap one and orchard will not grow this you and most likely they really dont give cli and if they do it will be for very small amt. cap one started with 300 now almost 2 yrs 500.00 cap one said i reach my limit on this card. orchard 500 now 700 dollars with an af of 79.00 dollars good- by.

my advice after two yrs cancelled the cards as they will no longer served there purpose, and the af cap one and orchard is between 10 to 15% of your credit limit. and please dont get an 2nd card with cap one because 1. they will get another 3 inq (one of each ) with another toy limit. 2. double the af.

I recently ran the FICO score trend models on just have a card or 2 for rebuilding. It really seemed like 2 years was the good timeframe mark where the scores should be back into the 700s.

I just started my 2nd year with my Orchard card even though it's stuck at a $300 limit. It has a $59 AF so I called to cancel. The best I could get out of them was to refund $30 so I'd only have to pay half the normal AF. They did not permanently reduce the AF. I'm hoping my credit's at a great point before the second year's up. I'm ready to open a better/higher CL card so I can close this one.

Orchard CSR on the phone said she has not offered a CL increase for a while now to any customers. She claims the only way your limit will go up would be by the automated system. And.. who knows how that works.

There appear to be a lot of success stories with CapOne with getting a new credit line even BKing on them. I am now 1 year post discharge, and they still deny me. I'm at the point of almost giving up on them. My scores are 650-680 right now. It "could" be possible that they blacklist certain people? I don't know. I wish I knew how their acceptance models worked.

[zania22]

So just an update. I received from Capital One a few days ago that they've placed me into an agreement that if I pay my bill on time for 5 months they'll extend my credit limit by $500! So in July my limit will be $2500.

[tobee43]

I recently ran the FICO score trend models on just have a card or 2 for rebuilding. It really seemed like 2 years was the good timeframe mark where the scores should be back into the 700s.

I just started my 2nd year with my Orchard card even though it's stuck at a $300 limit. It has a $59 AF so I called to cancel. The best I could get out of them was to refund $30 so I'd only have to pay half the normal AF. They did not permanently reduce the AF. I'm hoping my credit's at a great point before the second year's up. I'm ready to open a better/higher CL card so I can close this one.

Orchard CSR on the phone said she has not offered a CL increase for a while now to any customers. She claims the only way your limit will go up would be by the automated system. And.. who knows how that works.

There appear to be a lot of success stories with CapOne with getting a new credit line even BKing on them. I am now 1 year post discharge, and they still deny me. I'm at the point of almost giving up on them. My scores are 650-680 right now. It "could" be possible that they blacklist certain people? I don't know. I wish I knew how their acceptance models worked.

you got that right...we got capital one really right ...almost immediately after discharge.....with a 2k limit @ 0% for 1 year then 13.99 fixed.....

orchard was less my husbands was no fee...mine had a fee....

we have recently decided when the year is up the orchards are out the door.....

capital one did offer an increase but it never happened, but we really don't care anyway....

here's my take...right out of bk our scores were in the high 600's....680 etc., (prior to bk we had well over 800)....so i don't know why capital one choses to offer individuals ....seems no sense to all.

however, i know there is so much talk about rebuilding credit.....

we close this week on our house ...using owner financing.....our car hopefully should last a few years....but we decided we are not going to use our cards except on small tiny purchases every few months...as i'm convinced although i may be wrong that time is the most important factor to reestablish one's credit.