The Road to rebuilding begins...

[jetsfan2010]

With a 7 behind me, I am looking to start the credit rebuilding road. With only a month or so from discharge, I received an invite from capital one yesterday in the mail to apply. I have never had a cap one card, and upon applying, I received an approval online for 300.00 unsecured, 0 annual fee, and 0% purchase APR until September. This little credit line is better than nothing, and I likely will use the card for gas and groceries.

I also submitted an app for barclays, and received the "need further time to verify" message. We will see. I don't plan on applying for anymore credit anytime soon(at least until end of year), so if I get both cards, I will give them time to report.

[df04527]

Awesome! Congrats!

[jetsfan2010]

just a note barclays did decline...

[JackBondLove]

just a note barclays did decline...

Everyone seems to get that CapitalOne card. You should note that there is a $39/yr fee, but when one is desperate after BK, he should not complain!

Barclays seems to be approving everyone here - although those approved have been post-BK for more than the single month you have been. I suggest you reapply in a year. I was 18 months post-BK, and got approved for $1900 (and promptly canceled by CapitalOne account right before the fee would have been levied.)

[LadyInTheRed]

I have never had a cap one card, and upon applying, I received an approval online for 300.00 unsecured, 0 annual fee, and 0% purchase APR until September. This little credit line is better than nothing, and I likely will use the card for gas and groceries.

Make sure you charge very little to the card. You need to keep your debt utilization law. Ideally, you should keep the balance to 10% of the limit. So, until they increase the limit, charge $30 a month or less, pay it off when you get the bill, then repeat. One tank of gas should do it.

[jetsfan2010]

- Jack - my cap1 has no annual fee, I called the cust svc number after getting the approval to verify

[Logan]

Everyone seems to get that CapitalOne card. You should note that there is a $39/yr fee, but when one is desperate after BK, he should not complain!

Barclays seems to be approving everyone here - although those approved have been post-BK for more than the single month you have been. I suggest you reapply in a year. I was 18 months post-BK, and got approved for $1900 (and promptly canceled by CapitalOne account right before the fee would have been levied.)

The key is not to be desperate.

[HHM]

Yep, credit utilization needs to be less than 30%, that is you charge no more than 30% of your available credit, so, with a $300 credit limit, you don't want to charge more than $89 in any given billing cycle. Basically, depending on the type of vehicle you have, that is 1, maybe 2 tanks of gas PER MONTH.