Need advice!

[Anonymous]

Hello,

I'm new to the board and I just with through a bankruptcy.  It was discharged on July 1, 2010 and my credit score is 530.  I applied for an unsecured credit card and to my surprised  was approved for a Cap 1 card with a $500.00 credit limit.  At the same time I applied for an Orchard Bank card because I was told they were good for rebuilding your credit.  I was approved for an unsecured card with a CL of $320 and the AF $79.00.  I recently received the card but after reading some Orchard reviews on the board now I don't want they card. I figured I would just have the Cap 1 card and open a secured visa from my credit union.  Is this the better option for me right now.

Any advice help would be greatly appreciated on how to build up my credit.

Thank you

CarmenJones71

[IOBA]

My personal opinion is dump Orchard so you don't have to pay the AF.    But it's a personal choice.   Technically, it's an open card reporting on your CR.   (Which is good...it will be there 7 yrs from the date the card is closed.)

I would wait 6 months before applying for a secured credit union card.  If there is any way to save up and open a CD with your credit union, I would do that.  You can use that CD as leverage towards a secured card.  Waiting 6 months also gives you an opportunity to show on time payments with the Cap 1 card.

[Anonymous]

Thank you so much!