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ssc2761
Posts: 3
Registered: ‎04-12-2011
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Applying for 2nd credit card?

 I have one card since BK discharge, which was 7/7/10.  It is a Cap One with $2000 limit and no annual fee, although interest rate is high, but I pay in full each month.  It has been over 4mo's since that card was approved.  I though I would now apply for a second card to keep rebuilding my credit.  I applied for a Hooters MC yesterday and was told to wait 7-10 days for a response.  The Hooters people called me today and said I was approved for a $300 line, but said the rep said she didn't know what if any the annual fee would be.  I told her that if you cannot tell me that I want to withdraw the application before the credit line or card was even created.  She said ok, it would only affect me as a hard inquiry, but since the card was never sent out, that it would never show up on my credit report.  Now I know I can't be picky with these cards, but I just didn't want some $48 annual fee, with only a $300 card.  My cap one is good enough for now, so I think I will just wait.  Anyone have any suggestions on whether I did the right thing, or if I should apply maybe for either a different card (which one) at this point or a second Cap 1 card.  Any feedback is greatly appreciated!!  This is my 2nd post.  Thanks all!!!


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Current Score: 800
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Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008
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Re: Applying for 2nd credit card?

 


ssc2761 wrote:

 I have one card since BK discharge, which was 7/7/10.  It is a Cap One with $2000 limit and no annual fee, although interest rate is high, but I pay in full each month.  It has been over 4mo's since that card was approved.  I though I would now apply for a second card to keep rebuilding my credit.  I applied for a Hooters MC yesterday and was told to wait 7-10 days for a response.  The Hooters people called me today and said I was approved for a $300 line, but said the rep said she didn't know what if any the annual fee would be.  I told her that if you cannot tell me that I want to withdraw the application before the credit line or card was even created.  She said ok, it would only affect me as a hard inquiry, but since the card was never sent out, that it would never show up on my credit report.  Now I know I can't be picky with these cards, but I just didn't want some $48 annual fee, with only a $300 card.  My cap one is good enough for now, so I think I will just wait.  Anyone have any suggestions on whether I did the right thing, or if I should apply maybe for either a different card (which one) at this point or a second Cap 1 card.  Any feedback is greatly appreciated!!  This is my 2nd post.  Thanks all!!!


With a BK less than one years old,  feel fortunate to  have a Cap 1 card with a good CL and no AF.  I wouldn't apply for any new cards.  If you do, they all may give you the same low CL like Hooters.   Take care the  Cap One card and you should be ok. 

 

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Creditaddict
Posts: 20,995
Registered: ‎10-23-2007
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Re: Applying for 2nd credit card?

you must have came through bk with some decent scores... most posts for cap1 are either 300 or 500 limit and some people don't even have bk and get that!

I would wait until your bk is 1 year old before applying for more unless maybe a store card as long as you didn't burn them in your bk

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Visitor
ssc2761
Posts: 3
Registered: ‎04-12-2011
0

Re: Applying for 2nd credit card?

Yes, before BK, my credit scores were 770 or higher FICO.  Now I really don't know what they are FICO.  I will probably pay to get my FICO scores soon.  I was surprised too when the wife and I both got $2000 lines with no annual fee.  The interest rate after 9/2011, will be 22.9%, but we dont' carry a balance anyway.  We just charge one utility each on it, and pay it in full each month.  I guess I will wait a year from discharge to see what I can do.  I really want to avoid an annual fee if possible.  Any suggestions out there on applying for a 2nd cap one card later vs applying elsewhere?  Thanks all. 


Starting Score: 800
Current Score: 800
Goal Score: 850


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