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Regular Contributor
jk26978
Posts: 164
Registered: ‎08-21-2010
0

Credit card offers

Okay, new at this, first post.  Hoping that I can receive advice.  I filed BK late in 2009, was granted a Capital One card w/o the frills, $1,000 increased to $1,500 a few months later, a 16.9% APR, $39.00 Annual Fee.  Then, recently, was approved for a HouseHold Bank card-$2,000.00, 19%, $0.00 annual fee.  Yesterday I received an offer in the mail from Capital One saying that I had earned this offer, of course, no limit mentioned. 0% intro, 22.9% after 6/2011, NO annual fee, with cash back rewards.  I think that this would be a better card, it show for "average credit", just wondering if the frills and no annual fee, would be a better route than the current Capital One, - sub-par credit card.  Please help.  Really just want to get my credit rating back that I had some years ago before a job loss.


Starting Score: 650 Current Score: EQ:716 (SW Alert 5-7-14) - TU: 698 (5/27/13 SW)Chapter 7 filed 8/2009 - Discharged 12/2009 Goal Score: 750
Joined the garden again 12/5/13
In the garden till at least 5/1/14
Established Contributor
mross1080
Posts: 526
Registered: ‎04-21-2010
0

Re: Credit card offers

I have 2 capital one cards I for rebuilding there good but a lot of people dont like there customer service and CLI's or lack there of. IMO the interest rate on a card doesnt really matter since I PIF almost always. Do you happen to know your scores? You might be able to get a better card than capital one that is BK friendly. And welcome to the boards!

Regular Contributor
jk26978
Posts: 164
Registered: ‎08-21-2010
0

Re: Credit card offers

Thank you, I can't believe that I am struggling this hard over this kind of decision.  I don't want my credit pulled again b/c that lowers, I just want to increase my rating.  I used to be over 730, so..this is very important to me. 

 

All I know as of right now, is that the FICO score on here says 675,

 

 


Starting Score: 650 Current Score: EQ:716 (SW Alert 5-7-14) - TU: 698 (5/27/13 SW)Chapter 7 filed 8/2009 - Discharged 12/2009 Goal Score: 750
Joined the garden again 12/5/13
In the garden till at least 5/1/14
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Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
0

Re: Credit card offers

The type of card doesn't show on your credit reports, and it doesn't affect your scores. The reports just say "Capitol One", with no indication whether it's one of their worst rebuilding cards or their great travel rewards cards.

 

Generally, scores do best when there are three open cards, all reporting a string of clean payment history. You might want to go ahead and accept the offer if you think it's a good card on its own.

 

You're still very close to the BK, and that's the dominant factor in your scores. It wouldn't hurt to open a third card, but after that, I'd stop, and just let them build up history. Continuing to get cards after three will probably just clutter up your credit with junk, and they won't particularly help you.

 

I'm impressed that you were able to get the cards that you have with such a new BK!

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Regular Contributor
jk26978
Posts: 164
Registered: ‎08-21-2010
0

Re: Credit card offers

Thank you

 

This has really helped me make my decision. 

 

Any suggestions now, with this...depending on the credit limit they, I had thought about closing out one of the other 2 cards, so it sounds like maybe I should keep those 2 open as well for credit building purposes??

 

This is a really nice support system to have.

 

Maybe I will figure out how to maneuver around inside the post a little better soon.


Starting Score: 650 Current Score: EQ:716 (SW Alert 5-7-14) - TU: 698 (5/27/13 SW)Chapter 7 filed 8/2009 - Discharged 12/2009 Goal Score: 750
Joined the garden again 12/5/13
In the garden till at least 5/1/14
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
0

Re: Credit card offers

No problem, we're glad to have you! One handy thing to do is when you're replying to a specific post, hit the "Quote" button above on the right, and the post that you're replying to will show on your post, like this:

 


jk26978 wrote:

Thank you

 

This has really helped me make my decision. 

 

Any suggestions now, with this...depending on the credit limit they, I had thought about closing out one of the other 2 cards, so it sounds like maybe I should keep those 2 open as well for credit building purposes??

 

This is a really nice support system to have.

 

Maybe I will figure out how to maneuver around inside the post a little better soon.


You definitely want to keep the cards open. Good credit scores are all about building a track record of wise credit usage. You don't even have to do much with them. If you buy three tanks of gas a month, use a different card each time, and keep an eye on the website, paying it off when it pops up. That will keep the accounts open and active, and you won't carry any debt or pay any interest. Or you can do the same thing with groceries, or some other item that you have to buy and that you would otherwise put on a debit card or pay cash for. I've gotten to the point that I put everything on plastic, paying it off every month, reaping the rewards, and improving my scores. Pretty much the only time that I use cash any more is for a tip. (If the tip is not on the CC, the server can decide how much tip income to report to the IRS, and at $2.35 an hour or whatever they make, I'm happy to help.)

 

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Regular Contributor
jk26978
Posts: 164
Registered: ‎08-21-2010
0

Re: Credit card offers

I am trying the "quote" function, I hope it works.

 

That is pretty much what I do now, I actually give my self a "gas allowance" then once a month, I use the CC to make the purchase and just use the allowance to pay the balance off, usually just prior to the cycle date of the account so that the bill shows 0

 

thanks:smileyhappy:


Starting Score: 650 Current Score: EQ:716 (SW Alert 5-7-14) - TU: 698 (5/27/13 SW)Chapter 7 filed 8/2009 - Discharged 12/2009 Goal Score: 750
Joined the garden again 12/5/13
In the garden till at least 5/1/14
Moderator
MarineVietVet
Posts: 14,897
Registered: ‎07-14-2009
0

Re: Credit card offers

 


jk26978 wrote:

Thank you

 

This has really helped me make my decision. 

 

Any suggestions now, with this...depending on the credit limit they, I had thought about closing out one of the other 2 cards, so it sounds like maybe I should keep those 2 open as well for credit building purposes??

 

This is a really nice support system to have.

 

Maybe I will figure out how to maneuver around inside the post a little better soon.


 

Let me also welcome you.

 

HTSU is spot on as usual with her advice about keeping cards open and active. Here is a good thread that discusses different aspects of Closing Credit Cards.

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work


Senior Contributor
Wolf3
Posts: 3,197
Registered: ‎01-24-2010
0

Re: Credit card offers

[ Edited ]

 


marinevietvet wrote:

 


HTSU is spot on ....



You know you've made it, when you have an abreviation for your moniker. :smileywink:

 

Moderator
MarineVietVet
Posts: 14,897
Registered: ‎07-14-2009
0

Re: Credit card offers

 


Wolf3 wrote:

 


marinevietvet wrote:

 


HTSU is spot on ....



You know you've made it, when you have an abreviation for your moniker. :smileywink:

 


As slow as I type it would take too long to spell her entire screen name.  :smileytongue:

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work


 


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