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Posts: 3,432
Registered: ‎08-27-2007
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Re: Hooter's CC



TLFICO wrote:
Hello, I am a new and have a lot of questions but I figure I will read a ton of threads before I post a ton of questions. BUT I do want to know why is a Hooters CC "Better" than other credit cards? Is it because they will issue to people with lower scores or is it because they actually treat their customers decent, or both? Finding this forum is the best thing I could have done for my personal finances. Thanks.


welcome.
 
tey did offer better terms and limits than some of the traditional rebuilders, but seems they are raising the approval standards and adjusting the terms.
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Re: Hooter's CC


TLFICO wrote:
Hello, I am a new and have a lot of questions but I figure I will read a ton of threads before I post a ton of questions. BUT I do want to know why is a Hooters CC "Better" than other credit cards? Is it because they will issue to people with lower scores or is it because they actually treat their customers decent, or both? Finding this forum is the best thing I could have done for my personal finances. Thanks.


HI, TLFICO, welcome to the forums!

There's sort of an intermediate level of CC's that you can get after you've paid your dues with the rebuilder cards like Orchard, First Premiere, and some of the barely-there Capitol One cards. People can start getting them as their scores hit around 600-620 (I'm speaking very generally, here), and have had a stretch of clean payment history on their rebuilder cards. There are lots of arguments as to which cards fit this intermediate category, but I would suggest Bank of America secured, Bank of America partially secured, some of the other secured cards, WaMu (used to be, anyway), one step higher Cap 1 cards, and the Hooters MC. (I think it's a MC.)

When Hooters started being heavily marketed last summer and fall, it was relatively easy to get, even with scores in the upper 500's, and had relatively generously CL's --$1K and up, which is pretty different from the $300 CL cards that some people were used to. But in the last month or two, it looks like Hooters has gotten almost all the customers that they want, and now they're giving much lower CL's and high APR's, and they're turning down a lot of people that they would have taken before. But those who jumped on last year are around their 6-month card "birthdays", so now the speculations is whether there are automatic CLI's, and if so, how generous they are.
* 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
Member
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Registered: ‎03-20-2008
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Re: Hooter's CLI

Thanks a ton for the info. Here is my next question, my FICO score is 650 and I filed a BK chapter 7 back in 05. What "level" of CC should I apply for with these factors in play? I want to use the card simply to build credit, I have no desire and will NOT run a large amount of money on the card. THANKS
Established Contributor
Posts: 510
Registered: ‎04-20-2007
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Re: Hooter's CLI

TLFICO,
 
hauling sums it up quite nicely...i have a Hooters for 6 months, at the tail end of their generousity ( i think) ...i am waiting to get my scores updated in a few days and will try for a CLI with Hooters
 
my orinional CL 1K with a TU score  ~620...
 
are you a member of a credit union...? they are great cunstomer service and issue GENEROUS CL..
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Re: Hooter's CLI

I have been talking to a local credit union and the meetings have gone very well. I have been think about just getting a card through the credit union. This might be my best way to go. I don't really know, thats why I have been reading the threads on CCs. If I join the credit union, I would think that having a CC through them would be the best way to go. Opinions please.
Established Contributor
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Registered: ‎04-20-2007
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Re: Hooter's CLI

TLFICO,
 
JFCU is a good one!
 
i joined the National Sheriffs Association ($20 membership) and i was in!
 
5K CL Equifax score 640, was also approved for for "platinum card" 10K a few days later..
 
 
 
you can apply online or call
Moderator Emeritus
Posts: 7,326
Registered: ‎06-18-2007
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Re: Hooter's CLI

If I were you I would join the CU and take out a CC. It doesn't need to be a high CL   but get what you can.  Use it for 2 or 3 months but always PIF before it reports. It needs to be used at least once or twice a year to keep it active. I use all mine every 4-6 months and PIF. This keeps it active....you do not have to carry a bal....that is up to you.
 
Usually a card is concidered new for the first year......BUT I would get another in about 6 months.
 
CC count more toward scores then any other type of loan!
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Re: Hooter's CLI

Either a local CU, like it sounds you've been talking to, or one of the big "national" ones like Justice FCU (JFCU.) I like starting with a local CU, because it's so helpful to establish a relationship with someone down the street.

The combination of good scores (mid-600's) and a recent BK make you a perfect match with a CU. Build up a good history with them, and as the heat starts to fade off the BK, you'll be in a good position to move on to one of the traditional bank cards. If you want to! I've got some cards from the Big Boys, but I love my CU cards a whole lot more.
* 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
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Re: Hooter's CLI

This place is simply a goldmine of good information. You guys are great. I am gonna stick around for a few years.
Senior Contributor
Posts: 3,432
Registered: ‎08-27-2007
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Re: Hooter's CLI



TLFICO wrote:
This place is simply a goldmine of good information. You guys are great. I am gonna stick around for a few years.

there goes the neighborhood! just kidding, welcome.
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