Would you do this?

[Anonymous]

I filed for BK in Sept 07 discharged in jan 7th 08 chapter 7,   Sense then everything has been perfect.  I now have all of the following post BK. Auto loan $7000 (NFCU)

2 credit cards from NFCU 1 has $6000 other $1000, Priceline visa $2000 Kays $5000 JCP $800 Walmart $1000 Lowes $1000. And Two First premier bank cards.

I wanted to refinance my house I contacted NFCU they said with the credit laws that took into effect that they can not do it until the BK has been discharged for 4 years.

I called another lender, Did not tell them what NFCU said, Yet the out come the same not until BK is 4 years old.  Ok so it brings me to my real questions on IF YOU WOULD DO THIS.

I was declined for a BB store card do to the BK. I was pre approved for the ORCHARD card (backed by hsbc)  Would you open a orchard card to get in with HSBC and close the two FPB cards? I have to wait another two years for refinance the house so there will be 2 years of history and maybe BB will approve it then?  Hope all that makes sense.  

Thank you for your input

Scores from NFCU for refinance  eq 669 tu 679 ex 607

[Wolf3]

Yes, Yes, Yes

[Uborrow-Upay]

I would not do it. 

You don't need another store card.  Use what you already have responsibly, the rest will take care of itself in time.

[score_building]

+1 

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@Uborrow-Upay wrote:

I would not do it. 

You don't need another store card.  Use what you already have responsibly, the rest will take care of itself in time.

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[Wolf3]

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@Uborrow-Upay wrote:

I would not do it. 

You don't need another store card.  Use what you already have responsibly, the rest will take care of itself in time.

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As far as I know, Orchard is not a store card.   It is far better than the 2 FP cards with excessive fees.

[Uborrow-Upay]

Hi, Wolf3!  

Here's why I responded the way I did...

The OP's main goal seems to be to acquire a Best Buy store card, at least that's how I read it.  

To that end, the OP wants to "get in with HSBC" by apping a pre-approved Orchard card, using that Orchard card for two years (and eliminating the First Premier cards) to build up a rep with HSBC so that, hopefully, HSBC will then approve for a BB store card account.

I don't feel that the OP needs another store card (the Best Buy card), and I certainly wouldn't go to those lengths just to get it.  OP already has acquired 2 cards from NFCU, has a Priceline Visa, and some other store cards.

OP doesn't need the BB card, or the Orchard card, either...and can lose the FP cards today, too, to get rid of those fees.  The Orchard and the FP cards are to establish credit, and once that's been done (and it has), they can go to the shredder.

Although it hasn't been asked, the OP should use the NFCU accounts regularly, PIF and on time, and allow 'em to grow with him/her over time.  Other, quality cards will be more available for the OP in the future.  That's my thinking anyways.

Of course, I may be wrong.  It's been known to happen (and lots more than once    ).

Hope that helps.

[Wolf3]

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@Uborrow-Upay wrote:

Hi, Wolf3!  

Here's why I responded the way I did...

The OP's main goal seems to be to acquire a Best Buy store card, at least that's how I read it.  

To that end, the OP wants to "get in with HSBC" by apping a pre-approved Orchard card, using that Orchard card for two years (and eliminating the First Premier cards) to build up a rep with HSBC so that, hopefully, HSBC will then approve for a BB store card account.

I don't feel that the OP needs another store card (the Best Buy card), and I certainly wouldn't go to those lengths just to get it.  OP already has acquired 2 cards from NFCU, has a Priceline Visa, and some other store cards.

OP doesn't need the BB card, or the Orchard card, either...and can lose the FP cards today, too, to get rid of those fees.  The Orchard and the FP cards are to establish credit, and once that's been done (and it has), they can go to the shredder.

Although it hasn't been asked, the OP should use the NFCU accounts regularly, PIF and on time, and allow 'em to grow with him/her over time.  Other, quality cards will be more available for the OP in the future.  That's my thinking anyways.

Of course, I may be wrong.  It's been known to happen (and lots more than once    ).

Hope that helps.

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   HI Uborrow-Upay

   I think we agree that getting rid of the First Premiere is the highest priority.   That is just a waste of money.   

   IMO, Since, refinance is 2 years away, now is the time to start any new trade lines, and sit tight until refinance is done.

   IMO, Having store cards that you use regularly is a good thing.   I am assuming OP is a regular BB customer and if so BBMC makes sense.  If not, this makes no sense.   If so,  I think starting a relationship with HSBC now is better that waiting 2 years.  It would be a additional trade line with 2 years history when applying for refinance.  I see it as a good rebuilding choice for the future.  

Hope that helps with my point of view.

[Uborrow-Upay]

It does.  Valid arguments, on all counts.

I think we've just got different personal preferences is all. 

Thanks, Wolf3!

[Wolf3]

I hope our little debate helps with the OP decision.

[Uborrow-Upay]

It'd probably be an easier decision to make if HSBC also does re-financing of mortgage loans...

I'm not sure what they do in that regard.  I know they write mortgage loans, though.

IF they also do re-fis, HSBC could be a good choice, but I don't have any specifics on their re-fi offerings.