A few questions on different cards

[new_earth]

Hi, I used to post a lot a while back in 2013-2014, maybe into early 2015. I had built an excellent credit history after rebuilding from one or two dinky collections, built myself up to over 700 scores, approved for literally everything I put my hands on....unfortunately, this year I had to file bk7 (discharged June 20th this year). I left my job April of last year to take on my business full time and while it kept us alive, I just couldn't keep up with all those balances. I had WAY too many. 

So I am now rebuilding after BK. My Valero and Kohl's card are old and remained open since they had no balance, so I already had those. I was approved for Capital One Platinum literally ONE day after my BK. Also Credit One (had to have the pink card). It may not have been necessary, but I also got the Indigo card. It honestly doesn't sound TOO bad, though. 

I only got two cards from Comenity shopping cart trick, because I remember last time I went nuts with them and there is just no need. So so far, just Express & Overstock. 

My questions are - it has been a long time now since I had a Credit One card. Can someone remind me how interest works? I know that they charge interest from the day of purchase, but when is that reflected in the account? If I pay my full balance before the due date, do they still charge the interest? I just totally forget. 

*Also, with Credit One, I just got my card today and logged into my account and they didn't charge me for the annual fee. Was it maybe waived since I am an old customer? (They were not in my BK).

Next question - I had a Kay Jewelers card for $4000 CL, was not IIB and was still open just a week or so ago. Seems they closed it for inactivity. Are they easy if you ask them to reopen your account? I would love to have the amount for utilization and maybe can buy something small so it stays open. 

Last question - are there any other cards that friendly to new BK's? Aside from First Premier (which I'm not going to bother), it seems like I have all the ones possible. I mean store OR visa/MC. Not synchrony....maybe in a few months.

I think in a month or so I can apply for another Capital One, probably Quicksilver One. I qualified for it but they kept denying saying I already had an app on file. 

Thanks!

[gdale6]

Moving to RYC for better coverage

[new_earth]

or worse? Hello? Anyone home?

[RonM21]

Sorry about the struggles you went through but glad to see you are on the rebound. I would have guessed Cap1 as being good, but you already have one of those. I think trying to get another one of their cards like you mentioned is a good option.

As for Kay's. It won't hurt anything to try and get it back open, but I wouldn't have too much hope of it happening.

I never had CreditOne, sorry, so I can't speak on them.

[Anonymous]

Do some research on Credit One. At that point you may want to cut it up and throw it in a trash can.

[new_earth]

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@Anonymous wrote:
Do some research on Credit One. At that point you may want to cut it up and throw it in a trash can.

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I used to have them when I was building my credit the first time. I actually never had any problems with them and cancelled before that monthly fee started.

With the one I have now, my interest rate is 19% (not bad) and $45 annual fee, paid once per year, no monthly charges. It seems like they might have waived this year's annual fee, because my card still shows the full credit limit (minus $6.95 for my pretty pink card). It could be because I am a former customer and had excellent history with them.

The only thing I'm worried about is how their interest works, because I forget from last time. But I'm pretty sure you just get charged full 19% interest for any balance still on the card by the time statement cuts. 

[RCOH]

I have the Credit One card, opened May 2016. My annual fee didn't show the day I received and activated the card either. It did a couple days latter though. Your account will list the first payment due date and amount owed. It should be added soon. I made the same assumption as you, maybe they aren't charging me one. It's a one time up front fee the first year. If you keep the card more than one year you are charged monthly for the annual fee after.

They charge a 2.013% (monthly periodic rate) and 24.15% (corresponding APR).

EDIT: Your APR seems to be lower than mine. Didn't know they offered different APRs.

[Anonymous]

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@new_earth wrote:

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@Anonymous wrote:
Do some research on Credit One. At that point you may want to cut it up and throw it in a trash can.

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I used to have them when I was building my credit the first time. I actually never had any problems with them and cancelled before that monthly fee started.

With the one I have now, my interest rate is 19% (not bad) and $45 annual fee, paid once per year, no monthly charges. It seems like they might have waived this year's annual fee, because my card still shows the full credit limit (minus $6.95 for my pretty pink card). It could be because I am a former customer and had excellent history with them.

The only thing I'm worried about is how their interest works, because I forget from last time. But I'm pretty sure you just get charged full 19% interest for any balance still on the card by the time statement cuts. 

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Actually that's a terrible interest rate. I can find cards around as low as 7.24%. My current Citi card is 14.49% and I have a credit score around 615. I wouldn't settle for a 19% card unless I was really trying to get my foot in the door, like with Discover's 5% card. 

If you really think about it... Look at it this way:

@$5,000 balance @ 19% over 3 years will require a payment of $183.28 a month. You'd pay $1,598.08 just in interest.

@$5,000 balance @ 10% over 3 years will require a payment of $161.34 a month. You'd pay $808.24 in interest. 

And then on top of it, they charge you a $45 annual fee. 

Should've stuck with a secured credit card from a creidt union instead that would've given you a long grace period, a much lower APR, no annual fee, and possibly rewards.