topic Re: Which CC? in Credit Cards

Which CC?

Anonymous — Fri, 20 Mar 2009 23:49:33 GMT

I'm in the process of rebuilding my credit. I applied for a CC through Orchard Bank figuring that they would give me a secured card. Well, the card they offered me is an unsecured one. I also applied with BofA hoping to get the 99/500 card but when they ran my info it came back as not enough info or something? My question is should I try to get the BofA card also? What is a good number of cards to have? I'm not planning on buying a house or anything anytime soon but I don't want to have a bunch of inquiries on my reports. Thanks

Re: Which CC?

Anonymous — Sat, 21 Mar 2009 12:58:32 GMT

Congrats on the unsecured card, javajunkie!

Count your blessings with that one card for now, and treat it well! Let it gather some good history before app'ing for other cards. Patience pays.

Re: Which CC?

manyquestions — Sat, 21 Mar 2009 13:10:17 GMT

I'd try for the BofA card. I would then also get a store card. I think three cards all together is a good number for rebuilding. You might as well get all three now so they age together. Then a year from now you will have three cards that are a year old and your FICO will hopefully be good enough to get much better cards. That's what I would do.

Re: Which CC?

Anonymous — Sat, 21 Mar 2009 15:19:16 GMT

@Anonymous wrote:
I'm in the process of rebuilding my credit. I applied for a CC through Orchard Bank figuring that they would give me a secured card. Well, the card they offered me is an unsecured one. I also applied with BofA hoping to get the 99/500 card but when they ran my info it came back as not enough info or something?

You say you're rebuilding your credit...did you ever burn BOA or MBNA? I ask because when I go to the BOA site to check for pre-approvals I get a message similar to the one you received. Years ago I had an MBNA account go bad and I'm sure BOA remembers and will NEVER offer me any of there cards.

I may be wrong, but I'd advise you to wait, let your new card age a bit, try the pre-approval site again, or apply for a different card altogether.

Re: Which CC?

nothingman02 — Sat, 21 Mar 2009 17:02:26 GMT

Years ago I burned a BOA checking account. The rep on the BOA online chat thing told me that it would not matter as those checking accounts will come on out through checksystems or something. I actually am inclined to believe her. Theres a different kind of credit reporting for checking accounts and stufff and Credit card applications will not consider those reports. Or rather, the way I construed it, it does not matter if it is BOA or any other bank. A negative is a negative and just cause its from BOA will not approve or disapprove your app.

Message Edited by nothingman02 on 03-21-2009 10:02 AM

Re: Which CC?

Anonymous — Sat, 21 Mar 2009 22:56:28 GMT

I have never had anything to do with BofA. I don't believe MBNA either? Who is this?

Re: Which CC?

Anonymous — Sun, 22 Mar 2009 13:05:10 GMT

MBNA, for all intents and purposes, is now FIA Card Services, which handles the BofA cards.

MBNA used to be the provider for Wachovia, too.

Re: Which CC?

Anonymous — Sun, 22 Mar 2009 18:32:46 GMT

Actually BofA evaluates your credit and score, plus their own "history" with you. If you remain on their internal database, it does affect your credit worthiness with BofA if linked up.

So, don't let the Chexsystems thing fool you.....if you had a bad checking within the past 5 years, it will affect how BofA treats you, especially if it was not settled/paid. I know from experience.

Re: Which CC?

nothingman02 — Sun, 22 Mar 2009 19:09:39 GMT

I did suspect otherwise. Thats why I did not even app for the BOA secured and went for the orchard instead.