topic Re: Any ideas for a third CC? in Credit Cards

Any ideas for a third CC?

Anonymous — Tue, 21 Jul 2009 06:10:57 GMT

Okay. DH is well on his way. I'm a bit more trouble, though (as we all know)!

I have two cards and would like a third.

Currently have:

Orchard Platinum $700 CL (Opened 12/08)

Macy's Store Card $1000 CL (Opened 7/09)

Ch13BK filed 05 discharged 2/09.

I am scratching my head. Any ideas on where I could apply for my third card?

--Our CU is asking us to wait. We'll add them in awhile.

--Alliant does not count household income. I have a savings account with them - no Visa.

--HSBC wants me to wait 18 months since I opened my Orchard card.

--Cap One turned me down 3/09 due to BK - maybe they'll like me later.

Message Edited by utah2009 on 07-21-2009 12:10 AM

Re: Any ideas for a third CC?

smallfry — Fri, 17 Jul 2009 00:30:08 GMT

Wait.

Re: Any ideas for a third CC?

MarineVietVet — Fri, 17 Jul 2009 00:37:36 GMT

@smallfry wrote:
Wait.

I agree. You just need to be patient. Patience is definitely a virtue when it comes to credit. I speak from personal experience. Let those 2 cards age for awhile.

Re: Any ideas for a third CC?

Anonymous — Fri, 17 Jul 2009 00:42:49 GMT

Have you ever considered a good Secured card?

Re: Any ideas for a third CC?

Anonymous — Fri, 17 Jul 2009 01:29:56 GMT

I would go with a secured card at a good CU.

Re: Any ideas for a third CC?

Anonymous — Fri, 17 Jul 2009 02:47:00 GMT

Since you already have your foot in the door at Alliant, why not ask for a secured card? Surely it can grow into an unsecured.

Re: Any ideas for a third CC?

Anonymous — Fri, 17 Jul 2009 02:48:18 GMT

@Anonymous wrote:
Since you already have your foot in the door at Alliant, why not ask for a secured card? Surely it can grow into an unsecured.

Alliant do not offer a secured card - I checked (tho I don't need it so much now, I did at the time I checked)

Re: Any ideas for a third CC?

wmarat — Fri, 17 Jul 2009 02:56:52 GMT

1. Affinity FCU Classic Card (builders/rebuilders)

http://www.affinityfcu.org/site/personal_creditcards.html

2. Addison Avenue FCU Secured/Classic Visa

https://addisonavenue.com/visa/

3. Agriculture FCU Classic/Secure card

http://www.agriculturefcu.org/products/loans/creditcards.html

This list is endless.

Re: Any ideas for a third CC?

Anonymous — Fri, 17 Jul 2009 03:00:07 GMT

Let me clarify.

We already have a (two) CU's we're very happy with.

I have two unsecured cards. I'm looking for a third unsecured card that is BK friendly.

Thanks y'all.

Re: Any ideas for a third CC?

smallfry — Fri, 17 Jul 2009 09:43:47 GMT

@utah2009 wrote:
Let me clarify.

We already have a (two) CU's we're very happy with.

I have two unsecured cards. I'm looking for a third unsecured card that is BK friendly.

Thanks y'all.

You have Orchard and Cap One turned you down. Those 2 issuers are the top of the rebuilder group. You already have a Macy's card so there is no need to pursue another store card. I would avoid applying for junk tradelines just for the sake of low level lines. Best thing you can do now is wait until you can get a card from someone like Chase Citi or BofA.

Re: Any ideas for a third CC?

Anonymous — Fri, 17 Jul 2009 14:09:34 GMT

Thanks smallfry. I don't yet get a preapproval from BofA (DH did). What are some good markers for knowing when I might be attractive to BofA and Chase Citi? Are they BK friendly and how far out from filing or discharge do they like you to be?

Right now I'm looking at Kay's and JCPenney's. Had a JCPenney's card til '01 when I closed it - but I was younger then..........thought I knew what I was doing but had no clue. Wish I would have found something like these forums back then.

Re: Any ideas for a third CC?

Anonymous — Fri, 17 Jul 2009 14:36:06 GMT

@utah2009 wrote:
Let me clarify.

We already have a (two) CU's we're very happy with.

I have two unsecured cards. I'm looking for a third unsecured card that is BK friendly.

Thanks y'all.

Do your CU's allow you to increase the savings, and thus increase the CL's? If so, you should be periodically adding to your savings and requesting the corresponding CLI.

Many on the forums tell you that CL doesn't matter, just utilization, age, etc. I will tell you that this is partially true and partially false. There are many prime cards that will not consider you UNLESS you have an existing account that has a minimum CL reporting.

Many other CCC's will not give you a CL any larger than your existing accounts. Auto loans, upon LO review are influenced by larger CL's that have been responsibly handled.

I would not focus on quantity as much as quality. You get more bang for your buck with secured. Were I forced to rebuild again, I would avoid the builder cards all together and go strictly secured, store and gas.

Part of rebuilding is building savings. Building savings can build credit if you allow it to secure growing Credit Lines or Limits at no cost (in fact earning interest).

While FICO may not always reward based upon CL's I am convinced that many lenders have internal criteria, beyond FICO, and this may often include CL's.

My opinion is not merely anectodal. I was declined by BoA a CLI, which they specifically cited decline due to no other CL's larger than my BoA CL (I had put most of my personal and biz credit with them....you know, being a loyal one stop shop customer).

Because I had a $10k BoA CL, Juniper gave me $15k, NFCU gave me $25k and $15k, and others gave me $10k to $12.5k. While my credit scores were helpful, I have no doubt that if my scores were only achieved with $750 to $2k CL's that I would NOT have gotten the bigger CL's recently.

If you are saving money, then use it to your dual benefit. Don't get caught up on having to have unsecured credit as a badge of honor, especially when you are getting a subprime badge (ie: BK friendly = subprime).

There will be many who don't agree with me. But I can only say, it worked for me going from BK and 500's to 800 plus with nice CL's.

But I do wish you good luck in wherever you app and whatever your goals!

Re: Any ideas for a third CC?

Anonymous — Fri, 17 Jul 2009 14:41:29 GMT

Thanks TX. We're with you on the savings and building with our CU's. Always good points, there.

Do you really think Macy's is subprime? I didn't know.

Re: Any ideas for a third CC?

Anonymous — Fri, 17 Jul 2009 14:51:29 GMT

@utah2009 wrote:
Thanks TX. We're with you on the savings and building with our CU's. Always good points, there.

Do you really think Macy's is subprime? I didn't know.

My apologies on clarifiction: I was referring to BK friendly major cards, not store cards. I mentioned I would go with secured major, plus select store and gas. Macy's is just fine in my book for those interested in it.

Sorry for the confusion

Re: Any ideas for a third CC?

Anonymous — Fri, 17 Jul 2009 15:54:52 GMT

Thanks TX. That's what I'm looking for - select store and gas.

We have our savings in 2 CU's which we are wanting to build with and absolutely do not want to move. Alliant and our local five star rated CU which we've used for 7 years - neither does secured CC. Our local CU will not consider us for a visa for 18 months and we're fine with that. We also have a 7 year good relationship with USBank. We have overdraft protection at the CU and USBank, along with savings and checking.

We have a very significant chunk of money tied up in attorney retainers and ongoing fees right now (truly love attorneys - but hate to pay for THEIR children's college education - but that's the way it has to be sometimes - not everybody in the universe behaves ;( and attorneys help make that better....sometimes....). When that's all over we may consider popping money in a 3rd CU that does secured - but absolutely not interested in that move right now.

I was looking at JCPenney or Chevron. However, Chevron now has a note on their app page that indicates they will not approve anyone with bk's showing on their CR's (not asking if you have EVER had a bk though, interesting).

Now I'm looking at JCPenney or Walmart. We do some grandbaby shopping at JCPenney and most of our grocery shopping at Walmart so they would work well for us. Anyone have any recent experiences with either of these guys?

Re: Any ideas for a third CC?

Anonymous — Tue, 21 Jul 2009 06:09:11 GMT

Just updating the threads that were helpful, including this one.

Did app for and approved for the following:

Dillard's

Walmart

JCPenney

This accomplishes what I was shooting for. As I'm 5 months post BK, I'm rebuilding. These cards brought my TCL from $500 to $4100. Now I'll allow these to age (and hopefully grow) so I can look a bit settled when I sit down with my CU for their Visa next year. Thanks to everyone for their help.

Re: Any ideas for a third CC?

Anonymous — Tue, 21 Jul 2009 06:29:54 GMT

@wmarat wrote:
1. Affinity FCU Classic Card (builders/rebuilders)

http://www.affinityfcu.org/site/personal_creditcards.html

2. Addison Avenue FCU Secured/Classic Visa

https://addisonavenue.com/visa/

3. Agriculture FCU Classic/Secure card

http://www.agriculturefcu.org/products/loans/creditcards.html

This list is endless.

Do you have an Agriculture FCU credit card?

Re: Any ideas for a third CC?

Anonymous — Tue, 21 Jul 2009 06:32:58 GMT

No. I'll look at that - thanks. We have a long standing relationship with our local 5 star CU - but they want to wait til 12 month out of BK for a VIsa. We're fine waiting because we like working with them. We also have Alliant CU which we like. DH has their card - I do not. What is it about Agriculture CU that you like?