Credit card after bankruptcy

[Anonymous]

My bankruptcy was discharged in January 2010.  I have not used a credit card in a year.  I have just received three preapproved cc applications in the mail.    Should I try to get one of these cards?  Will it help rebuild my credit faster?  

Currently my HELOC is showing as current and never late.  For whatever reason the bank is not reporting it included in bankruptcy although it was included.  My car loan  and 1st mortgage are still reporting history and current and never late although they do say included in bankruptcy.   

Is there a certain credit card company that is better than others for rebuilding credit?  Meaning lower interest rates and no or low annual fee?

Thank you for your help..... Trying to get back on my feet after losing my job, getting divorced and filing bankruptcy all in the same year!  

[Anonymous]

Hi & welcome whiskey,

Just a few quick questions:

Ch 7 or Ch 13?

Do you currently have any open cards?  I know you haven't used one for over a year, just not sure if you have one open but not used or not.

What companies are your preapprovals for?

Did you include any CC's in your BK?

[Anonymous]

Hi and thank you for getting back to me so quickly.   No, I have no credit cards right now only a debit card.  Yes, I included 9 credit cards in the bankruptcy.  Not because they were all past due but because my attorney told me I had to include all accounts or it would look like I favored one creditor over the other.   I filed Chapter 7.

Just looked at one of these offers and its $75 a year and I dont want to pay that much so we'll eliminate that one.   I have a Platinum Mastercard offer from Orchard Bank for 0% purchases through  March 2011 and a variable 9.9% after that  with $39 a year.  It says prequalified status(small print as long as I make at least $12,000 per year) 

 The other one doesnt say the name of the bank which worries me.  It just says Platinum Mastercard.  Same terms but I cant find the annual fee anywhere on here.  you would think they would have to disclose that? 

Both reply envelopes say HSBC   so I'm not sure of thats who processes it or it's the same bank offereing two differterent cards?     

Let me know what you think.  Thanks!

[Anonymous]

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@Anonymous wrote:

I have a Platinum Mastercard offer from Orchard Bank for 0% purchases through  March 2011 and a variable 9.9% after that  with $39 a year.  It says prequalified status(small print as long as I make at least $12,000 per year) 

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This is the card I used to rebuild after BK.  I'm a big fan.  They're easy to pay online - can pay as many times a month as you like (I PIF'd frequently) - and can pay more than the balance.  I liked that because you can pay an item even before it posts.

Do a search for Orchard on these forums (also a search for HSBC which has a prequalification site) and you will find lots of posts.  They pulled EXP for me.

And Orchard is a bank card.  My FICO went up 20 points when this account posted (FICO likes you to have at least one bank card).

I kept that card open until I qualified for a bank card with no AF - then I cancelled it.  Never had a problem with them.

[Anonymous]

Would you believe that I received an offer in the mail today for a card at 59.9%!!!    That's not a typo.  60 percent?  Is that even legal?  I thought there was a 30% cap?

[Anonymous]

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@Anonymous wrote:

Would you believe that I received an offer in the mail today for a card at 59.9%!!!  

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As we like to say in our family, "I'm not THAT stupid"    That's so crazy.

Glad you've got some good offers coming in!

[MarineVietVet]

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@Anonymous wrote:

Would you believe that I received an offer in the mail today for a card at 59.9%!!!    That's not a typo.  60 percent?  Is that even legal?  I thought there was a 30% cap?

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That sounds like a First Premier card.

http://www.creditcards.com/credit-card-news/interest-rate-report-aprs-first-premier-1276.php

From a BK years ago to:

9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
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[Anonymous]

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marinevietvet wrote:  That sounds like a First Premier card.

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Eeeeeew!

(Just having fun - it's late here.)

[Anonymous]

Shop around, My BK was discharged 9/09 and I just got approved by Cap One @14.9% with a $40 annual fee. It's the first credit app I have done post discharge. Good luck!

[Anonymous]

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@Anonymous wrote:

@Anonymous around, My BK was discharged 9/09 and I just got approved by Cap One @Anonymous.9% with a $40 annual fee. It's the first credit app I have done post discharge. Good luck!

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Congrats 157rfd!  That's great to hear!!!

When you're app'ing, remember Cap One will pull all 3 CR's; and they're iffy with BK's.  For example, DH & I both cannot make Cap One smile - but they were IIB for us.  Others with BK, whether Cap One was IIB or not, do get cards.

Also check out the pre-approval sites.  Cap One has one, and so does HSBC/Orchard.  That may help a little.