Applying for new credit card question....advice needed please.

[ztnjpv]

That's my thinking as well on the Cap1 Platinum ($19 annual fee). I got one with scores in the low-mid 600s and lots of bad marks in the form of collections and late payments. But I also had a lot of good past accounts. At the time of the app, my most recent bad mark was maybe 9 months old. Might have been sooner. I can;t remember. I got instantly approved with a $1000 limit.

[ztnjpv]

tennisgirl,

When you say the BK was discharged, do you mean it's been 7 years? I don't understand the terminology.

BTW, when were you approved for the Orchard? Was it unsecured? If that just happened and it was unsecured, I don't see why Cap 1 wouldn't approve you. 

BTW, If you have that card and then get the Cap1 Unsecured Platinum, I think you can stop applying for cards and just stick with those for now and take care of them. Then I would turn to the reports and work on cleaning them up. There should be many bad marks in there that you can work on getting removed if the circumstances are right. 

[Anonymous]

Ok....that's helpful.  Thank you so much.  Have a wonderful day!

[Anonymous]

When you file a Petition for Bankruptcy, it isn't final until about 3-4 months later (and after several steps) when the bankruptcy court enters a final discharge order.  The term means all debts have been "discharged" (except for a few exceptions) and you are no longer liable for those debts.  The bankruptcy remains on your credit for 10 years (for Chapter 7 bk) from the date of filing though.  But I'm finding that many creditors, including credit unions, won't consider you for credit until at least two years have passed from the date of discharge, not the date of filing. 

[Anonymous]

Does anyone know if Cap 1 and Orchard Bank are using the same underwriters yet(since HSBC sold its CC division to Cap 1)

[Anonymous]

HSBC sold it's Card services division to Cap 1 back in April so if you have an Orchard, Household bank, or HSBC credit card with the exception of premier clients which remained with HSBC than they are now managed directly by Cap 1 and their underwriters.