Chapt 7 discharged, which cc to apply for?

[Anonymous]

My scores as of today:  596 aqnd 614.

Are there any cc's out there for me?  I would like one so I can help rebuild my credit.  I plan to charge gas or something and pay it mostly off every month.

Thanks for any input.

[Strepthroat]

You could try whoever you bank with or join a local credit union.....talk with a loan office at either location for the best way to go. They may offer you a secured card to start.  I know when I came out of my bankruptcy in early 20001, right before it was discharged, both Capital One and Orchard Bank approved me for unsecured cards, $500 for Orchard and $1,000 for Capital One. I know folks shy away from both banks because they don't tend to grow with most cardholders (however that wasn't in my case).  But both cards served the purpose, which you stated you need a card to do.  Whatever you decide, I hope the best as you continue on the road to financial recovery.

[Creditaddict]

you can check pre-approval for capital one, I wouldn't apply if not offered something.

I would save Household, Credit One and First Premier as last resorts in that order too.

Capital One has a decent Secured card from what I have read if you can't get secured with them.

A store card or a Gas card might be good option also to get going, but don't apply with any store that uses WFFNB, they are mostly unfriendly to bk but has been some success as it gets older with a couple people on the board but majority no.

My only other thought is you say you plan to pay it mostly off every month... I personally would not get and use the card fresh out of BK if you can't pay it off each billing cycle in full... It may seem like a silly statment to say a $200-$300 card is a slippery slope back to more debt then you can handle and heading down the road of BK again but if you start leaving balances on little cards under $500 what will happen if in 3 or 4 years you get a $10k card... just my thought and mostly because I have done it!

Good luck, post results!

[Anonymous]

Thanks for the input!

As far as not paying the balance in full every month, I had read that it's better for raising you score if you do have some small % of credit utilzation.  Maybe that's wrong?

[Strepthroat]

Lawmom my advice would be to pay your balances in full, especially after a bankruptcy.  I wouldn't play that game to try to maximize your credit score.  I never carry a balance and my scores are in the mid 700's.  With excellent payment history, overtime your score will keep increasing.

[castlefox]

I think you are confused lawmom394       It is best to post a small ballance of on your credit card (20% of your credit line for the card or less) but then pay it off in full everytime.