Another Cap 1 CC

[Anonymous]

I have a CO with Cap 1. I'd like to obtain another Cap 1 card to help rebuild my credit. I don't want to apply and have a hard inq, if I'm just going to be denied. Is Cap 1 forgiving, or should I go elsewhere?

[llecs]

I've heard of folks with a paid CO CapOne  being approved for a new CC with them. However, the inquiry is not the only thing you need to worry about. CapOne pulls all 3 CRs when apping, so you'd have to worry about three of them.

I blacklisted CapOne for that very reason and I wouldn't recommend them, IMO.

[Anonymous]

Who would you recommend? I've thought about Orchard Bank, but they have somewhat high annual fee.

[llecs]

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R8RDude wrote:

Who would you recommend? I've thought about Orchard Bank, but they have somewhat high annual fee.

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I started with scores in low to mid-500s. Started with Credit One, Orchard secured, Juniper, Macys, Bloomingdales, BofA, Target, and National City. Started last August with 0 CCs and progressed from there. The biggest problem I faced was dealing with CCs I didn't want to deal with (Juniper, Credit One, Orchard, and Target), and also being stuck with low limit, high-fee cards.

If I had to start over again, I would save all the $$$ I could and get a large limit secured CC and focus on BofA, Citi, CUs, and other banks and get 2-3 secured cards. Some banks like BofA will return the money after a year anyway. I'd probably then add a store card like Macys to add to the mix.

Getting over that initial hump of low-limit cards is tough. I finally got National City at $2000 with scores in the upper 600s after 9 months. DW was in the same boat and finally got her first $1000 CC from BofA last week after 9 months too. It always made me sick to see people posting in here with a 600 score getting CCs at $10k plus. Large part of that was due to the others at or near $10k limits they had already.

[bridgetkaryn]

I just got a BofA card, it only has a $500 limit (The one I got is a card for people with crappy credit, it is a $59 annual fee I believe) but from what I read on the credit card board (i would check them out too... they are great) they are really good about bumping up your limit on a regular basis if you pay on time and don't go over the limit...

Good luck!