Good questions... I'm curious too.
Just in case you didnt know... cap one has a prequalification you can do. So, dont just jump into any ole app and cross your fingers... at least try to prequalify for one and then cross fingers.
Just in case you didnt know... cap one has a prequalification you can do. So, dont just jump into any ole app and cross your fingers... at least try to prequalify for one and then cross fingers.
Well the idea, behind closing it after a year is to avoid the fees associated with subprime cards, plus they typically dont grow. You just need them long enough to convince the next lender you can be responsible with your credit.Thats why you get rid of them for cards such as capital one, so that you can grow with those cards and age your accounts. Capital One is an excellent option out of bankruptcy, them and discover are usually BK friendly. I know Capital One, will take you right after bankruptcy, discover you might have to wait a few months unless you get the secured version. As far as Capital One, I would apply for the secured, platinum or quicksilver one, but use the prequalify first. Its pretty accurate, but not 100%. As for other banks, stay away from chase, citibank, bank of america and Amex. They wont even look at you for years! Most credit unions wont look at you until you are 2 years from BK discharge. Hope this helps!
@Anonymous wrote:
So I should be discharged any day. (Our 3 month mark was dec 14th)
We just bought a car today (hubby is main, im a cosigner)
We are looking into what to do credit card wise to start building. I read the 700 in 24 but I have a few questions...
Wouldnt closing the card at a year hurt you? It would make your length of time be less etc.
What card are you speaking about?
Would it be possibly better to apply for a cap 1? If so, what card am i hoping for? Any that we should pass on?
If you didnt burn Cap1. Try the pre-qual site. Go with the Platinum, no QS1. Try to pass on any secured first. If its not possible there's always Cap1 and Disco secured.
Any tips on awesome cards would be nice. Im just not sure about getting a card only to mess with my credit by closing it a year later.
Only cards that you would have to close would be predator cards like Credit One and the like. Try to get in with a secured card that will graduate. If you could post who got burnt and current FICO scores that would help also in trying to steer you guys the right way. Until then dont make any sudden moves until we know more to help.
These dealers try all they can to get extra $ all the time. Delivery fee, wash fee, check air pressure fee, this fee., that fee, tax tag and title I can understand. For what we know that was his kick back for using that lender for you to pay. You can ask for the itemized bill of sale. Ask them to show you what and where is it listed on their bill of sale. Bet its worded in their favor. Or look at it now and try to find out whats listed. If it isnt there it's buried in 1 of the catagories and have them explain it. 600 isnt a lot. But if the interest is high it will cost over 1000 on your loan over 4-5 yrs.