Is there someplace that is best to go to get a card or is it better to respond to offer that is sent in the mail? I have seen a lot of references to Capitol One and a CS manager, Mr. Cooke. Do you think it would be a good idea to seek a card from them, balancing out acquiring the card with knowing that it will show up as an inquiry. ( and I think I've seen references to it somehow showing up as 3 inquiries? no idea if I read that right? does this just mean an app is being reported once each to the 3 major CRA's ?) Should I seek secured or unsecured card? or do I have a choice? I had a Chap13 filed in 4/96, discharged 12/2000, set to fall off 4/2003. Equifax score is 601. Which CRA does Capitol One use? I think I have even gotten offers in the mail from Capitol One tho' I have thrown away all offers, no matter whether they say preapproved, or secured/ unsecured or whatever. I think I have also gotten offers from Orchard and others. I am considering plunging into the world of having a cc again, and am considering choosing CapOne over other cc companies, since the link to Mr. Cooke through PFB sometimes seems to help those who are paying on time, and are seeking increases to their credit limits . Any thoughts, suggestions, helpful hints??. I know that saying I am back to virgin territory would be taking it a stretch, but honest.... for 6 years now, I have not had a credit card one, nor have I ever solicited one. I just have my debit card from Bank of America, my mortgage from Countrywide , a leftover Penney's card with zero balance /$500 limit that somehow didn't get cancelled in '96, and a Sallie Mae loan in 2002. Also, should I buy something for less than $250 at Penney's ( CL is $500) and pay it off ? I normally pay cash at Kohl's because they have better sales, but I could shop at Penney's if it would be a positive reporting... I don't want to get back into debt again, I just want a higher score so I can get better insurance rates. Texas Ms.
When I first read your post I was mildly surprise that your FICO is 601 with a bk-13 from 1996. My is 661 as of this morning from EQ and our situation is the same. Yes, you should have started your credit rebuilding road the moment after you filed bk. I know you do not want to get into debt, but on the other hand having good and responsible credit takes a little time which translate into a high FICO score. Yes, I would go for a Cap 1 card as a start. The credit lines are small enough that you should not get into any trouble. Cap 1 should pull a CR on all three major CRAs to check your status. I doubt that you have to put a deposit. Cap 1 will report to all three CRA, but not your credit line. (There are ways around this.) Hope this helps. Best regards, Mirage
should I go to web or offer in mail from your reply, tell me more please about them not reporting the credit line? what does that mean? and what does it mean about ways to get around that? opinion or whether I should go to a website or respond to a mail offer? will it help my score any to use the Penney's card, or does it not help that much to get positive reports since it is a store card? Texas Ms.
Re: should I go to web or offer in mail Cap 1 is known for not reporting your credit line. Instead the section where the CL should be listed is where Cap 1 reports your highest balance. So let's assume that your true cl is $1000.00. You charge up $400.00 in your first month and pay the min. due. Cap 1 will report your cl as $400.00 and your current balance as $385.00 (my guess). So now it looks like you are close to max out your CL. This is not good for FICO nor any lender taking a look at your CR. There are a few ways to get around this. Do a search and you will find them. In short- 1. charge it up and pay it off (even use a BT offer) 2. charge it up and return the merchandise. 3. circle your cl and mail it to the CRA. (not sure how effective this is) I personally charge up my account and pay it off the following month. Becareful not to charge to the last cent, which can lead to a overlimit fees. btw, Cap 1 does have a great online payment website. They post the next business day. Best regards, Mirage
Check out this site. Card Offer.com is a great site for sorting through the jungle of credit card offers. http://www.cardoffers.com Good luck.
