one thing I know is true, is on any manual review--and for example many mortgages (if not all) will be reviewed manually... that 200 or 300 toy card that you only used to buy gas, isn't going to show that you handle credit well. I'm trying to get this nailed down...cause I see so much talk about rebuilding credit with orchards, and 200 cap ones, and providian....but I really think the better advice is to put down $2500 on a secured card from a prime bank,a nd wait out the year or two, and get your money back when it converts to unsecured. Some people don't feel good about losing $2500 for even one year....which is why I know they are going to carry a balance for that year...but so what, if the interest rate is low enough, maybe you can carry that balance. myself I will put on a small balance, just to show I'm managing some debt....but I can let the $2500 sit for a year....but anyways...more on this subject later, as I learn more.
Well, I've been investigating secured cards. Post-BK, that seems the way to go from what I've read. Looked into everyone from Fleet, to Bank of Louisiana, to American Pacific Bank, Amalgamated, HSBC, Emigrant and a few others. If you search my username, you'll find that I've signed up for a few of them already. AVOID Household at all cost. Capital One can do you right (ask to be taken off their promotional lists though) if you take caution and don't let them hard pull you for a measly $300 CL increase every 6 mos-yr. Household sends all kinds of junk mail & you'll have every crooked telemarketer call you. Just seems that way to me, of course. I am really starting to like the idea of secured cards. Want to know why? After investigating for over a year, (with about 4 mos prior to BK and 8 mos thereafter) I find that a high CL secured card carries my FICO score as high as a high CL UNsecured card. I have a few bucks to blow ($4,000 between 4 secured cards now) and I'll load another 2K or so in the new few months. FICO takes into consideration how much credit you are being offered. I really believe FICO doesn't look at whether your card is secured or unsecured. It looks at total credit. So, if you read the boards and really think about it, you'll find that scr*wing around with a few hundred dollars of UNsecured credit is nothing when compared with the benefits of 1K or more of secured credit. If you are attempting to build credit or rebuild post-BK, please consider a secured card or three. I have seen my scores rise by **over** 100 pts with 2 disputes among all the CRA's, and it happened because I opened all these accounts and I'm paying on time. I could blame my luck of a high credit score on luck alone. However, it's not luck. What it is, I'm sure, is getting secured credit and slowly rebuilding a solid payment history. I REFUSE TO WAIT 2-5 YEARS TO REBUILD MY CREDIT RATING. Screw the CRA's, I'll do it my way!
I feel you should get rid of both of those cards and save the money that u are paying them for fees. Just save it until you get $500.00 and get a secured card with a very low interest rate and no yearly fees. Use the card wisely instead of just running it up..remember you are the one who is going to have to have pay..also keep your savings account going. Once you have $1,000.00 in savings, get your limit raised. In this day of uncertainty and with people carrying enormous credit debt, I feel that soon the days of "free credit" are coming to a close. Many people are losing jobs and everything they have worked for because they did not take the opportunity to pay it off when they could have. Stop living on credit..it will eventually eat u alive.
My $300 Cap One grew to a $6,200 over five years my $300 Orchard and $300 Houshold never received any increases both were closed in their 15 month. Cap One has an Advocates office and a toll free number, houshold was a toll call with long hold times. I will never carry another household card.
My $300 Cap One grew to a $6,200 over five years my $300 Orchard and $300 Houshold never received any increases both were closed in their 15 month. Cap One has an Advocates office and a toll free number, houshold was a toll call with long hold times. I will never carry another household card.
It has been a while since my last visit here. I have held to my two cards, Providian, and Capital One. These 'toy' cards still have the initial credit lines: Providian $3500, no annual fee, and Capital One, $2000, with a $59 annual fee. And yes, that is thousands, not hundreds. Well, today I received an offer from Capital One. "Congratulations. Your solid account performance has earned you Preferred Platinum status, with no annual fee, and an additional credit line of $5000..........blah blah........call to upgrade to the Preferred Platinum Visa." So, while I have no opposition to secured cards, the kind I thought I would have for a couple years post Ch. 7, my ample "toy card" credit lines with no annual fee are working for me. I understand frustration with $200 credit lines, but these companies have treated me like gold, especially Cap One now. I just want to share my experience to help others. Secured cards would have been wasted effort for me. BKinNE
