I was discharged from my CH7 Bankruptcy in Jan '03 and today I got my first post discharge credit card offer in the mail. My desire for a credit card now is to aid in the credit rebuilding process. At first glance this seems pretty good. Lender: Captial One Status: Pre-Approved up to $5,000 MC Type: CapOne Platinum MasterCard Terms: 0% Introductory APR on purchases and 2.9% on balance transfers until Sept. 03, after that a fixed 14.9% APR Annual Fee = $59 This seems like a pretty good offer, but being my first should I hold out a couple of more weeks and see what I get? I realize one of the downfalls to CapOne is they don't report your credit limit. Any other thoughts? Thanks
I have this card, they started me with a $500 limit. One month later they bumped it up to $2250. The card has been fine by me, but you are right about Cap 1 not reporting credit limits. In my opinion, that is the main downfall.
I got the same offer post BK7. I ended up getting $500 with a $99 security deposit. Awful rates and funky reporting to CRAs. I don't use it much anymore
Would you suggest that I wait a few more weeks to see if any better offers might come or would it be smart to take them up on their offer? Thanks
Take the offer now Touchdown. I started with them this way - and now have a prime plat w/$5900 limit. Do it and pay them - they will slowly increase your limit over time. Things have changed - many issuers that used to do subprime paper had to go out of business - or got bought out. Thats a really good offer anyway... arrff - dogman
Dogman's probably right. Just don't carry a balance very often. BTW, there are a lot of secured cards out there, if you want to go that route. I have an American Pacific that I like. $300 will start you. You can increase it as much as you want to 10k I think, and they review and bump you up after 9 mo. I think. The best part about it is they report to all three CRAs, they do not report it as secured, and unlike Cap 1, they report your real credit limit.
Cool. Thanks for suggestions. I think I'll go ahead a bite at Cap1's suggestions. Just didn't want to take a hard hit on my credit score if it was a lousy offer. I'll post what I actually got after I do it.
This and HH bank are the only two offers I've received in a year that made the slightest bit of sense. I don't think you're likely to get better until you take a card like this one and use it for awhile. Btw, there's a good chance you'll get a $500 limit, so don't expect too much. The $5k is there as a hook. You need to start somewhere, though, and the sooner the better. This is a good deal for a restarter card.
I just received a similar offer from Cap 1 yesterday; up to $2500 limit (I guess my post bk credit must not be as goods as yours, touchdown - lol), no balance transfer option, fixed 14.9% APR,$59 annual fee. I know about Cap 1's not reporting CL's, which plays heck with your ratios. Does anyone know why Cap 1 does this? What's the down side if you have other credit cards that do report limits? And other positive tradelines (mortgage payments)? I am also sitting on a Household Bank Mastercard invitation, up to $1500 cl, 18.9% variable, same $59 annual fee. In addition, just after I received my first Providian card in the mail ($2000 cl), I received a second Providian (16.9% variable,$0 annual fee) offer for a totally different appearing credit card (the first was for their "Patriot or Americana" Series card, this one is for one of their new translucent very pretty color cards). Does anyone have two Providian cards? I do admit that a 14.9% fixed for a Cap 1 looks darn attractive. I only want one or two more bank credit cards at this time.I already have one, the Providian with the $2000 cl. I don't care about what cl's I'm offered anyway. So which would *you* CNeter's choose: another Providian Visa (if possible), or the Household or Cap 1 Mastercards?
