Rebuilding credit after bankruptcy

For just about anything you want to get off your chest about credit cards.
4 posts
magyar1045
Centurion Member
Centurion Member
 
Posts: 158
Joined: Thu May 29, 2008 4:05 pm
Location: California

Rebuilding credit after bankruptcy

Postby magyar1045 » Mon Jun 02, 2008 5:57 pm

Two of the most after bankruptcy friendly credit card companies are Household and Orchard - both within the HSBC "family". At the outset they will approve you for $300 limit cards but carry annual fees ranging from $59 to $99, and their interest rates border on loanshark levels, and are real slow in increasing credit limits.
BUT!!! There's the "big daddy" (HSBC) - who - if you treat Orchard and Household right-timely monthly payments - will offer you a high limit card. I treated Orchard/Household right, and received an HSBC MC with a starting limit of $2500, which after 6 months they increased to $4500. And now, a year later to $7500.
HSBC ROCKS!!!!


jhudson
Green Member
Green Member
 
Posts: 16
Joined: Thu May 29, 2008 1:02 am
Location: Maine

Postby jhudson » Mon Jun 02, 2008 6:40 pm

My wife used Orchard Bank to rebuild her credit too. But man are those annual fees and interest rates they give crazy! That's why you need to get one just to rebuild credit, not to carry a balance. Congrats on getting to $7,500 after a year that's a good CL for anyone even with great credit.

Do you still only have the HSBC MC or have you opened up any other cards? I just have my wife on a couple of my cards as a co-account holder with my name.

magyar1045
Centurion Member
Centurion Member
 
Posts: 158
Joined: Thu May 29, 2008 4:05 pm
Location: California

Postby magyar1045 » Tue Jun 03, 2008 3:27 pm

Try Washington Mutual, Aspire, and Merrickbank, maybe even Cap One. Wamu and Aspire (when I first received them in 2006) had no annual fees. Merrickbank does but they split the fee into equal monthly charges,$3 x 12 for $36. Cap One's is a one shot deal at $39. Wamu is good - first they sent me a Visa with a $1500 limit, which after 6 months they increased to $2500. Then they sent me one of their MCs, with a starting limit of $500 - which 6 months later they increased to $1500. Merrick is good too, every 3 months they increased my limit by $200. They started me at $1250, and just recently my limit became $2950. Had it since 2006. Cap One is kind of slow. They started me out with $1000, and after a year or so limit is "only" $1500. Aspire is good too. in 2006 they started me with a limit of $1250, which by now rose to $3250.

mayluio145
Green Member
Green Member
 
Posts: 5
Joined: Wed Jul 09, 2014 7:19 pm
Location: United States

Postby mayluio145 » Wed Jul 09, 2014 7:42 pm

Rebuilding your credit after bankruptcy takes patience, persistence and a steady stream of monthly on-time payments.

A low-limit credit card is a great way to start. But because of the bankruptcy on your credit file, you’ll need to think small when applying for credit cards. After bankruptcy, you may not qualify for a run-of-the-mill consumer credit card.



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 2 guests