startingagain Posted April 8, 2008 Report Share Posted April 8, 2008 I am working on repairing credit reports after a chapter 7 discharge one year ago. Unfortunately we bk all of the usual suspects Cap one, HSBC, WaMu.I have'nt spent the money to get all 3 of both of our FICO's yet but my EQ is 580 and DH TU is 549. I am planning to pull all 3 in maybe June. Goal is to get mid score above 620.I have Applied Visa ($350) and just received Crown Jewelers, will make a purchase by the end of the month. I applied for a Target Red card last week and got the 7-10 day message. We were both denied for Hooters.DH has a Credit One visa ($250). Should I open a Crown account for him as well? Maybe the sterling trifecta? What should we apply for next? I am also working on the clean-up of reports and we do have a joint auto loan thru GMAC. Link to comment Share on other sites More sharing options...
Amerikaner83 Posted April 8, 2008 Report Share Posted April 8, 2008 A secured loan or secured CC (like 500 bucks or so) is a good thing as well... Link to comment Share on other sites More sharing options...
LeslieR Posted April 8, 2008 Report Share Posted April 8, 2008 You might want to just wait a few months - if you are working on repair, you will be surprised at how quickly your scores improve. I started last July with scores like yours and am now holding two prime cards with fairly decent limits. Get your scores above 600 before you worry about too much rebuilding. Just be patient. Link to comment Share on other sites More sharing options...
Moneedshelp Posted April 8, 2008 Report Share Posted April 8, 2008 seamiles might be one to look at, though there are varying opinions as to whether or not it is a good card to have. Considering the current credit market, i would recommend that you try to do some repair before applying for more credit. A few points north might be the difference in a decline and a decent card. Good luck Link to comment Share on other sites More sharing options...
startingagain Posted April 8, 2008 Author Report Share Posted April 8, 2008 Thanks for the tips, maybe I will just hold steady for now then. I guess I was thinking that more available credit combined with more payments reporting on time would raise my score quicker. But...I can't afford to have many inq. Link to comment Share on other sites More sharing options...
isislc Posted April 8, 2008 Report Share Posted April 8, 2008 Just for the record, Cap1 and HSBC do not black list. You'll be able to apply with them again. Link to comment Share on other sites More sharing options...
startingagain Posted April 8, 2008 Author Report Share Posted April 8, 2008 Yes, I was aware of that thanks. I was thinking I should put a little more time in before applying with them. Between DH and I we bk about 15,000 on Cap1 and closer to 25,000 on hsbc. They have'nt been sending any pre-approval offers so I figure they are'nt ready for us again yet! Link to comment Share on other sites More sharing options...
LeslieR Posted April 8, 2008 Report Share Posted April 8, 2008 Just for the record, Cap1 and HSBC do not black list. You'll be able to apply with them again.Slight clarification on this - HSBC does blacklist for ten years according to a CSR I spoke with (for what that's worth). In my case, I did not BK but burned them in a C/O. I got the Orchard card but was not eligible for any CLI or another HSBC card when I asked. When I asked why, I was told it was due to the GM Card that got C/Od in the late 90s. I asked "Is that forever??!!" and she replied that I could be considered for additional HSBC products 10 years and six months after the C/O date.As I said, take this for what it's worth since it just came from one CSR over the phone, but I thought I'd throw it out there for the sake of information. Link to comment Share on other sites More sharing options...
Magdalen77 Posted April 9, 2008 Report Share Posted April 9, 2008 Slight clarification on this - HSBC does blacklist for ten years according to a CSR I spoke with (for what that's worth). In my case, I did not BK but burned them in a C/O. I got the Orchard card but was not eligible for any CLI or another HSBC card when I asked. When I asked why, I was told it was due to the GM Card that got C/Od in the late 90s. I asked "Is that forever??!!" and she replied that I could be considered for additional HSBC products 10 years and six months after the C/O date.As I said, take this for what it's worth since it just came from one CSR over the phone, but I thought I'd throw it out there for the sake of information.10 1/2 years!!! Wow, that's hard core. Link to comment Share on other sites More sharing options...
isislc Posted April 9, 2008 Report Share Posted April 9, 2008 Slight clarification on this - HSBC does blacklist for ten years according to a CSR I spoke with (for what that's worth). In my case, I did not BK but burned them in a C/O. I got the Orchard card but was not eligible for any CLI or another HSBC card when I asked. When I asked why, I was told it was due to the GM Card that got C/Od in the late 90s. I asked "Is that forever??!!" and she replied that I could be considered for additional HSBC products 10 years and six months after the C/O date.As I said, take this for what it's worth since it just came from one CSR over the phone, but I thought I'd throw it out there for the sake of information.Ok the blacklist you're referring to is different from the one I'm referring to. If you blew off a card in BK or Charge Off, you CAN still get a card. The blacklist that Leslie is referring to and I wasn't told the amount of time the restriction lasts, but you will get denied at having too many cards with them if you have a total of 4 existing accounts. These accounts include existing accounts with either HSBC or Orchard, any Chargoffs, any BK accounts. So lets say you have 2 BKs, 1 charge off, and 1 CC. That's it, you can't get any more because you reached your limit of accounts with them. But yes, Leslie is also correct in that respect.I myself am waiting for my card to hit 6 months then I'm going to fire them since I can't get any CLIs. I prefer the larger limit cards anyways and would like to start weeding out the Subprimes. Link to comment Share on other sites More sharing options...
LeslieR Posted April 9, 2008 Report Share Posted April 9, 2008 10 1/2 years!!! Wow, that's hard core.I know! I was stunned. Link to comment Share on other sites More sharing options...
isislc Posted April 9, 2008 Report Share Posted April 9, 2008 I know! I was stunned.What sucks about that is it's even worse than a BK reporting! At least with Cap1, you can still get a card after a CO or BK account and still get decent CLIs. I blew out 3 Cap1 cards in BK and still got approved for $750 on a new card and just got a CLI for $1000. Forget the HSBC cards and go for a Cap1 card, the card is so much better anyways in many respects for now. I even got a decent interest rate with the Fico I had at the time I applied. Right now I'm at 15.9%, dropped 4 pts since I first got the card, and I'm eligible for another APR drop next month. The HSBC cards I've seen going to people having accounts that are COs or IIBK with them have been no higher than about $500. If you really want a card, your better off with Cap1, only bad thing is they pull all three reports but you get a CLI every 3 months roughly. Link to comment Share on other sites More sharing options...
lovebug5 Posted April 9, 2008 Report Share Posted April 9, 2008 The HSBC cards I've seen going to people having accounts that are COs or IIBK with them have been no higher than about $500. If you really want a card, your better off with Cap1, only bad thing is they pull all three reports but you get a CLI every 3 months roughly.Agreed with the above. I received both a Cap1 and HSBC card shortly after my BK discharge. Initial HSBC CL was $300, initial Cap1 CL was $1,000. After 3 months they were $600 and $1,500 respectively...Granted, I haven't gotten a CLI on either card since...But I much prefer Cap1 over HSBC. Link to comment Share on other sites More sharing options...
tarbaby Posted April 9, 2008 Report Share Posted April 9, 2008 i have one good account (closed of course) with cap one and one co that i have one payment on. i applied for a card and was denied. i figure i'll send a recon letter when i make the last payment. since i paid almost 800 on a 300 card that should have been closed..maybe they will be nice. Link to comment Share on other sites More sharing options...
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