Is it Convenient?
I have recently Filed for a chapter 7 BKR and have already received my discharge. I want to start rebuilding my credit once again. I have received many pre-approved Credit card aplications including one from a bank that I included in my BKR. Is there a catch to this? Should I go ahead and apply for it? Also, Is it difficult to get a checking account?
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Hi,Originally posted by alcd35
You can start rebuilding your credit the minute you feel up to doing so. You realize that you will not be approved for every "Pre-Approved" credit application that you recieve in the mail. A lot of times, their information about you is obsolete. But if you do get approved for an unsecured credit card, that good. (Only if you're going to be desciplined enough not to get burried in debt again) But since most folks don't get approved for an unsecured credit card immediately following BK. Explore your options at getting a secured credit or a secured loan with your bank or credit union. If you decide to go with a secured credit card, make sure they report your payment history all three CRA's. Also, research thier service record too! There are tons of companies scamming sub-prime credit applicants.
You may or may not be able to obtain checking account with Check Card priveldges. Just ask them whether or not they require a minimun credit criteria to enroll with the specific service you want. More and more banks/cu's are requiring members to have good credit to obtain a Check Card, and must not have a derogatory check writing history.
Lastly, there may not be a catch to the credit card application you recieved. Just research there offer in detail, by a simple telephone call to thier customer service department.
Good Luck!
The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.
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