Please be honest with me here. Am I splitting hairs and walking to fine a line, but here is the situation.
We filed Chap. 7 on 10/13...341 on 12/8. I know that we are not to incur any new debt between now and then. (Although if were not for this Forum, I wouldn't know that. I don't remember my lawyer or the court giving me this info.)
Today, my wife received a "You're pre-qualified for a Blue Amer. Express Card" letter. No annual fee and 0% interest for the first 15 months.
I'm thinking that we shoould apply tonight via the internet option. They may say no or they may ask for it back later, but on the chance that they don't, we would be starting our fresh start w/ a tremendous card.
We wouldn't use it before our 341 or our discharge if necessary, then just put one $20-$25 bill on it and pay it off in full every month, but it would show use and help us to rebuild our credit.
We are re-affirming our 2 cars. We are upside down according to KBB trade-in value, but pretty close in actual sale value. Mine is a 2003 Saturn L200 and hers is a 2004 Saturn Ion. We bought both on the same day, Aug. 31, 2003 and have never been late w/ a payment. Mine is 0% through GMAC and hers is around 4.5% through Citizen's Bank. We have 5 yr. loans and our payments together total $530.00.
So our credit was pretty good until the last year. I have had heart problems for the past several years and she had breast cancer a year ago. Now I am on medical leave, but hope to be able to return to work by March or April of next year. I just couldn't afford the $700 a month I was paying to the IRS for back tax bills and then when we went through a real rough period emotionally and physically, I was late with some cc payments and my income went down to about 45% of what it was, so the two combined and they sold my cc's until they were all at 29.99%.
Anyway, I am anxious to rebuild our credit and since this card has no fees and will not use it until it is legal to do so, what trouble could we get into for at least trying to go ahead and get it. Thanks, Art
We filed Chap. 7 on 10/13...341 on 12/8. I know that we are not to incur any new debt between now and then. (Although if were not for this Forum, I wouldn't know that. I don't remember my lawyer or the court giving me this info.)
Today, my wife received a "You're pre-qualified for a Blue Amer. Express Card" letter. No annual fee and 0% interest for the first 15 months.
I'm thinking that we shoould apply tonight via the internet option. They may say no or they may ask for it back later, but on the chance that they don't, we would be starting our fresh start w/ a tremendous card.
We wouldn't use it before our 341 or our discharge if necessary, then just put one $20-$25 bill on it and pay it off in full every month, but it would show use and help us to rebuild our credit.
We are re-affirming our 2 cars. We are upside down according to KBB trade-in value, but pretty close in actual sale value. Mine is a 2003 Saturn L200 and hers is a 2004 Saturn Ion. We bought both on the same day, Aug. 31, 2003 and have never been late w/ a payment. Mine is 0% through GMAC and hers is around 4.5% through Citizen's Bank. We have 5 yr. loans and our payments together total $530.00.
So our credit was pretty good until the last year. I have had heart problems for the past several years and she had breast cancer a year ago. Now I am on medical leave, but hope to be able to return to work by March or April of next year. I just couldn't afford the $700 a month I was paying to the IRS for back tax bills and then when we went through a real rough period emotionally and physically, I was late with some cc payments and my income went down to about 45% of what it was, so the two combined and they sold my cc's until they were all at 29.99%.
Anyway, I am anxious to rebuild our credit and since this card has no fees and will not use it until it is legal to do so, what trouble could we get into for at least trying to go ahead and get it. Thanks, Art
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