Got My First "Pre Approved" Credit Offer Today

[StaciMM]

It wasn't as bad as I predicted. (Before I opened the envelope, I told DH it was Aspire, for a $300 limit card that would come w/ $225 in fees.)

Well, it was FNBM, which is First National Bank of Marin. (Don't know why they don't just say that!) Limit between $200-1000, establishment fee of $69 and $5.75 fee per month for the annual fee. (Apr is high, 23.9%, but I don't really care since I don't plan on carrying a balance.) I called to ask some questions-the rep's role seems to be to take information, not to give any, LOL! She did say they wouldn't know what limit would be given-it comes in the mail with the card. If I knew I'd get the $1000 limit, I might bite the fees. For $200, definitely a NO! I did confirm that if I get the card, and choose I don't want it, that I can cancel/close it and owe nothing. I think that it would report as a closed account, and I'm not sure if that would be a good/bad/neutral thing in terms of credit score...

Anyhow, the 'offer' expires on 1/31/06 so I'm not doing anything right now. I believe that in time the offers will improve, and my only interest in gaining accounts is to build a strong credit file and a good score.

[MRDEBTSTER]

I've recieved several cc offers since filing....always with very high fees. Recieved one today from Household Bank, pre- approved. 14.9 % and $39.00 annual fee, minimum $200.00 credit line. My thoughts are that it's probably not going to get any better for awhile. Filled in their online application and was approved for $1500.00. That will do me fine, won't need any other cards and a chance to start building my credit back up.

[StaciMM]

Congrats! I'm too lazy to go back and look thru your posts. Where in the process of BK are you?

I've gotten card offers, but not 'pre approved'. I've gotten the First Premier/Aspire type cards that have a $150 annual fee, $79 opening fee, $29 processing fee, and $6.50/mo maintenance fee. Even so, they are offers to apply. I know that even pre-approved is not guaranteed, but I was starting to think there was something wrong with me, LOL! I hear everyone talking about getting all these offers in the mail, and I'm only getting what I've always gotten.

I did apply for-and received-a $59 fee/$300 limit Orchard card. I don't mind paying a fee to reestablish credit, but some of them are outrageous. When the fees are so high, it would be better to put the money into a savings account, get a secured card, and get the $$ back someday!

[Starchild 1066]

be VERY careful

I know that many of you want new credit cards to start rebuilding your credit. Be sure to read the fine print and not windup REAFFIRMING some of your old discharged debt. I"ve been reading lately that some of the same people you filed on may try to give you credit again and lurking in the fine print is an agreement to reinstate your old discharged debts. BE VERY CAREFUL. Don't screw yourself by not reading and understanding exactly what you are signing. If in doubt,it might be wise to consult an attorney.

[StaciMM]

Discharged debts cannot be reaffirmed. A reaffirmation must be signed & filed before discharge. On the other hand, a card could include terms that charge an amount equal to a prior debt to your 'new' account.

Regardless, its good to read EVERYTHING before considering an offer.

[bkfiler]

WARNING:

staci and others, be careful calling the companys about a pre-approved credit card.

lots of folks have been burned just by calling a number which ended up being an activation number and they had no choice but to pay the fees and close the card. imagine what happens if you dont pay the fee and argue with them. bad marks already on your credit report. imagine what happens if you just pay it and close it due to bad terms and high monthly fees. it shows a closed credit card right out of the gate. both not good for new bk filers.

be careful.

[StaciMM]

Good point! I had not considered that, though when I got the rep I didn't give her my name, the offer #, or anything. Just let her know I had a couple of questions before deciding if I wanted to take it.

Ironically, from what she said, if you have applied then there is a recording that plays some basic info. But, you only get that after you choose the option to check your application status, so you have to apply to be able to hear that general info.

Not too smart if you ask me...

WARNING:

staci and others, be careful calling the companys about a pre-approved credit card.

lots of folks have been burned just by calling a number which ended up being an activation number and they had no choice but to pay the fees and close the card. imagine what happens if you dont pay the fee and argue with them. bad marks already on your credit report. imagine what happens if you just pay it and close it due to bad terms and high monthly fees. it shows a closed credit card right out of the gate. both not good for new bk filers.

be careful.