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  • I am curious about why anyone who has just gone through bankruptcy or any other credit nightmare would want to immediately start getting back into debt with credit cards, and even worse-- credit cards with a monthly or yearly fee.

    If all you want is to have something positive on your credit report, consider something without any annual or monthly fees-- mail order catalogs which offer credit. You could order something cheap like some towels from someplace like Fingerhut and then pay it off. And then never use it again. It would be a positive account on your credit report, without costing you all these fees, and you wouldn't be tempted to over-spend with it.
    The world's simplest C & D Letter:
    "I demand that you cease and desist from any communication with me."
    Notice that I never actually mention or acknowledge the debt in my letter.

    Comment


    • Originally posted by GoingDown View Post
      I am curious about why anyone who has just gone through bankruptcy or any other credit nightmare would want to immediately start getting back into debt with credit cards, and even worse-- credit cards with a monthly or yearly fee.

      If all you want is to have something positive on your credit report, consider something without any annual or monthly fees-- mail order catalogs which offer credit. You could order something cheap like some towels from someplace like Fingerhut and then pay it off. And then never use it again. It would be a positive account on your credit report, without costing you all these fees, and you wouldn't be tempted to over-spend with it.
      Usually, cards/accounts from these companies aren't "respected" by potential future lenders the same way as a major credit card account. Don't ask me why but that's how it is. For some reason, those accounts might not even be considered by some credit-scoring models when it comes to the calculation of your utilization. I have an account from years ago with a $12,000 CL and it is virtually useless. Not to mention the fees they charge before they open these accounts in the first place. Often, the stuff they sell is junk AND overpriced.

      Opening CC-accounts doesn't mean you go into "debt" - and matters how you handle these accounts. Considering the tiny CLs that the majority of subprime cards initially offer, I can't see a risk, either..
      Filed CH7 9/24/2010, 341 on 10/28/2010, Disch.&Closed: 1/6/2011. FICO EX: 9/2: 672.
      FICO EQ: pre-filing: 573, After BK Public Record: 568, 10/3: 673.
      FICO TU: pre-filing: 589, After BK Public Record: 563, 9/2: 706.

      Comment


      • Originally posted by GoingDown View Post
        I am curious about why anyone who has just gone through bankruptcy or any other credit nightmare would want to immediately start getting back into debt with credit cards
        Ironically enough, having credit cards is the only way to start rebuilding your credit. Otherwise there will be no positive information in your credit file since bankruptcy, and it takes years to repair the damage. Also, many hotels and car rental companies, for instance, require @ least one major credit card. Having said that, however, I do agree that selecting a credit card with a high monthly or annual "maintenance fee" is ridiculous, particularly those First Premier or Orchard Bank cards. I saw one credit card offer that starts you out with a $150 annual fee & 35% APR! Avoid these scams @ all costs! The offers do get better. I recommend Capital One, a "bankruptcy friendly" creditor.

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        • "Also, remember that CapOne keeps updating the "Date Reported" to Exp and TU on my discharged account with them. So, since it appears they can legally do this for about 7 years..."

          That's EXACTLY what they are doing to me. How is this legal? What can be done about it? Sorry, moderator if I'm off-topic here but need to know what to do about this. Thanks : )

          Comment


          • Originally posted by curiouscat View Post
            "Also, remember that CapOne keeps updating the "Date Reported" to Exp and TU on my discharged account with them. So, since it appears they can legally do this for about 7 years..."

            That's EXACTLY what they are doing to me. How is this legal? What can be done about it? Sorry, moderator if I'm off-topic here but need to know what to do about this. Thanks : )
            CapOne did not do this to me, but Wells Fargo and Chase did. It took two or three letters to the credit reporting agencies to fix this. In your letter state that the accounts are not open and should not be reporting any current activity; the only thing they should report is that the accounts were included in bankruptcy.
            _______________________________
            341 Meeting 11-Jan-2010
            Unsecured debt: $46,000 IRS: $1800
            Discharged and Closed 27-April 2010

            Comment


            • HSBC (Orchard) sent me several promos under several different brand names, by email and US mail for their Platinum Mastercard. Hefty annual fee, but they approved me for a $300 credit line. It's a start....

              Originally posted by GoingDown View Post
              I am curious about why anyone who has just gone through bankruptcy or any other credit nightmare would want to immediately start getting back into debt with credit cards, and even worse-- credit cards with a monthly or yearly fee.

              If all you want is to have something positive on your credit report, consider something without any annual or monthly fees-- mail order catalogs which offer credit. You could order something cheap like some towels from someplace like Fingerhut and then pay it off. And then never use it again. It would be a positive account on your credit report, without costing you all these fees, and you wouldn't be tempted to over-spend with it.

              Comment


              • Originally posted by TurnThePage View Post
                Ironically enough, having credit cards is the only way to start rebuilding your credit. Otherwise there will be no positive information in your credit file since bankruptcy, and it takes years to repair the damage. Also, many hotels and car rental companies, for instance, require @ least one major credit card. Having said that, however, I do agree that selecting a credit card with a high monthly or annual "maintenance fee" is ridiculous, particularly those First Premier or Orchard Bank cards. I saw one credit card offer that starts you out with a $150 annual fee & 35% APR! Avoid these scams @ all costs! The offers do get better. I recommend Capital One, a "bankruptcy friendly" creditor.

                CapOne denied me. It's not a sure thing.

                Comment


                • Originally posted by curiouscat View Post
                  "Also, remember that CapOne keeps updating the "Date Reported" to Exp and TU on my discharged account with them. So, since it appears they can legally do this for about 7 years..."

                  That's EXACTLY what they are doing to me. How is this legal? What can be done about it? Sorry, moderator if I'm off-topic here but need to know what to do about this. Thanks : )

                  Updating the date reported field every month has no bearing on the 7 years the account reports on your report.

                  Comment


                  • Originally posted by df04527 View Post
                    Updating the date reported field every month has no bearing on the 7 years the account reports on your report.
                    Actually, when I pull up credit scores, it forces the item to show as a "derogatory" which happened within the last 30 days (of when the creditor updated the date field). Hopefully, real scoring systems/models will disregard items in this "special state". Note that the vast majority of my creditors did/do NOT do this. They don't update the date. They leave the date from the last time right before the discharge.
                    Retained Lawyer: 04/2009 Filed: 09/2009 341 Meeting: 10/2009 Discharged: 12/2009 Asset: 05/2010 made asset Closed: 07/2013 after 47 long months

                    Comment


                    • It is wierd for sure. I know some creditors do that but most don't. I can't figure out why they do that unless the efile that is xmitted to the bureaus with their updates still reflect that account, in other words the account never got deleted from the efile even though no other fields were updated it still stamps the file as updated. I dont know it is weird though. No model, i know of, uses that field for anything.

                      Comment


                      • I don't know about whether I'd "recommend" them, but I got a Barclay's unsecured MC approved today with $1,900.00 limit and no annual / monthly fees. APR's a bit high at 22.99%, but I don't give a rat's about that because I usually pay off the balance.

                        -Richard
                        Filed Chapter 7: 8/24/2010. Discharged: 12/01/2010
                        Member and Exalted Grand Master: American Sarcasm Society (A.S.S.).

                        Comment


                        • The wife and I were also both approved for the same Barclays Rewards MC with no annual fee and the 22.99% APR after 6 months at 0%. I have heard with usage they will auto increase the limit and after about 6 months of opening you can start asking for CLI's. We are both 2 years out since BK chap 7 filing on 3/21/10 which was d/c on 7/7/10.

                          Originally posted by RichM View Post
                          I don't know about whether I'd "recommend" them, but I got a Barclay's unsecured MC approved today with $1,900.00 limit and no annual / monthly fees. APR's a bit high at 22.99%, but I don't give a rat's about that because I usually pay off the balance.

                          -Richard
                          Discharged Chapt 7 on 7/7/10.
                          Scores as of 7/12/11: EQ Fico 653; TU Fico 644; EX Quizzle 652
                          Only card right now is Cap One $2500, no AF, approved 12/4/10.

                          Comment


                          • Dh and I (ch7 discharges 7/11) were just instant-approved for capital one platinum cards (unsecured). Only $300 limited on each, but we were looking at car rental next month, so credit card is a huge help.

                            Anyway, unsure of interest rate (we won't be paying interest), but annual fee is $0 for the first year, then $19/ year afterward. If we get a better card next year, we will cancel this one.

                            Our credit was excellent till we filed last year. We juggled creatively for a long time.

                            Comment


                            • I applied for Capital One after BKing them for 7K three years ago and they approved me for $2K CL. I can't complain with that. I have the Hooters MC and have had it for a year with no late payments or anything with no credit limit increase. I contacted them today and they said they don't manually do increases but periodically check your account to see if your approved for one and it would be on your statement if you got one. My balance is $400 on a $900 limit and I haven't charged anything on card since Dec as it's cut up. I just think that's kind of shytty as you can't improve your cl limit with them but have to wait. I may close account when I pay it off in September..

                              Comment


                              • What bank is the hooters card through?
                                Ch 7 filed 8/15/11 341 9/22/11 Discharge 11/28/11
                                The rebuilding begins

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