Credit apps during BK?

[ccsjoe]

We haven't even had our 341 yet (see my signature line) and already our shredder has had to be emptied because of credit card and auto loan solicitations. We are in the middle of an active BK, what gives? The gamut of cards has run through our household already, all except cap. one and first premier (the quasi 50% rate one).

I knew they target bk'ers heavily but I would expect closer to discharge.....what is up with these people?

I will be rebuilding my credit post discharge, but man, talk about jumping the gun here!

[backtoschool]

They just want to get you to commit at 22% interest on that new car when you will be able to get much lower interest only a couple of months post discharge. Keep your shredder happy and wait until you are discharged.

[ccsjoe]

I will B2S, just venting at how incredulous I am at their agressiveness in jumping the gun. My car loan is actually very manageable at 5.9% and will not be changing.

[LSUTiger32]

Pretty simply put, they are morons. Then again, the people that take them up on these offers are even worse.

[ccsjoe]

LSU, you and I differ on our views towards credit, however I can not disagree that they, the lenders, are, indeed morons...I would have said predatory, but your choice applies. As a debtor, you have to either be extremely desperate or just not thinking to accept some of what they offer.

[tobee43]

We haven't even had our 341 yet (see my signature line) and already our shredder has had to be emptied because of credit card and auto loan solicitations. We are in the middle of an active BK, what gives? The gamut of cards has run through our household already, all except cap. one and first premier (the quasi 50% rate one).

I knew they target bk'ers heavily but I would expect closer to discharge.....what is up with these people?

I will be rebuilding my credit post discharge, but man, talk about jumping the gun here!

really??? i feel so left out!! i haven't gotten a one???

LOL!! i guess they are not interested in someone that just filed a 1.2 million dollar bk...you think?

[tobee43]

They just want to get you to commit at 22% interest on that new car when you will be able to get much lower interest only a couple of months post discharge. Keep your shredder happy and wait until you are discharged.

at least it would make me think someone still WANTS us...

guess no one does.

we plan in the next year to go to our credit union that we set up a checking account and ask them to give us either a credit card or a secured loan using our own funds....

i'm wondering if they will do it? like a personal loan secured by a cd...etc....should be interesting.

[Amy26]

at least it would make me think someone still WANTS us...

guess no one does.

we plan in the next year to go to our credit union that we set up a checking account and ask them to give us either a credit card or a secured loan using our own funds....

i'm wondering if they will do it? like a personal loan secured by a cd...etc....should be interesting.

I have found the credit union to be a very good ally for post bankruptcy. I was able to refinance my car loan with them from 17.9% down to 8% about 6 months after my bankruptcy. I had also applied for a personal loan a few months ago and while they wouldn't approve me for the dollar amount that I wanted, they were willing to compromise it down. So, I am very pleased that I switched banks to a very helpful and understanding credit union. Be advised though, not all credit unions are created equally. I had to go through 3 credit unions before I found one that was bankruptcy friendly.

My CU is Apple FCU.

[backtoschool]

I agree with Amy26 that if you get a good bankruptcy-friendly credit union, you will be able to rebuild your credit with them at decent rates. I also agree with Amy26 that a lot of credit unions are not bankruptcy friendly and will actually be more difficult to deal with than banks. Some credit unions that are known to be bankruptcy friendly (per another reputable credit board that I frequent daily) are Patelco, and Alliant. Both of these credit unions do online banking and allow out of state members.

[LSUTiger32]

They come after "us" because we can't file again for many years. They are trying to get you back into the same habits of spending money you don't have at interest rates that make it possible only for them to win. As soon as they have you hooked again, like a freaking junkie, they have you this time. There are no more mulligans.