Announcement

Collapse

Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do:
BKFORUM.com (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto BKForum.com you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.


Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of BKforum.com.

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on BKForum.com are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

Bizarre credit card offers

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Bizarre credit card offers

    I'm on the cliff about to head into a Chapter 7...
    My credit is technically "good", and laughably, my credit score has recently gone up a little bit. It was around 700, now 730?
    I get all these cash advance offers in the mail from my oldest CC, one of which I have an 8,000 balance on. My other small (zero balance) CC for a department store just increased my credit.
    It seems bizarre to me that these companies would bother to offer me any increase in credit... My income vs debt ratio is obviously bad. I'm 30,000 in debt and barely make that amount in a year despite trying to increase my income (I work a graveyard shift for a measly shift differential and occasional overtime). Before I was fairly convinced I'd have to file for BK, I was paying a little more than the monthly minimums, but not by much.
    Do these companies somehow/someway factor in the relatives you live with or if you've recently had a relative pass away who left a big IRA behind? My mother inherited a sizable IRA, and I live with her, although I don't touch the money in her account. How much personal info do banks have access to? In this day and age, I imagine they have access to more than we think they do.

  • #2
    Simple answer: credit score.

    They don't factor anything but your credit score for these types of offers. Some of them will use information they know, your income on file, but it's all about the credit score. They have no insight into the cliff. They see a 720-740 credit score which is on the edge of very good.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog


    I am not an attorney. Any advice provided is not legal advice.

    Comment


    • #3
      Plus: It seems they just LOVE giving people more and more rope, as long as you've got that good credit score. I don't know when (or if?) they will ever learn, and stop being so generous with their offerings.

      I asked one card to lower my limit ~ they told me they couldn't do it, and instead raised it to $17,900 a couple of months later. I literally had to call and close my account, because I was tired, tired, tired of being given the rope.

      Comment


      • #4
        When I told the credit card companies I didn't want increases - they responded just because we offer or give it to you, you don't have to use it. Which is what they were saying in their
        defense during the last credit card /housing crisis.
        Filed Chapter 13 - 07/20/12
        Discharged 8/2/16

        Comment


        • #5
          Just like someone who's trying to lose weight doesn't have to eat the candy, cookies, and ice cream ~ which someone has conveniently stocked all over their kitchen for them, in plain sight.

          I mean, just because you have a moment of weakness (due to stress, lack of sleep, waiting too long to eat, and a variety of other reasons) doesn't mean you HAVE to eat it, right?

          So it is really unreasonable for us to ask them to stop coming in and stocking our kitchen with these things, when ALL we have to do is simply: not eat it.

          {really wishing for a "rolling my eyes" smiley around here}

          Comment


          • #6
            It's just irritating and stupid.
            Same bank literally has in the statement that it would take 29 years to pay off the CC via paying the monthly minimum!

            Comment


            • #7
              I believe that statement is now required by law.

              Your credit score should not be how you determine whether to file BK. More important is whether you can pay enough above the minimum payment to significantly reduce that 20 years.
              LadyInTheRed is in the black!
              Filed Chap 13 April 2010. Discharged May 2015.
              $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

              Comment


              • #8
                Just got another offer for "personal line of credit"-- this time from the bank where I have the highest balance CC. LOL.
                This is just sick and demented.
                I often what would happen to the prices of goods and services in the US if we simply refused to use credit cards all together. Often times I ask myself if prices are inflated because people in the US rely on credit, thereby making our spending resources artificially larger than they should be.

                Comment


                • #9
                  Wow...happy to read this thread from the standpoint of banks/cc constantly increasing credit lines based off a credit score. At one point, one of the credit cards I had raised my limit to over $23,000!!! Silly me when I got that letter saying the increase, I was like 'proud' of how great my credit was. Then that little feeling in the pit of my stomach happened, along with those new chip cards at the time, and I shredded the wrong card. Which ultimately was a good thing to do. If I had continued access to that card ...I would have used it too.

                  Now that I have fallen into this debt trap and need the lifesaver of BK to save my home and hopefully my livelihood, I truly believe these lenders are culpable too in our financial demise. I don't understand how they can do the offers. They can see on the credit report how much is out there, how much is being used, etc. If all the rules of good lending are applied then these crazy increases and offers should never happen to the extent they are allowed to happen.

                  Like Chrysalis said, it is like putting candy in the kitchen for some and for others...we used the credit because we lost a job, between jobs, started a small business, had a medical crisis, life happened. Not everyone is privileged to have all their financial ducks in a row, sometimes people just don't make enough to have that luxury, sometimes they're under-insured. There is a whole host of reasons, but credit card debt and line extensions just seems way too easy.

                  I laugh now at the offers filing my mailbox, telling me I am pre-approved. I feel bad for the bank teller trying to upsell me a credit card even now!!!

                  Yes, Habesnicht, sick, demented and predatory. Banks make their money not off of us 'saving' ourselves, but off of loans, cc, lines of credit. They don't care if they destroy a few people along the way with their "generous" credit offers, because their greed is their blood flow.

                  My attorney was so understanding and great as he held my hand and walked me out of some of the guilt I felt having to file BK. Chrysalis's example is so perfect. I tend to be a health nut when it comes to food, but put that tray of cupcakes on the kitchen counter,,,I will eat every single one before dawn. It is why I don't even bring that sh*t into the house. I have only gotten past the part of being able to NOT BUY them in the grocery store. LOL. Banks shouldn't be allowed to increase credit lines without client approval. And if we say no, we shouldn't have our credit scores penalized for saying no or for having the line lowered at our request.

                  Comment


                  • #10
                    Attie, I was thinking of all of the situations you mentioned, with my "candy in the kitchen" analogy. If it's not there -- we won't use it. What will we do? Well, I don't know -- but we sure as heck wouldn't be using the credit if it wasn't right there for the taking. Just like you don't eat the cupcakes!

                    In our situation, we'd have had to truly face reality and DO something about it long before now, if they hadn't been so generous. Turns out it was a medical crisis that drove us to that point -- and man, that is a really crappy situation to be in... To have rising medical costs & time off work, and at the same time be almost completely out of "emergency" credit left.

                    In our post-filing online credit counseling, he talked about how the credit industry became what it is -- and mentioned putting these phrases in our minds, like American Express -- "never leave home without it". Etc. etc. He talked about the rewards programs and incentives... and how they WANT us to use these cards not only for our everyday purchases, but YES, of course for emergencies -- because they want you to charge at a time when you cannot afford to pay it off. What a perfect situation for them.

                    These things all make sense when someone lays it out in front of you like this -- and of course I've known all along that they are predatory, how disgusting it is, etc... But I hadn't spent too much time thinking about how I was raised with credit all around me, how I continued down that path and saw nothing wrong with it, and how I've presented that image to my children, as well. It's like so many other things in life we do just because "that's what people do" -- even though it may not be what people have done all along, and in fact it may make ZERO damn sense to be doing at all. ...The credit industry has done a fantastic job of marketing, I can tell you that. Brainwashing. It's everywhere. You can get a card for almost every store, you can finance almost ANYthing.

                    Comment


                    • #11
                      Most definitely the issue that started the debt was getting pregnant, than running out of sick time during my FMLA. I went without pay for four weeks.
                      Medical debt snowballs into other debt. I was also strong-armed into getting a car by my father shortly before that. The car had an astronomical high monthly payment. Although I didn't want or need a new car, he insisted on it lest I receive his wrath. Turned out the car needed non-stop repairs, and all I could do was charge it on my CCs since I was in my mid-20s with a job that barely paid 25,000 a year.
                      Once those debts grew slightly too big to handle, it almost seemed like, "what difference does it make anymore?" Up until that time, I had paid off my CCs religiously.
                      Also, I was pretty stupidly optimistic in my 20s. Maybe just plain STUPID!
                      I assumed that through hard work and dedication, I'd eventually earn a raise or promotion. WRONG.
                      I figured I'd have familial support that would encourage me to go back to school and get my Masters, thereby increasing my earning potential. WRONG.
                      Turned out my ex was one of those people who needed me to come home immediately after work and account for every minute of my life. Whenever he needed major work done on the house or needed me to rent a car for **his** job, he used my CC because he had no credit of his own. STUPID.
                      Then, oh goody! We break up and he files for custody! KA-CHING! Instant huge debts, unable to pay minimums on credit cards, debt balloons! OUCH.
                      I just got another cash advance offer from the same high-balance credit card that had just offered me a "personal line of credit" a week ago! LMFAO!
                      While shredding a bunch of documents yesterday, I realized that the original high balance CC had been sending me the same cash-advance offer every month for the past six months!
                      Even if I were to pay off one of my smaller balance CCs with the higher interest rates, it still wouldn't be worth it.
                      I distinctly remember trying to pull that same balance-transfer trick in the past. The card that offered the cash advance/balance transfer then proceeded to drop my credit limit immediately after I used one of the checks.
                      I just gave my attorney the final payment to go forward with the BK. This insanity has to end.
                      Last edited by Habesnicht; 08-18-2017, 02:07 AM.

                      Comment


                      • #12
                        Originally posted by Chrysalis View Post
                        ...The credit industry has done a fantastic job of marketing, I can tell you that. Brainwashing. It's everywhere. You can get a card for almost every store, you can finance almost ANYthing.
                        What's also really irritating is when you're in your early 20s, want to rent an apartment, and they won't consider you unless you have credit.
                        Being forced to "have credit" in order to do multiple things as a young adult made me get into the whole credit-card game in the first place. Why are we forced to "have credit" for so many things?

                        Comment


                        • #13
                          Humans by nature are seeking approval. I think even more so when we are young. I clearly remember how happy I felt when I was "approved" for my first card. It has become a milestone -- an achievement that makes you feel even more "adult". How dangerous for someone who moved out and gave the parents the finger at the age of 18 and one week... with no savings in sight.

                          Comment


                          • #14
                            Originally posted by Chrysalis View Post
                            Humans by nature are seeking approval. I think even more so when we are young. I clearly remember how happy I felt when I was "approved" for my first card. It has become a milestone -- an achievement that makes you feel even more "adult". How dangerous for someone who moved out and gave the parents the finger at the age of 18 and one week... with no savings in sight.
                            Considering the stigma a lot of young adults feel when they're still living with their parents, let alone dealing with parental issues, I can understand why a young person could "go for broke" trying to move out of the house. A lot of young adults are desperate to leave abusive situations, but have no "way out" except to charge things.

                            Comment


                            • #15
                              Originally posted by Habesnicht View Post

                              Considering the stigma a lot of young adults feel when they're still living with their parents, let alone dealing with parental issues, I can understand why a young person could "go for broke" trying to move out of the house. A lot of young adults are desperate to leave abusive situations, but have no "way out" except to charge things.
                              I agree, and then they go and get into debt that they can't afford to pay and things spiral out of control.

                              Comment

                              Unconfigured Ad Widget

                              Collapse
                              Working...
                              X