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

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Credit card survived Ch7

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  • Credit card survived Ch7

    My wife had a store branded American Express card when we filed. We didn't list it since she had never used it after applying and we had frankly forgot about it. Not sure if it came up on her credit report but we did provide those to our lawyer. It had a pretty good limit of just under 10k.

    Anyway, after discharge they sent her a letter saying they were lowering her limit since she hadn't used it. She called and asked for new cards. They said no problem and sent them. She went shopping the other day and it worked like a charm.

    I guess we will find out if she gets to keep it when they do the next routine credit check, but right now I guess we'll just use it sparingly and pay it off each month and let time do its thing.

  • #2
    Some credit cards may survive if they had a $0 balance at the time of filing. This is because there was nothing owed to the creditor. This doesn't always happen. Continue to use the card, sparingly, and keep the utilization below 29% (below 9% if you can). This should help your credit score rebound a little better. Do not count on the card being always available.

    I would not pay it off each month, if I were trying to improve my score. I would pay it "down" to below 9% (but not 0%) so you get the benefit of having the credit card improve your score.
    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.


    • #3
      Wow, my attorney told me I had to list EVERY company, credit card company, person, etc. that I owed money to, no exception. I asked if I had to list my Cap One and Discover accounts, since I had perfect payment history with them and I wanted to keep those cards, she said they HAD to be listed. As a result, they were closed due to the bankruptcy. NOW, I have tried to get the CO and also the Discover secured cards, to jumpstart rebuilding my credit, and CO/Discover say NO NO NO they will not approve me for a secured card. Even with my recent/always perfect payment history to your companies? NOPE. That is very disheartening, to say the least. If I had known this, I would have never listed those accounts for my attorney. So much for following their advice.


      • #4
        Yes, it's everyone that you owe. If there is a $0 balance, then you don't owe that creditor.

        You had no choice about listing the accounts where you owed money. It's that simple. It's not a pick and choose situation when you file bankruptcy. What your attorney gave you was not advice, it was mandatory. The problem (even with a $0 balance), is that most of the major creditors subscribe to bankruptcy notices, and just about 99.999% of them will summarily close your account upon learning that you filed bankruptcy. There is no judge on the planet that would allow a person to reaffirm an unsecured credit card debt. That is simply not in the best interest of the debtor.

        Once you burn a creditor, and especially the majors like Discover, expect a cooling off period of 1-2 years at best. If you burned American Express, you'll be blacklisted for as many as 20 years.

        I suggest a local credit union that allows you to obtain a shared-secured credit card and use that for 6-12 months before you start to go for unsecured credit. Your pre-bankruptcy scores and payment patterns do not help you when you have discharged debt with a creditor. The bankruptcy itself is a major event, and will be on your credit report for 10 years.

        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.


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