Anybody ever had this happen?

[dolbydigital]

This seems rather bizarre to me, but maybe it's happened to someone else.

My wife and I filed CH13 8/1/2006 with over $80k in unsecured debt(credit cards). Anyway...Not long after we began to get the usual CC offers for secured lines of credit, but about three months ago we began to get an offer from WaMu. The offer was for a Platinum card with up to a $7500 limit, no annual fee and an interest rate as low as 12.99%. So I thought, what the heck and used the online application form and to my surprise was approved for a $5k limit and 12.99% interest and I actually got it in the mail yesterday. Don't plan on using it but it's nice for an emergency.

Think they made an error? I just find it hard to believe they would give us a $5k limit card within a year of BK.

Tim

[BKOnce]

Yes, no surprise. They call it "cycle of suffering".... & they need us to feed them again or they'll go BK themselves...

[BKTango]

It's not unusual. If you had higher FICO scores before filing bk, then your score hasn't suffered as much as someone who only had maybe a score in the mid 500's before filing. That alone will get you a higher balance offer. Either way though, of course they want to give you credit, they know you are not paying on any other credit cards so you might at well pay on theirs!

I am curious though, if you filed ch 13 in 2006 does that mean you are still in the ch 13? If so I do hope you realize you technically are not suppose to take on new credit or debt while in an active bk without the trustee's permission. I would not touch that card.

[Minnymouth]

You got that RIGHT.......... no new credit during a bankruptcy without the Trustee permission...... I wouldn't be using that card unless extreme emergency...........as long as your still in Chapter 13.......

[dolbydigital]

I did it on such a whim didn't think about the "take on new credit or debt" part. The card is only for extreme emergencies, but I think I better give my lawyer a call and see what his opinion is.

Thanks for the heads up.

Tim

[dolbydigital]

Repost.

[littlephoenix]

of course, this happens to all of us, CC companies will send you offers until the end of your life, as BKOnce mentioned, thats how they stay in business