Keeping CC

[howie789]

I do want to keep one cc- for emergencies. It will be paid up and I will have no balance when I file. I don't understand why the cc company- would drop me- I would be the "model" of what a cc company wants- I was making mins every month- and thats what a creditor wants- for you to keep making the mins monthly- so they can make their $$ on interest. I was never late. I had or have a "taste for credit" (you must see the documentary "Maxed Out"). Another thing, is you cannot file again for 7 years, so how would I screw a cc company over? Why would they even "audit" anyone's credit history who was never late on their card? Aren't cc companies just concerned with "their own" account? Has anyone here been able to keep a cc they wanted to retain, even though they had to list it, after filing BK?

[lrprn]

If the zero balance cc you hope to keep is NOT one of the "big boys" (MasterCard, Visa, etc) then there's a very small chance that it might survive filing. However, if it is one of the big cards, your chances of it surviving your bk are almost zero.

The big cc companies post debtor information like bankruptcy in a large shared database. Even if you don't list the card, the lender will find out you filed. 99.9 times out of 100 the card will be cancelled. Doesn't matter that it's logical to allow you to keep it. Why do cc's raise interest rates to 30% when you've never been late on that card either?

Look at bankruptcy as the best chance you'll ever have to learn to live within your means and budget tightly for a time so you can save enough to get through emergencies without using credit. This is especially important when you have a "taste for credit". Believe it or not, it is possible to live without credit cards long enough after filing to break the spell You'll be glad you did!

[blaze]

If you have a zero balance you won't have to list them as a creditor.
We had an acct. with a home improvement store - had a zero balance and we'd not used it for years. We got a letter a few weeks after filing saying they were closing the acct. I agree with you Howie - it does seem they'd let you keep it open but I guess that is not the case. It's a huge pain for us as my husband has to travel for work - has to fly - rent cars etc. You really need a cc to do that! We were lucky and had a relative who opened a checking acct for him to use just for expenses. The money goes out and gets deposited back as soon as he is reimbursed - it is still a pain though. from what I hea r you can get a card a few months after your discharge though - just at a high interest rate maybe?

[keepmine]

I'd suggest you stop worrying about making a cc company happy and worry about developing good financial habits.
Carrying a balance and only making minimum payments is not in your best interest.
As to the comment about not being able to file again for 8 years-so what? You don't have to file for bk to stop paying your bill.