can i apply for secured cc before im discharged

[bkfiler]

can i apply for secured cc before im discharged and after my 341?

or can there be any possible trouble for doing this?

i'm not looking for any trouble (art, no comments from your lol)

[Genenco]

can i apply for secured cc before im discharged and after my 341?

or can there be any possible trouble for doing this?

i'm not looking for any trouble (art, no comments from your lol)

Personally, I'd hold off until discharge is granted..I know you may have a situation right now, but hold off so as to not have the process "Blip" on the trustee radar and thus avoid any assitional questions.

[FoolAndHisMoney]

Most secured credit card holders won't issue you a card until your are discharged. If you apply now they will hold your money in the account and send you the card after discharge.

[down @ out]

Secured Card

Good Question. I am not sure why the trustee would be concerned if you get a secured card. Since a secured card is really just a savings account with a debit card that is called a credit card.

Just as an aside I filed for bankruptcy recently, my 341 hearing is in December. I do a lot of traveling and because sometime a credit card can be a necessity with car rentals, hotels, etc., i applied for and received a credit card that is totally secured. I sent them $500.00 and can increase my credit limit to whatever my savings is up to several thosand dollars.

I like the fact it is forcing me to save and gives me a bit more security when I am on the road. Also the interest they pay is pretty good. I can`t imagine what a trustee would even be concerned about?

Any comments?

thanks

[FoolAndHisMoney]

Good Question. I am not sure why the trustee would be concerned if you get a secured card. Since a secured card is really just a savings account with a debit card that is called a credit card.

Just as an aside I filed for bankruptcy recently, my 341 hearing is in December. I do a lot of traveling and because sometime a credit card can be a necessity with car rentals, hotels, etc., i applied for and received a credit card that is totally secured. I sent them $500.00 and can increase my credit limit to whatever my savings is up to several thosand dollars.

I like the fact it is forcing me to save and gives me a bit more security when I am on the road. Also the interest they pay is pretty good. I can`t imagine what a trustee would even be concerned about?

Any comments?

thanks

Yeah, it is pretty much like a debit card except when you use it and pay it off every month it gets reported to the credit bureaus as if it was a credit card. After about 2 years of good standing they will usually increase your credit line higher then your savings and eventially let you close your savings, but keep the credit card.

[bkfiler]

down and out, what company was that with?

foolandhisdough, some cards dont do a credit check at all. with those it will never turn into a unsecured credit card so they arnt set up like that. but, they do report to the credit bureaus so thats why i want to get started asap.

staci, good point. im my case however all my cash was listed and exempted.


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anyone know why the trustee's would have any problem with this?

is there any case law or law regarding this that you know of?

i've never read anything about it as of yet.

[down @ out]

The bank I worked with is called new millennium. They do not run a credit check and really seemed more concerned you are who you say you are. Believe they charge about 60 bucks to set up the account and a 60 buck a year fee to keep it open. You can deposit up to $5000.00 I believe.

Overall what I read about them is pretty positive and like I said I like the forced savings and the fact that I can add to it to raise my credit limit.

Some of the other cards I looked into are at best a scam.

I had a few bucks and a pay check after the petition and you can set up an account with as little as 300.00.

Good luck

[egul105]

I';m just curious who you guys found that actually gave you your money back. I had an account with Household and First Premier and paid on time every month for 3 years right up until I filed bankruptcy. Household did up my credit, but neither ever gave me the deposit back, and of course now they wouldn't....

[AAAArt]

I';m just curious who you guys found that actually gave you your money back. I had an account with Household and First Premier and paid on time every month for 3 years right up until I filed bankruptcy. Household did up my credit, but neither ever gave me the deposit back, and of course now they wouldn't....

Good question, I had one for almost 10 years and never got my money back, however, it is prob. as much my fault as theirs. I didn't ask for it to be released and to be considered fpr a non-secured card. I don't think any of them "just give it back"...you have to ask. Art