Got approved with capital one 0%

[Llelxon]

I wind up moving fairly often (~5 years) for my job and intend to get a CC right away to rebuild credit. I hope to stay where I am another 3-4 years, but want to get working on getting that score up for the next house.

[mtbc]

I haven't had a problem with Capital One processing payments late -- I always pay through their website in a debit from my bank account, and that always seems to happen on the date I entered for the pending payment.

People are in bankruptcy for different reasons. For instance, when I filed, the credit cards I'm the sole name on, all had zero balances. Sometimes I run a balance for a while, but that's when I'm paying off someone who doesn't report, I move the balance to something that does report payments instead, so I get the credit score benefit of my payments. When I filed I was liable for some credit card debt that others had run up, but my lesson there is the simple one of never again sharing a credit account with somebody else.

Most of my creditors were medical-bill-related. (It's a horrible feeling to be torn between that a loved one might need medical assistance, and knowing what bills that assistance is going to cause.) The biggest unsecured debt were student loans from many years ago, and the deficiency on a house where we had to unexpectedly relocate to another part of the country (for work, and other reasons) after the property market crashed and economy tanked and we couldn't find renters -- it's that forced relocation on a recourse loan after the house had lost nearly half its value that pushed us into bankruptcy. At least now I seem to be finding employers who offer better health insurance options, making the medical bill issue easier.

In short, people are different. The lessons I've had to learn aren't, don't use credit cards, they're instead: always have good health insurance, don't have others' names on my credit card accounts, and be financially ready for unexpected relocation (i.e. unless I can afford to buy properties I won't have to sell if I need to move elsewhere, I should just rent). How atypical I am in those things, I don't know, but I'd guess that people are on this forum because of a whole lot of different kinds of mistake.

[Michigan1951]

Nice post, MTBC

Good post and great tips, mtbc.

[mtbc]

Thank you! I will agree it's easier to live without credit cards than many people would suspect. Though, it can take a bit of work to figure out where you can rent cars from, that kind of thing.

[nickifan]

Good post and great tips, mtbc.

Me three.

[Michigan1951]

It is almost like a trap.....without a side door to escape cc ownership

Thank you! I will agree it's easier to live without credit cards than many people would suspect. Though, it can take a bit of work to figure out where you can rent cars from, that kind of thing.

You know what? It is like a trap for anyone to use credit cards at all. I don't totally blame our usage, and yet we all are guilty for wanting more than needing things. And, then, on the other hand you can't help it if LIFE throws you one curve after another with medical debt or some other crisis in our lives to be forced to reach for the plastic. It is a credit card world, and they make it so bad that we have to have a card of some sort. Like a do or die thing. The cc companies feed off of this. They know that people can't keep up so they turn to cc card usage and away it goes.......very sad. I am just trying not to become the next victim if I can help it. And, some jobs put people on the road or to entertain clients so they have to have a card on hand. I realize that. I wished we had more choices to rent a car without having to carry a cc though.

One person said to me at one time that having a high credit score is just saying you are pleasing the cc companies, and the credit bureaus are behind it to keep us in debt for their profits too. The only thing that I see to have a good score is for your car insurance ratings/premiums, I guess. And, that in itself sucks. That is so wrong to allow the insurance companies to tie how we drive to our credit scores. Michigan is trying to stop it. So I don't brag on how high my score is. It is only admitting that I am just following the cows to the slaughter...........geezzzzz.

[CCsAreEvil]

CcsAreEvil, I don't need a good credit score for the next 5 yrs. or more. I really tend to
agree that it is definitely a case by case though. But, then again, calgirl67 hits it on the money for most of us with cc histories. They are evil, as you state even in your ID here, so why get too close to the fire ever again..............only to show back here one more time. It is not worth the risk. Let them raise insurances...........I will have money to pay for it until the premiums do come down anyways. SHRED SHRED THE PLASTIC to all who seriously mean it to get a lasting new start...............

Being post discharge, I do have mixed feelings about a lot of stuff. The power really is in our own hands on how much credit we obtain and use. Some may have "lessons learned" and some not. The "risk" is our own actions (obtaining more and more credit and using more debt). I was surprised to see a couple's 341 before mine in which they were filing for a 2nd time. They were "so" close to the exact 8 year mark. The trustee was even going to verify. Because if you are even 1 day within the 8 years, the trustee would dismiss the case.

I suppose paying higher insurance premiums is an option. But then again, the whole "insurance" industry is another beast. They are like the credit card companies: for profit. But insurance companies do appear to be the lesser of the two beasts.

For buying another home in the future, it seems some folks here have decided to rent for life? There are pluses/minuses for renting/owning. Owning does get expensive. I've owned most of my life. If this ride thru falls through, I guess the next best thing would be to sign a lease. I'd hate to do month 2 month house renting, because the owner can really boot you with only 30 days notice. Sounds like a potential pain to me (full family to support btw).

So, I guess you really never need to open a credit line again if you plan to never purchase a house in the future. For "most" of us, we can't buy houses outright (cash). Cars I can see, but not homes.

[Lookadat]

I just got a CapOne card, no annual fee, 0% interest for 6 months, my credit score is 610, 5 months after discharge. The limit is $500, but supposedly will increase after 3 months. I set it up for on line access, and I chage something and turn around and pay it off. Just something to have in my wallet, keeping the debit card warm.

[BKInLA]

I didn't read through all the posts but...

We haven't filed yet but have stopped using all CC's (maxed out anyway). I had to travel for work (I front the money and they reimburse afterwards) and got to the Thrifty rental car counter and just about had a heart attack. Because I didn't have a CC to use for the rental, they had to put a hold on $350 in my bank account and run an actual credit check. Luckily, I had some money in my account because I had just gotten paid but I was so worried about the credit check not coming back good. My score is in the low-600's right now but my real concern is after BK.

How do people rent cars after BK without a CC?

[OhioFiler]

I didn't read through all the posts but...

We haven't filed yet but have stopped using all CC's (maxed out anyway). I had to travel for work (I front the money and they reimburse afterwards) and got to the Thrifty rental car counter and just about had a heart attack. Because I didn't have a CC to use for the rental, they had to put a hold on $350 in my bank account and run an actual credit check. Luckily, I had some money in my account because I had just gotten paid but I was so worried about the credit check not coming back good. My score is in the low-600's right now but my real concern is after BK.

How do people rent cars after BK without a CC?

Debit card or prepaid credit card will do.

[CCsAreEvil]

Debit card or prepaid credit card will do.

Showing my ignorance now.. Can't businesses verify if the card is a debit card vs a true credit card? I know some people say "run it as credit", but can't they do an "attempt" to run it as debit (which then prompts for the pin)? In this case, they could refuse and say you need to use an actual credit card? Or maybe they just don't care?

Also, I have yet to find a good pre-paid credit card which does not try to rip you a new one in fees.

[Chucksoutalu]

I am in the process of filing...............I dont get calls anymore from CAP1 or the rest. I remember and wont forget the BS I had to deal with tryin to work it out with the CC's and they were rude and could care less if I went belly up. I dont see the worth in havin a CC anymore, I wont put myself in the position/ But thats me!! I am also workin on takin my house off the grid as much as I can, and utilize all the green tech out there to get off the bloodsuckin bills for water/electricty/etc. Grow my own veggies and goin back to a simpler life..............but thats me and what I am building.

Never again will I have a Plastic lease

[mtbc]

Rental car companies vary in what they find acceptable. It may depend on the phase of the moon and the price of fish.

Last time, I actually rented from a local car dealer, who rents cars out in the hope one'll buy the car afterward! He was happy to confirm in advance that a debit card would suffice. (With a refundable deposit charged on it, of course.) I'm too used to nasty surprises at car rental counters.

[Gabriel_S]

My BR was discharged nearly a year ago. I gave myself an oath to never ever give those buggers another penny as long as i live. I am still paying off my car though i haven't reaffirmed it so I'm guessing that is a good thing. When I go food shopping or to buy gas I watch sadly as 90% of the customers reach into their wallets and pay using their credit card.

There are many other ways to rebuild your credit without using a card. It's just too darn easy to fall back into that pit again.

Me? I pay cash and cash only for everything but my monthly bills (which I pay by check). for the 1st time in my life i am debt free completely, and plan on keeping that way.

Either way good luck, but please, never ever forget the burden you were carrying before BR and how you got there.

[Ugh07]

Do not shred it or throw it away. Use it to rebuild your credit. I often see people with no new post BK credit think they will qualify for a mortgage just because it's been the "2 years". you need to establish new credit if you ever hope to buy a house again.