credit card vs sercured card

[makeitgoaway]

I am debating whether or not to pay of an mbna mastercard that is $550 or to discharge it in hopes of getting a secured card to rebuild my credit. The goal is to be able to rent a car in June on vacation and to reestablish my credit. We are giving atty the paperwork tomorrow, any help would be appraciated. Thanks!

[Roadrunner]

Whether you pay it off or not, you will probably not be able to use it in June for a rental car. The creditor will probably close it regardless. MBNA is a 'prime' bank, and probably looks at your credit from time to time for 'account reviews'. When they see the bankruptcy, there is a good chance the card will be closed.

It might be better to hold on to your $550, if you can exempt it, that is. It is not encouraged for people to apply for credit in bankruptcy, but from what I've read Orchard tends to be lenient on approval so you can probably put the cash toward a $500 secured card after you file. Depending on when you file though, you may not have the card yet by June.