Can I keep a credit card for later?

[OutOfMyMind]

This may seem like a dumb question, but here it goes anyway. I have an American Express card that has no balance on it. Had it since 1989. Can I keep it active and be able to use it after BK? Also, we are moving from our house to a rental house later this month (keep your fingers cross we sell ours...got a contract) and will need a credit card when we apply for directv. Just the basic, cheapest service they have. Our cable service is not available where we are moving: down in the boondocks.

[SinkingFast]

Since there is no balance on the acct, you do not have to list that CC on your Creditor's Matrix. BUT, chances of the acct surviving the BK are slim. AmEx is NOT BK friendly.

Within days, to a week, 2 tops, your BK will be listed on your Credit Reports. Although AmEx cannot contact you between filing and discharge, they can close your acct with them.

I would strongly suggest you get a bank acct that comes with Debit Card that utilizes the Visa or MC logo. Merchants accept them just like a CC and the funds come straight out of your bank acct. Use the Debit Card to secure your Direct TV acct.

While you're in an open and active BK, you cannot take on any new debt. Using a CC to pay your Direct TV bill with would be considered taking on new debt. Even if you pay in full each month.

[BK'd-Betty]

If you have a zero balance on the card, you can keep it active and not list it on your BK - but, it's been my experience that when AMEX finds out about the BK - they will probably close the card for you.

All of my zero credit cards were cancelled by the grantor, including an one that I've had since 1979 - never a late or over the limit. They just closed it, no questions asked - hadn't owed them a dime in over two years

This may seem like a dumb question, but here it goes anyway. I have an American Express card that has no balance on it. Had it since 1989. Can I keep it active and be able to use it after BK? Also, we are moving from our house to a rental house later this month (keep your fingers cross we sell ours...got a contract) and will need a credit card when we apply for directv. Just the basic, cheapest service they have. Our cable service is not available where we are moving: down in the boondocks.

[HHM]

It is really more up to the creditor than to you. As everyone else has said, most major credit card issuers will find out you filed BK whether you list them or not. Department Store Cards and AMEX are notorious for closing the accounts even if you have not listed them in your BK.

Also, strictly speaking, you are not supposed to take on any new debt or use credit while your BK is pending (if a chapter 7, that means anytime before discharge).

[OutOfMyMind]

OMG! Amex and a couple of Dept. stores are the only cards I even have. My credits cards were always paid on time. In fact, my dept. stores have zero balances too, but I really hoped Amex would be available. All of our debt is business related and I personally signed on one business loan with my husband. We used personal property (home and commerical building) as security. We closed the business because it was loosing big money each month, and we have royally screwed ourselves!!! Husband personally signed for lots of things, but if I stayed out of this one, the BK could just be in his name.

Thanks, I will use my debit card for the Directv. Our attorney told us to watch our spending but don't go without anything. He also said to get a rental home and pay the security deposit and about 2 months rent in advanced. We did that this week. I hope tv isn't considered a luxury.

I know it's going to be better later, but it sure is stressful. Thanks for any advice you may have. Our attorney is out of town, suppose to be really good (full time BK lawyer) but I hate to call him all the time. It seems some of you guys "have been there done that" and I'm so glad you will share experiences and thoughts. Thanks

[In the Hole...]

It is really more up to the creditor than to you. As everyone else has said, most major credit card issuers will find out you filed BK whether you list them or not. Department Store Cards and AMEX are notorious for closing the accounts even if you have not listed them in your BK.

Also, strictly speaking, you are not supposed to take on any new debt or use credit while your BK is pending (if a chapter 7, that means anytime before discharge).

I still have a Sunoco gas card that seems to have survived my filing. I received two replacement cards last summer, even though I haven't used a credit card in years. I signed it, and tucked it away in my wallet, just in case.

[OutOfMyMind]

I guess it will be wait and see.