bankruptcy and credit cards,(new ones)

[down @ out]

Great article on Reuters today saying that capital one and citibank are seriously considering going after new bankrupts that have received their discharge.

Seems they are losing a lot of customers because of bankruptcy and more stringent payback schedules on credit card debt.

The head of Capital One indicated newly discharged bankrupts are a great new market and all the credit card companies would be going after them soon as new customers.

This really is nuts.

My god these folks have no ethics. So if you didn`t go bankrupt before Oct 14th you are a sucker. If you did we have a deal for you. Should put all of these drug dealers in prison for trying to sign us up for another ride. Of course with the new laws none of us would ever get out of slavery again.

Had a friend who had more debt than me but was trying to do the right thing and pay off his cc`s. Guess if he filed for bankruptcy in a few months he would have bright shiny new card with a 5000.00 credit limit.

Hi Ho Hi Ho it is off to the nut house i go.

[StaciMM]

I'm not surprised about Cap1, but that Citi is going that direction is a little shocking. They are not known for being BK friendly. The lines between 'prime' and 'subprime' are getting even blurrier...

For people post BK who are able to rebuild, its a good thing to have options. For those who don't have the best self discipline, it will be disastrous.

[Minnymouth]

WORD OF CAUTION.............

I read an article that they will sign you up for a new card BUT in the real "fine print" it says you agree to pay any past bad debts you have with them (including discharges in bankruptcy) as part of the agreement....
If you sign it and accept the NEW CARD - you are GIVING THEM PERMISSION to attach your old debt to the new card. They are not ASKING YOU TOO - YOU ARE ACCEPTING THEIR TERMS.....AND GIVING PERMISSION TO THEM.....

SO BE CAREFULL FOLKS........

Minny

Going after BK customers again is smart tatic, they KNOW you can't claim BK again....

[losing_it]

No worries here, I'm done with credit cards for life. If I get an offer, I'm mailing it back telling them where they can stick that card

[FoolAndHisMoney]

Doesn't surprise me at all. They wanted the change in law, they got it, now people will be a bit nervous about using credit cards thinking that if something bad happens in their life they can't file bankruptcy, so cards will be used less, less money for the banks and a new scheme will begin.

A secured card for $1000 limit is about all anyone should really need. Anymore for an average income person will lead back to here in 6 to 8 years and no one wants that.

[Annika]

That explains why Capital One is loading my mailbox full of offers! I've been getting at least one a day ... sometimes as many as three!

I haven't had an account with them in the past, but I've been tossing everything straight into the trash can anyway!