Got a CC offer in the mail today - I just had to laugh

[wonderingrov]

So, I've already retained a lawyer and started giving the information to creditors. I hd pulled my credit reports a few weeks ago - scores in the range of the 500's with 3 or 4 medical bills showing in collection and 2 credit card accounts showing as closed by the creditors. I open the mailbox this morning to find an offer for a credit card from Capital One - giving a 0% rate for 10 months and an 18.9% rate thereafter. I just shook my head, laughed, and threw the thing in the shredder. I'm not about to apply for any more credit at this point in my life. Funny thing is, I use to get these things all the time when my credit was in the 750's. I haven't had one of those in months. I was thinking - do these guys even bother to check your credit before sending this stuff out?

[ohiogal]

Mostly, no. And as I understand it, CC companies actually target those who recently filed BK because they know those people now have more money - and a habit of spending on credit cards.

They lost you once, now they want to reel you in again. Throwing those things in the shredder is the smart thing to do.

[Overmylimit]

I got a pre approved offer about a month ago from some company I've never heard of, I read the fine print....51% interest rate....I'm not joking either. I threw it away fast later I started thinking maybe it was illegal and I should have showed someone...

[epiphany]

I got a lot of those during my bankruptcy and even some after my bankruptcy. Haven't received any in a long time though now that most have tightened their lending restrictions.

It is pretty comical though.

ep

[freefall]

They lost you once, now they want to reel you in again. Throwing those things in the shredder is the smart thing to do.

Respectfully, I disagree. It's better to take the card, charge small sums from your regular budget on it, and pay those balances off before accruing finance charges. Of course that requires discipline--especially since one can only file bk once every eight years.

When we were all done with our Chapter 7, we wanted to rent a car, and couldn't do it with an ATM card without them calling my employer to verify employment. We couldn't buy things on-line with an ATM card. So we took Capital One up on their offer, and it's been fine.

Oh sure, the traps awaiting us and the royal screwing we would get if we ever let it get out of control would be terrible, but we are different people now. We live within our income, and we do not go into debt.

Once you file BK, if you never use credit again, you will always have a bad credit score. You have to have credit in this society--even if you don't use it. It doesn't have to be great credit, but you have to have a credit card to have a normal life. Just remember, there's nothing that says you have to have a balance on that card, and except for the annual fee (which really isn't much), all the bad things are only applied to outstanding balances.

[freefall]

I got a lot of those during my bankruptcy and even some after my bankruptcy. Haven't received any in a long time though now that most have tightened their lending restrictions.

It is pretty comical though.

ep

Funny, now that you mention it, we aren't getting the applications anymore either. We (my wife and I) each signed up with Capital One, and we were getting apps all the time, but I don't think we've had one in over two months now. For a while, we were getting Capital One apps after we had Capital One cards (talk about aggressive marketing)--but now, nothing.

[ssmdem]

Respectfully, I disagree. It's better to take the card, charge small sums from your regular budget on it, and pay those balances off before accruing finance charges. Of course that requires discipline--especially since one can only file bk once every eight years.

When we were all done with our Chapter 7, we wanted to rent a car, and couldn't do it with an ATM card without them calling my employer to verify employment. We couldn't buy things on-line with an ATM card. So we took Capital One up on their offer, and it's been fine.

Oh sure, the traps awaiting us and the royal screwing we would get if we ever let it get out of control would be terrible, but we are different people now. We live within our income, and we do not go into debt.

Once you file BK, if you never use credit again, you will always have a bad credit score. You have to have credit in this society--even if you don't use it. It doesn't have to be great credit, but you have to have a credit card to have a normal life. Just remember, there's nothing that says you have to have a balance on that card, and except for the annual fee (which really isn't much), all the bad things are only applied to outstanding balances.

I agree as well - to a point. We haven't used credit cards in a couple of months - just using the debit card for things that we normally would have used a credit card for (even online). So, really, I don't think they are completely necessary.

BUT we haven't filed yet - yet I do plan on trying to obtain another credit card after discharge for two reasons. Number 1 - we do want to buy a house again one day, so I need our credit score to go back up as soon as possible. And also, debit cards scare me in today's world. We've had our credit card numbers used fraudulently many times over the past few years. Even just last week I got a call from Chase about a fraudulent usage. I told her we hadn't purchased anything on that card in two months, so any purchase that had been attempted was definitely not ours. She closed the account and said she'd be sending out new cards - almost told her not to bother, but figured I didn't feel like having that conversation at the time.

But at least until we can get a new credit account, I know that we are able to use our debit cards just as we normally would have those nasty credit cards! Frightening how fast you realize how much you're actually spending when it comes immediately our of your account.

[wonderingrov]

Respectfully, I disagree. It's better to take the card, charge small sums from your regular budget on it, and pay those balances off before accruing finance charges. Of course that requires discipline--especially since one can only file bk once every eight years.

When we were all done with our Chapter 7, we wanted to rent a car, and couldn't do it with an ATM card without them calling my employer to verify employment. We couldn't buy things on-line with an ATM card. So we took Capital One up on their offer, and it's been fine.

Oh sure, the traps awaiting us and the royal screwing we would get if we ever let it get out of control would be terrible, but we are different people now. We live within our income, and we do not go into debt.

Once you file BK, if you never use credit again, you will always have a bad credit score. You have to have credit in this society--even if you don't use it. It doesn't have to be great credit, but you have to have a credit card to have a normal life. Just remember, there's nothing that says you have to have a balance on that card, and except for the annual fee (which really isn't much), all the bad things are only applied to outstanding balances.

I can see your point there. In my case, I am in the stage of getting information to my lawyer to get the petition ready (and still paying on the balance owed so that I can file). So, for me, as I understand it (and my lawyer told me this as well), getting any new credit at this stage is a definite no-no. My checking account actually has a debit card with the 'mastercard' logo - it works as a debit card in that it just deducts the money from my checking account, but since it has the mastercard logo on it I can use it for online purchases. I'm going to reaffirm my auto, and will still have the student loans post-discharge, so I can use those to re-establish my credit. I might get a card after a year or two to work like you have suggested, but for now I want to get use to working on a cash basis.

[ssmdem]

I can see your point there. In my case, I am in the stage of getting information to my lawyer to get the petition ready (and still paying on the balance owed so that I can file). So, for me, as I understand it (and my lawyer told me this as well), getting any new credit at this stage is a definite no-no. My checking account actually has a debit card with the 'mastercard' logo - it works as a debit card in that it just deducts the money from my checking account, but since it has the mastercard logo on it I can use it for online purchases. I'm going to reaffirm my auto, and will still have the student loans post-discharge, so I can use those to re-establish my credit. I might get a card after a year or two to work like you have suggested, but for now I want to get use to working on a cash basis.

Same here - I'm hoping my auto loan can be reaffirmed as we are planning on keeping that loan current and would like it to help my score as well. As far as a credit card - when I get one, I plan to immediately subtract the purchase out of my checking account so that the money is there to pay the bill when it comes due. Sure wish I had started that practice many years ago -- may not have been in the bind I'm in now!

[WhatMoney]

So, I've already retained a lawyer and started giving the information to creditors. I hd pulled my credit reports a few weeks ago - scores in the range of the 500's with 3 or 4 medical bills showing in collection and 2 credit card accounts showing as closed by the creditors. I open the mailbox this morning to find an offer for a credit card from Capital One - giving a 0% rate for 10 months and an 18.9% rate thereafter. I just shook my head, laughed, and threw the thing in the shredder. I'm not about to apply for any more credit at this point in my life. Funny thing is, I use to get these things all the time when my credit was in the 750's. I haven't had one of those in months. I was thinking - do these guys even bother to check your credit before sending this stuff out?

Apparently not.
My mother just received the same offer from Cap1. It's ONLY requirement is that your annual income exceeds your annual rent or mortgage payment. And based on your credit score, they can offer you as little as a $300 credit line. Also a $39/yr fee, $5/mo fee for no activity, and a variable interest rate that could easily be > 20% if the Feds start raising the prime rate.

Let's see - my mother is 93, 99.5% disabled living in a nursing home, and after the monthly nursing home payments are taken from her social security, Medicaid allows $30/mo for personal expenses. Sounds like the ideal candidate for a new credit card.

[Flamingo]

So, I've already retained a lawyer and started giving the information to creditors. I hd pulled my credit reports a few weeks ago - scores in the range of the 500's with 3 or 4 medical bills showing in collection and 2 credit card accounts showing as closed by the creditors. I open the mailbox this morning to find an offer for a credit card from Capital One - giving a 0% rate for 10 months and an 18.9% rate thereafter. I just shook my head, laughed, and threw the thing in the shredder. I'm not about to apply for any more credit at this point in my life. Funny thing is, I use to get these things all the time when my credit was in the 750's. I haven't had one of those in months. I was thinking - do these guys even bother to check your credit before sending this stuff out?

Your name is just on mailing lists, that's all. Once you file, you will start to get bombarded with all the cards aimed at those with bad credit/BK and when you are discharged, you will get further bombarded by every car dealership for miles around...they will obtain your information (public information) as to your filing and before you know it, you will be getting all sorts of BK related junk mail. We are almost 4 years past our Chapter 13 discharge and we still now and then receive BK related junk mail...it really never goes away.

[epiphany]

Hmm..I have been living credit free since some part of November 2007. Have had no problem using my ATM with Mastercard Logo to rent cars, hotel rooms, or anything else as long as the money is there. Yeah, they verify it, but that happens electronically at the point of sale. I can't imagine anyone in this day and age having to actually call your bank, let alone your employer (that makes no sense to me--if you already have the card in your hot little hands and actually have the funds in the bank, your employment status shouldn't matter) to guarantee funds.

Perhaps that's something particular to your situation or where you live?

I also find the condoning of an annual fee even if you don't use the card, interesting. Maybe that's normal. I haven't had much interest in rebuilding credit so I don't know.

For most of us, yes, credit is essential if you are going to buy a car or house. But what is it that compels you to state that we MUST have it? I'm just fascinated by the mindset. I don't miss it at all and find my life to be much more "normal" without it.

ep

Respectfully, I disagree. It's better to take the card, charge small sums from your regular budget on it, and pay those balances off before accruing finance charges. Of course that requires discipline--especially since one can only file bk once every eight years.

When we were all done with our Chapter 7, we wanted to rent a car, and couldn't do it with an ATM card without them calling my employer to verify employment. We couldn't buy things on-line with an ATM card. So we took Capital One up on their offer, and it's been fine.

Oh sure, the traps awaiting us and the royal screwing we would get if we ever let it get out of control would be terrible, but we are different people now. We live within our income, and we do not go into debt.

Once you file BK, if you never use credit again, you will always have a bad credit score. You have to have credit in this society--even if you don't use it. It doesn't have to be great credit, but you have to have a credit card to have a normal life. Just remember, there's nothing that says you have to have a balance on that card, and except for the annual fee (which really isn't much), all the bad things are only applied to outstanding balances.

[beachchick]

Shortly after our bankruptcy was filed I got offered a credit card offer from Chase, funny thing is Chase was one of our creditors that were included in our bk, this is crazy.

[trigabyte1]

If you don't want to be bothered by the "junk mail" or the temptation to apply for another credit card you may wish to opt-out of prescreened credit offers. (Many creditors buy mailing lists from the bureaus based on specific criteria - credit scores in a certain range, account history, etc.).

Go to https://www.optoutprescreen.com

To opt out.

[hooferator]

I did the opt-out years ago, so I can't tell if my lack of offers is due to that or to my bad credit. I have store charges like Macy's that don't have a balance, so I plan to use those plus find any card that doesn't charge a disgusting annual fee. I'll just use it to buy stuff I'd normally buy with my debit card. If it helps my credit, great, if not, I was going to spend that money anyway.