Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do: (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.

Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

Sub-Prime Credit Card Offers Up 300% Since June

  • Filter
  • Time
  • Show
Clear All
new posts

  • Sub-Prime Credit Card Offers Up 300% Since June

    January 12, 2011

    For the last two years , its been nearly impossible for subprime borrowers to qualify for a loan of almost any kind. But that's beginning to change as banks slowly return to lending. First up: credit cards.

    Consumers with less-than-perfect credit scores are once again targets for card issuers. A growing number of banks have picked up the pace of card offers to the best of of subprime borrowers—typically those with FICO credit scores between 620 and 660. According to credit-card comparison site,, the number of solicitations for cards sent to that group has risen up to 300% since June.

    Among the most prevalent senders are large lenders like Capital One and HSBC, who say the campaign is part of a bigger effort to provide access to credit to more borrowers.

    For subprime borrowers, this is just the beginning. "We'll see more of these offers this year to the cream of the subprime," says John Ulzheimer, president of consumer education for, a credit-monitoring web site.

    Before the credit crisis, subprime was an important market segment for banks. They generate more revenue from fees – including late fees and annual fees -- from subprime customers than from more credit-worthy borrowers.

    And banks charge them higher interest rates, too. Crisis or not, lenders receive, on average, 70% of their revenue from subprime borrowers in fees; prime borrower fee-related revenue stands at 48%, according to R.K. Hammer Investment Bankers, which advises credit card issuers on their cards.

    Now, as charge-off rates—money owed that lenders have written off as a loss--and delinquency rates decline (they were at 8.49% and 4.59% respectively, according to third quarter Federal Reserve data, down from highs of 10.9% in second quarter 2010 and 6.61% in first quarter 2009), many card issuers are less worried about continued charge-offs and are returning to risky borrowers as a way to make more money.

    Banks first offered a handful of goodies -- like 0% APR on credit cards and cash for opening new checking accounts or credit cards --mostly to those with credit scores of 720 or higher. Now, more confident they won't be burned again, banks are moving on to the best of the subprime borrowers.

    The thesis, says Ulzheimer, is that this group isn't as risky as their credit scores indicate. Some borrowers, for example, might fall into this category because their credit lines were previously slashed or they fell behind on paying bills after a temporary job loss.

    For its part, an HSBC spokesman says the bank is "selectively increasing marketing activity" across its credit card business--including to subprime borrowers-- as "credit conditions improve."

    It all adds up to growing credit card options for subprime borrowers. About one in four mail solicitations sent from issuers for new credit cards are sent to subprime and near-prime borrowers, according to direct-marketing data tracker Mintel Comperemedia.

    The pitch often offers solace, assuring such borrowers that they're entitled to a new beginning or that their blemished credit history doesn't mean they can't get a credit card, says Andrew Davidson, a senior vice president at Mintel.

    Still, banks are hedging their risk with card terms that aren't all that favorable. The average interest rate for subprime accountholders is about 20%, up from 17.6% a year ago and nearly all of these cards come with an annual fee of $39 on average, says Odysseas Papadimitriou, chief executive of (The exception is Capital One's Standard Platinum card that is fee-free the first year and $19 per year after that.)

    Average credit lines are relatively unchanged--and very low--at just $300 to $500, which means that even a meager shopping spree could ding a card user's credit score. On the plus side, getting a bigger credit limit takes less time: At least six consecutive months of on-time payments, down from about 12 months during the peak of the credit crunch.

    Credit card analysts say these offers aren't ideal for everyone who gets them. For consumers trying to improve their credit score after a temporary setback, a secured card—where a borrower gets a credit limit equal to the amount of money he or she sends to the issuer--might be a better bet.

    Secured cards, which are also more available these days, have lower interest rates. And your activity on those cards is reported to credit bureaus just like regular credit cards, meaning consumers can build credit with on-time payments and low balances. The downside: Secured-card holders pay interest of at least 7.9% to essentially borrow back their own money.

    The only no-interest secured card, the Platinum Zero Visa, requires a minimum deposit of $500 and charges a $9.95 monthly fee. And once such a borrower's score rises to the 720 prime threshold -- usually in about two years -- those high-rate subprime card offers in the mail could give way to lower interest-rate card offers with larger credit limits.
    Filed Chapter 7 July 2010
    Attended 341 September 2010
    Discharged November 2010 Closed November 2010

Unconfigured Ad Widget