Results 1 to 7 of 7

Thread: CCs After Bankruptcy (Chapter 7)?

  1. #1
    BrunetteGoddess
    Guest

    Default CCs After Bankruptcy (Chapter 7)?

    So is there ANY credit card, from a bank or not, that says it has a fixed rate and it actually STAYS fixed?

    I plan on getting a CC to use on small purchases that I can pay off in full at the end of the month to rebuild my credit (debt in 2005, now bankruptcy). I know I won't get a great rate, but any suggestions on what card I can get after filing for Chapter 7?

  2. #2
    Featured Member
    Joined
    Jan 2007
    Posts
    1,242
    Thanks
    1
    Thanked 4 Times in 4 Posts

    Default Re: CCs After Bankruptcy (Chapter 7)?

    Have you looked into a secured CC? You give them money up front, pay a small fee for the year, and your credit limit is equal to your deposit. THey hold the money for a year, as collateral in case you don't pay your bills, and release it after a year with a nominal inerest rate. Mine cost $35 through B of A 4 years ago.

    It isn't ideal but it is an okay option for rebuilding credit after a bankruptcy.

    Good Luck.

  3. #3
    BrunetteGoddess
    Guest

    Default Re: CCs After Bankruptcy (Chapter 7)?

    My problem seems to be finding a card that doesn't want $$ for yearly fees, $$ for program fees, $$ for startup costs, etc. Bleh. I don't want to pay like $250 just to get the damn card!

  4. #4
    Featured Member
    Joined
    Jan 2007
    Posts
    1,242
    Thanks
    1
    Thanked 4 Times in 4 Posts

    Default Re: CCs After Bankruptcy (Chapter 7)?

    I know you don't. I wouldn't either. It sucks. You only have to do it once, and in a year you will be in a position to get a better card.

    My rates for my secured card went up when I missed a payment, as they will with any credit card.

    I would go the the library and get Suze Orman's books. She has great advice for people starting over.

    Sometimes it is easier to get a card after you file, b/c your creditors know you can't file again for a number of years.

  5. #5
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: CCs After Bankruptcy (Chapter 7)?

    it's just a simple fact of life that in today's financial market, having a bad credit rating costs money !

  6. #6
    Featured Member Vamp's Avatar
    Joined
    Jul 2004
    Location
    Missouri
    Posts
    1,111
    Thanks
    271
    Thanked 757 Times in 289 Posts

    Default Re: CCs After Bankruptcy (Chapter 7)?

    If you have a bad credit rating you will not find a fixed rate card that never changes. If you have just gotten out of bankrupty you shouldnt even be thinking about them in my opinion for at least three years after the bankruptcy.

    If you must get a card the best way is a secured credit card. The rate will be reduced some (not alot) because it is secured.

    Once again i would check out credit unions because they are alot less hassle.
    Last edited by Vamp; 05-02-2007 at 11:57 AM.
    Nature knows no indecencies; man invents them. ~ Mark Twain


  7. #7
    God/dess FrustratedBunny's Avatar
    Joined
    Jan 2006
    Location
    New Orleans, LA
    Posts
    2,457
    Thanks
    0
    Thanked 4 Times in 4 Posts

    Default Re: CCs After Bankruptcy (Chapter 7)?

    I filed Chapter 7 in 2004 and right after discharge I got a card from Household Bank. It's not a secured card. It's probably a shitty interest rate but I think it's fixed and if you pay it off it doesn't matter. I just keep a small balance on mine. I had another card with Merrick Bank, again unsecured, but they closed it after I didn't use it at all for a year or two. Merrick Bank never made a dime off of me. The only time I used it was when they had a three months @ zero interest offer and I paid it off. No annual fees. I applied for both cards probably 2 or 3 years ago but it's worth looking into. Also maybe check out Orchard Bank.

Similar Threads

  1. PS only willing to go up 200 ccs :(
    By shift_6x in forum Body Business
    Replies: 11
    Last Post: 07-18-2011, 12:53 PM
  2. When is my chapter 13 bankruptcy payment due?
    By i.breathe.in in forum Dollar Den
    Replies: 31
    Last Post: 06-13-2008, 02:37 PM
  3. Replies: 15
    Last Post: 05-19-2008, 02:19 PM
  4. Pay off - should I close CCs
    By AudreyLeigh in forum Dollar Den
    Replies: 16
    Last Post: 02-11-2008, 04:16 PM
  5. Replies: 5
    Last Post: 09-20-2006, 10:11 AM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •