Bankruptcy

[stormb28]

Before you close them, tell them your situation, they MIGHT keep them open, just ask.

A week after my discharge, I got the CapOne secured cc, $49 for $200 CL. That was 10/11, in 6/12 I got the CapOne cash rewards card. I can tell you, Boa, Chase, Wells Fargo, AmEx, and to some degree Discover are all off limits. BoA & Wells Fargo have secured cards, however, I think you need to be a year out from BK and both cards report as secured. Chase and Amex wont even talk to you. Barclays approved me for a $500 limit last month, so theyre an option. Discover is hit or miss, they denied me.

Keep in mind, I only have a BK on my report. No other derogs, I had to file due to a $25k cosigned car that was repoed. The judgement isnt on my report anymore, nor is the repo. If you can, avoid First Premier and like cards with absurd fees and costs.

[MovingForward_2012]

Yep Chase is hard. I barely got approved for the Chase Freedom after reconsideration that almost took 3 weeks. My BK is 9 yrs, 4 mos old and close to being deleted and the reps were still barking over it. During the recon process I received a denial to due bankruptcy letter in the mail and a week later the card was approved. Talk about a nerve racking experience. So yes, Chase and other prime creditors won't even talk to you and barely talk when your BK gets as old as mines. I lived on cash only for many years after BK.

[hrguy]

I'd close the card since they are one of the ONLY prime banks that will lend to BK folks, and I mean almost immediately to 6 months post discharge.

I'd then reapply 6 months post discharge.  You probably will get the card back then, since your scores will be higher than they are now.  But I would advise against having them tied up in your BK.  In-fact, I would close it, wait for it to report closed and then file if you can hold off.

[StartingOver10]

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hrguy wrote:

I'd close the card since they are one of the ONLY prime banks that will lend to BK folks, and I mean almost immediately to 6 months post discharge.

I'd then reapply 6 months post discharge.  You probably will get the card back then, since your scores will be higher than they are now.  But I would advise against having them tied up in your BK.  In-fact, I would close it, wait for it to report closed and then file if you can hold off.

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^^^Sound advice.

[Abanomi24]

Okay, so an update.  Three weeks out of my 341 and I got another alert that MyFCIO went to 664 and all of my accounts (6) show IIB or paid in full.  I still have my Barclay's card with a 500 CL open and Capital One closed my secured card.  I called them and they basically told me to get lost and they would send me my deposit.  521 to 664!