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Will Capital One open a credit card with an open BK Chapter 7

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Anonymous
Not applicable

Re: Will Capital One open a credit card with an open BK Chapter 7

I can say with certainty that they will. I apped 6 days after my filing (it was reporting) and was approved for a $3000 Quicksilver. I am a lawyer. If you file a Chapter 7, it is perfectly fine to app after FILING not 341 meeting. A Chapter 7 is a snapshot as of your day of filing. A CH 13 is a moving video.

(I have , and still do, represent creditors)
Message 11 of 18
Anonymous
Not applicable

Re: Will Capital One open a credit card with an open BK Chapter 7

Well dang I am totally confused. I will just wait to hear back from the EO from the fraud team.... Crazy that cap one will issue a credit card with an open BK. I know I had my 341 meeting in Febuary of 2011. Account was open 12/21/2010...Just very odd and I am extremely puzzled

Message 12 of 18
Scupra
Super Contributor

Re: Will Capital One open a credit card with an open BK Chapter 7


@Anonymous wrote:
I can say with certainty that they will. I apped 6 days after my filing (it was reporting) and was approved for a $3000 Quicksilver. I am a lawyer. If you file a Chapter 7, it is perfectly fine to app after FILING not 341 meeting. A Chapter 7 is a snapshot as of your day of filing. A CH 13 is a moving video.

(I have , and still do, represent creditors)

So if someone opens a new card prior to d/c and the BK happens to be a no asset case. What prevents the person filing from saying "any and all debts prior to d/c were included so I am not liable"?

 

This is the reason NFCU told me no way on even a secured card prior to d/c. Thank you as this is a topic that comes up ALL the time.

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
801 EQ FICO 06/2022
797 TU FICO 04/2022
793 EX FICO 04/2022
$30k NFCU Platinum | $30.7k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold | NFCU Platinum #2 $19.3k | Apple $8.5k
Message 13 of 18
TRC_WA
Senior Contributor

Re: Will Capital One open a credit card with an open BK Chapter 7


@Scupra wrote:

@Anonymous wrote:
I can say with certainty that they will. I apped 6 days after my filing (it was reporting) and was approved for a $3000 Quicksilver. I am a lawyer. If you file a Chapter 7, it is perfectly fine to app after FILING not 341 meeting. A Chapter 7 is a snapshot as of your day of filing. A CH 13 is a moving video.

(I have , and still do, represent creditors)

So if someone opens a new card prior to d/c and the BK happens to be a no asset case. What prevents the person filing from saying "any and all debts prior to d/c were included so I am not liable"?

 

This is the reason NFCU told me no way on even a secured card prior to d/c. Thank you as this is a topic that comes up ALL the time.


Exactly.... and why did ALL of the creditors who approved me for a VEHICLE LOAN like 3 days after discharge back in 2013 REQUIRE as a condition of approval a copy of my discharge due to the fact the CRs hadn't yet updated?  I saw the approval paperwork.... "approval conditional on proof of discharge"

 

This didn't even have a thing to do with Ch 7 or Ch 13.  It had to do with my credit report showing an open Ch 13 that had not yet been discharged and I was attempting to buy a $20k vehicle.

 

I find it hard to believe you are free to start acquiring new debt before your previous debt is even discharged.  "So you can't pay back any of your bills but you can get a new $3000 CC?"  That would be the first question I'd ask if I were a trustee over a Ch 7 case.

 

At any rate, the fact the lawyer says it's allowed doesn't surprise me in the slightest.  Funny how the system works... rewards the people who don't pay anything back.  My attorney stressed to me NO NEW CREDIT while under Ch 13.  So I can pay back my debt and can't get any more while I'm doing it... but I can discharge all of it in a Ch 7 and actually start piling up more debt before I've discharged the original debt?  Really?

 

Smiley Wink

 

 

 

 

FICO8 current as of : ----- EQ: --- TU: --- EX: ---
Hard INQs last 12 months: EQ: 5 | TU: 7 | EX: 9
Verizon Visa $6500 Amex Delta Platinum $10,000 Care Credit $12,000
NFCU CashRewards $6000 Apple Card $2000 Best Buy $3500 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $44k new - balance $31k/6.94%
Total CL: $45,000 --- Total CC UTI: --% --- AAoA: 5.5 years --- Income: $200k
Last app: 11-30-23
Message 14 of 18
Pway
Valued Contributor

Re: Will Capital One open a credit card with an open BK Chapter 7

I just don't understand.  Why in the world would lanyone want to open new cards before their bk is discharged?  I understand starting over and wanting to rebuild your credit but just wait for the discharge papers. 

Thank you for the wealth of knowledge I have learned from these forums. I am logging off as of November 9, 2022. I wish everyone great success.
Message 15 of 18
Anonymous
Not applicable

Re: Will Capital One open a credit card with an open BK Chapter 7


@TRC_WA wrote:

@Scupra wrote:

@Anonymous wrote:
I can say with certainty that they will. I apped 6 days after my filing (it was reporting) and was approved for a $3000 Quicksilver. I am a lawyer. If you file a Chapter 7, it is perfectly fine to app after FILING not 341 meeting. A Chapter 7 is a snapshot as of your day of filing. A CH 13 is a moving video.

(I have , and still do, represent creditors)

So if someone opens a new card prior to d/c and the BK happens to be a no asset case. What prevents the person filing from saying "any and all debts prior to d/c were included so I am not liable"?

 

This is the reason NFCU told me no way on even a secured card prior to d/c. Thank you as this is a topic that comes up ALL the time.


Exactly.... and why did ALL of the creditors who approved me for a VEHICLE LOAN like 3 days after discharge back in 2013 REQUIRE as a condition of approval a copy of my discharge due to the fact the CRs hadn't yet updated?  I saw the approval paperwork.... "approval conditional on proof of discharge"

 

This didn't even have a thing to do with Ch 7 or Ch 13.  It had to do with my credit report showing an open Ch 13 that had not yet been discharged and I was attempting to buy a $20k vehicle.

 

I find it hard to believe you are free to start acquiring new debt before your previous debt is even discharged.  "So you can't pay back any of your bills but you can get a new $3000 CC?"  That would be the first question I'd ask if I were a trustee over a Ch 7 case.

 

At any rate, the fact the lawyer says it's allowed doesn't surprise me in the slightest.  Funny how the system works... rewards the people who don't pay anything back.  My attorney stressed to me NO NEW CREDIT while under Ch 13.  So I can pay back my debt and can't get any more while I'm doing it... but I can discharge all of it in a Ch 7 and actually start piling up more debt before I've discharged the original debt?  Really?

 

Smiley Wink

 

 

 

 


Even in my BK7 my attorney told me to do nothing until that discharge is in my hand.  

Message 16 of 18
Anonymous
Not applicable

Re: Will Capital One open a credit card with an open BK Chapter 7

In a Chapter 7 proceeding, any debt obtained after the filing of the petition is post-petition debt and will not be discharged. Taking on a new installment loan with regular payments will change your budget. THAT is why most lawyers advise against any new debt prior to 341. But it is perfectly legal to obtain a revolving libe after filing but prior to 341. (I did not use mine at all before 341)
Message 17 of 18
Anonymous
Not applicable

Re: Will Capital One open a credit card with an open BK Chapter 7

No one should be throwing salt or shade on no one. We all that file bankruptcy had a reason. So don't talk and point fingers when you probably tried did the same. Who perfect. If a attorney tell us it OK then why some of you have a probably. A little $300 card y'all making a big deal about. No one talking about the ones who got over 300,000 dollars in credit after 24 months. Who to judge. Not trying be rude, we have to start somewhere.
Message 18 of 18
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