I am filing personal chapter 7 bk due to PG on busines merchant account and Amex which is an amount I would never be able to pay off. Changing tatics with wholesalers and consumer purchasing patterns in this economy killed us.
I hate that now that i finally have good credit and everyone wants to loan me money that I have to throw it all out the window.
Yes met and retained a bk attorney in Nov havent filed personal yet.
I guess my only hope is to close all my accounts and hope to recon after discharge. How long after discharge can I call? what do I say?
Because you aren't burning anyone other than the business accounts and AMEX (what I gathered from your post). You should be able to slowly open up one or two accounts within a couple of months after your discharge. You will probably initially be declined and then have to recon them as discussed by the other poster earlier. Some of the accounts will want to see a post BK history before they will re-open (Barclay's comes to mind).
Ok I am really happy to hear about all the imput here!
Though if I left all accounts open @0 balance and most went IIB that would kill my scrore and chance with getting any back?
If 1-2 of my 17 cards came through BK wouldnt that be better for me though?
So if I close all accounts so it shows its closed by user instead of IIB thats better then?
Quoting " Startingover10" how slow is slow when trying to open one or two accounts? Are we saying 1 month? 2/3/4/5?
Then how will any see a post BK history if I cant open a CC acount to prove history?
Also which of the banks should I choose to open? When I do this should I just call the backdoor number and ask to reopen the account?
So when you close an account, whats the best thing to say as why i am closing this account?
Slowly means one or two accounts within a month or two of your discharge.
Who are the 16 accounts that you have now that we have been discussing? Closed by consumer is definately better than iib.
Citi 3 cards (1 Shell gas) Thank you + America airlines)
USbank 3 credit cards (1 still secured) Platinum + Flex rewards)
Bank of America 2 cards (Platinum Plus + Alaska Airlines)
Chase 2 cards (Sapphire + BP visa)
Barclays 2 cards (Platinum Rewards and Fronteir Airlines Rewards)
Capitol one Platinum
RBC USA Visa
11 Different banks with good relationships -
so that means 18 credit cards with 0 balance 6 cards not activated as of today
1 Amex Business Planimum will be included in bk as all is business debt
I was in a similar situation. Had to file because of a default on a SBA loan but I also used CC to finance the business(Very stupid but you live and learn). I agree that you should close all of your CC accounts. I have a few on my report that show IIB even though it had a $0 balance. I have tried disputing but I have not had any luck. You will be able to get Capital One & Barclays back. They are very BK friendly but the others may be a little more difficult but they are not needed to rebuild.