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02-16-2017 09:42 AM
My 341 meeting was Jan 20th so I won't be discharge until late March. I get lots of the auto financing offers in the mail, but yesterday I got a Capital One card offer for $1500. I am not burning them in bankruptcy but had an account I closed in good standing a couple years ago.
Living on cash only is an adjustment and a little stressful because I don't have an emergency reserve yet built up. After discharge I was going to try Capital One to get something for piece of mind and to rebuild.
My question is this something I should try to do now or wait.
02-16-2017 09:47 AM
I always recommend to not obtain any credit until you are discharged. Late March is not far away, there is no reason to rush it.
02-16-2017 10:36 AM - edited 02-16-2017 10:39 AM
The problem is that untili you receive a discharge and your case is closed, there's a chance that it could get dismissed, converted to CH13, etc. If dismissed, you'll owe all your creditors as if you never filed. Your new creditor would be thrown in the pile with the others, potentially taking a loss if you filed again. So you're still a risk to new lenders until, at minimum, you obtain the discharge. Some banks working with car dealers are willing to take this risk, albeit at high interest rates, because they're secured lenders (and as such, have more protection).
You could move forward with an unsecured card in bankruptcy -- I did (it wasn't Capital One). But know there's a chance the lender may close the account afterward due to the active bankruptcy. If that happens and you apply for another card, you'd have yet another inquiry, and another new account -- futher lowering your average age of accounts.
It's also possible that your credit card offer was prepared before Cap1 knew about your bankruptcy filing. I'm not sure if Capital One actively markets tho those currently in bankruptcy. Maybe someone else knows. Good luck with whatever you decide.
02-16-2017 11:38 AM
For Capital One-
Look at the disclosures & terms and conditions on the application:
I understand that I am not eligible for this offer if:
02-16-2017 05:33 PM
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