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While I fully rspect LS's opinion I have to disagree that BK is always the filers fault.
I was a passenger in a vehicle that was hit by a semi truck going over 60 MPH back in 2003. The collision killed my friend and left me in the hospital for over 3 months.
Trucking company and driver both filed bankruptcy and had no insurance.
I lost my job from being in the Hospital and even with Charity and other help still owed over $160,000 in medical bills plus rehab.
It was stacks of letters with threats to sue along with daily phone calls.
It was almost another year before I was able to work again but there was no way I was ever going to get out from under those bills so I filed bankruptcy.
I paid for that for over 7 years of my life and still have reaged accounts show up from time to time.
Medical bills should not be alowed to be listed on credit reports. This is of course only my opinion.
So I do believe in limited circumstances BK may be the only choice.
@Matt6995 wrote:While I fully rspect LS's opinion I have to disagree that BK is always the filers fault.
I was a passenger in a vehicle that was hit by a semi truck going over 60 MPH back in 2003. The collision killed my friend and left me in the hospital for over 3 months.
Trucking company and driver both filed bankruptcy and had no insurance.
I lost my job from being in the Hospital and even with Charity and other help still owed over $160,000 in medical bills plus rehab.
It was stacks of letters with threats to sue along with daily phone calls.
It was almost another year before I was able to work again but there was no way I was ever going to get out from under those bills so I filed bankruptcy.
I paid for that for over 7 years of my life and still have reaged accounts show up from time to time.
Medical bills should not be alowed to be listed on credit reports. This is of course only my opinion.
So I do believe in limited circumstances BK may be the only choice.
+1 I don't think you have to justify to others your reasons for your BK. Obviously BK isn't perfect but I think it's far more important what a person does who finds themselves in that situation.
To the OP: I wish you luck in your credit journey. I'm sure it can't be easy.
In my view, BKs are sometimes unavoidable, especially for a person with little assets starting out on his career struck with a medical tragedy before having medical insurance. In this case, one can hardly "blame" the person from not being able to escape the burden of a $150K medical bill collecting compound interest and seeking legal recourse.
America's a land of 2nd chances. In my estimation, everyone should get a second chance.
Having said that, I also believe the Banks are well within their rights to "decline" on a BK alone. It's a numbers game, really. For instance, when I started out working, there were many who would say "the next derelict who walks in could be Sam Walton." While this is true, I place the odds at a 1 in 1000. It is far more efficient to assume that a "derelict is a derlict" and a "rich looking person is rich" rather than spending the time and effort to unearth the *one* eccentric derelict who is actually wealthy and the *one* affluent-looking person who is just a poser with borrowed stuff.
I would hardly expect a bank to do otherwise especially with the vast amount of applications they must handle daily. The one thing I've learned in business is that once people have learned an exception has been made, the flood gates open and everyone calls making up all sorts of reasons to receive the said exception.
This is why it is best to *never* make exceptions, however good the reasoning.
Didn't you mention that you had a ton of inquiries on your reports? Including 10 or so new cc's? Even without the bankruptcy I'd say it'd be slighly more difficult to get a card in general...
I can't follow how many cards OP has. At one point I thought the OP said they had a single card(Cap1, $750) then I thought it said 10 cards. . .
OP: Did you burn AMEX for a large amount with your BK? If you did, you should probably stop wasting apps on them. Especially if they are cancelling your apps before pulling your reports. And not to be rude, but you might want to work on grammar before you start your blog.
@b_seeker wrote:I can't follow how many cards OP has. At one point I thought the OP said they had a single card(Cap1, $750) then I thought it said 10 cards. . .
OP: Did you burn AMEX for a large amount with your BK? If you did, you should probably stop wasting apps on them. Especially if they are cancelling your apps before pulling your reports. And not to be rude, but you might want to work on grammar before you start your blog.
+1 OP you sound as if you're torpedoing yourself with excessive, incautious apping, then blaming everybody but the person responsible.
People DO re-establish credit shortly after bankruptcy. They do it all the time, as many, many success stories here show. They do it by carefully choosing what they app for and only apping for credit that's within their reach and slowly rebuilding. You seem to be demanding that full financial credibility be returned to you all at once as a gift. You can rant all you want, but that will never happen.
If you honestly think you have a case that's good enough to draw followers, you're going to have to present it a lot better than you presented it here. You need better logic, better grammar, and carefully assembled facts to support your argument.
@b_seeker wrote:I can't follow how many cards OP has. At one point I thought the OP said they had a single card(Cap1, $750) then I thought it said 10 cards. . .
OP: Did you burn AMEX for a large amount with your BK? If you did, you should probably stop wasting apps on them. Especially if they are cancelling your apps before pulling your reports. And not to be rude, but you might want to work on grammar before you start your blog.
Work on my grammar. lol I was on late last night could hardly keep my eyes open when I wrote all that I wrote alot of replies last night. Thanks for all the info guys. I agree with you too many credit inquiries is 1 issue. Chase said I have to establish more credit before any increases because of the huge amount they lost. To the one person who asked if I filed chapter 13 I filed 7. I don't have a 401k or anything. To get the answer correct I have 9 personal cards and 1 Capital One Spark Visa $750 limit.
This is my last ditch effort I am getting Citi to reconsider me for Simplicity card The I quit for this year. I have the following cards:
Sears Platinum MC $4k limit opened 01/2013
Cap 1 MC $1k opened 02/2011
Cap 1 Playstation Visa $1,250 opened 07/2012
HSBC/Cap 1 Discover $500 opened 12/2010
Chase Slate $700 opened Feb 2013
Then I have the following store cards:
Walmart: $1500
Amazon: $1100
Giant Eagle Gas Card $500
Paypal Smart Connect : $1093 (hooked up as back up to my debit card and earn 1% cash back) All these opened 03/2012
And 1 Cap 1 Visa Spark Business card - opened 03/2012
And to some of the rude persons who basically say people who file bankruptcy are at fault and they should have to pay it all back and insulting me for not knowing how to run a business let me tell you something. You don't know me or other peoples situations so please don't be rude on these forums ... And there is a bureau. The Consumer Bureau of Financial Protection who regulates credit. consumerfinance.gov they helped me with numerous things with credit bureaus. I just asked a question about why banks do this I did not come to get jumped on and make me feel like a piece of trash I never wanted to file bankruptcy.. I had a self defense products website it did well for 4 years then too much competition set in and I sold for a drop ship company out of North Carolina. I spent thousands on building the website and advertising and to keep all the customers happy I went bankrupt after the housing market crash My credit cards jacked my aprs all of them over 25% and I owed $80,000 in between personal and mostly business cards. If I had the money I would pay it back. I just paid back 2 charge offs that my wife opened after bankruptcy Swiss Colony behind my back and set me back $1000 and it made my credit score go up.
But the bottom line is you cannot weed of the bad bk from the good folks like you say. I will just wait a couple years before attempting anymore apps and definately not any more amex apps. I never filed bk on them I had one in 2008 and closed it out chase took the whole $16k balance and transfered it. So I do go something to look foward to in 2017 if 8 years is correct for amex accepting bk or it will be 2019. Seems like a long time but the way time flies I'll be there I just had a birthday last year in my 20's.