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Filing Chapter 7 Tomorrow!!

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Filing Chapter 7 Tomorrow!!

Hello all,

 

I am going into my lawyer's office today to review my Chapter 7 paperwork, and he is going to file tomorrow. I'm very relieved that my financial stress is on the road to resolve. I do have a couple of questions:

  • Will I be able to keep any of my credit cards that currently have 0 balances?
  • If I cannot keep any of my credit cards, how soon after filing tomorrow can I apply for new credit cards?

Thanks everyone!

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Re: Filing Chapter 7 Tomorrow!!

You can reaffirm a card but I do believe it's up to the bank. They can simply close your account if you file even if you don't have a balance. You can get credit the day of your discharge. More than likely if you're burning a company on 1 card but keeping another they won't allow it
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Re: Filing Chapter 7 Tomorrow!!

If you do go for another credit card right away, go for a secured card, not an unsecured one - Capital One and Discover are the most frequent sources recommended, and lately people are recommending Discover over Cap 1. However, check another recent thread which reports that applying for a secured Discover too soon after being discharged from BK might result in a denial. I think I would actually give it a few months after discharge before applying for a secured card; when I was discharged from my Chapter 7 in December 2014, I waited a year before applying for my secured Cap 1 the following December, and was approved without issue at that time. You don't have to wait nearly so long but do check your FICO scores first and make sure you can load a decent amount into your deposit.

 

I didn't attempt to keep any credit cards in my own BK because I was carrying high balances on all three of them, so I can't provide any specific advice there.

Ch 7 BK discharged 11/28/14, credit rebuild well advanced. FICO:TU 680 FICO 8 (3/2/19) or 687 FICO 9/EX 694 FICO 8/EQ 685 FICO 8 or 674 FICO 9 (NFCU 3/3/19), VS 3.0 10/17/18: TU 702/EX 699/EQ 698. $92.9k revolving credit as of 1/31/19; $1K NFCU cashRewards Visa, $2K BJ's Perks MC, $5.1k Discover It #1, $6.5k Discover It #2 (new 3/12/18), $3.5k Petal Visa, $6k Paypal 2% CB MC, $6k Amazon Prime Store Card, $6k Walmart Store Card, $7k Apple FCU Platinum Visa, $7k Penfed Power Cash Rewards Visa, $11.8k Overstock Store Card, $15K Care Credit, $16K Cap One QS Rewards Visa Signature, $10k PenFed used car loan, $5k Navient student loan, $12.7k Lending Club loan. Gardening: 3 months, 19 days as of 1/31/19. 24 HP inqs total as of 10/12/18: 10 TU, 9 EQ, 5 EX (about half over 1 year old).
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