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NFCU cap one credit cards please help chp 7

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Established Contributor

NFCU cap one credit cards please help chp 7

 

Can we keep the credit cards that we have and continue to pay on them with a chapter 7 even after it is discharged? Navy Federal and Capital One and Military Star..

 Can you reaffirm credit cards?

We have low 400 credit scores now if we can not get secured cards now(which I see advice given) how will we be able to do that post BK? 

48 REPLIES 48
Super Contributor

Re: NFCU cap one credit cards please help chp 7


@SSH0126 wrote:

 

Can we keep the credit cards that we have and continue to pay on them with a chapter 7 even after it is discharged? Navy Federal and Capital One and Military Star..

 Can you reaffirm credit cards?

We have low 400 credit scores now if we can not get secured cards now(which I see advice given) how will we be able to do that post BK? 


Unfortunately you can't pay on cards through the BK. Now, after you are discharged if you decided to pay a lender for some reason, that is up to you. Cap1 is known for letting people back in right after d/c so don't count them out.

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
755 EQ FICO 12/2019
750 TU FICO 12/2019
743 EX FICO 12/2019
$25k NFCU Platinum | $30k 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
Message 2 of 49
Established Contributor

Re: NFCU cap one credit cards please help chp 7

So basically we would have to get brand new credit cards? 

 

We cant even get secured ones(due to collections and high UTI and some lates) now how are we supposed to get secured after a discharge? 

Message 3 of 49
Established Contributor

Re: NFCU cap one credit cards please help chp 7

For people that had decent scores before I see if could be easier but for people like us with low 400 credit scores already how will this look credit score wise? 

Message 4 of 49
Established Contributor

CHap7-2

If someone had a chapter 7 bK 10 years ago and try to file can they be approved for it? 

 

 

Message 5 of 49
Regular Contributor

Re: CHap7-2

Yes.  You have to wait 8 years.  Even before the 8 years are up you may be able to avail yourself of some form of bk protection. 

Ch 7 Discharged Jan 16; Credit Scores around 700 + or - 10 points or so (estimate haven't checked any real scores in a while)
Message 6 of 49
Established Contributor

Re: CHap7-2

Thanks. I am 10 out. married now. I am trying to figure out what to do about my credit cards..someone advised that we can not reaffirm those..so it sounds like we would have to give them up. our scores are low 400's now due to collections high uti and some lates.and spouse can not get even a secured card at this point. wondering if we would drop into the 300s with a chap 7 bk

Message 7 of 49
Established Contributor

Re: NFCU cap one credit cards please help chp 7

Scupra, 

 

Did you have credit cards with navy federal before your BK and if so how long after were you able to get them back? 

 

Did you file chapter 7 or 13? 

Message 8 of 49
Valued Contributor

Re: NFCU cap one credit cards please help chp 7

Hi There!

 

I think I saw quite a few posts and hopefully I can help.  First thing, in a ch7 all of your debt (secured and unsecured) has to be listed - you cannot give preferential treatment to any lender.  What will happen, is once you file, your creditors will see it on your reports and take AA.  This means your CC companies will close your accounts, you may have your auto or mortgage lender refuse to take online payments, they will stop sending you bills for your house and car so if you plan to keep them, make arrangements to pay them during your stay.

 

I think you are jumping the gun a lot here.  First, you need to assess your situation - make a comprehensive spreadsheet of all of your bills, all of your income and determine if you are positive, break even or negative each month.  You must determine if you or your spouse is willing to take a second job or work overtime to comepensate for any negative cash flow.

 

If there is nothing you can do to improve your financial situation, talk to a bankruptcy attorney or two, see what they say and understand their fees.  You need to worry about getting out from this debt right now, not worry about getting more credit cards.  Taking out more debt to try and pay debt is a bad situation (you said you can't even get secured cards now, so that means you are trying???).

 

Many of us have been through this, but we are not attorneys and it's always best to consult them for expert advice in your state and county.


back to a seedling 3/17/18
Message 9 of 49
Established Contributor

Re: NFCU cap one credit cards please help chp 7

thanks for your response but eventually we will need to build and being prepared and informed is part of that process so as far as everything I am aware of those options. 

Message 10 of 49
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