Credit One card anyone?

[Hoss454]

Ok so I recieved an Per-approved app. for Credit One Visa. $1500 limit. Was going to send for it untill I noticed an annual Membership fee of $99 year.
What do you guys/gals think about this? I did get a discharge 03/15/2010 on Pacer but still waiting for the papers in the mail.
Thanks Hoss

[Amy26]

I also got a preapproval offer for them as you described... I did actually submit for it and it came back at a 400 dollar limit with all kinds of fees. I called to close the account when I got the card and told them to piss off...then about 2 weeks later I got approved for a capital one card with a 1k limit and no fees... so, I would keep looking. Unless you really really really really need that card.

[liz417]

I got the same "pre-approved" offer, but the fees were just too much. I opted for the Capital One card...

[Hoss454]

Thanks for the info everyone, I just wanted to start building up my credit again. I have a Capital One card but dont know if I can get them again after BK.
Hoss~

[Flamingo]

Pre-approved means nothing. All it means is that the creditor got your public information from your BK filing and you are now on mailing lists to receive all sorts of BK related offers as to credit cards, car loans, etc., etc. The worst thing one can do after a BK discharge is go out there and try to get a lot of credit from these offers because (1) there is a super high chance you will get denied or they will give you a different card with less money and higher interest than what you applied for (bait and switch); (2) you will rack up hard inquiries which stay on your credit reports for two years. Nothing looks worse than a recently discharged BK with someone trying to obtain loads of credit right afterwards and you cannot get rid of the hard inquiries on your reports.

There will be offers of cards all with high fees, high interest, monthly maintenance charges, yearly fees and start up costs. As time goes on, the offers could get better depending on one's past credit and how they play their cards and take care of things after filing BK.

The creditors want your money now that one is discharged or getting ready to be discharged. They know those in Chapter 7 will be debt free and cannot file BK for another 8 years and preapproved means nothing - if you are now unemployed or don't meet their requirements, your name is just another BK name on the printout listing those recently filling BK. And once your name gets out there on BK related mailing lists, it stays there for years...we were discharged from Chapter 13 in 8/06. To this day we still get BK related auto loan and other financial letters due to the selling of the names on those mailing lists over the internet.