Is 22% variable the best I will be offered?

[nickifan]

I am 7 months out of Ch 7 discharge (Dec. '11) and have gotten credit solicitations from Cap One almost since the first month... the latest one offered a possible CL of $3K with 0% until April '13, then "22.9% variable" after that. (And since I haven't applied I understand it's not automatic to be accepted.)

Is it absolutely unheard of to get a FIXED interest rate after BK?? I understand that it shouldn't matter if you pay off the card each month...but it does irk me.

I have only my debit card on my checking account and I get paid only once a month...a credit card would be nice for that last week when I'm low on funds and there's a surprise -- like the $500 or so of car repair I'm going to need -- or the doc/medical co-pays -- but just wondering if I'm waiting for a CC offer that will never come??

Thanks.

[HHM]

Yes....but also, you don't care about the interest rate on the credit card because you are NOT going to carry a balance. So its a moot point.

Note, pretty much ALL credit cards are variable rates in one manner or another, even so called fixed rate cards change their rates (with notice).

[nickifan]

Thanks, HHM. That is a good point... nothing is "fixed" even when it's fixed...I well remember how my rates shot up and the credit limits dramatically dropped....

I think I'll apply and see what happens. Other than a modest mail-order catalog company I have no open revolving charge accounts. I did pull Experian last week and my credit score is 697. Not awful, but perhaps a regularly paid CC will improve it a bit.

[jetsfan2010]

that rate only really counts when you are owing month over month...