Getting Pre-Approved Credit Card Offers

[aa06a47]

I am putting this in the Chapter 13 section to see what other people are getting.

Here is my experience..

0-6 months after filing: I received a few credit card offers after filing bankruptcy, but they were all $400 credit limits and you would have to pay about $250 in fees to get it.

6-12 months: The offers slowed way down. However, I received 2 pre-approvals for credit for $49/year fee and $500 credit limit.

Post 1 Year- Though I'm barely past the one year mark, I just received a preapproval for 1k credit,(8.9% rate) no fee's.

I'm actually thinking about getting the 1k no fee credit card. If I don't use it, I would assume I am not violating any Chapter 13 rule.....?

[Granny]

Within the first 2 months of filing I received a couple of pre-approved offers for a substantial line of credit, 0% interest on balance transfer, 9.9% after the initial inductory rate, but I figured those were a fluke. I believe these were from WaMu. However, I did receive another WaMu offer this week and it was still a good card. Too bad I'm not interested.

I also received a couple of the high rate, high fee offers from Aspen and such.

All of the above were immediately shredded. But it makes me wonder, do these companies, such as WaMu look at my payment history prior to BK. I made on-time payments up until the day that I filed.

Oh, I am also getting Cap One offers addressed to me in my first married name. My name changed 18 years ago, so I find it funny that Cap One is sending offers to the Mrs. Ex-name.

Several years ago I opt-ed out for future offers, does that not stand now that I have filed? Should I opt out again?

Want to know the scariest part for me....hubby now wants to see all the offers he gets, since he didn't file, he can have all the cards he wants.

P.S. I'm trashing his offers too, he just doesn't know it.

[aa06a47]

I know you can put a 6 month opt out on your credit reports, which prevents the soft pulls credit card companies do to make the offers. I think you have to redo it every 6 months though.

[Granny]

I thought it was like for 5 years....gee every 6 months is too much effort. I think I'll take up sculpting with paper maiche, the credit offers can be my free supply.

[aa06a47]

LOL....I don't know, a little credit doesn't hurt anybody. Someday down the road in a few years, we all may be in better situations and might need an improved credit rating.

I think what I would like to get down the road after my chapter 13 is done is about a 10k credit limit and only charge what I can pay off each month and carry a zero balance. I think that would build the credit up pretty fast?

[Granny]

Let's see, I filed BK in December 06, I turn 50 next week, so I will be 55 when I make the last payment, and then add 10 years to that for the BK to come off my credit report, I will be 65 attempting to rebuild credit....no thanks....again too much trouble. I'd rather spend my time trying to keep up with my social security checks (which according to their lovely report each year, my projected benefits are shrinking because I am home raising the grandbabies instead of working).

Again, I think I'll try sculpting with the scratch paper (I'm no artist, so this may take a while, but you never know, I may have a hidden talent and might make a killing, given the way some people define art)

[aa06a47]

Let's see, I filed BK in December 06, I turn 50 next week, so I will be 55 when I make the last payment, and then add 10 years to that for the BK to come off my credit report, I will be 65 attempting to rebuild credit....no thanks....again too much trouble. I'd rather spend my time trying to keep up with my social security checks (which according to their lovely report each year, my projected benefits are shrinking because I am home raising the grandbabies instead of working).

Again, I think I'll try sculpting with the scratch paper (I'm no artist, so this may take a while, but you never know, I may have a hidden talent and might make a killing, given the way some people define art)

Paint a few some weird colors and put them on e-bay...you might make a killing!! LOL!!!

Just an FYI..might make you feel better....a chapter 13 comes off your record 7 years after filing. So, instead of being 65, you'll actually only be 57 when it comes off your record. It doesn't go by the date the case is closed, but the date it is filed...I did some research on that. (Of course, worst case is they leave it on for 10 years from filing....but the credit reporting agencies now take chapter 13's off in 7 years)

[Granny]

It's not 7 years after the last activity date (payment date) like everything else?

Well, something to celebrate!!!

[quietsound]

I don't think your allowed to have any new debt at all unless it's a certain amount that was addressed in your bankruptcy papers without court approval, like mine i can have $5k without approval from judge but i believe it's for somehting of a necessity, like repairs, household equipment, a car if ours goes bye bye due to old age, etc. My lawyer told me that I could not take out any credit cards regardless if i used them or not. and i was not allowed to use any credit cards......if i wanted credit he said to get a secured credit card or to use my check card. but your not suppose to be applying for credit while in your plan

[wayne-o]

I would be very careful about trying to get a credit card while in the midst of your bankruptcy. Im not allowed to without consent of the trustee. If you apply, you are obtaining credit regardless whether u use it or not.

You would hate to get your bk dismissed for an "experiment"

[Granny]

but your not suppose to be applying for credit while in your plan

I would be very careful about trying to get a credit card while in the midst of your bankruptcy. Im not allowed to without consent of the trustee. If you apply, you are obtaining credit regardless whether u use it or not.

You would hate to get your bk dismissed for an "experiment"

Nobody said I was applying...these are being sent to me unsolicited. Just like all the cards that are being discharged, I never applied for any of those either. I didn't go looking for credit, it found me willingly.

[wayne-o]

nobody said you were applying granny, my response was directed to the original poster of this thread.

I too receive offers 3-4 a week, and they have gotten better as time has passed. Its scary that people can see ur in bankruptcy and still wanna give you a shovel to start digging a hole again.

[$$only4ever]

LOL....I don't know, a little credit doesn't hurt anybody. Someday down the road in a few years, we all may be in better situations and might need an improved credit rating.

I think what I would like to get down the road after my chapter 13 is done is about a 10k credit limit and only charge what I can pay off each month and carry a zero balance. I think that would build the credit up pretty fast?

aa06a47,

I think all of us fellow chapter 13'ers have said that a little credit doesn't hurt anybody, lol.

Seriously,

If I were you, I would not apply for any credit card while you are in bankruptcy. I agree with the other poster, you could risk dismissal. My trustee was very clear....no credit during the period. And you know what that is okay with me. No credit card, no temptation. Let's be honest, if you have the card, you will use it. I know that I would. I have been saving a little bit each month for emergencies. And if I want to feel plastic, I use my check card, lol

[aa06a47]

Yes, everybody is correct. I believe my trustee said anything over 1500 has to be approved by the courts, and that the trustee could approve anything up to 1500. As time goes by, I forget what they said at the meeting, but it sounds correctly. Your correct, why risk it.

Wonder how they would ever find out anyway? It's not like they will pull a credit report or anything. Best be safe than sorry though.

[fslady]

I received a pre-approved offer today - VISA with $69/year, $69 set-up fee AND 23.9% interest. A really attractive offer Besides, like other posters have pointed out, I can't take on any debt without the trustee's approval.