Has anyone held onto a credit card?

[chinup]

I realize everything must be reported, but curious if anyone held onto one.

[Flamingo]

Yes, but 99% of them (zero balance cards) get closed out by the creditor once that creditor finds out you have filed BK. There is no guarantee.

[Cgriswold]

The only ones that survived are the ones in my wife's name where I was an authorized user. Everything else shut down...and that's fine.

[LadyInTheRed]

I checked my credit reprot 2 month ago, 9 months after filing. American Express and Discover still showed I had open accounts. I didn't have balances on either card and haven't used them for years. Everyone else (about 10 cards) cancelled me whether I had a balance at filing or not.

[woeisme]

Fingerhut sent me a catalog saying I had been pre-approved for a $250 card with them with my BK still ongoing (year 3), does that count? lol

[ScaredINMich]

I'm hoping my Khols, Old Navy and JC Penny's cards stay open!

[newbie2]

I'm hoping my Khols, Old Navy and JC Penny's cards stay open!

Not a chance of that happening. Besides, during your plan you should be learning to live a cash only lifestyle.

[Flamingo]

As to zero balance cards (not included in a BK filing) staying open...everyone should plan on those cards eventually being closed by the creditor; it may occur within several weeks after filing or even a few years later...as soon as a creditor pulls your credit report for any reason (which they can and will do on a periodic basis to offer limit increases, etc.) and sees one has filed BK, the chances are almost 100% they will close the card and you may not be aware they do so until you go to use it and it is denied. We had a Dress Barn charge survive our 2002 filing and I used it on and off over the years for work clothing buying something now and then and paying it right off. I went to use it in the fall of 2008 (two years after discharge) and was denied at the counter....was told to contact customer service...the reason I found out after i called?...."Bankruptcy on my credit report." I was told to reapply after the BK came off my report but I never did and have been bombarded by them over the past few years with all sorts of discount coupons to come to the store...

So nothing is guaranteed as to any zero balance card that survives BK - if one does use it now and then to try to keep open to possibly help your credit in the long run but be prepared for a denial at the counter or online if it gets closed out. Remember, a creditor can close a charge account for any reason - read the paperwork that comes with any credit card when you sign.

[tobee43]

As to zero balance cards (not included in a BK filing) staying open...everyone should plan on those cards eventually being closed by the creditor; it may occur within several weeks after filing or even a few years later...as soon as a creditor pulls your credit report for any reason (which they can and will do on a periodic basis to offer limit increases, etc.) and sees one has filed BK, the chances are almost 100% they will close the card and you may not be aware they do so until you go to use it and it is denied. We had a Dress Barn charge survive our 2002 filing and I used it on and off over the years for work clothing buying something now and then and paying it right off. I went to use it in the fall of 2008 (two years after discharge) and was denied at the counter....was told to contact customer service...the reason I found out after i called?...."Bankruptcy on my credit report." I was told to reapply after the BK came off my report but I never did and have been bombarded by them over the past few years with all sorts of discount coupons to come to the store...

So nothing is guaranteed as to any zero balance card that survives BK - if one does use it now and then to try to keep open to possibly help your credit in the long run but be prepared for a denial at the counter or online if it gets closed out. Remember, a creditor can close a charge account for any reason - read the paperwork that comes with any credit card when you sign.

exactly so correct....we thought by NOT listing the cards with zero balances that would make a difference....NO way...it took a bit of time...however, all companies whether banks or retail accounts do periodically credit checks....and once they do...i would say it's about a 99.99999% chance they shut you down....however, i have heard of a very few that slipped on by.