Month 8 chp 13 and approved for CC

[dmc-2008]

Okay here's the scoop. I read these posts and have followed thes about renting a car and how impossible it is with a debit card. Then a few weeks ago I got a letter from Capitol One saying I was approved for a CC! I kept the letter. Today I came across it and I thought....hm.... So I got online and applied. I cannot believe that I am approved for a whopping limit of..... $300.00.
I didn't even have a chance to read the fine print! I have no idea what the rate is and even if there is an annual fee! I did it on a lark and expected to read!!!
Anyway, per my trustee instructions I am allowed $500.00.
Ok besides that bit of info I have a question.... I can have 500.00 but does that mean if this CC increases to say 700.00 I have to either call and say no or cancel it??
I never expected a cc this early in the game, is crazy! :-). But if it will start the rebuild then cool!

[justbroke]

You could call the creditor and ask them to reduce the credit line or you can simply not spend above the pre-approved debt limit (set by the Trustee). In other words, just don't go over $500.

Remember, that the "new" credit card is new debt and is not included in your Chapter 13 discharge.

[dmc-2008]

Ok thank you JB!! So yes, I know all about debt now!! You totally answered my question, even if the limit gets raised and I don't use it that is ok! I will not even go over 40.00 or 50.00, unless I need a car! Thank you, thank you!

[kornellred]

Renting a car with a debit card is far from impossible. There are some agencies that will only accept credit cards, but they are not the only game in town. Shop around.

[justbroke]

Very far from impossible. I lived on my debit card for 3 years of travel! I rented from Hertz and National with a debit card and later my PayPal debit card! I do have a good relationship with both agencies and have a top frequent renter status with both; that may have helped. The web sites would indicate that they run a credit check should you present a debit card. I have not had a credit check ever run for any of my rentals with a debit card, but remember that I am high in each agency's frequent renter program.

[dmc-2008]

Thank you! I have no need for a car now but you never know! I just saw so many stories of embarrassment here at the counter!

[magic13]

Okay here's the scoop. I read these posts and have followed thes about renting a car and how impossible it is with a debit card. Then a few weeks ago I got a letter from Capitol One saying I was approved for a CC! I kept the letter. Today I came across it and I thought....hm.... So I got online and applied. I cannot believe that I am approved for a whopping limit of..... $300.00.
I didn't even have a chance to read the fine print! I have no idea what the rate is and even if there is an annual fee! I did it on a lark and expected to read!!!
Anyway, per my trustee instructions I am allowed $500.00.
Ok besides that bit of info I have a question.... I can have 500.00 but does that mean if this CC increases to say 700.00 I have to either call and say no or cancel it??
I never expected a cc this early in the game, is crazy! :-). But if it will start the rebuild then cool!

Did you BK Capital One and are you sure it is Capital One and not Credit One

[dmc-2008]

Yes i did bk them and yep it is them that made the offer. I plan on reading the fine print to see terms before i activate it.

[dmc-2008]

So the card came today...it has a 23.9 interest rate and a 75.00 first year fee then 99.00 each year! Wow! Trash??? I mean is that what you have to pay to establish credit this early in the game or are there other options? I think I will wait if this is the best! I don't know! Thoughts? Thank you

[Sammie]

We received the same pre-approved card several months ago & just laughed when we read the fine print. From there it went right into the shredder. There will be others, but after a year without using cc's we realize that we really don't need to rely on them any longer. Patience is difficult especially in the beginning but it is necessary to achieve a successful Bk. Did I read your post correctly where you already activated the card? If so, you will be getting a bill from them next month for $75.00. I would call them and cancel immediately unless you are happy with their terms. sammie

[dmc-2008]

Lol.. No I just got it today. The print isn't even dry! Pretty expensive and I think a little too early! I feel great because I haven't touched credit since May 2012,

[tobee43]

wow, cap one was one of our first as well, we were chapter 7 not 13, we didn't have any fees or any additional charges and the first year was 0% financing. i would close that account and wait for another offer, besides the terrible rate i can't believe your annual fee, that's outrageous!

i think the "other" first card we had was with Orchard Bank, and while i think they had a fee it was only like $39 or close to that amount. of course the interest rate was high. they were the first card we rec'd.

when we were able to get better cards we closed the account, because i found out after over a year they never did not a ONE report to the credit agencies! not one credit line increase so what good were they other than collecting our annual fee. we now even have a card with over 8k of a limit...we will NEVER use! (although the miss use of credit cards were not the issue in our bk), and we just got a wells fargo card as well. we are still in shock about that since it's one of the majors, although we never listed them on our bk since we never had them for anything other than a savings account. we still couldn't believe they gave us credit being so conservative as we all know. (it's also no annual fee, and zero interest for the first year).

we have rented a van with our card, but what we did is held the rental with the card and then when it came time to pay we used our debit card and had absolutely no problem. again, it's up to you, but those are extremely high costs for the "privilege" of having a card, especially, when you really don't need one.

best of luck to you!

[Sammie]

Lol.. No I just got it today. The print isn't even dry! Pretty expensive and I think a little too early! I feel great because I haven't touched credit since May 2012,

LOL oh good---you know what to do then. sammie

[dmc-2008]

Pulling out the scissors! that is just too expensive money! I don't foresee the need for a car soon, hopefully!

[LadyInTheRed]

This makes me happy that my non-filing husband has a credit card and added me as an authorized user. Doesn't cost a thing and it is now reporting positively on my credit report.