2nd time around.

[teresab374]

hello everyone. I will be filling my chapter 7 bankruptcy next week. (filed/ discharged a chapter 7 eight years ago). just wanted to know about the credit card being listed in my bk.(premier). Once discharged can I apply for new credit card with the same cc company or not.. any suggestions on different cc companies that I should apply for.. thanks in advance

[AngelinaCat]

Without having any background information, you admit this is your second time. Unless you have to have a cc because of employment or because you travel a lot as part of your job, I would concentrate on learning to save for the things you want, and forego the cc. It is hard, I know. 'Hub and I were discharged in August 2013, in an Asset 7 case. We have not even tried since then for a cc, though we are flooded with offers all the time. Keeping in good standing with our CU has allowed us to get a loan to purchase a vehicle a couple of years ago.

[teresab374]

just thinking ahead as how I could start to rebuild my credit. I thought getting a cc card,making small purchases, and paying the total balance off would help increase score.

[AngelinaCat]

You might be able to get a secured card for a small amount, say $500.00, at a decent interest rate. But as you said, you are a two-timer. That might be a problem. Do you have a friendly relationship with a bank or credit union? If so, their BK and/or credit departments might be better able to advise. But keep the amount small and be sure to pay it off every month. This way you will have a small emergency backup, in case you need a new battery. But start tucking some currency away too for an emergency fund, along with storeable food. I don't know where you live, but I just saw coverage of a 31 vehicle pile-up in Indiana, I believe it was. You don't want to go out in that.

[sbatman]

If you know anyone in the military, you may want to join Navy Fed Credit Union. I know that they become very unhappy if you stiff them, but going to them immediately after my 7 was discharged, I was given a secured credit card for $1300. Less than 2 months later, they urged me to apply for a "real" credit card and was immediately approved. That was 4 1/2 years ago. I currently owe them nothing on the credit card, but when we needed a new car, they happily qualified us for a $21K car loan at 2.29%. Thankfully, we only ended up borrowing $15K, but it's a Honda and should last a good long time, like the Subaru we replaced. The Subaru was dying slowly on us and already needed repairs that would cost more than we would be spending monthly on the new car.

This was my second BK too, but my first was in 1989, a century ago.

[AngelinaCat]

It almost always works when you keep the creditor informed of your situation. Some will be hard balls, but most want some money from you, so if you are nice and polite you can usually work something out.