Wow, those people at Mastercard are great!

[bethe23432]

First, let me just say that I have NO plans to get any credit cards, loans, or any other kind of credit from here on in. Eventually I hope to be able to qualify for a mortgage, like maybe five or more years from now, but I have no desire to get mired in credit again.

One of the accounts I went BK on was a Mastercard with a balance of around $7000. Right now I am past my 341 and waiting for discharge, so all creditors should be abundantly aware of what's going on. And yet....this is what came in yesterday's mail:

Dear Bethelonia,

Rebounding from a financial challenge takes patience and commitment. And since you've demonstrated both, you deserve a card with a reserved credit line that treats you well.

Here's what you can expect with this Platinum MasterCard:
*A 0% Introductory APR on purchases. You're making wise credit decisions. With this Platinum MasterCard, you'll be making another, while enjoying interest-free purchases through July 2007.
*Live Customer Service
*Reports to the three major credit bureaus. Your good credit behavior will not go unnoticed. We'll also review your account periodically for a credit line incrase.
*60-second approval process. Just apply at www.acceptourcard.com/mc for a quick decision.

It's time you had a credit card that matches your improved status. Accept this offer now for this Platinum MasterCard and you could have just that. Complete and return the Acceptance Certificate below, call 1-800 etc or log on www.etc. Be sure to have your Acceptance Code handy: ########

Sincerely,

John M. Moron
Marketing Director

Now, I don't know about you, but I'm floored. I mean, I stopped paying my credit cards in May '06, these people have got to know that I'm in BK or at least that I appear to be a horrible credit risk because I haven't paid one cent on my five credit accounts in six months.

At the top of the page it says in big letters "Your improved credit status qualifies you for a Platinum credit card."
So there, for anybody who is worried about your credit status....filing Chapter 7 improves it!

[LostOne0069]

I can top that.

a couple of months ago I called one of my creditors... I was returning their collection department's phone call to try to get money out of me since I hadn't made a payment in 6 months... Well, the collection agent wasn't available, so the operator asked me if there was anything else that they could do for me... I said, "no, I don't think so"... and their response?

"Well, I see that you have an offer of a new platinum visa card with a $10,000 limit that has been pre-approved, would you like me to activate that account and send you a card?"

I think she was a bit suprised when I burst out laughing.

[lrprn]

My husband and I filed Ch 13 in June 2006. In the five months since then, between the two of us we've received over 40 (that's right, FORTY!) credit card and unsecured loan offers in the mail, 90% of which are from creditors we included in our bankruptcy! It's averaging two offers every week, and they are still coming!

It's pretty obvious that the cc companies are cramming these offers down people's throats on a daily basis without any real idea of what their financial situation truly is, therefore constantly tempting people to get themselves into financial trouble. Talk about entrapment!! And the cc companies have to take no responsibility for this whatsoever. That's wrong!

[SinkingFast]

We're getting offers daily. Via snail mail and email.

I know the BK shows. I've seen it via Credit Monitoring Service.

It's a bit unreal. Kinda like trying to get stung by the same Bee twice.

[poorme]

Those offers can be soooo tempting! But if you're getting that many, perhaps you should consider Opting Out. Those offers usually carry some inquiry to your credit reports and that can drag your scores down. I opted out to eliminate the temptations while I worked to clean up my reports - scores have improved greatly.

[LostOne0069]

the inquirys that CC companies use to determine if they want to send you an offer do not count against your score... only credit pulls that YOU authorize count... like when you APPLY for a credit card or a loan etc.

[SinkingFast]

the inquirys that CC companies use to determine if they want to send you an offer do not count against your score... only credit pulls that YOU authorize count... like when you APPLY for a credit card or a loan etc.

Yeah, that's what I was thinking, Lost. We've signed up with a Credit Monitoring Service and none of the Lenders sending these CC offers has done a pull on our Credit. If there is some sort of pull, it's a soft pull at best.

We aren't itching for, or tempted by these offers any way. 2 reasons. 1,......... We aren't discharged yet. 2,.......... Battling such a debt load for so long, we're not looking to jump back into that fire at all.

It's nice to go to the mail box and not get bills.

[whatamess]

Not sure

Someone one told me if you declair BR or have an old charge off from , lets say, BOA and after a year or so open a new account, that they sometimes add your old debt to your balance???
I would be scared to death to open a new charge with an old BR company!!
Nope, I am DONE with CC's!!!
BTW I have been late three times on a loan and CC, my interest rates are up to 32%, have had nasty letters and phone calls. YET I am still getting pre approved loans, CC offers, even car loan affers..what a joke!
This is why I dont feel guilty anymore about BR, as these banks KNOW you cant afford to pay and still keep tempting.
whatamess...

[LostOne0069]

Someone one told me if you declair BR or have an old charge off from , lets say, BOA and after a year or so open a new account, that they sometimes add your old debt to your balance???

I've heard this 'threat' several times both here on this board and in a couple of articles, but I have yet to have heard of anyone actually having this happen to them.

I list this under "urban legand" until we actually hear from someone who had it happen to them.

And even then I would bet that you could get it removed fairly easily. It is ILLEGAL for a CC company to make ANY effort to collect debt discharged by bankruptcy.

[SinkingFast]

I've heard this 'threat' several times both here on this board and in a couple of articles, but I have yet to have heard of anyone actually having this happen to them.

I list this under "urban legand" until we actually hear from someone who had it happen to them.

And even then I would bet that you could get it removed fairly easily. It is ILLEGAL for a CC company to make ANY effort to collect debt discharged by bankruptcy.

Possumfat has a potential situation brewing.

PF filed BK solo, but there was joint debt on a CC. Even tho PF's interest on that CC, $7500, has been discharged, there is talk that the debt will be added back on the spouse's portion of the card.

Will be interesting to see if that actually happens.

[LostOne0069]

Possumfat has a potential situation brewing.

PF filed BK solo, but there was joint debt on a CC. Even tho PF's interest on that CC, $7500, has been discharged, there is talk that the debt will be added back on the spouse's portion of the card.

Will be interesting to see if that actually happens.

That's different than having a discharged balance added to your new card...

If I file BK and my wife does not... and we're both liable for the debt, then she becomes liable for all of the debt. That's just the way it works. I believe that this is automatic in community property states.

This is specifically why we filed a joint BK instead of just me. My wife does not work outside the home and has not since we were married. virtually all of our debt was in my name... but we knew she would end up with it on her plate if only I filed. so we filed jointly and it's all going bye bye.