Question about new credit card after Chapter 7

[eagle4x]

I filed for chapter 7 BK and was discharged about a year ago. One of the creditors on the list was Capital One. I am now receiving credit card offers from them stating "At some point we lost you as a customer and we'd like to have you back. We've recently reviewed your credit information and know that you've successfully moved beyond your bankruptcy. You deserve this offer! Get this Capital One Platinum Master Card with 0% APR on purchases until May 2009, Credit line up to $2,000, and $0 Fraud Liability if your card is ever lost or stolen". There is a $39 annual fee and 18.9% APR after 5/09. At the top of the offer it states after my name "You are now eligible for this card".

Questions:
1) If I apply for this and get accepted, can they put the balance that they got stuck for from my old account on this card?

2) Since I want to build up my credit history, I would like to get this card, so does the wording above appear to you I will be approved if nothing has changed in my credit history since the offer was made?

3) In order to avoid a lower credit score with the Capital One inquiry if I apply and get turned down, would it be better instead to apply for a secured credit card (since I would I have a better chance of getting accepted) even though the fees are higher?

I already have one secured credit card through my credit union and I want another one to improve my score.

Thanks.

[2muchstress]

capital one offered me a card too

i dont got any of the answers yet for ya but wanted to let you know that i too got their card offer.... today i got their email saying it's on a way. what i remember from offer letter says theres no annual fee, yet who knows now... all i know is capital one is aggressive in marketing and ive gotten tons of their 'open ours now' mails.

now i appreciate that effort b/c i wanna build credit and if i ever use it, i tend to pay on time w/o interest accural.

....so i'll keep posted on that as fyi to you guys.

[southernbelle]

I am leary of things like this. I too hope to discharge debt with Capital One and if they sent me an offer that seems too good to be true, it probably is. Don't be surprised if (through some mix up or error) you get the old balance tacked on the this new card because after all, it's the same bank. If you do get brave enough to try this, make sure you read ALL of the fine print. Good luck, but I wouldn't touch this with a 10 foot pole but if it does work an error might be made whereas you will end up fighting them all over again.

[Phillymanhere]

Wow, this is one interesting situation. I'm dying to read what others say--especially people who had had this same offer after bk.
That does sound suspiciously inviting and forgiving, doesn't it?
On the other hand, Cap One knows you cannot file for 8 years and they know you have no other cc debt now. So maybe you're simply a good risk for them.

[attkrt]

Capital One must have started a new marketing campaign. My husband and I both got the offer yesterday and we aren't discharged yet.

Our plan when this is all over-NO MORE CREDIT. We will not use credit cards; the only way to prevent a future BK is to change the behaivor. As far as purchasing a car in the future-we will pay cash for used cars. Mortgage-look at lenders that are willing to manually underwrite = meaning, they will look at more than a FICO.

My opinion-don't fall into the same trap that brought you into BK in the first place.

Best

ATT

Filed 2/20/08
341 3/20 declared no asset 3/25/08
Last Day for objections 5/20/08

[yoyoma51]

I received this offer Friday. Applied Saturday online and was approved.

No annual fee.

This will help rebuild our credit, so I jumped on it.

[keepmine]

I got the offer last year. I was just stunned. I poped them for $12K in my bk. I filled out the app and was approved for a no fee $5K credit limit. I seldom use the card and pay it off in full when I do but, no problems.

[Cali]

Not everyone that filed BK, did it because of not being responsible with credit.

Capital One must have started a new marketing campaign. My husband and I both got the offer yesterday and we aren't discharged yet.

Our plan when this is all over-NO MORE CREDIT. We will not use credit cards; the only way to prevent a future BK is to change the behaivor. As far as purchasing a car in the future-we will pay cash for used cars. Mortgage-look at lenders that are willing to manually underwrite = meaning, they will look at more than a FICO.

My opinion-don't fall into the same trap that brought you into BK in the first place.

Best

ATT

Filed 2/20/08
341 3/20 declared no asset 3/25/08
Last Day for objections 5/20/08

[2muchstress]

im good about paying credit card when i use. it was 2 homes with 4 loans that messed me up (because of my sister's doing and using my identity as favor)....yep

i want to rebuild credit again.... my credit score is avg 599'sh. once i use the card, i'll make sure to pay on time....

[PaKettle]

I'd just call them and ask them if they were going to tack on my old discharged balance.
I don't see how it would be legal for them to do that unless it said so explicitly and not just in the fine print. But who knows?

Sounds like some have gotten the card though and NOT had the discharged balance tacked on, so it sounds good. I WISH they would send ME that offer! I was discharged in March.

[jp2861]

I'd call them anyway Pa. I spoke to a woman last week on the phone about a mailed offer. She said they mail out offers but have many more they can offer you over the phone, without a preapproved mail type offer. The impression I got from her was it wasn't too big of a deal to get an unsecured card after filing BK.

Just a side note: I would ask if they can email or mail the fine print before making any comittments.

[magyar123]

Credit card companies who were previously included/discharged in bankrupty but want to give you another chance with a new credit card can NOT transfer the discharged amount on the new card. The old (discharged) amount was legally erased.

[yoyoma51]

Received my new Cap One Platinum today. $3000 limit, 0% for a year.

They were not included in our BK.

We now have a Kohl's that survived the BK with a $0 balance, a Visa from our credit union and this Cap One. All of which are being used little ($30-$50/month) and being paid off immediately.

All in all, not bad since we were discharged Feb 29.

We will not be adding any more credit cards to the mix. Just enough to rebuild our credit. AND WE WILL NOT PURCHASE ANYTHING THAT CANNOT BE PAID OFF IN A MONTH!

Just my .02.

[PaKettle]

Credit card companies who were previously included/discharged in bankrupty but want to give you another chance with a new credit card can NOT transfer the discharged amount on the new card. The old (discharged) amount was legally erased.

I am not 100% certain, but I am pretty sure I heard that they CAN put it in the contract that you have to pay the amount that you owed them, and sometimes it's buried in the fine print?

Is this definitely not true?

[epiphany]

I am not 100% certain, but I am pretty sure I heard that they CAN put it in the contract that you have to pay the amount that you owed them, and sometimes it's buried in the fine print?

Is this definitely not true?

NO WAY.

ep