Saving Credit Card

[BKINAZ]

On any planet can this work? Keep in mind we are not filing for BK for 2-3 months as we are going through a mortgage modification. We have stopped using all cards (in December) once we determined BK was a posibility...cept one.

Once we get closer or decide or sooner...should we (could we) contact the one credit card we have and tell them...we are going to file for BK, we want to not put you into the BK, but we require a letter that states we can have our limit, our same percentage rate etc...until we miss a payment then all bets are off. My business really needs a credit card (flights), my wife who has never missed a payment ANYWHERE, ANYTIME, in this lifetime would be controlling the card. So..

Is it stupid? Impossible? Not allowable under BK rules?

[HHM]

Can't do it. ALL debts are part of your BK.

[fltoo]

Impossible. All cc's must be included. You cannot pick and choose which cc to BK. Also, if you are paying one cc over another, be careful of the "preferential payment."

[keepmine]

Well, you must list all creditors but, you may repay anyone you please post bk.
I doubt you'll have any luck with that proposal.
Your best bet will likely be seeing if a family member with good credit will make you an authorized user on a card until you can reestablish credit.

[ready2puke]

Maybe getting a debit card will work for you?

[jktrading]

For the most part, as soon as your credit card company hears of your BK, they will immediately close your account. I have heard plenty of times where a credit/store/gas card does a routine check on your credit report, and will close your account upon seeing a BK.

Getting an agreement for them to keep your same interest rate and limit amount while doing a BK is not reality. Sorry, you asked.

Ready2puke already suggested a debit/visa check card for business purposes.

[TEW]

On any planet can this work? Keep in mind we are not filing for BK for 2-3 months as we are going through a mortgage modification. We have stopped using all cards (in December) once we determined BK was a posibility...cept one.

Once we get closer or decide or sooner...should we (could we) contact the one credit card we have and tell them...we are going to file for BK, we want to not put you into the BK, but we require a letter that states we can have our limit, our same percentage rate etc...until we miss a payment then all bets are off. My business really needs a credit card (flights), my wife who has never missed a payment ANYWHERE, ANYTIME, in this lifetime would be controlling the card. So..

Is it stupid? Impossible? Not allowable under BK rules?

I never missed a payment in my life except for paying myself.
All of your cards will be closed shortly after you file.
Debit cards work fine on travel.

[StartingOver08]

Once you file, even if you don't owe the cc anything, you will probably get a letter closing the account. Some slip through the actual filing, but are closed rather quickly by the vendor. Besides, you have to list all of your LOC's and cc's on the petition. As others have said, learn to love debit cards!

[FloridaGuy]

Yep

Like others have posted we had a couple cards with no balances, seldom used, etc. They were all closed within two weeks of the filing. Chances of keeping a card are slim.

[BKINAZ]

Like others have posted we had a couple cards with no balances, seldom used, etc. They were all closed within two weeks of the filing. Chances of keeping a card are slim.

And none...none just left the building.

Hey I realize it was a dumb question, but I do go under the rule of thumb there are no dumb questions and odds are if it was thought of by me or anyone...it's thought of by others.

THis actually came about because my wife's card is like at 3% interest or something insane...AND...I just tried to rent a car (locally) and they don't take debit...sign of things to come.

Thanks all.

[jktrading]

And none...none just left the building.

Hey I realize it was a dumb question, but I do go under the rule of thumb there are no dumb questions and odds are if it was thought of by me or anyone...it's thought of by others.

THis actually came about because my wife's card is like at 3% interest or something insane...AND...I just tried to rent a car (locally) and they don't take debit...sign of things to come.

Thanks all.

Does your debit card have the Visa logo on it? If not, couldn't you get that? I use my Visa check card everywhere as a Visa credit card.

[ansky0007]

And none...none just left the building.

Hey I realize it was a dumb question, but I do go under the rule of thumb there are no dumb questions and odds are if it was thought of by me or anyone...it's thought of by others.

THis actually came about because my wife's card is like at 3% interest or something insane...AND...I just tried to rent a car (locally) and they don't take debit...sign of things to come.

Thanks all.

I had the same problem with my debit card. Some rental companies will not take them. I ended up sending $500 to a secured credit card company to get a small real secured credit card for when these cases arrise. They work perfectly.

[AngelinaCat]

Our debit card also has the Visa logo on it. We always the 'credit' side of it. You have a little protection of either 30 or 60 days to contest something that 'pops' up on your statement. If you use the 'debit' side of it, it's like handing the merchant cash--it's gone and its murder to prove when there is an erroneous charge.

[IBroke]

Besides, you have to list all of your LOC's and cc's on the petition. As others have said, learn to love debit cards!

As far as I know, you only have to list those which carry a balance. No balance, no debt, not necessary to list...

[StartingOver08]

[QUOTE=IBroke;243039]As far as I know, you only have to list those which carry a balance. No balance, no debt, not necessary to list...[/QUOTE]


There seems to be disagreement about this statement. It has been discussed many times before - all I know is when I filed, I had a zero balance Neiman Marcus card that had not been used in nearly 2 yrs. Within two days of filing, Neiman Marcus sent a letter canceling the card (no, I did not try to use it!).

So even if you have a zero balance the vendors monitor the BK filings and close the accounts. Apparently there are rare exceptions.