Credit card offers post Chapter 7...what to do?

[AllMyFault]

I'm getting those 23.9% apr, $300 - $1500 credit line, $75 annual fee offers.
Do I accept and help the rebuild process?
Is their a better way?

[AngelinaCat]

Shred, burn, and discard all of those so-called 'offers'. The only reason you are getting them is that the companies know that you cannot file BK again for eight years. They are trying to hook you again into that cocaine poison of credit card debt.

The best thing you can do for yourself is to learn to live on a 'cash only' basis. Pay the bills you do have on time and reliably. That is the best way to rebuild your credit.

My best.

[AllMyFault]

Shred, burn, and discard all of those so-called 'offers'. The only reason you are getting them is that the companies know that you cannot file BK again for eight years. They are trying to hook you again into that cocaine poison of credit card debt.

The best thing you can do for yourself is to learn to live on a 'cash only' basis. Pay the bills you do have on time and reliably. That is the best way to rebuild your credit.

My best.

Up until my business took a sharp fall I never carried a balance on any of my credit cards, always paying the balance in full within 30 days to avoid interest. Truth is; having all my cards with no balances helped me buy time when I really needed it...in hindsight it didn't really help, only prolonged the inevitable...but they very well could have helped. If I wouldn't have had credit cards my family and I may have literally gone hungry when things really went south. I know I may be the exception to the general rule but I never was addicted to credit nor did I ever abuse it.
"The best thing you can do for yourself is to learn to live on a 'cash only' basis. Pay the bills you do have on time and reliably. That is the best way to rebuild your credit. "
I don't have anything on credit that will be reported to the bureaus. I'd like to buy another home one day or maybe refinance my current home, or maybe even buy a new car.

[ValleYum]

If you are truly looking to rebuild, wait just a little bit. There ARE better offers out there that will help you without a pound of flesh required. Do remember that time is your biggest ally in regards to your credit score. Take care.

[basketsbears]

Hi,

I haven't filed yet, but we haven't used CC for over 2 years. After we are discharged we do not plan on any CC or unsecured credit at all. The only reason I would get a CC is for car rental, if there would be a problem with using our debit card after filing.

[hmsmith]

I want to rebuild my credit when we are discharged, and while I will be using the 'cash only', I also want a credit card with a small limit, for which i was use and pay off in full every month. I may get a secured card at first, I'm not sure yet. I will only charge 1 item per month or every couple months, and immediately pay it off because my long term goal is to buy a house in 2 years. From what I've read on here, you will get better offers the longer you wait. $75 annually seems a bit high to me.

[Tater]

I have to agree with what the other said and wait for better offers. That interest rate and annual fee seems rather excessive to me. Maybe getting a secured card would be a good idea? I know some have had luck with their local credit unions. As stated, time is your friend when rebuilding your credit.

[jst4f]

We did not take the first offers and we did get better deals: higher limits and no annual fees. The card does report each month as they promised. We use it for small purchases, <$200 a month to keep the reporting but the main reason we got it was for airline tickets and rental cars on company business, which is reimbursed. Otherwise, it is all cash which includes a debit card. It all helps continue that great feeling of a fresh start and debt free.

Also to help your credit, get copies of your reports directly from the companies and get them cleaned up. There are sticky post on what to look for and how to dispute.

[ksgirl38]

I'm getting those 23.9% apr, $300 - $1500 credit line, $75 annual fee offers.
Do I accept and help the rebuild process?
Is their a better way?

I think you can. Try www.creditcards.com. I'm sure you could at least find one that doesn't offer an annual fee. If nothing else, try a department store credit card. I think those might be easier to get.

I understand what you're doing and I was advised to only charge 10% of the credit limit each month and then make sure you pay off the balance each month. It may take a little while, but I think eventually you'll get better offers. Good luck.

[AllMyFault]

Secured credit cards?

Does anyone know if this secured card is reported to the credit bureaus in the same way that an unsecured card creditor would report?
http://www.capitalone.com/creditcard...38_T_CP35616RW

[btbeme]

Does anyone know if this secured card is reported to the credit bureaus in the same way that an unsecured card creditor would report?

Call and ask. My experience is that the bigger the bank the more likely they report to all three bureaus, but it varies. Credit unions and smaller banks sometimes report to only one bureau. Its all over the map here, but if you are going to jump back into that manure pit of unsecured credit I'd make sure that you get what you need. Be patient and find the right offer.

Or don't jump into that pit at all. That's my first advice.

[nceguyfromne]

Let me guess, Orchard Bank? Give it a little more time and the offers will improve. You don't have to settle for that. I ended up getting a Capital One card with 6 months interest-free (19.99% thereafter) and no annual payment about 14 months after my discharge, and that was despite having a previously-discharged account with them. Could have even had it 6 to 8 months sooner but it took me some time to warm back up to the idea of having a credit card again.

Of course, my credit report was also fairly clean because I was on-time with all my payments right up until 90 days before filing. There wasn't enough time for collection accounts, judgments and charge-offs to start popping up. I don't know if that made any difference.