Background: I've been visiting the forum on and off for months already because I'm pretty sure I'll be filing for Chapter 7 in the future. I had a bunch of credit available and I've watched our out-go exceed our in-come for months. We're already sinking and I know we're going under. It's time to prepare for the inevitable and I'm on the verge of the 90 Day no-charge no-pay program.
The problem is this: I don't need credit but I need a credit card. My job requirs me to make purchases at times and get reimbursed later. I'm not able to change this arrangement by much and still hold my position so I need to plan.
I like the idea of a secured credit card and I've found the best one at Digital FCU. I'm thinking that I should open an account right now and make a deposit ($500 or so) to get the card using the collateral. I'd like to keep this card through the 90 Days and charge expenses to it related to work. When I file, I'd also like to keep my acount with the credit union and keep this card after filing too.
Even if the amount of the secured deposit is an asset that I need to surrender and then re-deposit again, I think it's justified and worth the expense. (Why complain about $500 when I'll have thousands of debt eliminated?)
This card is important for my job and it it'll help me protect thousands of dollars of income I receive from my employer. I'd also like to think that it will help my credit score later on and be the basis for starting over.
Can this work? Will this card need to be listed? Will the account get closed even if I don't want it to? Is there a better way?
The other plan invloves Visa Gift Cards. I know I can deposit money and have a card that way. These cards can only hold a limited balance for a limited time before they start taking money away and they do nothing to re-build credit. I know I can do the Gift Card route but it's much less appealing!
Help!
The problem is this: I don't need credit but I need a credit card. My job requirs me to make purchases at times and get reimbursed later. I'm not able to change this arrangement by much and still hold my position so I need to plan.
I like the idea of a secured credit card and I've found the best one at Digital FCU. I'm thinking that I should open an account right now and make a deposit ($500 or so) to get the card using the collateral. I'd like to keep this card through the 90 Days and charge expenses to it related to work. When I file, I'd also like to keep my acount with the credit union and keep this card after filing too.
Even if the amount of the secured deposit is an asset that I need to surrender and then re-deposit again, I think it's justified and worth the expense. (Why complain about $500 when I'll have thousands of debt eliminated?)
This card is important for my job and it it'll help me protect thousands of dollars of income I receive from my employer. I'd also like to think that it will help my credit score later on and be the basis for starting over.
Can this work? Will this card need to be listed? Will the account get closed even if I don't want it to? Is there a better way?
The other plan invloves Visa Gift Cards. I know I can deposit money and have a card that way. These cards can only hold a limited balance for a limited time before they start taking money away and they do nothing to re-build credit. I know I can do the Gift Card route but it's much less appealing!
Help!
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