Which credit cards are good to keep through bk

[GreenInkOnPaper]

I don't understand how people are filing bk/considering bk and have credit cards with zero balances on them.

Also- DH has cards with 0 balances. Mervyn's closed their store here. Macy's was used one time when he bought me a purse for Christams two years ago. So, yeah, it happens.

[WorkingItOut]

I don't understand how people are filing bk/considering bk and have credit cards with zero balances on them.

Why is that hard to understand? Someone could have $100,000 in credit card debt that they can't afford to pay and still have one or two cards with zero balances. Store cards and gas cards tend to be the ones that most people have with no balance. When people start living on their credit cards due to loss of income or whatever, they might charge up their Visas or Mastercards, but have no reason to charge up their JC Penney card, kwim?

[PoorGrammyinBK7]

It must be a fluke, because we had at least 2 zero balance VISA cards and neither has been cancelled. Hope this post doesn't bring me bad luck! But it can happen I guess.

We decided to try one of them this past weekend and have used it 3 times - bought a new computer and cell phone and some games at K-Mart for the grandkids! Cell phone company also checked our credit (supposedly) before agreeing to let us in on the contract and said we were "fine". ?????

That particular VISA is especially unusual, because, not only has it not cancelled yet (and I fully expect it will sooner or later) - BUT, they even extended $1,000 more availability - which we did NOT ask for - and that is all at least 2 months AFTER we filed!

[Bandit]

That particular VISA is especially unusual, because, not only has it not cancelled yet (and I fully expect it will sooner or later) - BUT, they even extended $1,000 more availability - which we did NOT ask for - and that is all at least 2 months AFTER we filed!

or, you are just playing all your cards right
I thought you needed one to rent a car at some point or did you change your mind?

[relief13035]

Right now I am doing just fine without having any credit cards at all. My new job gave me a credit card with a $1000 limit for my monthly work expenses. They get the bill and THEY pay it. Isn't that the BEST!!!!!!!!!!

We have decided to be without credit cards for a while. I need time to learn self-control. After all - I am the woman that bk'd $7000 on Target. Not like it was Neiman-Marcus or anything IT WAS TARGET.

[Flamingo]

what is a good card to apply for after a bk? any links?

To truly answer your question, no card is a good card to apply for after a BK because the majority of the time you will get denied and rack up a bunch of denials on your credit reports so shortly after dumping previous debt. Think about it if you were a creditor and viewed that on someone's credit report...

After discharge give it a rest for a while and slowly apply for a card and then another about a year later and hope you don't get denied for both along the way. Even folks right now with excellent credit cannot get approved for loans or cards.

[Flamingo]

It must be a fluke, because we had at least 2 zero balance VISA cards and neither has been cancelled. Hope this post doesn't bring me bad luck! But it can happen I guess.

We decided to try one of them this past weekend and have used it 3 times - bought a new computer and cell phone and some games at K-Mart for the grandkids! Cell phone company also checked our credit (supposedly) before agreeing to let us in on the contract and said we were "fine". ?????

That particular VISA is especially unusual, because, not only has it not cancelled yet (and I fully expect it will sooner or later) - BUT, they even extended $1,000 more availability - which we did NOT ask for - and that is all at least 2 months AFTER we filed!

In your situation it is quite possible that Visa has not yet caught up with your recent filing. Be careful - if you use it pay it off immediately and keep the balance low. If they cancel it, you will be responsible for paying back whatever is on there and probably at the monthly rates you agreed upon. Also do not take the extension of extra credit as a good sign. It happened to me twice on a card that survived BK and the card was still cancelled years later. And then yet it may survive with nothing happening. Play it smart for a few years with that card and you just may get lucky.

[PoorGrammyinBK7]

In your situation it is quite possible that Visa has not yet caught up with your recent filing. Be careful - if you use it pay it off immediately and keep the balance low. If they cancel it, you will be responsible for paying back whatever is on there and probably at the monthly rates you agreed upon. Also do not take the extension of extra credit as a good sign. It happened to me twice on a card that survived BK and the card was still cancelled years later. And then yet it may survive with nothing happening. Play it smart for a few years with that card and you just may get lucky.

Yes, we plan on paying it off within a couple of months at most. We had saved enough to buy with cash, but got a little better deal online. That Visa is with a credit union where we have had perfect credit - paid off a couple of cars and a HELOC - never late. Had not used the card in over a year. Maybe that is why they upped the limit (I don't get that - wouldn't they check our credit before doing that?). Our BK was not because of credit cards. But you are right, they very well may still cancel it. I expect it - but hey, why not try?

[michele71]

A family friend has filed 2 times over the last 25 years and his Shell Gas Card has always survived--

[Flamingo]

A family friend has filed 2 times over the last 25 years and his Shell Gas Card has always survived--

I used to have a Shell Gas Card which was through Chase and it was turned into a Mastercard in the 90s. If he did not include Chase in his filings, that is probably why it made it through; however, during recent times, there are more credit crackdowns and things were not that controlled and tight in the past as to filings as they are now. Plus with the introduction of online accounts and the internet from 25 years ago, things get caught more quickly. Whether or not a zero balance card survives is just a luck of the draw thing for anyone.

[carbk]

Why is that hard to understand? Someone could have $100,000 in credit card debt that they can't afford to pay and still have one or two cards with zero balances. Store cards and gas cards tend to be the ones that most people have with no balance. When people start living on their credit cards due to loss of income or whatever, they might charge up their Visas or Mastercards, but have no reason to charge up their JC Penney card, kwim?

Ok now I get it....although I think I have read that some people have Visas and Mastercards with zero balances. When I realized that I was going to have to file for bankruptcy all my cards were maxed out. I had about 30k in credit card debt. But I have heard of people who purposely max out their credit cards and then file. Yes I know this is illegal and I would never due such a thing.

[ready2puke]

Just got a letter yesterday from Discover..which is zeroed out..they lowered my credit limit to 500 from something like 25,0000 and I havent even filied yet. They said it was due to late and serious deliquincies from my CR...Geez Im almost afraid to look at my CR. I wont until I have to not filing til probably Feb.