I filed for Chapter 7 bankruptcy around January 2005 and was discharged somewhere around March or April 2005. I have been getting credit card offers ever since. I think I remember my attorney saying that it would be ok to get a credit card after a year or so after me being discharged. I don't even know if a credit card company would approve me and if they did they'd probably have me pay the $200-$300 or whatever amount it is. I've lived without credit cards for over 2 years and if I got one it would be for emergencies only. Any advice please.
2006-11-27 03:57:42 · 5 answers · asked by october g 3 in Business & Finance ➔ Credit
If you can live without a credit card I would do so. You would end up paying extremely high interest rates and your terms of agreement would be ridiculous. It is always better to live debt free. It's easy to say "I will only use it in emergencies" but then those always seem to start popping up. I know, been there done that. Didn't have to file for bankruptcy. But it still wasn't fun. Cash is king. Or I use my plastic card hooked into my bank account. It's either used as debit or a credit card and that way I don't abuse the card.
2006-11-27 04:14:54 · answer #1 · answered by Anonymous · 1⤊ 0⤋
My sister filed for bankruptcy two years ago, and the first offer she got in the mail had an annual fee to it. She now has a card with Capital One, but it has an annual fee. Once you mess your credit up with a bankruptcy it is hard to get good credit cards with good benefits considering all the card company sees is how irresponsible you were in the first place. You can try to get one, but I can just about guarantee you all the offers will probably have an annual fee.
By the way, my sister's credit line is $300 with a $35 annual fee. That annual fee is deducted from her credit line, so her available credit is only $265. Can anyone really do much with $265 worth of credit in an emergency these days with the economy like it is?
2006-11-30 17:25:49 · answer #2 · answered by Renee W 2 · 0⤊ 0⤋
When I bought my car in 2004 my credit was good but the finance manager showed me my credit report. Under summary it had positive and negatives, and under negatives it said "lack of revolving charge accounts". I said I don't have any credit cards, that's a good thing, right? WRONG. You need at least a few revolving charge accounts, they are heavily factored into FICO credit scoring. So do what I did. Go to New Millenium Bank and get a secured credit card (it will report as unsecured). Keep your balances low. Also, you can apply for the Target card, they are very fair and it's relatively easy to get. Not to mention they will consider you for conversion to a Target Visa after a year or so.
Also remember, that your "utilization" of your revolving accounts figures highly into the credit score. That is, how much of your credit do you use relative to your credit limit? Max out your cc and your score will plummet. Not to mention cc companies today may see that and jack your rate. It usually good to stay under 30% of your credit limit.
2006-11-27 04:34:03 · answer #3 · answered by Kevin K 3 · 1⤊ 0⤋
No. you shouldn't have cridit cards inless you really need them. like for trips to out of stae or to put money on it and you don't want to carry a lot of money on you.
2006-11-27 04:06:21 · answer #4 · answered by Anonymous · 0⤊ 0⤋
yes i think you should b/c it's close to chrismas
2006-11-27 04:01:27 · answer #5 · answered by colin c 1 · 0⤊ 1⤋