Credit card after discahrge

[johnalan]

What is the name of your state?GA. I have been discharged from my chapter 7 and am working on checking my credit reports etc. and rebuilding my credit. Believe it or not, one of the financial institutes that I filed bankruptcy on has offered me an unsecured MasterCard with a very low fee. My question is: Is there a problem with doing business again with someone you filed bankruptcy on? Just wondering maybe if they have a trick up their sleeve getting me to accept their offer.

 

[azgrandpa]

It's probably not a good idea to accept a card from one of your past creditors! I have received offers from creditors that have written off my debt, that wants me to accept a card at attractive interest and then want to transfer my old debt to the new card!

Of course, your situation is different because your debt has been discharged. But, I would certainly be very cautious that they might attempt to do the same with your old debt! I can't see a creditor being so "forgiving"!

It seems that they would be violating the bankruptcy order, but, who knows; if they could get you to make one payment on that old debt, that might change the whole thing, legally!

Doesn't sound like the right thing to do!!

 

[smorr]

I would definitely NOT accept their offer! There are many other banks that will do business with you offering unsecured credit cards even though you've filed bankruptcy. I had one just three months after I was discharged. It's the only one I have (and that's fine with me!). The rate may be a bit higher, and be careful of hidden costs, but I would not go back to the dog that bit you! His bite may hurt a bit more this time.

 

[johnalan]

I have since learned that they can't transfer discharged debt to this new card. They would be in contempt trying to collect that debt in this manner. The key is reading the terms for the CC very carefully!! Makes no real difference if you get the card from a new bank or one you filed BK on. They have to abide by the terms of the CC. Keep in mind I bit them with BK, they didn't bite me. They're the ones risking getting bit again, at least in seven years. They know that I am probably going to do business somewhere and being I have no debt and they verify my income, it probably makes good business cents to help re-build my credit.