Credit Tips: Credit After Bankruptcy

Posted On: March 1, 2005

Author: lucycbox
Joined: 15 Feb 2005
Posts: 4
Posted: Tue Feb 15, 2005 10:25 am
Post subject: I thought I was going to be innundated with card offers!

Not true since the Ch. 7. I’ve gotten maybe three since then. Not that I want to get more cards, but I do want to start re-establishing credit. It hasn’t been six months yet, am I just too in a hurry?!

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Author: consumercity
Joined: 10 Nov 2004
Posts: 79
Location: Cincinnati, OH
Posted: Tue Feb 15, 2005 5:48 pm

Unfortunately, it takes time to recover from a BK. You could try a secured credit card to start rebuilding your credit.

Consumer City.org

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Author: NightStar
Board Monitor
Joined: 07 Nov 2003
Posts: 2616
Location: Illinois
Posted: Wed Feb 16, 2005 2:42 pm

No that is not ture that creditors will come looking for you after bankruptcy - different creditors have different requirements of what they want for a customer.

It is true that after bankruptcy they may be a bit more open then some others - but that is due to the fact they know you can’t file bankruptcy against them - least not for 6 years. 10 years if it is chapter 7… so if you default with them, they have legal remedy to catch you 2nd time.

Then there are creditors that are the opposit, and will actually black list you from doing business with them at all.

And people who file chapter 13, are less likely to get extended credit then chapter 7 filers, because there is a 2 to 5 year period they are in re-payment plan and not allowed to establish new credit during that period until their other obligations are met, or unless the bankruptcy trustee gives special permission.

Any creditors offering now - are the bottom feeders - they are going to extort the most money out of you for interest rates!

Best Regards,
Pammila Phillis
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH
501-663-0033 FX

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Credit Tips: Credit After Bankruptcy

Posted On:

Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Thu Jan 13, 2005 2:58 pm
Post subject: FCNB / Bankruptcy

Sally Brakensiek
Date: 5/25/2000 10:23 am CDT

I found your wonderful site while researching
alternatives for my current credit cards. I hope you
can advise me regarding how to deal with my problem.
We went through a personal bankruptcy in Oct. 1996.
We currently have two unsecured cards; a FCNB Visa and
MasterCard, totaling $10,000. Up till March, I was
appreciative of these accounts and even glad to pay
the high interest rates but the problem I have
encountered recently, has made me think that I could
probably find a better source of credit.
In early March I paid a balance in full of $2,111.41
to my Visa account. The check was encoded improperly
and credited $211.41(mistake #1) to the MasterCard
instead of the Visa(mistake #2). I called immediately
when I realized that the correct amount had not been
credited to my Visa. I can understand and accept the
first and second mistakes, however; the subsequent
errors have been a terrible time consuming,
inconvenient mess. Their customer service
representatives are poorly trained. One even asked me
“What do you expect me to do about it?”, when I told
him of the errors on my account.
I finally was given the phone number of the actual
accounting/customer service department, and someone
there has done her best, but as of today, the problem
is still not cleared up. Things were further
complicated by the fact that I was told that the
problems were cleared up, but they were not, so when I
used the Visa card it showed that I was over my credit
limit and some of my purchases did not go through
because the charges were denied.
I am paying 19.25% interest to a company and getting
poor customer service. I would like to change to
cards with better customer service, a lower interest
rate/frequent flyer mileage, but I am concerned that
changing companies will affect our credit report.
What would you advise?

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Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Thu Jan 13, 2005 2:59 pm

Board Monitor
Date: 5/25/2000 11:13 am CDT

Sally,

Thanks for your recent inquiry. Sorry for the problems you have had with FCNB. We have not had any complaints about them and, generally speaking, they are fairly well respected in the industry. Hopefully you can work out your payment posting problem with them…if not, let me know, and I will be glad to give you some suggestions.

As for transferring your balance…this will probably be tough. Has your bankruptcy been discharged? Given your bankrupty, I think it will be hard to beat the interest rate you have. Our top unsecured card for people in your situation is the Aspire Visa. You can find out more about this card by visiting our “Poor Credit” page…

http://www.cardratings.org/poor.html

The only problem with Aspire is that their interest rate varies depending on your credit history from 17% up to 27%. You could certainly call them and explain your situation. Also, I don’t think one extra inquiry on your credit report will hurt much if you decide to apply for another card.

Hope this helps!

Regards,
Jackie Hughes
Board Monitor
CardRatings.org

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Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Thu Jan 13, 2005 3:00 pm

Sally Brakensiek
Date: 5/27/2000 12:45 am CDT

Thanks so much for your attentive response. FCNB
finally seems to have my accounts straightened out and
gave me $75. credit for my inconvenience. Not enough
for the 10 weeks of time, inconvenience, and
frustration as far as I’m concerned, but hopefully,
it’s straightened out

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