After filing chapter 7 bankruptcy protection I am getting lot of credit card offers. should i apply?
Question by xyz87: After filing chapter 7 bankruptcy protection I am getting lot of credit card offers. should i apply?
I have 0 income a credit score of near 300, and i filed chapter 7 bankruptcy on april 20. Surprisingly I’m getting credit card offers in the mail. i’m tempted to apply because i want to buy things. i can’t resist the temptation. what to do
Best answer:
Answer by My Take on It
Let’s see you just went through bankruptcy and you cannot resist the temptation to get a credit card because you want to buy *things*? Well, expect to be filing bankruptcy in about 10 years when they allow you to again. You haven’t learned your lesson obviously about spending frivolously. Just because you are getting credit card offers does not mean they are going to extend you credit. In fact, how on earth did you intend to pay this new credit card bill (if some company were dumb enough to give you a card with 0 income and a credit score of 300) with no income?
NO, you shouldn’t apply. You have no business using credit of any kind at this time in your life.
Add your own answer in the comments!
Don M posted: 14 Nov at 5:38 pm
The reason is you are free from all debt right now and they perceive you as a person that wants to re-establish your credit. In there mind you are a good risk now that you owe nothing.
You can get a card NO PROBLEM
But I wonder if you are ready, when you say you can’t resist and the temptation.
If you are of this mind set and are a impulsive buyer, it may serve you well not to.
Because, it almost sounds like you wouldn’t hesitate to get right back where you were before.
bdancer222 posted: 14 Nov at 5:46 pm
If you have no income, how do you expect to pay off these new credit cards?
You probably won’t get approved if you don’t have income. That’s kinda a basic requirement.
Lori posted: 14 Nov at 6:16 pm
Shred your junk mail. Some of these credit card offers are just traps where you may get approved, but your first bill comes and you owe $ 300 from all the fees (ie the annual fee, the application fee, the one-time set up fee, etc.)
Check out Dave Ramsey’s ideas on dealing with your money.
CatDad posted: 14 Nov at 7:06 pm
This is very common….many creditors LOVE to give new cards to people just out of Chapter 7 as they know that they can’t file again for 8 more years….They are setting a trap for you….Hopefully, the experience of filing for Chapter 7 was humbling enough to where you won’t fall into a debt trap again. Judging from your last 2 sentences, you may want to consider Debtors Anonymous. Getting into major debt again after just filing for Chapter 7 would be a financial disaster.
Lauren F posted: 14 Nov at 7:33 pm
The reason they are sending you these is because they know you can’t file bkr again for many years, so this is their chance to totally take advantage of you and charge you obscene fees and interest rates. Any one of these is probably a “secured” card that will require you to pay a $ 300 fee just to get it, and have you deposit money in their bank account to make sure you cannot leave a bill unpaid again.
They have you in a trap. The only thing you can do to avoid it is to get a prepaid card, such as at Walmart, and fill it yourself with whatever income you have. Or, find other things to satisfy your temptations, such as shopping with cash at yard sales and other inexpensive places.
MKD posted: 14 Nov at 8:20 pm
About a year ago I filed BK and I have been getting offers all the time. I just rip them up and don’t even look at them. We have very little income coming in at this time and every last penny is accounted for. I will not ever get another credit card so my credit score will just have to suffer. Right now we are just trying to eat and pay rent. Do not apply for the cards seems to be the census here. Resist the temptation.
StephenWeinstein posted: 14 Nov at 8:23 pm
Buy a paper shredder and destroy the offers so that they do not tempt you.
Even if you do apply, you will not be approved, and will not receive the cards or the ability to buy things. The only thing that will change is that you already low score will get even lower.