Cap 1 BK7

No, your bankruptcy is NOT on your credit until discharge. Therefore if you aren't late on any payments then your credit should be good.

Why if you weren't late did you file a bankruptcy? That doesn't make sense. Bankruptcy should be your LAST resort. Once it shows on your credit it will affect it.

 

Your BK appears on your Bureau as soon as the CRAs find out it has been filed! The discharge appears later, after it has been granted.

Getting a CC from Cap 1 or any other creditor while in BK and without permission of the Trustee is a violation of the BK and could potentially get your BK dismissed, vice discharged! You better consult your atty.....

 

Did you just apply? Or did you get a pre-approval in the mail.

I agree with the previous poster that you better be VERY careful as the courts are getting VERY strict with BK's these days and you are not supposed to do anything while awaiting the dishcharge.

Plus, I am guessing the BK was not disclosed to Cap One either?

I've seen this done before without getting caught (with car loans) but you should be very, very careful.... I think consulting your atty is the best option.

That discharge is VERY important....don't do anything that can mess it up!

Shawn

 

for $300 CL !! close it and avoid the troubles others are talking about!

 

I disagree with other posters. You're not in Chapter 13, you're in Chapter 7. Make sure you don't lie on the application for the card. There are people who buy cars and stuff all the time while waiting on discharge. Have you already had your 941? Either way, if you want the card, I'd send it in. Actually, I'd probably phone it in or do it over the Internet.

 

He said "received" - he has the card. My suggestion - don't use it, just keep it. You may find the card gets canceled, but if you make it through your discharge, then use it carefully and restart your credit history.

Regarding lack of late payments, I did a Ch7 in 8/01 and I was never late. I had over $500k owed to the IRS and that was the reason for my discharge.

Everyone's history and experiences are different. I'd like to see more allowance for this - instead of dismissing the concept completely, ask in amazement - "HOW did you go ch7 w/no lates?"

 

It's actually very common for people to file BK who have great credit. If you struggle, borrowing from Peter to pay Paul long enough, each month making the minimum payments, eventually you will run out of Peters to borrow from.

 

It's nice to know you can get into trouble running out of Peter's.....

My ex got into trouble because she kept running in to them!!!!



HA!


(sorry, couldn't resist)


I would keep the card (if you have it) and just keep it stowed away until after everything settles down and you have been discharged.

Trust me, if your experience is anything like mine, you are going to get a CRAP LOAD of similar offers right after your discharge.


Shawn

 

ALSO.... FYI.....

If you are going to try and have your BK's removed...

dispute the DAY it hits your report...this is a window of opportunity as everything is being noted on PACER, at the courthouse, etc....

I know a few poeple who have had success this way.


Shawn

 

while in the process of bk, paying any debt is a violation and not getting the credit. Trustees will give you a warning just to protect their books and if it is in excess like 5k, 10k and 25k then only it can be a problem.

 

Mine (bk) was for medical reasons as well...tried to do the right thing and started getting screwed. My appendix ruptured in college and I was mis-diagnosed....3 months and over 80k later I was still in the hospital. Doctor gave me a story about how I shouldn't sue because it's hard to diagnose, etc, and how he really tried. I fell for it then got hit with medical bills out the butt!

Good luck to you. I hope you are getting better!

Shawn