I filed Chapter 7 in mid-July, and was discharged of my debt on October 20. I have had a Best Buy card for years, and I had a zero balance when I filed, so they were not listed nor out any money. I just received a letter yesterday saying, "Due to a routine credit inquiry with Equifax, your amount available for puchases has been reduced to $0.00. They gave no indication they were going to close my account, only that my new credit limit is now zero. Has anyone been able to save a Best Buy credit card by calling them post Chapter 7? It seems I would be a much lower risk now, as my ability to pay back any balance has improved substanially (since my other debts are gone" My limit for the card was $3000,, but I would be happy with any amount, even $300, just to keep a positive Trade Line. AWA: invukl Do these othe
You can write them and ask for a "goodwill gesture", but I doubt it will buy you you any brownie points. Unfortunately, this credit thing today is a racket. Creditors have no hearts; they are incapable of listening to reason, rationale or common sense. Most extend credit upon a farce called a scoring system that will ultimately determine your unterest rate as well. It sucks! One would think that...hmmmm this guy has a BK but no debt! What a low risk! He can't file BK again for at least 7 yrs! Hmmmmmmmmmmm....naw, bad risk. WTF!?!?!?! I was there not long ago, so I don't have a high regard for the credit game! Unfortunately, you have to let it in every now and then to get around in the world because one day you'll need a car or home loan! Try Orchard bank for a MC; they are sub-prime and when I got their card 3mos after BK, there was no fee whatsoever. The interest rate was low too. You may have to pay a deposit for any others though. However, I found that Cap One was easy to get though. Start trying to rebuild your credit though now. You'll be glad that you did. Be sure to build a 2yr EXCELLENT track record. That will help you greatly! Good luck!
You're better off without Best Buy. You are dealing with Household Retail Services, who do all the financial stuff for the chain. And IMO you DON'T want anything to do with them. Trust me on this. I agree--concentrate on getting some new credit. Good Luck!
i think household retail keeps a blacklist, although I don't know this for sure. I could get a gm card, but not a best buy card..I had a best buy card 8 years ago and left it with a high balance that i never paid. it was through beneficial though from what I remember...so it mustve carried over. i dont dig household bank.
Beneficial=Household. There seems almost no name this company doesn't hide under. Before I became credit savvy and suffered some serious problems from certain lenders, I was like most consumers. When someone goes to a furniture store or electronics or whatever, usually nobody bothers to find out who does the actually credit/financing. That is, unless a problem arises and then often folks are surprised whom they are actually dealing with. Which is why before I attempt to purchase anything on credit, I would want to know who is "behind the curtain". If it's Household/Beneficial, I'm outta there. Makes life harder but I will never give that company another red cent. Just want to remind people that what you see is very often not what you get, and before signing for anything check out the actual lender you will be dealing with. Could make all the difference in the world down the road.
By keeping it open I think it will help to keep those years of good history. They are bk friendly, probably they will keep reviewing the account with soft inquiry and offer you some credit in the future. I would keep it open even with zero limit.
Perhaps they might be open to giving you a tiny limit, like $100. If they do, use it occasionally to buy a DVD, then obviously pay on time and over time, it could be fine. They didn't close the door altogether and it sounds like you could use the history. FWIW, I went Ch7 2.5 years ago and had a zero balance w/Providian. They canceled me AND when I applied for a card recently, I got turned down w/out an inquiry. IOW, they keep an internal blacklist and I was on it. What amazed me - and still does - I never burnt them for one cent, always on good terms. Wild.
