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What do I do?

Discussion in 'Credit Talk' started by rhaeny, May 15, 2002.

  1. May 15, 2002 #1
    rhaeny

    rhaeny Well-Known Member

    I just received a $1500 unsecured credit card from Household bank. I am getting ready to file chp 7 bk. I don't even have the card yet but would like to keep it to re-establish my credit after bk. Now I plan on listing all my creditors and those that I plan on keeping in bk petition. Does anyone know if Household bank will keep the account open with a bk?
     
  3. May 15, 2002 #2
    Dani

    Dani Well-Known Member

    Rhaeny,

    Most credit card companies will not keep your account open if you file a BK. Most, not all. I don't have any experience with Household so I don't know if they fall into this category.

    A quick question though. Why would you apply for additional credit when you're about to file BK? (Not meaning to be rude, just trying to understand your reasoning). The court may question you about this, especially if you have several new open accounts.

    Dani
     
  4. May 15, 2002 #3
    Butch

    Butch Well-Known Member

    Dear Rhaeny,

    Whatever you do, do NOT lie (or omit) on your BK petition paper work.

    Its a federal offense.

    Maybe you can learn enough here to avoid BK.



     
  5. May 15, 2002 #4
    coralreef

    coralreef Well-Known Member

    before you file bk please read everything you can about it. It is much worse than you may have been led to believe. Try this... call your local insurance agent and tell them you need HOMEOWNERS insurance and have bk under 5 years and see what they tell you. Nightmare!! You will qulaify for a mortgage long before you will qualify for insurance.car insurance will be expensive high risk too. but at least you can get that
    cor
     
  6. May 15, 2002 #5
    javan

    javan Well-Known Member

    What are your scores???

    I cant get a card with a $1000 limit to save my life!!!!!

    Mine:
    TU: 585
    EX: 613
    EQ: 649
     
  7. May 15, 2002 #6
    rhaeny

    rhaeny Well-Known Member

    My score for Equifax is 630 and Exp 574. Ironically they approved using Exp.
     
  8. May 15, 2002 #7
    erik776

    erik776 Well-Known Member

    "Does anyone know if Household bank will keep the account open with a bk.?"

    Who knows. You may get to keep it or it may get included in the bankruptcy. Odds are if its a new account, they will notice you filing and close the card. If you have an American Express charge card, you could pay it off and then it should ride through the BK and you will get to keep it. As far as credit cards go I would close any cards that have a zero balance before you file. This will make for a smaller mess to clean up later. I have heard that a account that has been paid off for a wile may ride through.
     

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