What cards or Co.'s a definate no after BK?

[juliedealer]

What is the name of your state? Indiana

I'd rather not waste time applying for credit with companies that have a policy of not extending credit to those who have a BK.

do you know of any companies that just don't after a BK no matter how long ago?

Thanks
Juie

The ethical ones that you'd want to so business with are generally the ones that won't look at you.
Just an observation, not useful information at all.
You'll get scads of offers from dishonest or shady potential creditors. READ THE FINE PRINT in its entirety before you accept anything. You'll find all sorts of hidden charges you knew nothing about.

[juliedealer]

Thanks for the heads up Kevin, I'm already wise to alot of tactics. Since my BK I take the time to read all my offers... just cause they give me such a laugh !!!

I got one good card with 7500 limit, first 6 months 0% interest then went to 14.9 ... not the worst terms in the world considering I have filed a BK

Julie

Read their default terms and post-default collection terms in the agreement you signed. They're probably nothing shy of N a z i-esque. There's likely a provision that allows them to charge interest after you default and they close your account. If not, there's some other way written in there for them to recoup their costs. I'm not trying to rain on your parade... I'm just saying that if you haven't found the dark cloud over this agreement yet, you may want to dig deeper so you're prepared when they try to use it.

[juliedealer]

again Kevin... thanks for the heads up, I did recelty receive a "revision in terms notice" warning me that if my paymnet is 5 days late the APR will go to 25.9.

I haven't deluded myself into thinking that these people LIKE me, but they will extend me credit on THEIR terms, and for now that is my only choice.

Julie

[Ladynred]

IF you hop on over to [url]www.creditboards.com,[/url] in their 'stickies' section you'll find a thread that will give you a list of BK friendly and unfriendly cc issuers along with the scores they look at to issue you a card.

Cap 1 is also famous for those "notification of change in terms" mailings.
That's how they can make their original contract additionally attractive to the prospect, then hit them with the changes in terms after they've run up a little debt.
They are very unsafe and unstable. I recommend you keep copies of every single bill you get from them, every single mass-mailing and offer, and every other notice you get. You'll probably need them later.
Another thing to be aware of... Cap 1 holds onto payments made close to the due date and applies them to your account late, then nailing you with late charges and interest.
Be sure to send payments as far ahead of due as possible.

[juliedealer]

Kev,

I take advantage of online bill pay, and I always make some kind of payment (at least the minimum) right after they close the billing cycle and I regularly check to see that payments have been applied.

I just called and they reduced my APR by 2% and reduced the annual fee. Hopefully I will get the fee waived all together before the year is out.

I'm getting the impression you've been burned by them ?

Julie

Lot's of people have burned by them, that's why I declined their offers. You're doing great paying online - hopefully Cap 1 allows you to print some sort of "payment confirmation". Additional bad news is that they are really quick to sue if you fall behind for any reason, and for absurdly small balances.

Also, my 17 year old daughter had a Cap 1 "student card" for about four or five months and they were frequently crediting her account late so they tacked on late fees and over the limit fees (she only had a $200 CL). I was so with disgusted with Cap 1 I lent her the money to pay the balance in full and made a copy of her check. I had her cut up the card after her first $0 statement, then enclosed a copy of her check, the Cap 1 card and coached her how to write a letter to close the account. She probably took some hits on her credit report for the "lates" and closing the account but she's 19 now and has lots of time to "repair" any damage.

[juliedealer]

Wow cyana... I will keep a vigilant eye on the account. And yes I do print out a conformation, along with the evidence right on my bank statement that the money was direct deposited to capitol 1.

I also have my statement emailed to me, it appears I get my email statement about 10 days sooner than I do my paper statement and I pay as soon as I get the email.

Hopefully this will prevent any problems.

But this whole thing has brought something else to mind and correct me if i'm wrong, but don't all the credit cards that extend credit to a BK have strict guidelines concerning late payments?

cyana, was your daughter making her payments late?


Julie