Credit Cards Whilst In Chapter 13?
Here I am, hoping to have enough money next paycheck for payment #16 of 36, and in today's mail comes a credit card offer from CAPITAL ONE. For a Platinum Master Card, initial credit line from $300 - $2,000, an annual fee of $59, and a lot of fine print. I should state that Capital One is one of the few credit card companies I did not have an account with before my filing. Still, what are they thinking? (Or smoking?)
Answer:
In this case, Capital One is crazy like a fox. Bankruptcy filers are actually fairly good candidates for small amounts of credit- most are determined to get back on their feet, and will be careful with new once they have obtained their "fresh start". (Having had the experience with having things go out of control, they often know better). In addition, of course, if you have filed Chapter 7, you can only file once every 6 years, so that option is taken away from you once you file...that also is a postive aspect for a creditor, in a perverse way. Since you filed Chapter 13, it is probably a part of your plan that you need the trustee's say so to obtain credit over a certain amount...maybe $1500 or something like that. So you may need to keep that in mind.
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