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Subject:
Credit Card after bankrupt
Category: Business and Money Asked by: katysha-ga List Price: $5.00 |
Posted:
12 Apr 2005 08:36 PDT
Expires: 12 May 2005 08:36 PDT Question ID: 508340 |
May I have card after bankrupt? |
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There is no answer at this time. |
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Subject:
Re: Credit Card after bankrupt
From: gunslingrrr-ga on 12 Apr 2005 09:02 PDT |
Sounds like an excellent idea to run up debt after already having to claim bankruptcy... |
Subject:
Re: Credit Card after bankrupt
From: nelson-ga on 12 Apr 2005 10:07 PDT |
There are many lenders out there willing to take a risk on you, with high interest rates in exchange. |
Subject:
Re: Credit Card after bankrupt
From: jack_of_few_trades-ga on 12 Apr 2005 10:58 PDT |
Both of the posters above make a good point. You really don't want to run up your credit debt again, and any loan you get now will have a high interest rate. But it would be beneficial to start rebuilding your credit, so if you feel responsible enough then you should get a credit card. Perhaps to start you should only use it for gas (it's always more convenient to pay at the pump). Make sure you pay the full balance every month so that you don't ever pay that high interest. Then after 18 months to 2 years you can call the company and ask them to lower your rate. If you have never missed a payment or had a late payment in that time then it is likely they will lower it a couple percent. Good luck rebuilding your credit! It's a hard task after bankruptcy, but give it 5 years of a perfect credit history from this point on and the banks will jump at the chance to lend you money (still at a slightly higher rate due to the bankruptcy though). |
Subject:
Re: Credit Card after bankrupt
From: elwtee-ga on 12 Apr 2005 12:07 PDT |
i didn't see you say a thing about running up debt. i saw a simple question about the availability of credit. as most personal bankruptcies in this country are a result of medical emergencies and the resulting mountain of health care costs as opposed to running up debt and as the pejoritive tone of the first non-answer is unacceptable and uncalled for as the poster has no clue what your circumstances are i suggest you concentrate on the following two responses along with what i might add. as the second poster said, there are lenders who will take the risk and you will pay for it. you will pay for it for years into the future as jack suggested. but that isn't important now. what you need to do now is re-establish yourself in the world. this is a very difficult country to get along in without a credit card. try to rent a car, reserve a hotel room, or many other things without one. there are many lenders that not only will take the risk but specialize in taking that risk. as jack suggested you will need to be judicious in your use of the credit offered you for a while and spotless in repaying but it can be done. getting a secured card will be easier than an unsecured but take what you can get at first. two companies that come to mind that do this kind of business are providian and capital one. as indicated, you might have to opt, depending on your circumstances for a secured card but it will do the job and no one but you and the credit company will know it is secured. after a year or so of good credit history the security can often be released back to you. good luck making a come back. |
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