Bankruptcy - credit card

[Driver99]

I recently filed for BK and was granted after going through the whole process roughly about 6 months ago. Its taking longer than expected to receive confirmation that my case has closed and cleared. In the meantime I am trying to rebuild my credit, so I applied for a credit card and was approved.

Will this affect my BK case in anyway because I have not received confirmation that my case is closed?

Thank you.

[cavazos007]

My lawyer has told me to not apply for new credit until my case has been confirmed. I don't know how that will affect you. And how were you able to get credit so fast? I've heard after you file for bankruptcy people start getting offers in the mail. But I really don't believe that.

[Methuss]

I've heard after you file for bankruptcy people start getting offers in the mail. But I really don't believe that.

Oh heck yeah. If you don't opt-out of pre-screened offers with the bureaus the bottom dweller card companies will start sending you a ton of offers for low-limit cards with high fees and rates.

These scam cards typically give you a $300 limit but hit you with $250 in fees right off the bat along with monthly service fees that can total hundreds of dollars a year even if you don't use it.

Why? Wel one so they can take advantage of desperate people looking to put themselves right back into a debt hole again...and because they know they have you trapped for the next 8 years because you can't get another discharge until all that time passes. It's vulturism at it's worst.

[jq26]

In my experience, vehcile lenders are the worst post-BK vultures. They pepper you with credit offers for new and late-model used vehicles. What they don't tell you is that you'll pay 15-25% interest. The margins on these loans are sick. And since each payment is primarily interest, if the discharged borrower defaults they just scoop the car up and resell it to another sucker. No one, and I mean no one just out of a BK should be financing a vehicle unless there is a very special reason why.

Credit cards lenders are bad too. But you can rebuild credit with secured cards from credit unions.

To the OP- call the clerk's office and find out what the story is. You should get your paperwork within two weeks of discharge in my experience. Another option is to sign up for PACER and pull the documents yourself but you need a credit card (do not get one for this purpose...). Another option is to pull your FREE annual credit reports and see if they are reporting the date and disposition of your BK. It is public record and will remain on your reports for 10 years.

[cavazos007]

Good to know...thanks guys!

[Driver99]

I guess I will be canceling that card account. Thank you

[LadynRed]

No, don't do that. Closing the card will actually HURT your rebuilding process. Just sock-drawer it if you don't want to use is. If you've gotten your discharge letter, it's unlikely that there will be any harm in keeping that card.