Question by NYlisa: problems getting a low interest credit card due to bankruptcy 10 yrs ago?
hi, I had to file a bankruptcy 10 yrs ago(in May) due to my husband (who is an ex now) charging up my card almost $ 40,000 and running off with his new girl friend leaving me with a debt I couldn’t begin to pay since I wasn’t working at the time. What Im asking is why am I still being penalized and denied credit or offered ridiculously high apr rate cards after 10 yrs of excellent credit. I now have 2 cards that I didnt go bankrupt on cause there were very low balances on them and I was able to pay them off but in the 10 yrs I have been making payments not only on time but twice a month and very high payments, for example I made a $ 1500 monthly payment on a $ 10,000 balance and always on time or early so I have had really great credit in the past 10 yrs and the bankruptcy wasn’t my fault and still I can’t get a decent low interest card, they keep denying me due to my past “bankruptcy” and the cards I already have refuse to lower my interest rate. Can they do this, I canceled one of my high interest cards, paid it off in full and now I only have one card left with 16.9% interest which I think is still too high so I keep applying for lower rate cards and get denied. I don’t get it, Im a perfect candidate for credit and they still deny me. Meanwhile my sister had a bankruptcy 12 yrs ago and she was able to get a 3% interest rate card with no annual fee. And she had a $ 120,000 balance when she went bankrupt, I only had $ 37,500. It doesn’t seem fair. Sorry this is so long, I don’t know how to make a story short..lol
my 10k balance is now down to 3k, I am paying it off $ 1500 a month. My total credit card debt on all my cards(2) is 4500 and I should have the whole thing paid off in the next 3 months. No more charging for me after that, Im canceling my cards and just using cash. I’ve had it with credit cards changing the rules and doing what they want.
Best answer:
Answer by rmm
If you only buy what you can pay for, and pay off any new cards at the end of the month, then the interest rate doesn’t matter.
Don’t use credit cards as a loan, use them as “convenience cards” – meaning pay off the card each and every month. Don’t carry a balance and interest rates just don’t matter.
Know better? Leave your own answer in the comments!
Fewer People Benefiting From Bankruptcy Filing
“Bankruptcy filings dropped a steep 12 percent in 2011, and while some experts attribute it to more cautious consumer spending and a decline in credit card debt, others say that we're just running out of people who can benefit from filing,” according …
Read more on NTDTV
Starting Anew after Bankruptcy (and how to avoid past financial mistakes)
If you are interested in improving your credit score after bankruptcy, read on. The first thing to do to remedy your credit score is to check to see if all your debts have been recorded as discharged by the credit agencies. Sometimes, errors can occur …
Read more on JD Supra (press release)
No-frills cards are becoming more popular from lenders
Consumers who are wary of the high cost of dealing with credit card debt and had worked hard to chisel down their balances may be excited to learn that lenders are once again offering more affordable accounts. Though the hottest competition among the …
Read more on Debtmerica Relief
Question by JJ’72: After 15 yrs, must I not check box that says”yes my history is clear of bankruptcy” on a credit card applicato?
I’ve since married(husband has excellent credit) I have credit cards that I was approved for online without having to fill out all info and one was store card I applied for to get mchdse discount and ended up qualifying for the better store name Visa card so I assume my credit’s good. I pay full balance when there is one. Now this online credit card app wants me to check this box saying my “history clear of bankruptcy” That seems it can go either way. Maybe I don’t have to admit to it because it is technically clear of bankruptcy after 15 years, but if I do check box am I lying, and if I don’t will they automatically DQ me and will this then show up on my credit report? I really only want a card to shop online as I cancelled that store visa card before I realized I should keep it for occasional online shopping as I won’t use my bank card online. Any help is much appreciated. Thank you very much
Best answer:
Answer by My Take on It
Does the bankruptcy still show on your credit report? If it doesn’t, I wouldn’t be checking no on the application.
Give your answer to this question below!
RSS Feed