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can you apply for additional credit card before you get discharge from chapter13 bankruptcy? |
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Date:
May 4, 2008, 8:18 pm |
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can you apply for additional credit card before you get discharge from chapter13 bankruptcy? |
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Answer:
Actually, the question here is not whether you can or cannot apply for a credit card while going through a repayment plan but whether you will be approved for the card or not. As a matter of fact, bankruptcy hurts your credit rating and shows you as a bad credit risk, so not all creditors will be willing to open a line of credit with such applicants. If you are speaking about an additional card offer to the card you are currently using, then you need to contact the bank and resolve the question on a case-by-case basis. If you are speaking about a completely new credit card application, then we recommend you to be very carefull and realistic choosing a plastic. As there is a bankruptcy declaration in your credit report, you will not qualify for a good, low rate and no fees offer. Even if you do have chances for approval, it will most certainly be a secured card or a bad/no credit card with very low limit and hefty fees. However, it is still a credit card, only with tougher terms to compensate for the risk the company is taking with you. |
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