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If I used my credit cards close to the filing of my bankruptcy will it harm when filing?
Wiki User
∙ 15y ago
Yes. If you are declared bankrupt, the Official Receiver will review your conduct leading up to the bankruptcy. If you have obtained or used credit immediately prior to the bankruptcy, this could be considered fraudulent use and the Official Receiver may apply to Court for a bankruptcy restrictions order against you. Depending on the seriousness of the offence, this could be for a period of up to 15 years. The main restrictions in bankruptcy are; you cannot obtain credit of more than £500, you cannot be a company director and you cannot hold certain public offices, such as the trustee of a charity.
Wiki User
∙ 15y ago
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Can a bank close your account after bankruptcy if you never bounced checks and have no line of credit with them?
No, the banks can not close your saving and checkings account. If you have credit card debts then yes they can close your credit cards.
How to rebuild credit after bankruptcy?
A great option to rebuild credit after bankrutpcy is getting a secured credit card. Secured credit cards can be used just like regular credit cards, the key difference is that they require an up front deposit to secure the credit limit. For example if you want a $500 credit limit, you will need to make a $500 deposit. For most secured cards there is no credit or bankruptcy check. You will receive a card as long as the issuer can verify your identity, residence and deposit. You will build positive credit as long as you make your monthly payments on time and keep your balance below your credit limit. Once you build positive credit histoty, you can then qualify for unsecured credit cards. You can close your secured credit card account at any time and receive a full refund of your original deposit amount (minus anything you owe). For more information secured credit cards check out http://www.yourcreditcardgps.com/best-secured-credit-cards.html
Can you keep accounts in a bank if you filed bankruptcy against their credit card?
I don't have a definitive answer, but it has been my experience that normally you can keep an account in a bank after filing bankruptcy on their credit card. I have found some small, local banks though (usually credit unions) that do require people to close their account(s) if they file bankruptcy on the bank. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
How do you close credit cards without affecting your credit scores?
If you are responsible don't close your credit cards off, but make a purchase every month to keep it active. You could buy something for $10 - $30 dollars and put it on your credit card and pay that $10-$30 off the next day. If you don't trust yourself with credit cards then just close your account. You must get plenty of ads in the mail from credit card companies offering you different interest rates so there will be no problem reactivating any credit card.
When should you close unused credit cards and will this hurt or help your credit score?
Usually closing accounts will hurt your score because if you have debt on other cards, your debt to available credit ratio will rise and it can ding your credit score.
Can you keep a few small credit cards after filing for bankruptcy?
Yes; however, the issuer is not required to continue to extent you credit (can close the account).
Can a bank close your account after bankruptcy if you never bounced checks and have no line of credit with them?
No, the banks can not close your saving and checkings account. If you have credit card debts then yes they can close your credit cards.
Do they close your current bank account when filing for bankruptcy?
No they do not close your Checking or Savings account
How to rebuild credit after bankruptcy?
A great option to rebuild credit after bankrutpcy is getting a secured credit card. Secured credit cards can be used just like regular credit cards, the key difference is that they require an up front deposit to secure the credit limit. For example if you want a $500 credit limit, you will need to make a $500 deposit. For most secured cards there is no credit or bankruptcy check. You will receive a card as long as the issuer can verify your identity, residence and deposit. You will build positive credit as long as you make your monthly payments on time and keep your balance below your credit limit. Once you build positive credit histoty, you can then qualify for unsecured credit cards. You can close your secured credit card account at any time and receive a full refund of your original deposit amount (minus anything you owe). For more information secured credit cards check out http://www.yourcreditcardgps.com/best-secured-credit-cards.html
Can you keep accounts in a bank if you filed bankruptcy against their credit card?
I don't have a definitive answer, but it has been my experience that normally you can keep an account in a bank after filing bankruptcy on their credit card. I have found some small, local banks though (usually credit unions) that do require people to close their account(s) if they file bankruptcy on the bank. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
Using credit card before bankruptcy?
You can apply for a card, However during a bankruptcy a special code will show up from the credit bearau. as soon as a lending institution sees that code, they will deny you immediatly, And it will hurt your score even more trying to open up so many new accounts, Seems like with a bankruptcy you would learn your lesson, It appears to me that you getting right back to where you were. If it is a Chapter 13, no - you can't do anything effecting your financial situation without the approval of the administrator (doing so will have your cased dismissed at least, and can even lead to contempt of court charges...as you promised you wouldn't in your filing)...if it is a C 7, you'll more than likely be refused anyway.
How do you close credit cards without affecting your credit scores?
If you are responsible don't close your credit cards off, but make a purchase every month to keep it active. You could buy something for $10 - $30 dollars and put it on your credit card and pay that $10-$30 off the next day. If you don't trust yourself with credit cards then just close your account. You must get plenty of ads in the mail from credit card companies offering you different interest rates so there will be no problem reactivating any credit card.
I am my mother's legal trustee due to alzheimers I am filing BK will this affect my trustee status?
Question is unclear. Who are you filing bankruptcy for, her, or you? If for her, it should not affect you, personally or financially, in any way. If you are filing bankruptcy for yourself, your status as the trustee of, and your availability to, someone else's assets may come under close scrutiny by the bankruptcy court and your creditors. It they suspect, or can prove, any co-mingling of your assets with that of your mother's, REAL problems could ensue.
When should you close unused credit cards and will this hurt or help your credit score?
Usually closing accounts will hurt your score because if you have debt on other cards, your debt to available credit ratio will rise and it can ding your credit score.
If you close out some of your credit card accounts and continue to pay them off will that increase your credit score?
You should not close a credit card if you are still paying on it. It will bring your credit score down. Close it when you are done paying. I know this because my mom owns her own credit repair/management business and she tells me what to do with my credit cards.
What is a trustworthy company that provides secure credit cards?
There are many trustworthy companies that provide credit cards. Some companies that provides secure credit cards are American Express, Chase, Capital One, and Bank Of America. You should find a close company near you and ask more information about it.
Are bank cards affected by being next to another bank card?
The magnetic strips on the back of bank cards and credit cards can be affected by strong magnetic fields or being close to weak magnetic fields. When you keep credits cards in a wallet with magnetic strip touching or being very close together, it is possible for the magnetic strips to affect each making them unreadable. Even so, the credit cards can still be used by manually keying in the credit card number.
