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  1. #1
    Join Date
    Jul 2008
    Location
    Michigan
    Posts
    39

    Default Getting a Secured Credit Card While Delinquent

    My question involves collection proceedings in the State of: Mi.

    I havent been able to pay my 3 credit cards since February due to 2 surgeries and no health insurance, and being out of work. My bank note for my vehicle is behind, my mortgage is 1 month behind, so on and so forth.

    My BOA cards were sent to collections. Chase and Citi-STANK call me constantly. I hope they sue me so I can show that I have no equity in anything and barely an income!

    Besides that, I was wondering this. My Dad buys a lot of my prescriptions for my heart problem(s) because I cannot afford them and cannot live without them. He keeps telling me to "put in on your credit card and Ill pay the bill" Well obviously I cannot because they are all now 60-90 delinq. I was wondering IF my Dad gave me $250 so I could get a "secured" credit card through the credit union, would this adversely affect me IF I ever filed Chap 7 or were sued by the creditors? I obviously do not want to do anything to put myself in any more jeopardy than I already am in!

  2. #2
    Join Date
    Jan 2008
    Location
    Toledo, OH
    Posts
    16,307

    Default Re: Secured Credit Card While Delinquent?

    I obviously do not want to do anything to put myself in any more jeopardy than I already am in!
    Then don't get another credit card. Not even a secured card. Generally, if you fall behind on your payments on a secured card, you forfeit the entire security deposit, and get yet another ding on your credit report.

    It really sounds like you'd be best off filing for bankruptcy - once you fall behind on your house note, you're in jeopardy of losing the house. I suggest you consult a local bankruptcy attorney and discuss your options.

  3. #3
    Join Date
    Jul 2008
    Location
    Michigan
    Posts
    39

    Default Re: Secured Credit Card While Delinquent?

    Quote Quoting LawResearcherMissy
    View Post
    Then don't get another credit card. Not even a secured card. Generally, if you fall behind on your payments on a secured card, you forfeit the entire security deposit, and get yet another ding on your credit report.

    It really sounds like you'd be best off filing for bankruptcy - once you fall behind on your house note, you're in jeopardy of losing the house. I suggest you consult a local bankruptcy attorney and discuss your options.
    I might just have my Dad get a secured card, and put it in his name, although his credit is impecable....

    I should be current on my house in a few weeks here, I have been selling my belongings on ebay and craigslist to get caught up. How depressing <harumph>

  4. #4
    Join Date
    Jan 2008
    Location
    Toledo, OH
    Posts
    16,307

    Default Re: Getting a Secured Credit Card While Delinquent

    Hang in there. The economy sucks and you're in a crappy situation, but if you're close to catching up, you're doing way better than a lot of people right now.

    Best of luck.

  5. #5
    Join Date
    Nov 2007
    Posts
    127

    Default Re: Getting a Secured Credit Card While Delinquent

    have you considered a pre paid debit card, you can get them at walmart and put as much on as you want

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