Credit offers pile up for bankruptcy filers

As one of more than 2 million Americans who rushed to court this year to file for bankruptcy before a tough new law took effect Oct. 17, Laura Fogle is glad for her chance at a fresh start. A nurse and single mother of two, she blames her use of credit cards after cancer surgery for her fall into deep debt.

Fogle is broke, and she may not seem to be the kind of person to whom banks would want to offer credit cards. But she said she had no sooner filed for bankruptcy and sworn off plastic than she was hit with a flurry of solicitations from major banks.

"Every day, I get at least two or three new credit-card offers — Citibank, MasterCard, you name it — they want to give me a credit card, at pretty high interest rates," said Fogle, 41, of Tacoma.

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"The theory is that people who have just declared bankruptcy are a good credit risk because their old debts are clean and now they won't be able to get a new discharge for eight years," said John D. Penn, president of the American Bankruptcy Institute, a nonprofit clearinghouse for information on the subject.


http://seattletimes.nwsource.com/html/nationworld/2002677036_bankrupt11.html

One week you couldn't get anybody to sell you anything on credit, and the day after filing for bankruptcy, everybody was at your door, offering anything you want!

but that doesn't mean they'll get approved. For some reason they send them soon after bankruptcies and even people who've started to pay off delinquent debt. Even though their credit score is still very low at the beginning they figure that at some point they must plan on rebuilding their credit. So 6 months or more after that if they've made it to a 640+ score with 0 delinquencies they'll open a card for them.