Receiving Credit Card Offers After Bankruptcy
Chicagoans constantly receive credit card offers in the mail, many of which tell us that we have been pre-selected or pre-approved for credit cards. Even after filing for consumer bankruptcy , Illinois residents may receive these offers. But should you apply for them? Or can you risk doing damage to your credit profile as you are attempting to rebuild your credit after bankruptcy ? How Do Credit Card Companies Determine Offers of Credit? According to a recent article from Bloomberg Business , there is actually a method behind the credit card mailings most of us receive. A Federal Reserve working paper analyzed the “business of credit-card solicitation,” tracing the ways in which these communications have been steady or have shifted in the years during and after the financial crisis. Who tends to receive these offers? It depends, in large part, on the types of offers and the individual’s credit history. Lenders tend to target borrowers by looking at a number of diffe...