How long after bk to get a good credit card?

[Anonymous]

How long can we expect after the bk discharge to get a good credit card, one with no annual fee and a reasonable credit limit (i.e. $2k or higher)?  None of this $300 cl crap, with a $39 annual fee and possibly other fees, where the lender has to be begged to increase the cl, or worse yet, charges you to do so.................

I have heard 6 months, 1 year, 2 years......???

[Anonymous]

I got a 1500 limit card no fees 9.99 APR 14 months post BK from Wamu

[Mikey]

It was about the 14 month mark after a Chap7 BK before I was able to obtain a Juniper Mastercard with a $3500 CL.  They pulled my TU score which I knew was the highest for me.  I asked the person if I would be automatically denied only 14 months out of discharge.  She said "not necessarily" so I gave her permission to process the application and was approved.  I don't think they even cared about the BK because they got back to me within seconds with an approval.  My TU score was 670 at the time.  I had three crappy cards with the $300CL's like you mention and paid them perfectly for one year before trying for a better card.  good luck.

[Anonymous]

Its going to depend on where your scores are after filing bankruptcy.  This is why I reccommend sooner than later if you are going to file.  Most people wait til the hounds are at the door before making the decision to file.  Some realize their position is impossible and file before thefirst collection, late payment of chargeoff. Those often come out of BK with scores in the 600s

[Anonymous]

A month after my bankruptcy discharge(Jun2007), I got a $1000 CL with 12.9% no annual fee from my local CU.  I had one loan with the CU(I reaffirmed in bankruptcy) with never a late payment for 36 mo.  I was also able to refinance the RV loan with a 2% lower interest rate(7.9%) and they also gave me a loan on my truck at 6.9%.  The funny part was that they would not give me a checking account until my FICO score(574) from Experian was higher than 600.

Also Brammy is 100% correct on when to file.  If you know for sure you cant make it without filing for bankruptcy, do it right away before the hound dogs come knocking on the door.  All my accounts(well almost) that were active with balances say IIB with 60-90days.  The 60-90 days late are really hurting my FICO score and could of been avoided by filing bankruptcy 90 days sooner.

Also once your bankruptcy is discharged, get BUSY fixing your credit.  You would be surprised the garbage on them.  My EX report has raised 35 in less than two months of working on it.  I have been working mostly on EX and EQ, than I will get busy with TU.  I"m in no big hurry other than to get a checking account at my CU.

So get started today and map out the new you!

JC

EQ 574  EX 616 TU ???

[Baybreeze]

I am now a year and 2 months out from my BK and I only have a $300 Orchard Card with a $59 annual fee. That is the largest charge that's ever been on it because I want to keep as low utilization as possible. I also have a $300 QVC card with no fee which I only used once. Last I checked my FICO's in August, all 3 were 5-6 points shy of 700. So I am now finally thinking of applying for another card in hopes that I get a higher CL and/or no annual fees. I keep putting it off, though, because I'm so nervous that I'll get denied or I'll just get more fees or another measly $300 CL. But from what i've read on here, others have done quite well getting cards after BK. But from personal experience I cant say how long it might take b/c I've not applied for anything in so long.

[taz3261]

You can consider getting a secured credit card from a reputable bank. Try to avoid financial companies such as crapital one they do not report your credit limits accurately on your reports. Also make sure that all your card are reporting your credit limit not your highest balance that would effect your FICO scores. I am two years after bankrupty and I have a new mortgage from Chase 100% financing on 291,000 interest rate of 6.675%. BK does not mean the end of the world you just have to manage your money better and show creditor that you can pay your bills on time. Making pymts on TIME is so important and you then watch your FICO scores increase. Also try to use as minimal of your credit limit as possible I think someone stated less than or about 30% of your credit limit. Good Luck recovering from BK.

[Anonymous]

_____________________________________________________________________________
Boscoe wrote:

How long can we expect after the bk discharge to get a good credit card, one with no annual fee and a reasonable credit limit (i.e. $2k or higher)?  None of this $300 cl crap, with a $39 annual fee and possibly other fees, where the lender has to be begged to increase the cl, or worse yet, charges you to do so.................
 
I have heard 6 months, 1 year, 2 years......???
_______________________________________________________________________________

There is no one answer on how long it will take. It all depends on your current FICO scores and any collections or judgments you may have on your CR. If you established good credit before filing BK, your post-BK scores should not have sunk low enough to stop you from getting a CC with a reasonably good CL immediately after discharged.

Personally, I got a Capital One unsecured Visa with a $3000 CL just 3 months after discharge. I don't know exactly what my scores were when approved because I was looking at FAKO scores at the time. 

I suggest you don't get hung up on not paying a $29-$39 annual fee. It's really a small price for rebuilding your credit. However, don't deal with the sheisters like First Premier who charge $95 "program fee"/$29 "set-up fee"/$48 annual fee"/$7 "monthly servicing fee."

After making sure your credit reports are reported correctly to maximize you scores, the most important thing is research BEFORE applying what bank will likely approve you based upon your FICO scores. Forget Chase, Bank Of America and American Express with a bankruptcy. There are many threads on this forum to help guide you on where to apply, so look around.

[rizeninme]

We got a Visa through USAA with no fees, 9.9% int and $2k limit after one year, now at two years we are up to a $5k limit.

But yet Crap 1 after two years won't budge past $500.....

[joejroe]

If you are looking for a good credit card, you must wait 2 years and 1 month after discharged bankruptcy to get approved.  Even if you have the required fico score to get the card, most banks have a policy that they cannot approve your new account unless it has been longer than 2 years.

Ex.  BK discharged 10/17/05

Do not apply in October of 2007, you will get denied.  Apply in November, only then you can get approved.  I know this because I speak to alot of people in the banking business.

Now you can get other repair cards with annual fees and low credit limits, but those cards suck.

Just some advise, make sure that the card you receive reports credit limits, this will improve your fico,  cards like Capital one, do not report limits so every ballance you have, shows fico your maxed out.