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How soon can I apply for an unsecured credit card?

New Member

How soon can I apply for an unsecured credit card?

Hello everyone,

 

My chapter 7 bankruptcy was discharged on 2/28/14 and I would and my goal is to be able to purchase a house in 2 years.  I opened up a $1000 credit builder loan with my local credit union and also have a $1000 secured capital one card (plan to keep utilization under 10%). Looking back at it I wish I had tried for a capital one unsecured card but hindsight is 20-20.  I was very happy to be approved for the secured card with capital one since I was denied a secured card by Bank of America (they were one of my creditors in my ch 7 filing).  

 

I spoke with a mortgage lender today and they said they want to see good credit history for 2 years on 2-4 new lines of credit (installment loans plus at least 2 revolving credit cards).

 

My experian, equifax, and transunion credit scores as of 5/1/14 are 626, 600, and 596 respectively.  

 

I just received my first statement for my capital one card and should have a new trade line for it around the 2nd week of June.  A new trade line was just generated on 5/1/2014 for my credit builder loan.

 

How soon can I apply for a second credit card?  I would like to do an unsecured capital one card or a Barclays unsecured if possible.  

 

Thank you very much!

Message 1 of 11
10 REPLIES
Senior Contributor

Re: How soon can I apply for an unsecured credit card?

It is highly unlikely that you will get approved for an unsecured card ... but some have been successful rigght out of bankruptcy. I recommendation is to try for the unsecured card at CapOne and CreditOne. The size of the tradelines don't matter. You can try Barclays too for that matter. If you are turned down for the unsecured ones, apply online with First Progress Bank and get two secured cards, $300 each, with one online application. Then you'd be good for six months when you can try for an unsecured card again at that point. Some secured cards "graduate" to unsecured cards. You can definitely get your profile to home-mortgage ready in your target time frame. I did it in one year!

Message 2 of 11
New Member

Wells Fargo secured card possible 2 months post chapter 7?

Thank you very much for your reply!  I might try and go for another secured card to be on the safe side.  I do have accounts in good standing (checking and a non-reaffirmed mortgage) with wells fargo and was wondering what their policy is for secured cards.  Does anyone know how long post discharge from chapter 7 you have to be in order to get approved for a wells fargo secured card?  

 

Thanks!  

Message 3 of 11
Super Contributor

Re: How soon can I apply for an unsecured credit card?

ezdriver - nice work. One year impressive...
Starting Score: 802
Current Score: 821
Goal Score: 850


Take the myFICO Fitness Challenge
Message 4 of 11
Senior Contributor

Re: How soon can I apply for an unsecured credit card?


Wanderer wrote:
ezdriver - nice work. One year impressive...

Thank you. I used to own my mortgage brokerage and I counselled many borrowers to get them credit-ready for mortgage applications. I simply applied to my own situation what I had told others to do. It works.

Message 5 of 11
Established Contributor

Re: How soon can I apply for an unsecured credit card?

I would apply for the Capital One Platinum Card for Average Credit.

 

I got approved weeks after discharge and I have Cap 1 in my Ch7.

 

See my sig.

credit rebuild started 01/01/14 ..... $100k goal achieved 10/01/17
currently in the garden with $125k total of unsecured credit

     $30,000          $25,500         $23,750           $9,000            $3,300            $1,800            $17,000           $10,000
Message 6 of 11

Re: How soon can I apply for an unsecured credit card?

Thank you for this! After my Chapter 7 Bankruptcy was discharged on 12/28/15 I just applied for the Capitol One Platinum Card (with no annual fee) and was approved for a 2,000 limit. (assuming due to my above average income) Post discharge, I was left with an 8 year old retail credit card with a 1,000 limit and a zero balance, a 7,500 CD (Certificate of Deposit) Loan, and a 20,000 car loan all with perfect payment histories. I applied for the BarclayCard Rewards MasterCard and was declined. (I assume, as I will receive a response in the mail) That being said I always had perfect payment history on all my credit cards until the very end.
Message 7 of 11
Frequent Contributor

Re: How soon can I apply for an unsecured credit card?

Did you include Capital One in your BK? @atomicboi1983
BK CH7 (09/15) - TU 439 : EQ 459 : EX 440
Discharged (12/15)
Message 8 of 11
Contributor

Re: How soon can I apply for an unsecured credit card?

If you did not include Cap 1 in your BK you should try prequalifier form.  It is a soft pull.   I got a Cap 1 QS card with a $500 SL the week I received my discharged.  If the pre-qualifier gives good results you might be able to get an unsecured card.  

ch13 D/C 9/15 - 4/3/16 Eq678(642)/Tu658(593)/Ex680(613)
goal 680 April 2016
Message 9 of 11
Regular Contributor

Re: How soon can I apply for an unsecured credit card?

I have two cap one cards a navy fed, and kohls, my bk was discharged 12/15
Message 10 of 11