Figured I'd add a data point for others dealing with BK and searching for stories.
Quick background first to put into context: 7 years ago, I was a stupid irresponsible college kid, racked up debt, went BK. About a year or so after that, got approved for a little $500 card from Capital One and went to work repairing my credit. Couple years after that, got a little $1,000 WAMU card, got a good job with reliable income. Was renting, no huge debt, was approved for a new car auto loan from Capital One, interest rate wasn't great (about 8.6% 4 or 5 years ago) but by far the best I could get, paid it off 2 years early. During this time also managed to save up a several thousand dollars, put 3.5% down on a sensible FHA mortgage for a cheap house that is well within my means, one year later (today) still in good shape. WAMU card eventually grew to a $5,500 rewards card, converted to Chase, and I guess I used it/paid it off often enough to survive the big credit limit purge, still have my Chase rewards card. No late payments or adverse action at all on record anymore other than 7-yr old BK.
So, following that. My credit score is about as good as it could possibly be and still have a BK on record. It'll come off in 2-3 years, about 720 TU, 695ish Equifax. I wont need to borrow anything in a year anyway, so I decided to risk the 1-year ding and apply for some cards. Mortgage is with Wells Fargo, so I applied for that, declined. I applied for a rewards card from citi (dont remember which one, but it wasn't a card that was intended for bad credit), declined.
At that point I figured I'd give up and wait it out until my BK drops off and the credit becomes sparklingly near-perfect. I recently got a surprise in the mail, Capital One offered to let me apply for a no-hassle rewards card. (and it is not the one with the annual fee) I wasn't going to apply with them or chase because I didnt want to potentially mess up what I had with them (especially that $5,500 chase rewards card, I recognize I'm lucky to have it), but I figured what the hell, I have a financial relationship with them already and they know who I am, so I answered the invitation.
Got the card today! $10,000 limit, 2% cash back for gas and groceries, 1% for everything else, 0% APR for one year, 17.9% thereafter. (If that sounds high, I don't care, I dont carry balances, I take advantage of cashback rewards) The web site basically says not to apply for this card if you have a BK, so I guess they extended the invitation due to my history with them.
Even though my Chase card was better the last few years, I still used their little $500 card I got long ago at least monthly, always at least some little charge to give them some action on merchant fees, paid off the balance, got a car loan from them and paid that off early, and it appears that because of that, they gave me a card, which their own website warned me not to apply for, that is one hell of a lot better than other companies are willing to give even though the BK still has a few years left until I hit that magical 10-year anniversary.
So, no guarantees, this is just me reporting on my experience, but if you have a recent BK you may want to consider getting a little Capital One card even if the interest rate or limit isn't great and stick with them for several years. Maybe they will surprise you someday.
