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Credit card after bankruptcy

Established Member

Credit card after bankruptcy

Hi there,  I was wondering if anyone can help me.... I had really good credit history however recently I was forced to apply for bankruptcy as joint co-signer for my husband.


We already received the discharge but now my question is how soon after bankruptcy I can apply for credit card, who I can apply with...what to do in general to get a credit card?

Message 1 of 6
5 REPLIES
Mega Contributor

Re: Credit card after bankruptcy

Give it 6 months to a year then try for a cap1 secured card. A local CU might do a secured as well.



EQ FICO 548 3/3/16
Message 2 of 6
Valued Contributor

Re: Credit card after bankruptcy

As far as Prime lenders like Chase/AMEX, you are going to have to sit those out for awhile. But Barclays, Merrick, Walmart, and Cap1 are good cards to try for. You can also try the shopping cart trick as well. If you are unable to get unsecured, get a secured card and garden that for 6-12 months, then try the unsecured route again.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 3 of 6
Frequent Contributor

Re: Credit card after bankruptcy

did you reafirm any positive tradelines?

NFCU Cash Rewards 20,000,NFCU Plat 17,000, NavCheck 15,000, USAA Cash 4,000, USSA Rate Adv 2,000, USAA AMEX 3,500, Freedom 2,000, Capital One 2,000, Barclay's Apple 1,500, Barclay's Ring 1500, Various Store Cards.




Message 4 of 6
Established Contributor

Re: Credit card after bankruptcy

First, have you pulled all 3 reports and checked them to make sure everything is reporting correctly?
Second, do you have some idea of where your scores are now?
How long ago was your discharge?
Many are able to get a card not too long after discharge. I've read of several that opened a secured card at their credit union within days. I was approved for a Cap1 unsecured card less than two months after. There is life after BK! Welcome to your fresh start!
Message 5 of 6
Highlighted
Frequent Contributor

Re: Credit card after bankruptcy

Congrats on your discharge. Glad you found us!

 

First off, the rebuild process should start immediately after your receive your discharge. I'm assuming you filed a Chap 7. 6 months to a year is way way to late.

 

Now step 1 is reviewing all three reports as has already been mentioned. Make sure everything is reported correctly, dispute items that are not updated. 

 

Step two, Apply for a Capital One product. You could try for the secured card or one of the lower end unsecured products. Unlike many folks here I would also suggest adding Creditone. They have a $75 AF and should be cancelled in your 11th month. 

 

Visit your local credit union and meet a loan rep. Ask specifically about their BK policies. Don't join a CU that specifically prohibits post-BK lending for an extended period of time.

 

Once you find a CU, open a credit builder or secured loan. At the same time you can take the secured loan money and fund another secured card. 

 

Assuming you've played this right, you should now have 3-4 credit lines. 

 

Once you hit about 5-6 mos of new credit activity, apply for a barclays product. You might have to recon but will be likely approved if you followed above instructions. 

 

Do not waste any apps on primes. Citi/Amex/BOA will all deny you swiftly. Stay away from them. You can try for GE at about 6 mos as well.

 

Also direct future posts to the BK forum. Lots of good recent and old experienced folks there. 


Starting Score: 501
Current Score: 754 EQ,TU 745,EX 750
Goal Score: 800

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