topic Credit Card Option Post Ch 7 Discharge in Bankruptcy

Credit Card Option Post Ch 7 Discharge

heather06 — Wed, 26 Feb 2025 05:00:45 GMT

I am post discharge 9 months from Ch 7 and looking to start rebuilding my credit. Went on Cap 1 and got a pre-approval for Platinum & Quicksilver One. Should I proceed with application after pre-approval? They were part of my BK so don't want to hit hard pull if chances are I will be denied.

I also just applied and was approved for Mission Lane with a $2,000 limit. And Credit Karma says that Cap 1 has an excellent pre-approval rate and also so does Ally.

Looking to add just a few so I can start the re-building journey. Any input/advice greatly appreciated!

Re: Credit Card Option Post Ch 7 Discharge

MileHigh96 — Wed, 26 Feb 2025 13:06:34 GMT

If CapOne says you are pre-approved, that is a 99.99% guarantee that you will get the card you apply for. I've never heard of or seen CapOne give a denial after a pre-approval. And even though you burned them, CapOne is one of the most forgiving out there. I would go for the QS since that's a rewards card and the Platinum is just a basic no frills card.

Ally would be another one that is BK friendly. I got in with them when it was still Ollo (before Ally bought them) and it was one of the first cards I got after my discharge.

So with you ML card you already have, a CapOne card, and an Ally card, that would be the 3 needed for optimum FICO scoring while starting out your rebuild.

I would suggest, if you are eligible to apply, open a savings account with NFCU because they are a BK friendly CU and their cards tend to grow rather quickly the longer you are with them. So if you can open an account there, down the line, that would be a great place to add an additional card in the future.

Good luck going forward with your rebuild!

Re: Credit Card Option Post Ch 7 Discharge

heather06 — Thu, 27 Feb 2025 04:28:38 GMT

Thank you @MileHigh96 for your insights!

I did not go through with the Cap1 app last night as I didn't know whether it would get approved. I'm back on Credit Karma and have the following cards showing with Outstanding/Excellent odds of being approved.

Ally Platinum - $0 Annual Fee

Ally Everyday Cash Back - $0 Annual Fee

Capital One Platinum - $0 Annual Fee

Capital One Savor Cash Rewards - $0 Annual Fee

Capital One Venture One Rewards -$0 Annual Fee

Capital One Quicksilver One - $39 Annual Fee

When I go to Capital One pre-approval page - it only shows these two cards:

Capital One Platinum - $0 Annual Fee

Capital One Quicksilver One - $39 Annual Fee

I thought I read to NOT get a card with an annual fee when you were rebuilding. What two would you recommend applying for to get to my 3 cards? Not sure which ones would be better. Want to make sure that I am being strategic about the next steps I take to optimize my ability to get back to those great credit scores.

Appreciate your input and guidance so much! Thank you.

Re: Credit Card Option Post Ch 7 Discharge

FicoMike0 — Thu, 27 Feb 2025 05:18:19 GMT

Ditto @MileHigh96

Capone is pretty good with pre approval. I don't like fee cards in general either. If you go with plat, you can likely pc to no fee quicksilver in the future.

Ps, Capone does pull all three bureaus. They also can be tight on clis. Probably not a big deal starting a rebuild.

Re: Credit Card Option Post Ch 7 Discharge

CaneVariant — Thu, 27 Feb 2025 05:45:29 GMT

Mission Lane has been very good to me. In the year I have had the card I went from $3k to $4k in 6 months and $5k this week. Card was opened in April last year. Ally gave me a $1k 0% offer for 9 months. No CLI's yet and with the Merrick Bank takeover I don't have any expectations. C1 let me back in like an old friend at 10 months for a better card than I had without the BK. TLDR you have great options. Use that Mission Lane and it will reward you (obviously PIF) but I would go the NFCU even if it is secured. Keep up the great work.

Re: Credit Card Option Post Ch 7 Discharge

CaneVariant — Thu, 27 Feb 2025 05:46:56 GMT

Just saw you were at 9 months. Hold 1 more month. The denied me 9 months in but gold less than 3 weeks later at 10 months YMMV

Re: Credit Card Option Post Ch 7 Discharge

heather06 — Thu, 27 Feb 2025 06:09:03 GMT

@CaneVariant I will be 10 months post discharge on March 8th. I have a pre-approval now from Capital One site for both the Platinum & Quicksilver One and on Credit Karma it is showing Excellent odds for a Capital One Savor and Capital One Venture card.

I'm seeing that to rebuild, I should get 3 cards. I was approved for Mission Lane last night.

So my question is - Should I apply for two more cards immediately or is it better to wait and do them one at a time over several months? And if I do apply since I have pre-approvals right now - which two, out of the ones I listed, should I apply for?

Did not realize that I could have started this months ago. I have been getting offers in mail for months and am just now starting to rebuild. Any and all tips appreciated!

Re: Credit Card Option Post Ch 7 Discharge

MileHigh96 — Thu, 27 Feb 2025 12:58:35 GMT

@heather06 wrote:
Thank you @MileHigh96 for your insights!

I did not go through with the Cap1 app last night as I didn't know whether it would get approved. I'm back on Credit Karma and have the following cards showing with Outstanding/Excellent odds of being approved.

Ally Platinum - $0 Annual Fee
Ally Everyday Cash Back - $0 Annual Fee
Capital One Platinum - $0 Annual Fee
Capital One Savor Cash Rewards - $0 Annual Fee
Capital One Venture One Rewards -$0 Annual Fee
Capital One Quicksilver One - $39 Annual Fee

When I go to Capital One pre-approval page - it only shows these two cards:
Capital One Platinum - $0 Annual Fee
Capital One Quicksilver One - $39 Annual Fee

I thought I read to NOT get a card with an annual fee when you were rebuilding. What two would you recommend applying for to get to my 3 cards? Not sure which ones would be better. Want to make sure that I am being strategic about the next steps I take to optimize my ability to get back to those great credit scores.

Appreciate your input and guidance so much! Thank you.

Ah, my bad, I didn't realize you said Quicksilver One which has the annual fee, I thought it was the no AF QS card. Definitely go with the Platinum then because as @FicoMike0 said, you will be able to PC that to a better card in just a few months. Avoid AF cards at all cost if possible.

As for the discrepancy between what CK is telling you about CapOne approval odds versus what the CapOne site is telling you, I would lean towards the CapOne site being the one I would believe more. So if you pull the trigger with CapOne, I would go directly through them. But with the Ally cards, they are invitation only, so if you have an invite for one through CK, then definitely apply for it through them I'd go with the rewards card over the plain platinum card. And if you do that, you will have your three cards to start.

As for spreading out the apps, I wouldn't at this point, I'd just apply for the other two and take the short term hit from the HP's on your credit. It only takes a few months to get those points back. Plus if you spread them out, it will keep adjusting the AAoA and that will be a hit to your score as well. After my BK was discharged, I got my first 3 cards all within two weeks of each other.

Re: Credit Card Option Post Ch 7 Discharge

heather06 — Thu, 27 Feb 2025 19:46:51 GMT

@MileHigh96 Thank you! This is super helpful.

I will grab those other two cards now & not worry about the hit to my credit reports. This will at least get me started with my rebuild. When you say PC to a better card in a few months with Cap1 - what does that process look like?

Appreciate all your input. This board has been a lifesaver for me for over 20 years and always know I can count on sound advice here. 🥰

Upward & Onward to the 800 club...once again! ✨

Re: Credit Card Option Post Ch 7 Discharge

SilentTraveler — Thu, 27 Feb 2025 20:16:45 GMT

In my case, Capital One sent me either a letter or an email asking if I wanted to change my Platinum to QuickSilver. I had applied for the Pla tinum in 12/23 and they asked me if I wanted to upgrade in 07/24.

Re: Credit Card Option Post Ch 7 Discharge

CaneVariant — Fri, 28 Feb 2025 00:28:22 GMT

I would wait on pulling the trigger on C1 to make sure I get a good Savor offer. The Quicksilver and Platinum card offers will likely be bucketed. A NFCU secured card will grow for you A LOT quicker than C1's lower end cards. I also wouldn't waste my time with credit karma unless maybe you want to get an Ally card edit: Wait for C1 to offer the Savor or Venture pre-approval.

Re: Credit Card Option Post Ch 7 Discharge

Zoostation1 — Thu, 06 Mar 2025 05:13:57 GMT

@heather06Do not trust the odds of approval Credit Karma gives you. CK is a useful site for monitoring your TU and EQ reports (changes show up very quickly there), but the odds of approval they give you are not rooted in reality. The results you're seeing on the capital one preapproval tool are pretty on point. They're the same two options I had when I was 3 months into rebuilding (I didn't start rebuilding till 4yrs after filing CH7. The preapproval tool is very solid, but it's not a guarantee. I would generally suggest Platinum first if going with Capital One. I went with QS1 ($2000 approval) and it's $39AF (figuring I would earn more than $39 in rewards per year), but not long after opening I started coming here and learned that it's a card that's notoriously difficult to product change from. That being said, after just under 8 months I was able to get an increase to $3500 and a week later a PC to a no AF VentureOne. 6 months after that it became a regular Quicksilver. I would not apply for any Capital One card that doesn't show up on the preapproval tool as that will very likely be a denial.

Re: Credit Card Option Post Ch 7 Discharge

Scorphiom — Mon, 17 Mar 2025 19:18:34 GMT

I would stay away from Ally personally, I just closed my Ally Everyday Cashback now that merrick bank owns them. I have 4 Capital One cards, and several others, and I was discharged from Ch7 July 2024. The rebuild is very much possible, just make sure to PIF.

Re: Credit Card Option Post Ch 7 Discharge

southernblueeyes — Tue, 18 Mar 2025 17:42:50 GMT

Slow and steady wins the race. Don't rush. Repairing credit takes time.

My BK7 discharge was 5 years ago and my total credit is almost $130k. I did start out slow because I did not want to get stuck with low limit cards. The first couple of years were really slow but I have come a very long way. Capital One was IIB so they were slow to open up. Discover was IIB and I am still blacklisted with them. Chase is also a no. They did give me a $50,000 auto loan but can not even get a cobranded card.

Good luck on your rebuild!!

Re: Credit Card Option Post Ch 7 Discharge

ChameleonBob — Wed, 07 May 2025 02:07:31 GMT

I'm 14 months out and just started rebuilding my credit.

It's interesting how people get approved after a BK.

I can't get approved for any Cap 1 cards and they were included in my BK.

Mission Lane offered me a card for $5k but I don't need another card.

Just took an offer from ALLY for their cash back card about a month ago for $4k.

Did the prequal for Discover twice and finally got approved for a secured card after ALLY showed up on my CR. Tried getting Discover for many years before my unfortunate BK and they never approved me for anything.

The main card I want to get is the OneKey card because I use Expedia a ton but WF keeps denying me saying that I have a bankruptcy on file. Never had credit with them.

Just going wait until the end of the year and try again for the card.

I always use the prequal for cards.

Happy trails on rebuilding.