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Applying for Credit After Chapter 7

angeoudemon
New Visitor

Applying for Credit After Chapter 7

Hi, 

I am a bit lost here and would need some guidance and info. I have filed for Chapter 7 back in Oct 2019 and got discharged on 1/20. 

I would like to rebuild the credit, but don't know where to start. I filled for bankruptcy because of a personal guarantee situation with my business and on lawyer advice, all CC were to be included in bankruptcy. She asks me to stop paying them, so I got charge offs on my credit report. I have to include Amex, Cap1, Target, Credit One, and Wells Fargo IIBK. 

My current  TU is 663 the same EQ and my EX is 558. 

I tried to apply for Cap1 secured got denied, same with wells Fargo and Citi secured card. 

Any advice which card could I try to get credit rebuild or did I completely screw up myself by IIBK these credit cards?

 

I see lots of people getting approved for secured and some unsecured CC after discharge but I don't want to just rack up my inquiries. 

 

Thank you in advance for your help and suggestions. 

8 REPLIES 8
Dumbee
Established Contributor

Re: Applying for Credit After Chapter 7

OpenSky, no HP 

 

Open a Self lender account, pay off $100 of the loan balance and they'll give you option for a secured card no HP


Smiley Embarassed
Personal/40.15K Biz/23K POT/17K
Message 2 of 9
Back2Reality
Frequent Contributor

Re: Applying for Credit After Chapter 7

Prequal for Discover secured (no hp if there are no products available). If approved, and you use and pif every month, they can pc your card to unsecured with a CLI to match. 

 

 Try Indigo, or Blaze. They were the first to approve me 4-5 months after BK7, along with Discover. Mission Lane and Mercury were invites. Merrick Bank is also great and i think you can still apply rather than get invited. 

don't give up on Capital One: they forgive (they were IIB for me). It took time tho: 10 months after discharge they approved me. Keep doing the prequal. 

good luck!!

 

 




Recent INQs:




GOALS 2021:
• [___] $75k revolving CL
• [___] Apple Card (too sexy not to have)
• [___] AZEO enforced
• [___] Build Emergency fund to 2x monthly
• [___] FICO 8 670: [___]EX [___]TU [__X__]EQ
Message 3 of 9
visionsdivine
New Contributor

Re: Applying for Credit After Chapter 7

You can get a credit rebuilder account with a company called "Self," but their interest rate is a little high at almost 15%. Check with credit unions around you to see if they do rebulder accounts. Years ago when I filed Chapter 7 I got a rebuilder account with a local credit union that had 3% interest. If they don't offer any, Self isn't too bad. Get an OpenSky secured credit card on top of getting a rebuilder account, or see if a relative of yours would make you an authorized user on a credit card of theirs.

Message 4 of 9
Mrm181
Member

Re: Applying for Credit After Chapter 7


@Back2Reality wrote:

Prequal for Discover secured (no hp if there are no products available). If approved, and you use and pif every month, they can pc your card to unsecured with a CLI to match. 

 

 Try Indigo, or Blaze. They were the first to approve me 4-5 months after BK7, along with Discover. Mission Lane and Mercury were invites. Merrick Bank is also great and i think you can still apply rather than get invited. 

don't give up on Capital One: they forgive (they were IIB for me). It took time tho: 10 months after discharge they approved me. Keep doing the prequal. 

good luck!!

 

 


Just to add to this. I IIB Cap1 in my Ch7. was denied a discharge, they approved me one year later.

Father, Husband, Entrepreneur, Student of Life.

Great Credit - 776 - 11/2018
CH. 7 Filed - 04/25/2019
Discharge Denied Per Agreement Wait Six Months.
BK Still Open - Current
Message 5 of 9
HaKs310
Member

Re: Applying for Credit After Chapter 7

I would try Discover like @Back2Reality  mentioned.

I tried their prequal site about two weeks after discharge and was approved for the It Secured card. Like you I did not include them in my BK7 and my FICO8 Exprian score, 566, was just a bit higher than yours when I applied.

Message 6 of 9
Back2Reality
Frequent Contributor

Re: Applying for Credit After Chapter 7


@HaKs310 wrote:

I would try Discover like @Back2Reality  mentioned.

I tried their prequal site about two weeks after discharge and was approved for the It Secured card. Like you I did not include them in my BK7 and my FICO8 Exprian score, 566, was just a bit higher than yours when I applied.


@HaKs310 did your secured card graduate yet? It was like clockwork, though I did put some spend on it during those 6 months. I also got it up to $500 deposit to decrease utilization during the waiting period before graduation/CLI.




Recent INQs:




GOALS 2021:
• [___] $75k revolving CL
• [___] Apple Card (too sexy not to have)
• [___] AZEO enforced
• [___] Build Emergency fund to 2x monthly
• [___] FICO 8 670: [___]EX [___]TU [__X__]EQ
Message 7 of 9
HaKs310
Member

Re: Applying for Credit After Chapter 7

No, I actulally just received the card in the mail this past Saturday. I have a thread going in this forum so hopefully come February I'll have good news to post about them graduating it though!

I read everyone's posts mentioning how quick their card graduated so Discover was my number one option for a CC when my BK7 was finally discharged.

Message 8 of 9
Jesse1043
New Visitor

Re: Applying for Credit After Chapter 7

Go to YouTube they have tons of videos that will help you!! Ollo Credit Card, Capital One, Victoria Secret, Merrick Bank, Avant, Navy Federal Visa , all gave me cards and I discharged from a chapter 7  09-01-19...

Message 9 of 9
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