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Ch 7 Bankruptcy discharged, now what...

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Anonymous
Not applicable

Ch 7 Bankruptcy discharged, now what...

Long story short, I received a wage garnishment from hell mid 2018, and forced me into bankruptcy with a 736 credit score. (Ridiculous stuff...long story)

Discharged October 2018.

Denied today for 3 different SECURED cards!
Capital one, discover, and citi all declined me.
Score shows 581-585.

I have a checking account with Chase. But didn’t see a secured card on their site.

What is crazy to me is I’m getting declined for these $2-300 secured cards but have much greater amounts in the bank and on hand. Just looking for ways to boost my score so I can buy a house in a few years.

I was trying to avoid a card with an annual fee.

Thanks for any advice.

Message 1 of 20
19 REPLIES 19
CashBackQueen
Frequent Contributor

Re: Ch 7 Bankruptcy discharged, now what...

Try OpenSky. It's secured, no credit check, reports regularly. There is, I believe, a $35 annual fee, but that's much better than other cards like First Premier and Credit One whose fees are more than a hundred dollars. It's a great card to start with and before you know it you'll be getting approved for better cards, like Capital One's Platinum starter unsecured card (which you can later upgrade to the rewards Quicksilver)

Good luck!
BK7 DC 1/2/18 • Progress as of 5/10/22:


TCL: $89,350 • If it ain't got rewards, I don't want it Smiley Wink
Message 2 of 20
pizza1
Community Leader
Super Contributor

Re: Ch 7 Bankruptcy discharged, now what...

Welcome to the forums!

First and foremost, before you apply for anything else, you need make sure all three of your CRA reports are reporting correctly. Pull all your reports from the CRA themselves, TU, EQ, and EXP.

Your BK7 in the PR section should say discharged, and the date.

All your accounts the were IIB need to to be $0 bal/IIB notation.

Once your reports are reporting correctly, then check the pre-qual on Cap One and Discover.

Who did you burn in your BK, and what type of account or loan, and amounts?
Message 3 of 20
Anonymous
Not applicable

Re: Ch 7 Bankruptcy discharged, now what...

Ok, all previous accounts are showing zero balance. Discharge date was 10/29/18.

I did have capital one cards and a discover IIB, never had a citi. The biggest amount was discover for $3k. They have stated the reason for denial is “a recent bankruptcy “

No prequals show up, but they both recommended the secured card. Looks like I’m gonna have to try this open sky card... ugh.. I hate this lol
Message 4 of 20
Fx6cowboy
Contributor

Re: Ch 7 Bankruptcy discharged, now what...

Try Opensky and Greendot. Max secured limit for both are $3,000 and $5,000 if you’re needing room with a decent deposit credit limit.



Started from the bottom now I'm here. Smiley Happy
Message 5 of 20
Anonymous
Not applicable

Re: Ch 7 Bankruptcy discharged, now what...

Ok... UPDATE:

Applied for a secured card with a local credit union. They declined me, with notes that say “Recent Bankruptcy, Hasn’t re-established credit after bankruptcy “

That’s what I’m trying to do!!!!!! OMG this is depressing. I guess I’m just gonna use cash like I’ve been doing for the past 6 months. :::sigh:::
Message 6 of 20
FireMedic1
Community Leader
Mega Contributor

Re: Ch 7 Bankruptcy discharged, now what...


@Anonymous wrote:
Ok, all previous accounts are showing zero balance. Discharge date was 10/29/18.

I did have capital one cards and a discover IIB, never had a citi. The biggest amount was discover for $3k. They have stated the reason for denial is “a recent bankruptcy “

No prequals show up, but they both recommended the secured card. Looks like I’m gonna have to try this open sky card... ugh.. I hate this lol

Thats why in red you were declined. Cap1 will forgive around 1 year out. Open Sky for now. Good Luck!


Message 7 of 20
Anonymous
Not applicable

Re: Ch 7 Bankruptcy discharged, now what...

There are some sites that will show you cards that you are preapproved for so that you don't waste credit pulls. CreditKarma is one of them. 

My bankruptcy just discharged today and they showed me preapproved for CreditOne and Lendup Arrow. I got both of them, Lendup Arrow I was approved without an annual fee, Creditone I was approved with a $30-something annual fee. Limits were $500 and $750. Kinda crappy, but, just happy that the fees aren't awful. Going to stop there and wait a few months before applying for anything else. 

Message 8 of 20
Anonymous
Not applicable

Re: Ch 7 Bankruptcy discharged, now what...

Update: credit is now showing around 670.

 

declined for capital one platinum and Citibank double cash today.

 

currently have Ollo card and credit one. 

reminder- bk discharged October 2018.

 

was hoping to add 1 more card to my collection why credit continues to grow, but it's proving difficult to find one...

Message 9 of 20
Anonymous
Not applicable

Re: Ch 7 Bankruptcy discharged, now what...


@Anonymous wrote:

Update: credit is now showing around 670.

 

declined for capital one platinum and Citibank double cash today.

 

currently have Ollo card and credit one. 

reminder- bk discharged October 2018.

 

was hoping to add 1 more card to my collection why credit continues to grow, but it's proving difficult to find one...


I got approved for Mission Lane. See if you can get preapproved with them. 

Message 10 of 20
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