cancel
Showing results for 
Search instead for 
Did you mean: 

First card since Bankruptcy

dhamma
New Member

First card since Bankruptcy

Hi, Totally new to this so sorry if these are newb questions.

 

A little background.  I think I had a good score at first.  Made some bad descisions and racked up a bunch of debt.

 

Filed for bankruptsy about 4.5 years ago, and current status is discharged.  There probably has been zero credit activity since.  I've just been paying with cash/debit for stuff.  I currently do not have any active credit cards or forms of credit, like rent/insurance/phone bill etc. 

 

The 'main' card I had and racked up debt on was Chase Amazon.  I think between that one and other forms of debt, the total was between 16 and 18K, although I doubt that part matters.

 

I just found my score according to Credit Karma, and they say it's 684/706, it has 2 (i know its an estimate anyway).  This is the first time I've checked my own CS.  Honestly I'm surprised that the score is that high, I would have expected it to be much lower.

 

Also, right now I do not have any income, but I do have some money in the bank.  The purpose of this is to build up credit, so I can eventually qualify for cards that give flyer miles (if I do not qualify yet).  I hardly have any expenses, and my monthly charges could be a few hundred or as low as $40 for the next few months.  But it's something.

 

What do you guys suggest I do to start building?  I'd prefer something with points/rewards if possible.  Would I be automatically disqualified from Chase considering I have history with them?  Considering my score is borderline fair/good I should be able to get a card right?  I just don't want to apply for something I'm not going to get and just lower my score. 

 

I know that there are a bunch of sighn up bonus cards, probably not a good fit for me right now as I would not meet the minimum spending to get that bonus right now.

11 REPLIES 11
Remedios
Moderator

Re: First card since Bankruptcy

Chase will most likely deny any apps with BK on file.  I'd leave that one alone.  

 

For start, you may want to check your actual fico scores.  You can use trial from EX for all three, just make sure you cancel if you do not want to keep subscription. 

Also, Discover provides free EX score https://www.discover.com/free-credit-score/

 

You may wish to check Capital One and Discover prequal and see if anything meets your spending. 

 

Good luck. 

 

 

Message 2 of 12
dhamma
New Member

Re: First card since Bankruptcy

I signed up at Experian.  And.....  score unavailable :/

 

"There probably wasn't enough credit history in your Credit Report for us to generate your FICO® Score"

 

I clicked around, found 4 closed CC accouts, and the Chapter 7 bankruptsy, and that's about it. 

 

Hmm... What should I do then?

 

I clicked around on prequalified section on credit karma.  "PNC cash rewards" is an option I would probably go for, since there is no annual fee.  But if I wouldn't qualify for a card with rewards,   it seems like Capital One Platinum may be a sure bet.  Since it may be easty to get and designed as a starter card.

 

BTW, any way to remove BK from the history?

Message 3 of 12
JAG73
Moderator

Re: First card since Bankruptcy

The way to remove BK from your history is by letting the time pass, in your case, 10 years. 

Got some pruning to do... No more new cards!
Message 4 of 12
dhamma
New Member

Re: First card since Bankruptcy

Well it's a good thing I'm not in a hurry than.  So I probably won't be able to get a Chase card until it's cleared?

 

Is it worth trying to get the rewards card?  Or should I just go with a safer bet just to have something?

Message 5 of 12
Adkins
Mega Contributor

Re: First card since Bankruptcy


@dhamma wrote:

Well it's a good thing I'm not in a hurry than.  So I probably won't be able to get a Chase card until it's cleared?

 

Is it worth trying to get the rewards card?  Or should I just go with a safer bet just to have something?


Even once the BK falls off your report, Chase will have a saved internal history of your accounts with them. You burned them, and they are not a lender that usually lets you back in right away. I'd get the capital one and discover, even if you need the secured versions of both, and get good payment history going for a minimum of six months. A year would be better. Once you have a better established score and history, you can try for other cards. 

Last HP 09-14-2020



Message 6 of 12
FinStar
Moderator

Re: First card since Bankruptcy

OP, as mentioned above and to add, for the time being any issuer such as PNC, AmEx, Chase, etc., will likely be off limits until your BK has aged considerably or falls off your CRAs within the alloted timeframe. So, don't be lured by Credit Karma recommendations as those will be an exercise in futility.

I'll move your thread to the Rebuilding Your Credit forum for additional exposure. As you explore your options, and given the recent BK, it's also a good idea to temper expectations and be patient while you rebuild. This way you don't rack up unnecessary inquiries or accounts that will provide no long-term or meaningful purpose.

ETA - welcome to the myFICO forums @dhamma.
Message 7 of 12
dhamma
New Member

Re: First card since Bankruptcy

Thanks!

 

Well I just appled for Capital One Platium and they denied me :/

 

And here I thought it would be easy to get because it's somewhat of a starter card.  Probably because I don't have a job right now it also hurt me.

 

So getting a secured card would be my best option right now?

Message 8 of 12
FireMedic1
Super Contributor

Re: First card since Bankruptcy


@dhamma wrote:

Hi, Totally new to this so sorry if these are newb questions.

 

A little background.  I think I had a good score at first.  Made some bad descisions and racked up a bunch of debt.

 

Filed for bankruptsy about 4.5 years ago, and current status is discharged.  There probably has been zero credit activity since.  I've just been paying with cash/debit for stuff.  I currently do not have any active credit cards or forms of credit, like rent/insurance/phone bill etc. 

 

The 'main' card I had and racked up debt on was Chase Amazon.  I think between that one and other forms of debt, the total was between 16 and 18K, although I doubt that part matters.

 

I just found my score according to Credit Karma, and they say it's 684/706, it has 2 (i know its an estimate anyway).  This is the first time I've checked my own CS.  Honestly I'm surprised that the score is that high, I would have expected it to be much lower.

 

Also, right now I do not have any income, but I do have some money in the bank.  The purpose of this is to build up credit, so I can eventually qualify for cards that give flyer miles (if I do not qualify yet).  I hardly have any expenses, and my monthly charges could be a few hundred or as low as $40 for the next few months.  But it's something.

 

What do you guys suggest I do to start building?  I'd prefer something with points/rewards if possible.  Would I be automatically disqualified from Chase considering I have history with them?  Considering my score is borderline fair/good I should be able to get a card right?  I just don't want to apply for something I'm not going to get and just lower my score. 

 

I know that there are a bunch of sighn up bonus cards, probably not a good fit for me right now as I would not meet the minimum spending to get that bonus right now.


Heres the problem right here. You have to place employment on a credit app. If you pass this section, not good. Creditors will want to know if you have a job and your annual income. Savings accounts dont count. If you place a phoney employer. You can get yourself into a bit of a pickle.





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 9 of 12
dhamma
New Member

Re: First card since Bankruptcy


@FireMedic1 wrote:

Heres the problem right here. You have to place employment on a credit app. If you pass this section, not good. Creditors will want to know if you have a job and your annual income. Savings accounts dont count. If you place a phoney employer. You can get yourself into a bit of a pickle.

I put a zero for income on the app.  Not really planning to have a job in the near future, going to do some volunteer work for the next 3-6 months, then travel (key word Frugal).  

 

So until I have income again, job or self, I pretty much won't be able to get any card?

Message 10 of 12
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.