Help After Bankruptcy, Rejected from All

[Anonymous]

I just had my bankruptcy go through at the end of August this year, I have now applied for four credit cards in the past week and a half, all of them rejecting me despite many people online apparently getting approved after bankruptcy.

I applied for:

Citi Double Cash Card

Capital One (Secured)

Bank of America (Secured)

Discover It

All in that order. I should say, I did have Capital One and Citi cards when I filed, so in retrospect, the rejections from them weren't that surprising.

I am now kind of at a loss of what the next best steps are for me to rebuild credit. Am I just stuck?

[DaveInAZ]

Well, don't get discouraged, it is kind of soon. The first thing you should do is read this thread:

HOW TO: From BK7 discharge to 700 in 24 months or less!

Get your credit reports from all 3 agencies and make sure all you discharged debts are maked with 0 balance, noted Included in Bankrupcty, closed, and no past due marked on them. If some of your creditors are being slow in updating credit reports and some of your accounts are still showing Past Due 90-120 days, you will be turned down on every application. .

You might try starting with a secured card - Google "secured credit cards" - there are many choices. Credit One is pretty loose with cards, but usually low limits and $99 annual fees. But start with that How to thread here.

[Anonymous]

Got approved for a Credit One Card! Thanks for your help!

[Anonymous]

You might also try your local credit union. It worked for us. We joined them shortly after filing and they were there for us when we were discharged. Definately check those credit reports. I am still trying to fix errors on ours after discharge.  Congrat's On Your Discharge.

[barbaralee]

Bank of America is not BK friendly, even with their secured card. Discover likes to see time, imo. Give it a couple of months with Credit One and Cap.1 will approve you for their 3 steps program, probably. Rebuilding after BK is a test of patience.

[Anonymous]

I'm having trouble finding a credit union in nyc with credit builder loans. Any advice?

[ezdriver]

To OP ... you are setting your targets for unsecured cards too high. Are your credit reports 100% accurate ... especially with the IIB tradelines? If not, work on getting it so. Next get yourself two secured cards to start. Use them and make ontime payments for 8 to 12 months before applying for an unsecured card, With three credit cards in your hand, just build up your payment profile and the better credit cards will become available to you in time. Be patient. Rebuilding one's credit profile takes time and patience.

[0REDSOX7]

+1 to what EZ said.

You'd be amazed what happens to your score when you get two revolving lines (Credit Cards). There is a stigma on these forums about having secured cards but for some, they are the only option to get rebuilding underway.

I'd take via advice and get two secured cards and get that credit profile going.

Good luck.

[Insoc]

You have to give it more time, it took me a year past Discharge to get a decent Unsecured CC offer (via Merrick Bank).  I was also impatient and tried a couple credt cards too soon after dischage, Barclay's, Capital One Secured, PNC Bank Secured and Paypal Mastercard and was rejected on all.  Luckily Capital One did not do a hard pull, already was on their blacklist, and burned them for $3K on one card.  I know some say they don't blacklist, but I beg to differ.

I got the offers for Opensky, First Premier and Credit One but was not interested in the terms or rates.  I must have received 5 offers from each the past year.

I read that some people get cards soon after, but it appears it's not a common occurance, as everyone's BK's are unique.  Also be careful applying, your got a lot of inquiries on your credit report that won't go away for 2 years and that's a negative in gaining more credit.

[0REDSOX7]

If you follow the plan posted several posts up, you will get credit well before a year post discharge.

I am eight months post discharge and have the following and have four different credit cards and just under 10K in available credit.  Not to mention two auto loans and a personal loan.