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Just been discharged. How long to wait?

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Valued Contributor

Just been discharged. How long to wait?

Filed 8/31. Discharged 12/14. How long should I wait to apply for an unsecured card and which one is best?
Currently awaiting BK discharge ?
Message 1 of 7
6 REPLIES 6
Regular Contributor

Re: Just been discharged. How long to wait?

Which banks did you burn in your bankruptcy?

Message 2 of 7
Valued Contributor

Re: Just been discharged. How long to wait?

Amex, BofA, Chase, Discover, Cap One, Citi, NCSECU, M&T, PayPal credit when it was under comemity
Currently awaiting BK discharge ?
Message 3 of 7
Regular Contributor

Re: Just been discharged. How long to wait?

I would recommend OpenSky secured. Lower APR, no credit check, and low AF. After you've had that a few months, and make your payments on time, you can apply for unsecured cards. You may even get Pre-approved offers in the mail like I did. Let the creditors come to you...

Message 4 of 7
Senior Contributor

Re: Just been discharged. How long to wait?

+1

The ones that are forgiving you burned unfortunately. You may have a chance maybe mid June to get back in with Cap1 after checking the pre-qual. Maybe secured, maybe not. Disco over 1 yr usually is the sweet spot for the secured. Whatever you do stay away from high fee cards. Credit One, First Premiere and the like....





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 5 of 7
Member

Re: Just been discharged. How long to wait?

@icyhot. I have a car loan, credit card and personal loan with NCSECU and my 341 is Jan 18. How was your 341 meeting? Was it as nerve racking and stomach knotting as I have been told? I thought I wanted to reaffirm the car but it was brought to my attention that the credit union has a cross collateraliaztion clause where they will tie my unsecured personal loan and credit card to my secured car loan and still make pay completely off before they would even give me my title. 

Message 6 of 7
Regular Contributor

Re: Just been discharged. How long to wait?

You don't have to wait at all once you're discharged.  I would open a credit card to start re-establishing credit right away.  You may have to start with a secured card, though.  Try Capital One's prequalification before you apply.  If you're prequalified with them, I'd take it.



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