rebuilding credit after filing bankruptcy

Anonymous · ‎04-25-2008

my question is, is it really possible to apply for credit cards,loans etc while in bankruptcy,i was under the impression that once you have file bankruptcy thats it, there nothing or no one who would consider you for any type of credit or loan.

Anonymous · ‎04-25-2008

I applied for an unsecured MC thru Orchard Bank before my CH7 discharge and got an instant approval. It's probably best to wait until after discharge (if CH7) before applying. It is possible to get credit soon after bankruptcy, just depends on your fico scores when all is said and done. If you have high utilization levels on your CC's, your scores may go up after BK since your utl levels will be 0.

Message Edited by GYMRATT40 on 04-25-2008 10:12 PM

Uniqua · ‎04-25-2008

I would wait until after discharge as you are not supposed to get any new credit while in bankruptcy without the trustee's permission. You will need to go back to court for this approval and the last thing you want is to have your bankruptcy dismissed because you established new credit and the bankruptcy court found out.

Anonymous · ‎04-25-2008

As Uniqua stated, you really should wait until after discharge before applying for a cc. You would not want to jeopardize your filing by applying too soon. I applied for the Orchard MC knowing my discharge was suppose to be 60days after my 341 meeting. I applied on the 63rd day, and I received my discharge letter in the mail two days later.

Uniqua · ‎04-26-2008

GYMRATT40, if you don't mind me asking, what was your CL when you applied with Orchard? Since I am waiting to receive my discharge letter any day now, I was shopping around for a CC that could help me raise my scores. The only thing helping me is the installment loans I consolidated and paying off monthly with no lates. The fact that the filing of my Ch 13 BK was over 5 years ago is helping me a little, but I do know I need a revolving line of credit to boost me to where I want to be (until my bankruptcy falls off my CR). I've joined a CU but I'm really scared to apply. Of course, I'm waiting until I get my letter and I can yell "PRAISE GOD" before doing so, but I want to get a good card that's not going to put me at 85% util with all kinds of fees and what have you before I even use the card. Any suggestions?

4/05/08 - TU 588 (FAKO) / EX 652 (FAKO) / EQ 675 (FICO)
4/19/08 - TU 588 (FAKO) / EX 667 (FAKO) / EQ 675 (FICO)
Waiting on TU investigations to conclude before obtaining new report and score.
EX and EQ are updating as I type this. Will see if scores increased soon.

Anonymous · ‎04-26-2008

Uniqua, The Orchard cl was 500. They do have 39.00 or 49.00 annual fee. The int rate is 14.9% and there are no other fees. Juniper has no annual fee, 7.9% fixed rate and they gave me a cl of 800. I've found from this forum and others that Target red card and Hooters mastercard are two more that are bk friendly. The target red card usually upgrades to the target visa in 6 months or so. Target has their own bank. Good luck!!

Anonymous · ‎04-27-2008

You should take a look at the credit card forum on this site. Many people get credit after 2 or 3 years.

mahogonylady wrote:
my question is, is it really possible to apply for credit cards,loans etc while in bankruptcy,i was under the impression that once you have file bankruptcy thats it, there nothing or no one who would consider you for any type of credit or loan.

Uniqua · ‎04-28-2008

Thanks for the info, Gymratt40. I don't shop at Target so that's out of the question. But what is up with this "Hooters" talk I keep hearing?

Are there any women who have this card? I think I'll try my CU first. Then perhaps Orchard and Capital One. I filed BK on BofA so they may have me blacklisted

. I hear Amex won't budge if you have a BK on your CR no matter how long it's been since you filed. And in all honesty, I really want an Amex Blue Sky or Blue Cash.

Anonymous · ‎04-29-2008

Target's no sak's or Macy's but it's good for your basic toiletries and cleaning supplies:-) There's alot of love for the Hooter's card(Merrick Bank) because they are very BK friendly and are generous with the cl they give new customers. Personally I've been to one Hooters(after a car show) and the food was less than good to say the least. I'm sure there are plenty of women who have this card because it's all about getting those FICO scores up. Heck I'd carry a Chippendale's visa if it had a great APR with a good cl!

Roxlie · ‎05-02-2008

I'd check with HSBC cards ie. Orchard and Household. They were the first two cards I was approved for after my discharge. They were low CL for me..300 each but Orchard raised my limit to 500 after like 6 months. In addition, the APR was 9.9 for both cards.