CC quick question

[HeatherB]

I filed Chapter 13 in '04. At that time, I got rid of all of my credit cards. Have only had a debit card since then. This year, I converted to a Ch 7. Giving back this house (too far from new husband's job).

What I'm wondering is since I filed bankruptcy on my CC, would those companies offer me credit again?

Basically, if I wanted to get a card with capital one (whom I previously had but filed bankruptcy on) is it possible??

I realize that any CC that I get at this point will most likely have some kind of fees (annual or monthly) and probably a start up fee.

[HHM]

The major companies probably won't offer you anything until your at least 6 months out from discharge of your chapter 7. Eventually, as your overall credit gets better, you will start getting offers from the "biggies", but right out of the gate from a chapter 7 discharge, its not likely.

[Boscoe]

So who IS likely to approve a credit request after the discharge? If we wait 3 months, should that do it? And do you have some names? I keep on getting Cap One offers. They HAD to have seen my current credit report - right?

[dmudduck442]

I was able to get an unsecured credit card from Orchard bank one month out of bankruptcy $500.00 credit limit with an annual fee of $39.00. I didn't think that was just too bad since our bk was discharged 7/24/07. Good Luck

[lrprn]

So who IS likely to approve a credit request after the discharge? If we wait 3 months, should that do it? And do you have some names?

The very best bankruptcy recovery strategy is the passage of time while making all payments on time. But if you are determined to get a credit card, here's a few sites that can help you sort out who to contact and what to look for:

http://ezinearticles.com/?Best-Credit-Card-After-Bankruptcy---How-to-Find-One&id=128275

http://articles.moneycentral.msn.com/Banking/BankruptcyGuide/BounceBackFastAfterBankruptcy.aspx

And these sites are databases to search to find the best rates and tems (I make no guarantees as to the accuracy or the dependability of these sites):

http://www.bankrate.com/brm/rate/brm_ccsearch.asp

http://www.whogavemecredit.com/

http://www.creditcards.com/bad-credit.php

I keep on getting Cap One offers. They HAD to have seen my current credit report - right?

Only in the most cursory way to set an APR, fees, and terms. Even though they make offers doesn't mean they'll approve if you apply.

Think about waiting a bit to see what offers come in. Compare them - not just the APR, but all the fees and other costs as well. Remember you aren't going to get great terms right out of bankruptcy. If you can wait even six months, you will get a better deal. Keep us posted what you find out and decide to do, ok? Good luck!

[Boscoe]

Thanks lrprn. Hopefully I will have a couple that will survive through the discharge date. If this happens, I plan to wait 6 months and then add a card with rewards and hopefully no annual fee. Discharge date is around Columbus Day.....cannot wait.

[magyar123]

Orchard/Household in the HSBC "family" are the best starter cards after bankruptcy. True, they both have annual fees and somewhat loanshark type interest rates, but if you pay on time, don't exceed your limit they will reward you. Six months after my October 2004 discharge Orchard approved me for a MC with a limit of $300. Had a good payment record with them, and 6 months later they approved me for one of their Visas, again with a $300 limit. And sometime last month, both increased my limits to $1000 each.
As mentioned they are in the HSBC family. The "big daddy" - HSBC saw that I was treating their kids right - always on time, always more than the minimum, never exceeding the limits, and I was "rewarded" the big daddy-HSBC Mastercard with a starting limit of $2500, which, just recently they increased to $4500.