How soon after discharge should I wait before applying for a store-credit card?

[annat]

Probably a stupid question, but my bankruptcy was just discharged at the end of May, and I was wondering is it too soon to start applying for like a department store-credit card, like JCPenney's where I could buy something small each month and pay the total bill in full each month? My lawyer told me before I filed that that's a good way to rebuild credit, but someone told me I should wait 30-60 days after the bankruptcy is discharged before even having a credit check ran for the purpose of getting a card.

Thanks for any information!

[MidwestGuy]

Avoid too many inquires on your credit, select carefully.

[mgmadara]

You should get copies of your credit report from all 3 credit reporting agencies and clean up all errors before applying for any credit.

[Flamingo]

First, about two months after your discharge, get all three of your credit reports from the 3 major agencies. Clean them up - do not apply for any credit during the clean up period. Note that you will probably be denied for credit on any account you apply for especially if the creditor is involved with a bank that you listed in your BK or was actually a creditor in your filing. You will receive all sorts of high interest offers for cars, loans, etc. and those will be from creditors who obtain your discharge information (it's public information) and will send you all sorts of offers in the mail hoping you will bite (watch that fine print). We still get them now and then almost two years after our discharge and they are mostly mortgage/car related. And they do mention your bankruptcy discharge so you know records are gleaned for that information.

It will take you at least two years to get yourself straightened out somewhat credit wise and if you do it too fast, you will end up accumulating a ton of hard inquiries on your credit report that will work against you - they stay on your report for two years so the more denials you get, the more hard inquiries you will have.

Take your time - best of luck to you.

[magyar123]

If/when you apply for stores' credit cards, make sure that the applications are actually processed through the stores - and you might get them. If those applications are "farmed" out to Citi, Chase or B of A it's a no-go.

[Flamingo]

If/when you apply for stores' credit cards, make sure that the applications are actually processed through the stores - and you might get them. If those applications are "farmed" out to Citi, Chase or B of A it's a no-go.

That's correct - the application for the card itself will indicate that. If you apply at the store at the register, that is not indicated (i.e., "Would you like to apply for our card? You will get an instant 10% off this purchase"). Ask for the application - do not apply at the register because it will alleviate the embarrassment of getting turned down there in line.

[wolfledet]

I applied to Best Buy for the Mastercard and got approved recently. It is with HSBC bank and you can earn reward certificates you can use at Best Buy.

[AngelinaCat]

I am sorry, but if you are just coming out of BK--we are in the middle of BK--my thought is PLEASE try to go cash as much as you possibly can.

Let at least SIX months go by w/o the plastic getaway card--for any store. AT-ALL Please!!! That is what got us all here in the FIRST place.

Okay, I'm off my soapbox and going to bed. G'night All

[HRx]

Don't be to much of a hurry to get new credit cards! Just use cash for the next year or more and build up a nice cash account. Before you know it you will have see your first $10k of cash in your savings account.

Good Luck!

[teefanny06]

I am new here...and posted a few days ago. I haven't heard any replies...so I thought I would post here...since this is an active thread!

Anyways..our BK was discharged in 12/07. We had disputed our items on our credit report that were wrong...got a letter from all 3 companies saying it was fixed. Well...we went to go buy a new car...and were denied...because of our credit report. They were never fixed at all!!!

SOOOO...here's my question...we are disputing again...(this time with certified mail...although I still have the letters they sent saying it was fixed)...what all should I include in our dispute letter? Should I include a copy of our original filing? Or the discharge letter? The BK is showing up on our credit report at public information. So I would think that they could verify it themselves...but who knows!!

Any help would be appreciated!

Thank you!

[Flamingo]

teefanny06 - your posting should be under the Rebuilding Credit forum or General Bankruptcy. It is not considered good etiquette to hijack a thread with another topic and since you are new you may not know that. You should repost your above posting in another section. Just because this is an active thread doesn't mean that everyone reads it and they are gleaned by viewers via subject matter. Your posting could just get lost even more.

[sharksfan]

Try for a Target card.