First try at a Credit Card after BK7

[ace300s]

It's been about 3 months since my discharged BK7. Went online and did the prequalifier for Capital One. No match but they said try to apply for a card that they showed on the screen.

Applied and got turned down. They then suggested I apply for a Secured Card. Don't want to show a bunch of inquiries on credit report and decided not to do that at this time.

Anyone else run into the same thing?

[Amy26]

Did you do any kind of credit cleanup or check to see what your credit looks like before you applied?

[ace300s]

Did you do any kind of credit cleanup or check to see what your credit looks like before you applied?

Yes, my credit reports shows all accounts with zero balance and discharged in BK7. I thought I'd give it a shot since I read about so many people on this site getting approved right after discharge.

Funny thing is my credit report shows most of my accounts current prior to BK7. No collections, charge offs, ets. However, I did discharge three Capital accounts in BK7. Maybe that was the red flag...

I'll just sit tight for another couple of months and maybe try for a secured card with my credit union or major company.

[sbatman]

Capitol One, I received (applied online)two months after discharge, $500 limit, which went up to $750 after six months of good payment. Annual fee of $19, but I could spend that on one unnecessary purchase, so I won't worry about that. The interest rate is 24.99%, but I pay it off completely every month. I only use it for Hulu Plus and Amazon Prime (we don't have cable TV). I had a secured credit card with Navy Federal Credit Union for $2000, but I had to liquidate that because of a family emergency and I didn't want to pay the 16.99% interest on my own money. I check the balance of the Cap One acct daily, just to make sure there are no problems, and pay the balance due before I even receive the statement monthly.


I've applied for a couple of other credit cards, but I've been denied for obvious reasons. The only hassle is that my son is getting married in two months, which requires airfare, hotel and rental car. I could use my debit card, but instead, my Sweetie-Pie is covering the costs.

[Amy26]

Capital one denied me a number of times before they finally caved but I also IIBd them. Its not the end of the world and I suggest trying a credit union or two in the mean time.

[ksgirl38]

So did anyone get a credit card after BK from a company that they discharged? Citibank, Chase, Capital One? Just curious. My Chase card had good perks, just wondering.

[msm859]

Yes, got one from Capital One a little over 1 year after discharge. Started at $1,000 credit line @ 5 months later they bumped it to $1500. Have always paid in full every month.

[Amy26]

Capital One is about the only "major" bank that will take you back again if you IIB'd them. All of the other big banks will blacklist you. Some of them won't even touch you just for having the Bankruptcy on your report. As long as you know where to go, there are still plenty of options though.

[SMinGA2]

One note about Capital One: don't apply again within 60 days. They simply won't run the application or inquiry. If you re-apply too soon, you'll get a letter in the mail about how its too soon since your last app and that will reset the waiting clock.

You can try a secured card with a local credit union. Avoid major banks - even for secured cards. And ask at the CU first if they issue secured cards to people with past bankruptcies. Some are more finicky than others.

[joshuagraham]

So did anyone get a credit card after BK from a company that they discharged? Citibank, Chase, Capital One? Just curious. My Chase card had good perks, just wondering.

I BK'd Barclay's Bank (actually it was a subsidiary). and got another CC with them.

[ksgirl38]

I BK'd Barclay's Bank (actually it was a subsidiary). and got another CC with them.

I've only heard of that one from this forum. From what I'm getting Barclay's and Capital One sound the easiest to get. Would that be accurate? I had a Capital One at one time, but closed it out years before I filed.

[Postbankrupt]

You are absolutely right in not just applying for multiple cards at a time. Too many credit inquiries will lower your score. Sometimes Capital One will approve you quickly sometimes they won't. Depends on your credit score. A secured card may be the best route for you right now. Then after a few months you may get an unsecured card. ***************

[HHM]

You are absolutely right in not just applying for multiple cards at a time. Too many credit inquiries will lower your score.

If the inquiries are done around the same time, it doesn't matter.

This is one of those persistent myths about credit scoring. It USED to be true that too many inquiries hurt your credit, but the scoring models have changed since then. You have a window (I forget what it is, but around 30 days) in which you can do multiple credit inquiries and have it not hurt your score. It is the Shopping window...it allows you to shop around for mortgages, car loans etc and not have it hurt you. Applies equally as much to credit cards.

As was pointed out. If you were denied, wait 60 days before trying again.

No two situations are exactly alike, some people get approved right out of BK, others don't. Usually it comes down to how much damage was on the credit report prior to BK,

[SMinGA2]

HHM, I believe that is only true for mortgage & car loan apps. And it assumes the inquiries are coded correctly.

I have seen no information to suggest multiple credit card inquiries in a short period of time are counted as one for scoring purposes.

[HHM]

It doesn't matter either way. Again, more myth than reality any more.