Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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what credit card shoudl I apply for?

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  • what credit card shoudl I apply for?

    I've been trying to find a credit card that I can get so I can start having some positive credit. I have car loan, and a student loan, that all are reporting monthly. So that is good, yes? I'm very apprehensive to apply for any more cards, since the inquiries hurt you. I have 13 inquires in the last 4 months now, mostly from the attempt to get the car loan, 10 alone were that. The rest were wasted applications for cards. My score is 677 now, that doesnt seem to matter, as the reason for denial is "bankruptcy". which makes me think I'll never get a card with those folks. Any advice would be appreciated!

  • #2
    If your car loan inquiries were within 30 days of each other, they will not do any more harm than a single inquiry. Inquiries do hurt your credit, but they are a small factor.

    The creditors who reject you now, very well may approve you after some time has passed. You were discharged in April, right? I suggest you wait a while, at least until 6 months has passed. A year would be better. The longer your credit report shows on time payments on your car and student loans, the more likely it is you will be approved for a credit card. Have you gotten "pre approved" offers in the mail saying things like "everybody deserves a second chance"? Those are the companies who will approve you even with a BK. If you aren't getting those letters, you probably will eventually. That will be a sign that enough time has passed to give you a shot at approval.

    I got a card from Barclays shortly after discharge, but I filed Chap 13 which I believe makes getting credit immediately after discharge easier. People seem to have a lot of luck with CapitalOne. Also, do some internet research on cards that are recommended for people with credit issues. If you joint creditkarma, they will list cards and your chance of approval based on your credit reports. I believe there are other sites that will do the same. There are also sites that will list cards for certain situations without specific information about you.

    After a Chap 7, it seems the best strategy is paying on the debts you have and being patient.
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


    • #3
      Thank you. yes, early April was the discharge. I haven't gotten any credit card offers or invitations to apply for credit cards in the mail. I burned Capital One, badly, so that may be why I was denied with them. Chase as well, they are the bank that gave me the car loan (with a co-signor). I burned all the big banks, except Chase.

      I'm so eager to get my life back. I know I should be patient, but I want to be able to move and buy a house again as soon as i can, which is as you said before, 2 years. Thats early April 2019. I'm counting down the days to be able to apply for a home loan again. I want to do everythign I can to have good credit and increase my odds of getting that home loan again.

      Does paying my mortgage on time now, help at all?


      • #4
        If the mortgage company is not reporting to credit bureaus, those payments won't help you get a credit card. But, having proof of timely mortgage payments may help you qualify for a mortgage after that 2 years is up.

        Try this list of cards for bad credit: There are other lists out there. You will see that some will tell you if you qualify without doing a hard credit pull. Just make sure you know what fees will be charged and make sure the credit card will report to the credit bureaus. If you have a few hundred dollars to deposit, you could also try a secured card.

        Also, as you get closer to buying a home, you may want to pay FICO for one of their packages that provide you with the scores that mortgage lenders actually use. Some credit cards will give you free FICO 8 scores, but that is not the score that lenders will use. When applying for my refi, I learned that the scores used for mortgages were much different than the FICO 8 scores provided by my credit cards companies. If you are willing to pay for one of there monitoring packages, you can watch how your scores change as time passes and as there are changes to your credit usage.

        Hopefully, somebody who filed a Chap 7 will come along and share their experiences. A lot of what I am telling you is what I've read on bkforum and found in internet research.
        LadyInTheRed is in the black!
        Filed Chap 13 April 2010. Discharged May 2015.
        $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


        • #5
          I would certainly wait until 6 months. It seems as though six-months past discharge is one of the magic thresholds. The other threshold is 12 months and then 24 months. I also don't know if your 677 is a FAKO or try FICO (and even if it's a true FICO, then what type of FICO scoring model). You may want to try looking at MyFico to see your real scores (by scores I mean all the other 4-5 variations of your score!).
          Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
          Status: (Auto) Discharged and Closed! 5/10
          Visit My BKForum Blog: justbroke's Blog

          I am not an attorney. Any advice provided is not legal advice.


          • #6
            Thanks! it does seem that the scores I'm seeing (advantage score?) are inflated, by at least 100 points. I'll look at other options to get more accurate scores. I guess in the meantime, i'll just sit tight. Credit Karma is interesting, it "suggests" an Amex and a Capital one card. both of these I burned! so I won't even bother, maybe not for years!


            • #7
              A month after my discharge from ch 13, I was approved for an unsecured CL from Credit One Visa. Five months later, I have a USAA classic Visa, Discover It, Capital One MasterCard Platinum and a USAA American Express, all unsecured. But State Department Federal Credit Union, Navy Federal Credit Union and Barclay's denied my application due to bankruptcy. Of course, there has been several hard pulls/inquiries in my credit report, but that should diminish over time. My Experian FICO 8 score is 668.

              No more credit cards for me for the next two years after the bk drops off my credit report.


              • #8
                As previously mentioned, CapitalOne seems to be one of the more lenient ones out there. I did a pre-approval for a QuickSilver unsecured card from them 2 weeks after my BK13 was discharged and to my surprise, I was approved with a 10K limit. I'm definitely using it wisely though (paying off my balances monthly).


                • #9
                  Originally posted by underh20 View Post
                  A month after my discharge from ch 13, I was approved for an unsecured CL from Credit One Visa. Five months later, I have a USAA classic Visa, Discover It, Capital One MasterCard Platinum and a USAA American Express, all unsecured. But State Department Federal Credit Union, Navy Federal Credit Union and Barclay's denied my application due to bankruptcy. Of course, there has been several hard pulls/inquiries in my credit report, but that should diminish over time. My Experian FICO 8 score is 668.

                  No more credit cards for me for the next two years after the bk drops off my credit report.
                  Credit One is a predatory fee harvester credit card. Their fees are astonomical and I would never recommend ANYONE accept a card from them.

                  If someone was okay with spending that much in fees, I recommend taking every dollar you would have spent in fees and opening a secured credit card. You will get that money back in a year or so, unlike Credit One.

                  Capital One is a good choice for people after bankruptcy. I was approved almost immediately out of bankruptcy. I have read many, many stores of other people that were approved immediately as well. If you apply and get turned down, you can call Capital One for reconsideration. Google "Capital One recon number" and you'll find the number.

                  Secured cards are a good choice as well, as long as you can afford to have the money ties up for 12-18 months. Use the cards responsibily, never carry a balance, alwyas pay in full, and the cards will unsecure and you will have a solid start with a good lender.

                  Chapter 7, above median, no asset. Discharged with no UST involvement.


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