How soon after ch7 can i apply for a credit card

[hls342]

My hearing was 08/11 the last day to object was 10/11 I was told that after bankruptsy I should get at least two small credit cards to rebuild my credit. How soon can I do it. Can I do it now or should I wait for the discharge?

[samwaters]

I'd say wait for discharge.

[Minnymouth]

Hello,
Wait on discharge.... you are not supposed to create any other debts or apply for credit till after you are discharged.

THEN pull a copy of your credit report and dispute any entries that are not accurate.... Use the credit rebuilding portion of this forum to help you through this process.

After you credit repor is cleaned up - apply for a secured cc that reports to the 3 reporting agencies. Only this kind of cc will help build your credit back up ( or mortgage payments, car payments, etc).

Read the fine print carefully - many of th cards you will apply for coming out of bankruptcy will have lots of hidden fees and charges. Beware!!

If you do get another cc pay it off monthly in full to avoid finance charges and to help build your credit score quicker.

Keep us posted to your progress,

Minny

[as5300]

credit card

I was discharged on August 16th and started receiving offers later that month
I applied for an Orchard Bank card and received it in September with a 500 dollar limit

So it is your option after discharge

[StaciMM]

Technically you could apply at any time. But most likely you'll be declined if you have a not yet discharged BK (its on your credit report as being an open case). Since excessive inquiries hurt your score, applying for things that you'll almost certainly be turned down for will make it that much harder for you.

[debtjumper]

Interesting; I have two credit cards that I did not put in my bankruptcy paperwork since I do not owe anything on them - both are from Capitol 1 and they have limits of $300 and $500. I only have used them to rent cars (since you get hassled if you don't use a CC to rent a car) and I keep a $0 balance at all times.

Will I better my credit future keeping these cards or do you think they'll cancel me/raise APR once they get word of my BK?

[Becky C]

cancelled card

We filed 8/3/05 and had our 341 meeting 9/16.

I tried to use my JC Penney card last week-end for a catalog purchase (never carry a balance on it, just use it to order online from JC Penney) and was told that they had closed my account.

We had stopped receiving credit card ads in the mail after our house was foreclosed in May, and then after filing BK, have started getting them again, and ads for car dealers wanting us to finance a car now that we have filed bankruptcy. Wierd.

Becky C

[Lightning]

It's not weird at all. The places soliciting your business know you can't file bankruptcy again and default on the loan. If you stop paying, they'll sue. They also know you can't qualify for good rates, so they'll charge a fortune in interest to make up for any late or defaulted payments and to cover the risk.