Home / Which Credit Cards Can I Get Pre/Post Bankruptcy?

Which Credit Cards Can I Get Pre/Post Bankruptcy?

  • Bankruptcy limits your credit card options.
  • Consider secured cards from Capital One or Discover after the waiting period post-bankruptcy.
  • Call The Credit Pros to get personalized advice on rebuilding your credit and finding the best card options for you.
List of company featuring our services

Bankruptcy limits your credit card options, but you still have choices. Secured cards offer your best shot at first. Capital One and Discover have great secured cards without credit checks.

Wait 6 months after Chapter 7 or 3-5 years after Chapter 13 before you apply. Start small with 1-2 cards. Use them wisely and pay them off each month. Expect to pay higher fees and rates initially. Your credit will slowly get better if you always pay on time.

Want the smartest move? Call The Credit Pros now. We'll look at your credit report, tell you about your best card options, and make a plan just for you to rebuild your credit quickly. Don't tackle this alone - let our experts help you bounce back financially.

Best Secured And Unsecured Credit Cards After Bankruptcy

After bankruptcy, you have solid options to rebuild your credit. Secured cards are your best bet. You should consider the OpenSky Secured Visa, which doesn't require a credit check, making approval easier for you. The Capital One Quicksilver Secured offers you 1.5% cash back on all purchases with no annual fee. For unsecured cards, we recommend the Credit One Bank Platinum Visa for Rebuilding Credit, giving you 1% cash back on select purchases but with higher fees.

To maximize your chances of success, we advise you to:

• Apply once your bankruptcy is discharged
• Start with a secured card if possible
• Choose cards that report to all three credit bureaus
• Use the card responsibly - make small purchases and pay in full monthly
• Avoid high-fee cards that could set back your progress

As your credit improves, you'll qualify for better cards with lower fees and higher limits. We understand rebuilding takes time, but don't get discouraged. You can get back on track financially by using these cards responsibly.

In a nutshell, you should focus on secured cards initially, use them wisely, and be patient. With consistent effort, you'll see your credit score improve, opening doors to better financial opportunities.

How Soon Can I Apply For Credit Cards Post-Bankruptcy

You can apply for credit cards immediately after your bankruptcy case closes, but your approval chances will be low. For Chapter 7, this typically occurs 4-6 months after filing, while Chapter 13 takes 3-5 years to complete. Your best option right after bankruptcy is a secured card, which requires a cash deposit.

To improve your chances of approval, we recommend waiting 1-2 years before applying for mainstream cards. During this time, you should focus on rebuilding your credit through:

• Secured credit cards
• Becoming an authorized user on someone else's account
• Using credit-builder loans

Keep in mind that bankruptcy will impact your credit report for 7-10 years, but its effect lessens over time. You can steadily improve your credit scores by making on-time payments and keeping your credit utilization low.

Some credit card issuers may consider your application 1-2 years after bankruptcy, but you should expect high interest rates and fees. As you demonstrate responsible credit use, you'll gradually qualify for better offers with more favorable terms and higher credit limits.

To finish up, remember that rebuilding your credit takes time and patience. Start small, use credit responsibly, and you'll be on your way to improving your financial standing and accessing better credit options in the future.

What Credit Score Is Needed For Credit Cards Post-Bankruptcy

After bankruptcy, your credit score typically falls to the 500-600 range, limiting your credit card options. You should focus on secured credit cards initially, as they're easier to qualify for and require a cash deposit. Capital One, for example, may approve you shortly after bankruptcy.

You can significantly improve your credit within 1-2 years if you:

• Make all payments on time
• Keep your credit utilization under 30% (ideally 10-15%)
• Apply for cards strategically to avoid hard inquiries
• Consider becoming an authorized user on someone else's card

As your score rises, you'll gain access to unsecured cards with better terms. With consistent effort, you could potentially reach the 700s within 2-3 years post-bankruptcy. Remember, a Chapter 7 bankruptcy stays on your credit report for 10 years, while Chapter 13 remains for 7 years. However, its negative impact lessens over time.

We recommend that you start with a secured card. Use it for small purchases and pay the balance in full each month. This helps you establish a positive payment history. As your score improves, you'll qualify for better cards with lower fees and interest rates.

In a nutshell, while rebuilding your credit after bankruptcy takes time, it's entirely achievable if you're patient and persistent. Start small, make responsible choices, and you'll gradually regain access to better credit options.

How Can I Rebuild Credit With Credit Cards Post-Bankruptcy

You can rebuild your credit with credit cards after bankruptcy by following these steps:

Start with a secured credit card. You'll need to make a cash deposit as collateral, but this helps you establish a positive payment history. Use your secured card responsibly by making small purchases and paying the full balance on time each month.

Consider becoming an authorized user on someone else's credit card account in good standing. Their positive history can boost your credit score. Alternatively, you might look into credit-builder loans from credit unions.

As you work on rebuilding your credit, follow these key tips:

• Keep your credit utilization low (under 30% of your limit)
• Never miss a payment
• Avoid applying for too many cards at once
• Regularly monitor your credit report for errors

Be patient with the process. You'll see gradual improvement if you consistently practice responsible credit habits. Within 1-2 years of positive behavior, you may qualify for better card offers.

Remember, bankruptcy doesn't define you. It's a fresh start for you to develop smarter financial practices. Stay committed to your credit rebuilding plan, and you'll see progress.

To wrap things up, focus on getting a secured card, using it responsibly, and maintaining good credit habits. You've got this – with time and effort, you'll successfully rebuild your credit post-bankruptcy.

Professionals can help you with your Credit Score after Bankruptcy.

Let Professionals help you develop the best possible strategy to improve your credit score after bankruptcy.

Call (888) 411-1844

Best Credit Cards For Chapter 7 And Chapter 13 Bankruptcy

After bankruptcy, you need to rebuild your credit with the right cards. You should wait about 6 months after Chapter 7 discharge. If you've filed Chapter 13, you'll want to hold off 3-5 years until your payments are complete.

Here are your best options:

• Secured cards: You can apply for the OpenSky Plus Secured Visa. It has no credit check and a $0 annual fee. You'll put down a $300+ deposit as your credit limit.

• Unsecured options: Credit One Bank Platinum Visa considers bankruptcies. You should expect a low limit and $75 first-year fee.

• Rewards card: You can earn 1.5% cash back with the Capital One Quicksilver Secured. It has no annual fee, but make sure your case is resolved first.

We advise you to follow these tips for success:

- Use the card for small purchases you can pay off monthly
- Never carry a balance to avoid high interest
- Check if the issuer reports to all 3 credit bureaus
- Look for free credit score access to track your progress
- Graduate to better cards as your score improves

We know rebuilding credit after bankruptcy is tough, but you've got this! Be patient and responsible. With consistent on-time payments, you'll see your credit improve over time. On the whole, you should choose a card that fits your situation, use it wisely, and stay committed to your financial recovery.

What Credit Card Fees And Interest Rates Can I Expect Post-Bankruptcy

After bankruptcy, you can expect higher credit card fees and interest rates due to your damaged credit. Here's what you'll likely face:

• Annual fees on most available cards
• APRs often exceeding 20%
• Balance transfer and cash advance fees

You may find secured cards requiring deposits easier to get, but they still come with high costs. Be aware that some predatory lenders target individuals like you who've recently filed for bankruptcy, offering extremely expensive cards.

Over time, as you rebuild your credit, you'll see rates and fees typically decrease:

• 1-2 years post-filing: You might qualify for more reasonable terms, though still not the best rates
• 3-5 years: You could gain access to mainstream cards if you make consistent on-time payments

However, keep in mind that bankruptcy remains on your credit reports for 7-10 years, impacting your lending terms. We recommend that you carefully compare offers and read all fee disclosures to find the most affordable post-bankruptcy options.

Remember, many lenders will target you as a recent bankruptcy filer. While you'll get offers, be cautious - these often have unfavorable terms. We advise you to focus on rebuilding your credit responsibly before taking on new cards.

Bottom line: You're likely to face higher fees and rates after bankruptcy, but with time and responsible credit use, you can improve your options. Stay vigilant, compare offers carefully, and prioritize rebuilding your credit before jumping into new card agreements.

How Many Credit Cards Should I Apply For Post-Bankruptcy

After bankruptcy, you should apply for 1-2 credit cards in the first year. Focus on secured cards or store cards designed for rebuilding credit. You'll find good secured options from Capital One and Discover. If you're a military member, Navy Federal Credit Union offers favorable terms. You might also consider Comenity and Synchrony store cards, which are often easier to get approved for.

Be cautious with your applications. Too many hard inquiries can further damage your credit. You should start slow and use cards responsibly. By paying on time and keeping balances low, you'll demonstrate creditworthiness. This approach helps you rebuild gradually without taking on too much new credit at once.

Patience is key in your credit rebuilding journey. As you establish a positive payment history, you'll qualify for better cards and terms over time. We recommend:

• You apply for 1 secured card initially
• You add a store card after 6 months if your payments are consistently on-time
• You wait 12-18 months before seeking major credit cards

Remember, responsible use matters more than the number of cards you have. You should focus on rebuilding your credit profile steadily and sustainably post-bankruptcy.

In a nutshell, you should take it slow and steady when applying for credit cards after bankruptcy. Start with 1-2 secured or store cards, use them responsibly, and gradually build your credit over time. This way, you'll set yourself up for long-term financial success.

What Credit Limit Can I Get Post-Bankruptcy

After bankruptcy, you'll likely start with low credit limits, typically $200-$2,000. Secured cards offer limits matching your deposit, while unsecured cards for rebuilding credit might provide $300-$1,500 initially.

To get higher limits post-bankruptcy, you should:

• Be patient and build credit responsibly
• Maintain steady income
• Request increases from existing accounts
• Consider bank relationships - some offer $1,500+ to customers with consistent history

You should expect modest limits at first. It's unlikely you'll get $10,000+ immediately after bankruptcy. Instead, focus on demonstrating reliable credit use over time. As your score improves and your financial stability grows, you'll have better chances of getting higher limits.

We recommend that you start with a secured card. Use it wisely and gradually work towards better offers. Remember, rebuilding takes time, but your consistent effort will pay off.

All in all, while your credit limit options are limited after bankruptcy, you can steadily improve your situation. Start small, use credit responsibly, and be patient. You're on the right track by exploring your options, and with time and effort, you'll see improvements in your credit limits.

Professionals can help you with your Credit Score after Bankruptcy.

Let Professionals help you develop the best possible strategy to improve your credit score after bankruptcy.

Call (888) 411-1844

Are Store Credit Cards Easier To Get Post-Bankruptcy

Yes, store credit cards are often easier to get after bankruptcy. You'll likely have more success with these than traditional bank cards. Retailers tend to have less strict approval criteria, making them more accessible for rebuilding your credit. However, be aware that post-bankruptcy store cards typically come with high interest rates and low credit limits.

We recommend that you also consider secured credit cards. These require a cash deposit but can help you establish positive payment history. Retail or gas station cards are another option, as they frequently have lower credit score requirements.

Keep in mind:

• You should wait until your bankruptcy is discharged before applying
• Start with one card and use it responsibly
• Make small purchases and pay the full balance monthly
• Monitor your credit report for errors

While store cards can jumpstart your credit rebuilding, we advise you to use caution. High interest rates mean carrying a balance gets expensive fast. You should treat them as a stepping stone toward better credit products in the future.

Remember, patience is key. Focus on making on-time payments and keeping your balances low. Over time, you'll qualify for cards with better terms as your credit improves.

The gist of it is, you can likely get store credit cards after bankruptcy, but use them wisely to rebuild your credit and work towards better options.

How Long Does Bankruptcy Affect Credit Card Applications

Bankruptcy significantly impacts your credit card applications for 7-10 years. If you file Chapter 7, it stays on your report for 10 years, while Chapter 13 remains for 7. Right after you file, your credit score typically drops 100-200 points, making it extremely tough for you to get approved.

However, you'll find that the effect lessens over time if you manage your finances responsibly. To rebuild your credit and eventually qualify for cards, we recommend you:

• Focus on secured cards or become an authorized user
• Pay all your bills on time
• Keep your credit utilization low
• Diversify your credit types

After 1-2 years of positive credit behavior, you might qualify for subprime unsecured cards. As time passes and your credit improves, better options become available to you, though interest rates may stay high initially.

When you file for bankruptcy, you can't keep your existing cards. You must list all accounts, and they'll likely be closed. The bankruptcy court notifies your creditors, who then shut down your cards. This process applies to all your credit accounts, even those with zero balances.

While rebuilding, consider these strategies:

• Use a secured card responsibly
• Become an authorized user on someone else's account
• Make all payments on time
• Keep your balances low

Remember, with consistent effort, you'll gradually improve your creditworthiness, opening up more credit card options in the future. Patience and diligence are key to overcoming bankruptcy's effects on your credit card applications.

What Are My Alternatives If I'M Denied Credit Cards Post-Bankruptcy

If you're denied credit cards after bankruptcy, you have several alternatives to consider. Here's what we recommend:

Start with secured credit cards. You put down a cash deposit that typically equals your credit limit. This helps you rebuild trust with lenders. Prepaid debit cards work similarly, but they won't boost your credit score.

Consider becoming an authorized user on a family member's card. You'll benefit from their good payment history without full responsibility. This can be a great way to start rebuilding your credit.

For loans, look into online lenders and credit unions that specialize in post-bankruptcy borrowers. You might qualify for:

• Secured personal loans backed by collateral like a car
• Credit-builder loans where payments go into a savings account
• FHA mortgages 1-2 years after bankruptcy discharge (if you've got steady income and improved credit)

Remember, rebuilding takes time. Be patient and consistent with your efforts. Here are some additional steps you can take:

• Monitor your credit report regularly
• Make all payments on time
• Keep your credit utilization low

At the end of the day, you've got options to rebuild your credit after bankruptcy. Start small, be consistent, and you'll see improvement over time.

Privacy and Cookies
We use cookies on our website. Your interactions and personal data may be collected on our websites by us and our partners in accordance with our Privacy Policy and Terms & Conditions