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cdydrum3064

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Dismissed Bankruptcy
I filed for bankruptcy in 2014 and it was dismissed later the same year. I know it is still on my credit report and may be on it for another 5 years. I am curious as to how a "dismissed bankruptcy" would affect my chances of getting a secured credit card. I am worried of applying and getting the hard hit and not getting a credit line to show for it.

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Since a secured credit card requires you to put the money up front to acquire the card, this minimizes the risk for the lender. In other words, they are out precious little if you default, so you have a reasonably good chance of getting a secured card. An unsecured card, which is a real credit loan, may be a different story.

I've heard people who have been able to acquire unsecured cards within a couple of years of a bankruptcy, and those who couldn't get anything. If you've been managing your credit carefully since the bankruptcy, you should have some hope on the horizon.

I understand CapOne isn't a bad place to start for rebuilding credit, particularly with secured cards that can eventually migrate to unsecured cards.

As far as the credit hit goes, it should be only a few points, 4-8, so I wouldn't be overly concerned by it, and it drops off with time. In one year, it would have minimal impact on your score.

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