Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Bankruptcy
Profile Image

Question By
joemcc1262

0 Contributions
0 People Helped
I finalized my bankruptcy two months ago and was just approved for a 20,000 car loan at 9.5% this
month. I was not approved in my only attempt at a credit card. Does anyone know how long I should wait to re apply for a card?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-10 of 28Results per page: 5 | 10 | 25Page 1 of 3   Previous | Next
2 Contributions
22 People Helped

Debt Free and Loving it

Helpful to 22 out of 22 people

I filed for Bankruptcy June 2016 (Chapter 7) and it was discharged in Sept 2016.  As of October 2016 I applied for a Capital One Platinum card which started out with a $1000 credit limit and as of April 2017 my credit limit was automatically bumped up to $4000.

I also just applied for a Quicksilver card and was approved for $1000 limit. 

At pre Bankruptcy my scores were between 425 & 450 and now they are at 646.

LESSON....DO NOT GO BACK TO OVER CHARGING and make **** sure you make your payments on time!!

Reply by
jerlemeier

1 Contribution
2 People Helped
Helpful to 2 out of 3 people

Pay your card off every month and ideally have three cards and rotate use of one card per month paying it off...or use cash.

Reply by
niecy4769

1 Contribution
8 People Helped
Helpful to 8 out of 10 people

Good for you. I am in the beginning stages of chapter 7 but I have 27 inquiries will these drop off my credit report or do I have to wait the two years to help increase my score? Also, there is one item still on my credit report but the status shows added to bankruptcy should I be concerned with this, because I do want it to be included. Lastly, I had payday loans, but not of them are showing on my credit report should I fear that it won't be removed? Thanks in advance for your assistance

Reply by
Drden13

1 Contribution
5 People Helped
Helpful to 5 out of 7 people

You got me thinking about doing chapter 7.... My score is 585 just down from 622 because of new credit..... I am disabled and 62 years old and I rent and have $2,200 per month income.... Big reason want to maybe apply for 7 as I have over 20 accounts in medical Collections and charge-offs first cell phone companies and I probably won't live to pay them off...... I just want to get my credit limit back into the 700cl range... Any ideas would be welcome..... Would chapter 7 wipe out my collections and charge-offs?

Top Contributor
1643 Contributions
1886 People Helped

Helpful to 23 out of 23 people

I don't think anyone able to tell you what the time frame might be. However, you are already step(s) ahead of others, with auto loan of 9.5% it's sold base to build on. Avoid credit card issuers that were included in the BK, most, if not all of them will decline your app, AmEx will not let you back in for probably next 20, even if you pay them back but CapOne may approve you just after 12 months. You can always start out with a secured card, again, just not those were included on BK. what 

1 Contribution
13 People Helped

Thinking about filing bankruptcy

Helpful to 13 out of 15 people

I am thinking about filing bankruptcy. How does it work. I have a repo on my credit. I really need a vehicle to get around. My question is how long after i file tje bankruptcy can I qualify to get a new car.

Reply by
ashleysexy

1 Contribution
1 Person Helped
Helpful to 1 out of 1 people

You would have to get approved through the court and take the paper to the dealership your applying at

1 Contribution
14 People Helped

Helpful to 14 out of 14 people

Apply for capital one card. they will heip by telling were at as far as approve and weather or not you fit one of there cards easy. either way Capital One can help you build your credit easy without taking advance of you and killing your credit score and as long as you pay them on time you will approve a great relationship with them and build credit.

1 Contribution
11 People Helped

Helpful to 11 out of 11 people

My bankruptcy was discharged about 7 months ago. I was approve for a car loan at 7.99% for $27,000. From Capital One and they were the same company that I bankrupted out of my last auto loan. It may be because I tried to reaffirm the debt and my lawyer didn't file the correct papers. I paid for 6 months while I was getting no credit for the payments. I waited until the car loan showed up on my credit which jumped my score by about 20 points and I was back over a 650. Just applied to capital one and was approved for a credit limit of $2,000. Apparently Capital One may be your best bet. If you have over a 650 I would give it a try.

Reply by
Jaynes32

1 Contribution
0 People Helped
Helpful to 0 out of 1 people

I file BK and i have gotten approve for cc,But my question is Capital One sent me card with $300 credit limit,but what im pizzled about what i put on the card is what im able to use,so If i put $30 that what i can only spend,to me its like prepayed card.

1 Contribution
4 People Helped

Purchasing A New Home

Helpful to 4 out of 4 people

I filed Bankruptcy Nov. 11, 2016 and just received my dicharge letter from the courts on Feb.27. Please tell me how long shall I wait to go to my credit union to try to apply for a mortgage loan with Navy Federal Credit Union?

Reply by
Happy2Bdebtfree

2 Contributions
22 People Helped

A home mortgage is a lot harder to get right after a bankruptcy.  Though I never plan on purchasing another home, I started out after my bankruptcy getting two credit cards to build my score up first, which is what you may want to try.  Just keep the utilization down to around 0-9%, meaning if approved for $1000 credit limit, don't charge more than 9% of that limit and make sure to pay it off, and on time.

2 Contributions
5 People Helped

Helpful to 4 out of 4 people

Thats a good intrest rate for bankruptcy just being discharged. Mine was discharged about 4 months ago and my car interest rate is 19 percent ;( I'm hoping to refinance in about 6-12 months. I would apply for a capital one credit card if you want a credit card. Thats why I did right after my bankruptcy. I started with a 300 dollar limit. I have had the card for 5 months now and they just recently increased my limit to 750. 

4 Contributions
7 People Helped

credit card

Helpful to 4 out of 5 people

You should be able to geta credit card from barclay.com/credit card. I have one since 2013. Went bankrupt in 2010 and completed it in 2015, chapter 13. 

Barclay has 2 different kinds, 1 for hetting points on your purches or payments made to other creditors, such as utilities, etc (webbank).  The second card is for a higher

loan for whichyou will have to qulify for probably at a later date. iddibiddi46

Top Contributor
18 Contributions
124 People Helped

Helpful to 2 out of 2 people

Merrick bank is good with bad credit. I don't know about BK but they gave me a card with a 570 score.

1 Contribution
2 People Helped

Auto Loan vs Credit Card

Helpful to 2 out of 2 people

I couldn't tell from some of the posts if the interest rates being quoted were for auto loans and which were for a credit card. Remember that an auto loan is secured by the auto, which can be reposessed if you don't make your payments on time. The risk to the finance company is less so they can charge a lower interested rate. A credit card is not secured in any way. I think we all understand that after a bankruptcy we're seen as a higher risk and understand why we have to pay higher interest rates. It is how the finance company recoups their losses in the same way that your car gets reposessed.

Results 1-10 of 28Results per page: 5 | 10 | 25Page 1 of 3   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.