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 1-9 of 9Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
987 Contributions
546 People Helped
Most Helpful Response

Helpful to 8 out of 8 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
5 People Helped

Helpful to 5 out of 5 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
3 People Helped

Helpful to 3 out of 3 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.

4 Contributions
1 Person Helped

credit card

Helpful to 1 out of 1 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

2 Contributions
0 People Helped

Where did you get your car loan after a bankruptcy?  I got a high rate and now trying to refinance.

Reply by
paige0727

2 Contributions
0 People Helped

Yeah really?? I'm curious about this to. My interest rate is sky high.

1 Contribution
0 People Helped

bankruptcy

your lucky getting approved for a car loan after filing bankruptcy. I had to wait 3 years before getting a credit card after bankruptcy. And the credit limit was minimum.

1 Contribution
0 People Helped

Auto Loan vs Credit Card

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.

2 Contributions
0 People Helped

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. 

1 Contribution
0 People Helped

Helpful to 0 out of 1 people

Do not get a card!!! 

Results 1-9 of 9Results per page: 5 | 10 | 25Page 1 of 1   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.