So creditors only look at the FICO score, or do they also note the BK?

[JackBondLove]

I am wondering. It seems that a lot of folks get their FICO score rather quickly after BK. With a high score again, are they getting credit as easily as someone with an identical FICO score, but no BK? Or do some creditors decide to not give out credit to someone who has a BK, even if they would give out that same credit to someone with the same exact FICO score, but with no BK?

[Amy26]

Yes and No. Some creditors will never ever lend to someone with a BK on file. Some, will just require you to be out of BK for an X amount of time. Some lenders will overlook the BK and just require the score... it just requires some investigating and shopping around. Credit Unions seem to be the most friendly to post BK'ers.

[backtoschool]

Most major banks (citibank, chase, amex, etc) will not grant credit to someone recently out of bankruptcy. Some banks (amex, citibank) will black list people who bked on them until the balance owed (even if discharged) is voluntarily paid back in full.

Credit unions are most likely to grant normal non-starter cards to someone out of bankruptcy that has a banking relationship with them, but even then, you are probably looking at at least one year after discharge before a credit card would be offered. (most likely two years....)

[Amy26]

That's not necessarily true... I have known lots of people getting credit cards at the credit unions 3-6 months post BK. As I said, it is totally up to the institution.

[backtoschool]

That's not necessarily true... I have known lots of people getting credit cards at the credit unions 3-6 months post BK. As I said, it is totally up to the institution.

I don't think that non-secured credit cards with non-starter limits from credit unions are widely available 3-6 months post discharge. That would be an exception more than a rule. Many credit unions will offer secured cards, or starter cards with small credit limits in that time frame though.

[Amy26]

I don't think I said anything about high limits. And we're rebuilding credit... highest limit unsecured card I've managed to get is 1,100.

[backtoschool]

I don't think I said anything about high limits. And we're rebuilding credit... highest limit unsecured card I've managed to get is 1,100.

Yes of course I agree Amy26.

I was just adding to your post basically because there are a lot of people who read these threads that have unrealistic expectations of what credit they can get right after their case is discharged.

I agree with you though, that credit unions are a good place to build a post bk credit relationship.

[Amy26]

Hehe... you and I always end up butting heads for arguing the same point in different ways...

Course, I much prefer that than other ways of disagreeing