First try at a Credit Card after BK7

[frogger]

If the inquiries are done around the same time, it doesn't matter.

This is exactly what a friend of mine told me a few weeks ago. By the way, he's in charge of a lending department at a bank.

[Amy26]

It does only apply to how the inquiry is coded... it usually only applies to auto loans and mortgage loans. I do something called "bumpage" where I am able to get the inquiries removed from my credit report before the 2 years. And I can assure you that each inquiry for a credit card counts even if they are close together. Its not a huge number but it does affect your score.

For example, last month I had 3 inquiries on my Equifax report dated 7/7/2012, 7/12/2012, and 7/16/2012. All of which lowered my FICO score. Each time I bumped one of the inquiries off my report, my score went up 2-3 points. These were for credit limit increase requests and one was for a new account.

[ess]

I BK'd two Cap One cards. I was discharged on 8/3/12 and closed on 8/22/12. Just for the heck of it I applied online yesterday for a Cap One card after reading this forum. I was approved for a $2000 cl at 19% variable with no interest until June 2013 with a $39 a year fee. I don't plan on applying for anything else this will be all I need. I'll keep it going by buying gas with it and that's it.

[ksgirl38]

I was hoping to find one without the fee.

[tobee43]

It doesn't matter either way. Again, more myth than reality any more.

well, i agree with you, our scores where in the high 800's (why/ because i didn't do what i was told and paid the cards until the final second ), when we filed bk and i gave the banks and credit no time to report neg....we got 1800 limit almost immediately after discharge from and IIB bank. so, i do think it depends exactly how much damage is on one's report. our's had a 30 plus years of perfect credit and over 40 pages of perfect credit reporting and then a BK...which looked more incorrect than the IIB's. since that time we get tons of offers. frankly, i realize people want those cards asap after bk...what is the hurry really? time will heal one's credit and it's good if one can exercise some patience, it will get repaired but it may take some time.

also, be reponsibile with the cards when you do get them!

[frogger]

I was hoping to find one without the fee.

Most of the rebuilding cards come with a fee. After a couple of years or so, you should have your credit score where you can get away from these.

I have a Cap1 card with the yearly fee, however there is 1% cash back with a .5% bonus cash back each year. So, I've got 1.5% of purchases being rebated back. For me, that covers all of the fee and let's me get free money back.

I don't pay them interest, and I place the cash back in my savings account every 3 months.

[ksgirl38]

Has anyone been able to get an American Express Blue Cash Preferred or Capitol One Cash Rewards card after BK? Just wondering. Thanks.

[bcss]

I don't know about Cap One, but I really doubt if you can get an American Express (American Distress) card right out of BK.

[ksgirl38]

That's not what I was asking. I was asking if anyone HAD received one.

[Amy26]

American Express will not give a card to anyone with a BK on their credit report. I was able to get on as an authorized user on my Hubby's two Amex accounts but I have heard people have a hard time getting AU as well. I do know some people who have gotten that card with Capital One, but they were like 3-5 years after BK.

[tobee43]

American Express will not give a card to anyone with a BK on their credit report. I was able to get on as an authorized user on my Hubby's two Amex accounts but I have heard people have a hard time getting AU as well. I do know some people who have gotten that card with Capital One, but they were like 3-5 years after BK.

on that exact note Amy, i knew a couple and he had an AX card and his wife had filed a chapter 7 like i'm guessing but i would say at least 5 years out. well, when he went to get her a card under his name they said a big NO way because she had BK, so i twas good that you were able to get on! i hate them actually, lol.

[luckstyl]

if you BK Amex, will you EVER be able to get another? even after the BK falls off the credit report completely in 10 years?

[Amy26]

If you did NOT include AMEX in your BK and the BK has fallen off your credit report, you can get a card with them. If you DID include them in your BK, they will not let you back unless you pay off the debt that you included in the BK and you go into a special program they have for people to rehabilitate their Amex account. Not really worth it to me... Amex is sort of overrated in my book. I only got AU on my hubby's accounts cause I wanted their credit monitoring service that they only offer to card members.

[Logan]

American Express will not give a card to anyone with a BK on their credit report. I was able to get on as an authorized user on my Hubby's two Amex accounts but I have heard people have a hard time getting AU as well. I do know some people who have gotten that card with Capital One, but they were like 3-5 years after BK.

Amy, my wife recently applied for an AMEX Costco card and to my surprise they allowed me to be added as an authorized user. Yesterday there was a letter in the mail requesting my SSC since they don't have it so they don't know I BK'd them. I threw the letter out so we'll see what happens down the line.

Logan

[Amy26]

Good luck Logan. I never had them ask for my SS card but I didn't BK them either. I'm guessing if they allowed you to be added then you should be ok. Usually, if they are gonna deny an AU for BK its will be from the get go.