My Credit Cards After Bankruptcy

Many people wonder if they will be able to acquire credit after filing bankruptcy so I thought I would share my experience. Believe it or not, it was fairly easy to start fresh, I think creditors actually look at people that have filed bankruptcy as people that suddenly have no bills and can therefore afford more credit.

The Chapter 7 was discharged January 2006, here is the list of credit cards I have been approved for and the dates. I did not acquire any new credit until more than a year after my bankruptcy was discharged.

  • WAMU (Chase) 10/2007
  • Barclays/Juniper 10/07
  • Dillards 10/07
  • Hooters 10/07
  • Walmart 11/07
  • Kay Jewelry 10/07
  • Target 10/07
  • HSN 11/07
  • Capital One 07/08
  • Orbitz Capital One 04/10
  • Best Buy-HSBC 4/10
  • Macys 4/10

I received a loan from my credit union for my car which was purchased in February of 2008 with an interest rate of 8.94% which is pretty good for a bankruptcy filer. I think it helped that I was a member of the credit union and also waited 2 years after my bankruptcy was discharged to try to get the auto loan.

Please be aware that I do not use all of these cards and the ones with balances are being paid down. I do think that acquiring all of this credit even though I am managing it thus far, could’ve been a huge mistake.

Also note that for the most part, these are unsecured credit cards, but most are still subprime credit cards. I’m not sure if I will ever be able to qualify for American Express or Discover cards which is the ultimate goal that I have in mind. I’d rather trash all of these cards for one great card. If you notice, I kind of went on an application spree in 2007 which may have hurt my credit at the time. There were quite a few inquiries that would remain on my credit for 2 years and doesn’t really look good to other creditors.

My point though, is that you can acquire credit post bankruptcy if you are able to just hang on for a little bit. I think my options may have been even better if I had waited another year, although my car loan is probably as good as it gets for me. Don’t sell yourself short with really, really bad credit cards unless you absolutely have to. You could save yourself a lot of trouble and money if you can wait until you qualify for better offers.

I have only posted a review of the Walmart credit card but will be working on reviews for the rest so that post bankruptcy filers can get an idea of what they may be offered and may qualify for.

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