How long is the wait to apply for a new credit card after Personal Bancruptcy?

Question

I filed for chapter 13 Personal Bancruptcy 7 years ago. I was just wondering: How long can someone wait to aquire a new line of credit; Is it 7 or 10 years now? I'm asking Because recently my Personal Bank sent me a Pre-Approved Unsecured Credit Card Application via the net. I filled it up w/ my Personal Info. Thinking it was just a fluke then after about a week,Lo and behold ,a Brand Spanking New Unsecured Credit Card w/ my name on it! Right After that, i applied with another Credit card company via the net, but it said that it can't process my application at this time. Iv'e been out of the hole for 7 years now so do you think is it ok to apply for more New lines of credit?...any info or suggestions is highly appreciated ,God Bless & Thanks a million in advance!

Answer 1

First off, why are you trying to get another credit card? You need to just use the one that you've got for a while and start rebuilding your credit. If you go getting too much credit, too quicklyt, you could end up right back in bankruptcy again.

You need to start rebuilding your credit slowly. Use the card that you've got, but don't charge it up past more then half of the credit limit.Make sure you pay at least the minimum payment on time every month. This will help rebuild your credit.

If you filed your BK seven years ago, it is going to show on your credit report for three more years. Not everyone will approve you with this on your credit. The ones that do will probably charge you a higher interest rate. You need to take this slowly and prove to creditors that you are going to be more financially responsible this time around. After a little bit of time doing this, you will be able to get approved more with better interest rates.

If they see that you are trying to get a lot of new credit all at once, this throws up a red flag to creditors. Everytime you apply for credit, it shows on your credit report as an inquiery. Not only do these lower your scores, but they can make you look financially irresponsible to creditors.

So, just take it slow and you'll be fine!!

Answer 2

Actually, you should have started rebuilding your credit almost immediately after bankruptcy. I had filed for bankruptcy and had wondered why my credit score was so low, even though I had paid everything in cash, and I had no new credit. I was told that I needed to rebuild my credit and I would have to apply for credit cards. Now, I have a $30,000 and it was easier for me to apply for loans for a new house, and I live in a new house now. You need to rebuild your credit. Just remember that some of the bank cards that you are applying for may have been banks that you went bankrupt on. I have the same problem as you where I have some banks that approve me and some banks that don't approve me because of the past bankruptcy. My bankruptcy was in 2000.

Answer 3

well on your credit it does show how many things you applied for tha could be why the 2nd one didnt take it cuz they saw recently that you applied for one and got it .. if i was you i be carefull on how many things you apply for because before you know it you might be back where you started and all that work you invested into gettin out isnt worth the trouble .. i would just get like one or 2 things of credit and keep it at that so you dont fall back in but 7 years is a long time you shouldnt have any problems just becarefull and good luck

Answer 4

The issue isn't the credit card rather yourself. If you are disciplined with your spending and how do you know you won't get back to square one again? Would an alcoholic be allowed to go back to drinking wines and be allright? My bottom line is simple talk to a credit counselor and make sure you have yourself in order before you go back to credit cards.

Answer 5

It usually takes 3 years before you can start to rebuild your credit.