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The first step is to acquire a secured visa. You may be able to acquire an unsecured visa through HBCS card services. Don’t concern yourself with high interest, you will want to pay the balance due. Stay away from program fees or any other fees.
After discharge, obtain copies of your credit report. Go to for your free reports.
After bankruptcy, accounts will not reported correctly.
Make sure all accounts are “included in bankruptcy.
Go to the book store an buy a copy of “Guaranteed Credit” by Arnold S. Goldstein. This book contains proven methods of improving your credit.
i filed a chapter 7 in 8/05, was discharged in 11/05. i applied for an orchard bank credit card in 1/06 and was approved for $300 UNSECURED. the interest rate isnt the greatest, of course, but that is a start. i stayed on top of that for 3 months and then applied for a capitol one credit card. just got that in the mail 2 weeks ago with $300 UNSECURED credit. the capitol one card has a better interest rate. both cards have a small limit but thats all i need and want because i dont want to end up back in the same situation i was that caused me to file bankruptcy in the first place. oh and by the way i applied for a capitol one blank check auto loan and was also approved! i actually cant believe it. the only thing i havent been able to get approved for is a personal loan which again, is cool with me because my purpose in getting the credit cards anyway was to re-establish my credit.
Your first step is to send a copy of your discharge papers along with the list of discharged debts and creditors to all three credit bureaus. People assume this is done automatically – IT IS NOT! Without this step, you will still show many “currently delinquent” accounts. This is because the it cost the credit card companies money each time they update with the bureaus. Instead of showing discharged debt, it will only show info from the last time it was updated – most likely CHARGE OFF or DELINQUENT X number of days. After doing this, the credit bureaus will send you an updated copy of your credit report, detailing the action taken on each account. Your immediate goal is to have your account summary show 0 currently delinquent accounts. This will improve your score more than any other factor. After this is done, apply for an unsecured credit card – you will be approved. Avoid First Premier Bank (They will give you a $300 credit limit but you will owe almost $200 immediately in fees, without having made a charge) Orchard bank will give you one with only a $19 processing fee. Still not great, but it is a start. Avoid applying for too many cards will hurt your credit. Stick with one, and try to pay your entire balance each month and give it a few months – You will be on your way. Good luck.
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September 25th, 2009 at 8:08 pm
Pay all your bills on time. Then, if you have the money, open a secured credit card from any bank.($300-500 maybe). After a year your credit score should start to improve. It will take time but you can graduall improve your score.