A secured card is ideal for this purpose and even with a fresh bankruptcy you may be able to receive approval. The best move regardless is to apply for a card designed for someone rebuilding credit.

It may feel like a catch-22, since even after approval you likely won’t qualify for many cards like those offering rich rewards or premium perks. With a less-than-stellar credit score, responsible use of a credit card can help rebuild your score. A Chapter 7 bankruptcy will stay on your credit report for 10 years and a Chapter 13 will remain on your report for up to seven years. A bankruptcy will show on your credit report for a significant amount of time. Regardless of which type or specific circumstances, filing for bankruptcy will have a lasting impact on your credit score. Until then, you’ll have to receive approval from the court. Only after you’ve made your last payment will your bankruptcy be discharged. After that, you can apply for a credit card.Ī Chapter 13 bankruptcy, however, can take between three to five years as it’s a restructuring of your debt that you pay off over time. The amount of time it takes to settle and complete your bankruptcy proceedings will determine when you can apply for a credit card.Ī Chapter 7 bankruptcy takes approximately four to six months after the initial filing to be completed and your debts discharged. You cannot apply for any new lines of credit-including a credit card-while your bankruptcy proceedings are in progress without court approval. Although this type of bankruptcy is less damaging to your credit, it still carries a strong negative effect.Ī Bankruptcy Must Be Discharged Before You Can Apply for a New Card

Any remaining portion of your debt is forgiven. With this type of bankruptcy, your debts are restructured, which means you and the creditors come to an agreement over how much of the debt you will repay within a time frame of three to five years. Your credit score will be severely damaged.

Chapter 7 allows for a fresh start, as once the bankruptcy is discharged or completed you’ll no longer have any liability to creditors. This will wipe out what you owe your creditors and anything you own of any value. This is where all of your debts are eliminated and any assets you own that are not exempt will be sold off and used toward paying your debts. There are two basic types of personal bankruptcies: Let’s review the types of bankruptcies and what each means for your credit. It could take several years to qualify for a card again. The amount of time it takes to get a credit card after bankruptcy can depend on a few factors. How Long After Bankruptcy Can I Get a Credit Card?

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