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How Long After Bankruptcy Can I Get a Credit Card?

It’s true that bankruptcy can affect your credit score, which can affect whether you can get a credit card. However, filing for Chapter 7 bankruptcy brings new chances for those who are facing money issues. It’s also possible to get a credit card after bankruptcy, although there are some things you need to consider. Attorney Karen E. Evangelista helps people solve their debt through bankruptcy. Call today to talk about your situation. 

Bankruptcy Must Be Discharged Before Applying If You File a Chapter 7 Bankruptcy

Many people who decide on bankruptcy choose to file Chapter 7. In a Chapter 7 bankruptcy, you will get rid of your debts by paying the money by selling certain assets. This will make it so that you do not owe creditors anything. Chapter 7 is a fresh start since you won’t owe anything to creditors afterward. 

While the case is active, you cannot apply for a new credit card during your bankruptcy unless the court gives you permission. The length of time it takes for the bankruptcy to be completed will affect when you are allowed to apply for a credit card. For a Chapter 7 bankruptcy, you will need to wait about four to six months, which is the typical amount of time it takes debts to be discharged. 

Can I Apply for a Credit Card?

No matter your exact circumstances, filing for bankruptcy can impact your ability to get a credit card for a long time. A Chapter 7 bankruptcy will impact your credit score and it will show up on credit reports for 10 years. This can affect your chances of getting a card since lenders will see your score and your past bankruptcy. However, once you receive a credit card, using it responsibly can help you rebuild your credit score. 

One option is to choose a credit card that is specifically designed for a person who is rebuilding his or her credit. For instance, a secured card may be a good option for someone starting fresh after bankruptcy. 

After You Get a Credit Card

Once you receive a new credit card, it’s time to work towards a better credit score. By focusing on improving your score, you may be able to apply for better loans and credit cards in the future. Follow these tips for growing your credit score after filing for bankruptcy: 

  • Pay your bills on time every month. Your payment history is the biggest factor that affects your credit score. 
  • Create a plan to pay off any withstanding debts. The amount of debt you currently have makes up about 30% of your credit score, so keep a low credit utilization. 
  • Get a secured card to rebuild credit and use it responsibly. Having a history of paying off what you owe will help your credit score. 
  • Have patience. Rebuilding credit after a Chapter 7 bankruptcy is possible, but takes time. 

Talk to a Bankruptcy Attorney

Bankruptcy can help you overcome your money problems, even though you may need to wait before getting a credit card after filing. Contact Rochester bankruptcy lawyer Karen E. Evangelista for an appointment.


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