Posted on: 23rd Dec, 2012 10:48 pm
Hi there… I filed bankruptcy and I won't be discharged until February. I want to rebuild my credit now onwards. However, someone said not to start rebuilding until after. Why should I not try for a secured card yet?
Welcome JC,
Unless you get a discharge from your bankruptcy filing you won't be able to get qualified for any kind of card - secured or unsecured. None of the creditors will be ready to offer you the cards before your bankruptcy filing gets discharged.
Unless you get a discharge from your bankruptcy filing you won't be able to get qualified for any kind of card - secured or unsecured. None of the creditors will be ready to offer you the cards before your bankruptcy filing gets discharged.
This is simply because you need to completely clear out of all the bankruptcy proceedings and only then will you be able to apply for any form of card again.
Well, that person is correct. Even if you apply for a secured credit card, your chances of getting one are very slim. And if you get denied, that would be another negative item in your credit report, which could bring your score down further.