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Credit Card Applications » Questions » User Questions » Build Credit History » I filed chapter 7 and was discharged in 2012. I have no other credit cards secure or ...

I filed chapter 7 and was discharged in 2012. I have no other credit cards secure or unsecured, the only payments I’m making is my car payments to my credit union. I tried to apply for the American Express card via Costco but I was turned down. How can I start building my credit? Thank you

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Leo Zhu

A good credit card to build credit after bankruptcy is a secured credit card. Secured credit cards require a minimum security deposit of about $200 or less, depending on your creditworthiness. The credit limit is usually equal to the deposit but the minimum is $200. The issuers of secured credit cards report credit activity to the major credit bureaus, so you will be able to improve your credit history. But before you apply you should check your credit reports in case if there is some inaccuracy and find out what your current credit score is. Remember that the issuer may deny your credit card application if your credit score is not high enough.

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