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Credit Card Applications » Questions » User Questions » Limited/Bad/Fair Credit » I filed bankruptcy due to my divorce in May 2012. Will I be approved? Also will this make ...

I filed bankruptcy due to my divorce in May 2012. Will I be approved? Also will this make my credit worse? Does the annual fee go away if I have good payment history?

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Leo Zhu

Bankruptcy is not the end, you can apply for a credit card and be approved.

Let’s pretend you discharged your debt, and you do need to do this if you want to apply for a credit card. But before you decide to apply for a card wait at least three months after discharge and then do some cleaning. Examine your reports for inaccuracies and clean them up.

If you find right card (the one which suits your credit history) it won’t make your credit worse. But if you chase after every single offer and apply, of course it will affect your credit in a bad way. Choose a credit card carefully: read terms and conditions, don’t ignore fine print – read it, do some calculations at least.

Usually credit cards for those after bankruptcy offer low limits for high interest rates and fees. And in most cases credit card issuers are not willing to lower the rates and fees. However if you show stability, pay off the balance every month, not late with the fees and stay within limit, credit card issuer may increase your credit limit.

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