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Yes, absolutely. It's even advisable to get a credit card after bankruptcy, although your options may be limited by your credit scores and card issuers' qualification standards.

Having bankruptcy on your credit reports means your credit scores will be affected as long as it remains. However, its impact will be less over time. Here's how long it takes for different bankruptcy types to expire:

  • Chapter 7 bankruptcy: stays on your reports for up to 10 years.
  • Chapter 13 bankruptcy: remains on your credit reports for up to seven years.

Bankruptcy on file makes some lenders wary of working with you. Some lenders turn down any applicant with bankruptcy on their credit report. Others consider applicants with older bankruptcy records but may charge high interest rates and fees.

Here's how you can get a credit card after bankruptcy:

  1. Check your credit reports with one or all three major credit bureaus (TransUnion, Experian, and Equifax) to make sure all information is accurate on them. For example, you will want to make sure any accounts discharged through bankruptcy show zero balances. If you see any inaccuracies on one of your credit reports, you have the right to dispute those errors and have the report corrected.
  2. Check your credit scores to have an idea how your score was affected by bankruptcy and where you currently stand. This will help you when you are researching new credit cards.
  3. Look for credit cards for applicants with less than perfect credit. If your credit score was lowered down to the poor range, look for credit card offers aimed at applicants with lower credit scores. These cards usually come with higher interest rates and fees, but you can avoid interest charges by paying off the card balance in full each month.
  4. Use prequalification tools to see your odds. To avoid multiple hard pulls and potential harm to your credit scores, use prequalification tools to see if you are pre-approved for any offers. Many credit card issuers offer such tools, but keep in mind that being pre-approved does not guarantee actual approval. It simply shows that your chances are high, and you still need to submit a full application to get the final decision.
  5. Consider a secured credit card. A secured credit card can help you rebuild your credit by generating a positive payment history in your credit reports if you make all payments on time. Secured cards require a security deposit that typically serves as the card's credit limit. Some secured cards offer upgrades to unsecured accounts, meaning you will get your deposit back.

Once you get a credit card, do your best to demonstrate to creditors you are on the path to responsible credit management. To show your serious intentions, make sure you avoid excessive balances, pay your balance in full when possible, and always pay your credit card bill on time.

If you can't get approved for any credit card after filing bankruptcy, you have a few other options:

Bankruptcy can negatively impact your credit scores for many years, but it doesn't mean you won't be able to move on and reestablish your credit.

tags : Bankruptcy Credit Cards Fees

Disclaimer: This editorial content is not provided or commissioned by the banks or credit card issuer(s). Opinions expressed here are the author's alone, not those of the banks or credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the banks or credit card issuer(s). Reasonable efforts are made to present accurate info, however all info is presented without warranty. Consult with the issuing bank of the card or account for terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are accurate as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.