Chip Lupo, Credit Card Writer
@CLoop
You may be able to get approved for the Navy Federal Credit Union cashRewards Secured Credit Card after your bankruptcy is discharged. The Navy Federal cashRewards Secured Card accepts applicants with bad credit, and if you’re approved, it will report to the credit bureaus monthly to help you build credit.
The Navy Federal cashRewards Secured Card has a $0 annual fee. The Navy Federal cashRewards Secured Card requires a $200+ deposit, which then serves as your credit limit.
Keep in mind that your approval odds for the Navy Federal cashRewards Secured Card depend on your overall creditworthiness.
Things to Know About Credit Cards After Bankruptcy
You should wait until your bankruptcy is discharged to apply for credit.
Card issuers generally do not approve applicants with unresolved bankruptcies on their credit reports. Your odds of approval will be far better if you wait until after your discharge. For the best results, consider waiting a few months to a year after discharge before attempting to get a new credit card.
Your options will be limited.
A bankruptcy on your credit report is likely to tank your credit score and limit your choices for credit cards in the future. Bankruptcies stay on your credit report for 7 to 10 years, but this won’t prevent you from getting approved for a credit card the entire time.
Card issuers don’t like getting burned twice.
If your bankruptcy involved Navy Federal Credit Union credit card debt, they may not approve you for a new credit card immediately after your bankruptcy. It’s a good idea to start with a credit card from an issuer that was not named in your bankruptcy, and wait several years to approach issuers that were named.
Bankruptcy discharge timelines depend on which chapter you file.
Chapter 7 bankruptcy takes 4 to 6 months after filing to be discharged, and could take longer. If you filed Chapter 13, you’ll need the approval of your trustee if you want to apply for a credit card during your payment plan, and payment plans in Chapter 13 typically last for 3 to 5 years.
If you are not set on the Navy Federal cashRewards Secured Card, you can also check out our editors’ latest picks for the best bankruptcy credit cards to weigh your options.
Popular Credit Cards from Our Partners
Maria Adams, Credit Cards Moderator
@m_adams
Yes, you may be able to get approved for the Navy Federal cashRewards Secured Card after bankruptcy. This card is designed for individuals who are looking to rebuild their credit, which makes it a good option for those who have had financial difficulties, including bankruptcy. However, approval will depend on several factors like the amount of time since the bankruptcy was discharged, your current financial situation, etc.
Factors Affecting Your Navy Federal cashRewards Secured Card Approval
- Membership with Navy Federal: You must be a member of Navy Federal Credit Union to apply for the card.
- Current Financial Situation: Navy Federal will review your current financial status, including your income, debt-to-income ratio, and any recent negative marks on your credit report, if any.
- Time Since Bankruptcy: The further removed you are from your bankruptcy discharge, the better your chances of approval. A waiting period of at least 6 to 12 months after discharge is common.
- Deposit Requirement: The Navy Federal cashRewards Secured Card requires a minimum refundable security deposit of $200, which will be your credit limit.
Over time, as you demonstrate responsible credit use, your credit history will improve and you will be able to apply for unsecured cards.
People also ask
How do I apply for the Navy Federal nRewards Secured Card?
The easiest way you can apply for the Navy Federal cashRewards Secured Card is online. Alternatively, you can apply for this card either over the phone at (888) 842-6328 or by visiting a Navy Federal branch.
Keep in mind that you have to become a Navy Federal Credit Union member before you can apply for the Navy Federal cashRewards Secured Card. To be eligible for a Navy Federal membership, you have to be an active duty or retired service member of the armed forces, or have other ties to...
read full answer by Maria Adams, Credit Cards ModeratorWhat's the easiest Navy Federal credit card to get?
The easiest Navy Federal credit card to get is the Navy Federal Credit Union cashRewards Secured Credit Card because it is designed for people with bad credit. The card requires a refundable deposit of at least $200, which will determine your credit limit. Your account information will also be reported to the major credit bureaus, helping you build credit.
Navy Federal cashRewards Secured Card APR & Upgrade Path
Note that you’ll be charged an APR of 18% (V) on your purchases if you don’t pay your Navy Federal cashRewards Secured Card balance in full...
read full answer by Maria Adams, Credit Cards ModeratorCan I get a credit card before the bankruptcy is discharged?
You may be able to get a credit card before the bankruptcy is discharged, but your chances are low. You can definitely apply for a credit card, but your approval odds are minimal before you’re discharged. Once that happens, you can try applying for the opensky® Plus Secured Visa® Credit Card and you will probably get approved, because there’s no credit check for new applicants.
The opensky Plus Credit Card’s main requirements for approval are a U.S. mailing address, a Social Security...
read full answer by Peter Fox, WalletHub AnalystDid we answer your question?
Important Disclosures
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers. For full transparency, here is a list of our current advertisers.
Advertisers compensate WalletHub when you click on a link, or your application is approved, or your account is opened. Advertising impacts how and where offers appear on this site (including, for example, the order in which they appear and their prevalence). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.
Advertising enables WalletHub to provide you proprietary tools, services, and content at no charge. Advertising does not impact WalletHub's editorial content including our best picks, reviews, ratings and opinions. Those are completely independent and not provided, commissioned, or endorsed by any company, as our editors follow a strict editorial policy.