Can I get approved for the Opensky Visa credit card after bankruptcy?

You can get a credit card any time after bankruptcy. But you should begin exploring options such as secured credit cards as soon as the bankruptcy is discharged in order to begin rebuilding your credit. Though some secured cards won’t approve people with recent bankruptcy, many will, such as Capital One Platinum Secured Credit Card and OpenSky® Secured Visa® Credit Card.… read full answer

If you filed for Chapter 7 bankruptcy, you should be able to get a secured card as soon as your bankruptcy is discharged. If it was Chapter 13 instead, you’ll need the approval of the trustee during your payment plan.

Credit card issuers generally won’t approve you for any cards while you’re still in the bankruptcy process. But once the bankruptcy discharges, you can get a card that fits your needs.

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

• Secured credit card: After bankruptcy discharged

These cards require a refundable security deposit, usually at least $200, which doubles as your credit limit. Because you’re putting up your own money, your approval chances are high.

The Capital One Platinum Secured’s only bankruptcy requirement is that the case must be fully discharged. Some cards, like OpenSky, don’t even check your credit report when you apply, so they’re great for post-bankruptcy credit improvement.

• Unsecured credit cards for bad credit: After bankruptcy discharged

Credit cards that don’t require a security deposit are a lot harder for people with bad credit to get than secured cards. They’re also much more expensive, both in terms of interest rates and fees.

One example is the Credit One Visa. Credit One Bank says a discharged bankruptcy won’t hurt your approval chances, but could lead to a lower credit limit and a higher annual fee.

• Authorized user: Immediately

If a friend or family member makes you an authorized user on their credit card account, that account will be added to your credit reports, and you’ll benefit if the main account holder pays the bill on time every month. If your friend or relative allows it, you will also get a card with your name on it to use for purchases.

After your bankruptcy is discharged, you may still have difficulty getting approved for a new credit card at first. Some issuers may deny your application simply because there’s a recent bankruptcy on your credit report. However, some lenders might be more lenient. That’s because of rules that restrict when you can file for a second bankruptcy, making you a low risk of filing for bankruptcy again.

In addition to finding the right credit card with which to begin rebuilding your credit, you should review your credit reports for errors and monitor your credit score moving forward. You definitely don’t want the problems that led to bankruptcy to repeat themselves.

The best secured credit card you can get after a bankruptcy is the Capital One Platinum Secured Credit Card because it has no annual fee, and you can get a higher credit limit than your required deposit. You will have to make a deposit of $49, $99 or $200 (depending on your credit standing), for a $200 spending limit.… read full answer

Generally, the secured credit cards you can get after bankruptcy will have permissive approval requirements, open to those with bad credit, or won’t be performing credit checks at all. All credit cards require you to have the bankruptcy discharged and may have certain stipulations with regard to how recent it may be.

Here are some secured credit cards that you can get after bankruptcy:

The Capital One Platinum Secured is the best overall secured card, thanks to its $0 annual fee and a credit limit that could be higher than your required deposit ($49, $99 or $200 minimum refundable security deposit, based on the specifics of your credit). And having bankruptcy on your record generally doesn’t disqualify you from getting approved. This card’s only bankruptcy-related requirement is that your case must be resolved.

Second best is the OpenSky® Secured Visa® Credit Card. OpenSky is advertised as a no-credit-check card, so the issuer only needs to verify your identity and confirm that you have enough income to support your monthly spending. You’ll also have to make a security deposit of $200, at a minimum. However, OpenSky comes with an annual fee of $35.

The Applied Bank® Secured Visa® Gold Preferred® Credit Card is another good, secured credit card that you can get right after bankruptcy. It does not require a credit check. You need to put down a deposit of $200, at a minimum. In addition, the card has an APR of 9.99%, which is one of lowest on the market. The Applied Bank Secured Gold Card comes with an annual fee of $48.

Getting approved for a credit card after bankruptcy can be difficult, but there are options available. The best bankruptcy credit cards will have low annual fees, lenient approval requirements, and will help you rebuild your credit.