How to Get a Credit Card After Chapter 7 Bankruptcy

Although tricky, obtaining credit after a chapter 7 bankruptcy isn't impossible. In fact, applying for a credit card immediately after a discharge is a key way to begin rebuilding your credit history and bouncing back from a credit mishap. And while you may be unable to acquire an unsecured credit card, several lenders offer prepaid or secured credit cards, which can put you on the path towards a solid credit rating.

Instructions

1

Show proof of income. Regular income plays a role in credit approvals. Obtain employment and keep copies of your income statements or bank statements to provide lenders with your proof of income.

2

Find a bank. Credit unions and banks provide secured credit cards. Call local financial institutions to inquire about the application process. Double check to ensure the bank reports secured credit accounts to the credit bureaus, which is essential to boosting your low credit rating after a bankruptcy.

3

Inquire about fees. Secured credit cards include fees such as a security deposit and annual fee. Know the fees before submitting an application.

4

Open an account with the bank. Upon deciding on a bank, open a checking or savings account with the institution.

5

Deposit funds with the lender. Pay your security deposit to begin the application process. Typical fees range between $300 and $500.