Ask an Expert: How Do We Get a Credit Card After Bankruptcy?

What's Hot


How to Cut the Cable TV Cord in 2017Family

8 Major Freebies and Discounts You Get With Amazon PrimeSave

Study: People Who Curse Are More HonestFamily

8 Creative Ways to Clear ClutterAround The House

15 Things You Should Always Buy at a Dollar StoreMore

Pay $2 and Get Unlimited Wendy’s Frosty Treats in 2017Family

5 Reasons to Shop for a Home in DecemberFamily

This Free Software Brings Old Laptops Back to LifeMore

Should You Donate to Wreaths Across America? A Lesson in Charitable GivingAround The House

6 Reasons Why Savers Are Sexier Than SpendersCredit & Debt

Resolutions 2017: Save More Money Using 5 Simple TricksCredit & Debt

10 Free Things That Used to Cost MoneyAround The House

7 New Year’s Resolutions to Make With Your KidsFamily

10 Simple Money Moves to Make Before the New YearFamily

The 3 Golden Rules of Lending to Friends and FamilyBorrow

A couple emerges from bankruptcy together, but why can only one of them can get a new credit card?

A Money Talks News reader recently wrote me with the following question…

Hi,

My husband and I were discharged about six months ago from filing Chapter 7 bankruptcy. I just went online and did some investigating on rebuilding our credit. We don’t actually want the credit cards and have lived without them for several years now, but know we need them to build our credit.

Anyway, I applied for a Capital One Platinum card and was approved in no time. For my husband on the other hand, I tried Capital One as well as Barclay’s and they both denied him. I don’t want to keep applying and make his credit even worse due to inquiries.

I know that he had more on his credit such as the house, cars, etc. before the bankruptcy, but I’m confused as to why we both have the bankruptcy on our credit and I can get a card and he can’t. Is his only option a secured credit card? There aren’t ANY cards out there helping people re-establish their credit without it being secured?

Any advice would be appreciated.

Julie

My response

Sometimes there’s just no explaining why two people with similar credit histories see different results when applying for the same credit card. As we’ve seen in the past, married couples are the most likely to notice this issue.

The first thing I would do is have your husband contact the card issuer and ask to be reconsidered. Although banks make an initial decision based on an automated system, if you call, a human being can reconsider your application. At the very least, he can find out why he was denied.

As for finding a card that will help you to re-establish your credit, you have another option. I urge you to reconsider a secured card. Secured cards require you to put down a deposit first, but offer the convenience and security of a credit card without requiring a strong credit history. For instance, the Capital One Secured card requires a deposit of as little as $49. This has several advantages: First, your acceptance is virtually guaranteed. Second, using it will accomplish your goal of rebuilding your credit. All you have to do is put down a minimum security deposit, make a very small charge each month, and pay the statement on time.

Doing this for a year or two will vastly improve your credit score. And once your score picks up, you should have no problem being approved for a credit card designed for those who are rebuilding their credit. For example, the Capital One Platinum card is designed for those with average credit. Just don’t go out and apply for a premium rewards card and expect immediate acceptance.

Good luck, Julie!

Note: While we attempt to be completely objective when reporting on credit cards, this site may be compensated by issuers when a reader applies for a credit card through the links within credit card stories or on our credit card search page.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!

💰🗣📰

Read Next: 6 Ways to Make Cheap Foods Taste Delicious

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,905 more deals!