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Is there a credit card you can apply for with bad credit and still get it?

Have bad credit, already filed for chapter 7. I know it would not be a good idea to get a credit card, but i want to rebuild my credit.

 
4theloveofTink

Asked by 4theloveofTink at 3:30 AM on Mar. 12, 2009 in Money & Work

Level 18 (6,063 Credits)
This question is closed.
Answers (9)
  • Do like MamaChamp said. My mom has filed for chapt. 7 TWICE in her life. This time she learned what she was doing wrong! If you can pay more than what is owed, do it. If you can tuck away as little as $20./ week, do it! With the economy the way it is, you should have a min. of 6 months of bills stashed away. Things are NOT getting better. They're going to get worst, FIRST!
    Save any & all money you can by paying off anything you owe on, then when it's paid off, you'll have that money to pay off the next item. Kids always are in need of things. And things are always breaking. You need to save money to pay for them. I hope this is helpful. The best way to show others you are ready for credit, is to pay your bills on time or early & pay more than required if you can. Banks do look @ this. I know, we were about to lose everything & because I tightened the reins, we were able to get a new loan, because I paid more than needed!
    TamiG310

    Answer by TamiG310 at 10:44 AM on Mar. 12, 2009

  • Honestly I would just focus on building savings and paying any current debt. Anything you get in credit woul have incredible interest. Check out the Total Money Makeover book by Dave Ramsey on how to stop needing credit alltogether. It really works.
    MamaChamp

    Answer by MamaChamp at 3:45 AM on Mar. 12, 2009

  • Get a secured card.
    halfpint_ny

    Answer by halfpint_ny at 5:21 AM on Mar. 12, 2009

  • The problem with a secured card is it's just a prepaid card (you add money to the card).

    You're better off just getting a Visa Debit Card from your bank...they're used/accepted like credit cards, but the money comes right out of your checking account...no interest fees, and no balance...BUT if you over-extend yourself, it will be like bouncing a check, you will be assessed whatever the bounced check fee is...$30+ on top of the amount that bounced!

    If you can sign up for direct deposit by your employer, you can designate a portion of paycheck goes to your checking account, and a portion goes to your savings. I did that, and had $50 of every paycheck go to my savings account, and just learned to live without it! At the end of the year I had over a $1000 saved! If your employer doesn't offer DD, then try and do it yourself with each paycheck.

    You'll find that if you don't have it, you can live without it! :o
    LoriKeet

    Answer by LoriKeet at 9:30 AM on Mar. 12, 2009

  • I filed for bankruptcy 5 years ago. I had no problem getting a new card but with banks tightening up because of the economy it will probably be harder for you. Honestly the bankruptcy really didn't hurt me that much. My credit is still better than my SO"S and he's never filed. We got him a card from Orchard Bank to help build his credit. They charge you tons of fees but its not a secured card where you have to provide the money up front. They give you a $200 balance, then with fees you only have available credit of around $60. It is really a horrible card to have but we started with that one, paid it off, and now he has cards that don't require all that crap.
    Anonymous

    Answer by Anonymous at 9:53 AM on Mar. 12, 2009

  • Bank of America offers a good secrured card. But don't get creidt card happy again. The key after bankruptcy is to stay debt free. If you don't have the money for it right now, you don't need it. But you do prob want to start to rebuild your credit, which is a good thing best ways are by getting secured loan - car payment- but expect to pay a HIGH interest rate. You can also contact your local utlitiy companies - gas- electric and ask them to report your on time payments to the credit agencys. Even your landlord if you rent can put that your rent on your report. There are specail forms that you need to do this, contact Equifax and Experian for them. If you have trouble getting them send me PM i can ask an old boss to pull a few up.
    Vanessannd

    Answer by Vanessannd at 11:43 AM on Mar. 12, 2009

  • You don't need a credit card obviously. Just the fact that you want to be able to get credit shows that you are willing to get back in debt.
    Get a bank account if you don't have one and pay off any outstanding debt you have. Then save 3-6 months worth of living expenses. If after all that you still feel you need credit for some ungodly reason, get a loan from your bank or credit union and pay it off as stated or sooner.
    itsmesteph11

    Answer by itsmesteph11 at 2:54 PM on Mar. 12, 2009

  • I have to agree with some of these other ladies. I wouldn't bother getting a card. Learn to only buy what you can afford to pay for with cash! I filed chapter 7 5 years ago when my now ex-husband and I were broke due to a work related injury he sustained. And it was aweful. But, i've been there done that and will NOT go down that road again. I have a Target and a Wal-Mart credit card, both with $200 limits and if I go there and use a card when I get my bill I pay it off in full....those are the only cards I've owned since the bankruptcy and they are the only ones I would ever want to own.

    I read David Bach's Automatic Millioniare that talks about the Latte Factor and how to save your money....and even though I don't make much I put 10% of my paycheck into a 401K every week. Lesson learned
    Mom2Jack04

    Answer by Mom2Jack04 at 3:37 PM on Mar. 12, 2009

  • We have not had credit cards for five years and my husband and I run three businesses that way, It is amazing the priced breaks you can get if you have actually cash, for one it saves whomever you are doing business with a credit card transaction charge. We do not miss it and always have the cash for what we want, when we started out doing things this way we did not always have the cash so we did not buy it! It really saves you from purchasing a bunch of crap you do not need!

    lapcounter

    Answer by lapcounter at 9:37 AM on Mar. 15, 2009