Get Out of Debt Guy

Do I Have to Wait to Apply for Credit After Bankruptcy?

Posted May 23, 2014

WRAL Reader Question

Dear Steve,

Do I have to wait until my chapter 7 is discharged or can I apply for credit before my discharge date. I am only doing it to re-build my credit and set a budget. My discharge date is about 2 weeks away just not sure if applying now will affect anything.


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Dear Odoul,

I suggest people start with secured credit cards. See this article. In that case there is no extension of credit and less of a need to wait.

If you are going to apply for unsecured credit, you should wait for your discharge. But the primary reason for waiting is not one you'd imagine. You see, once your discharge is received your mailbox will start to fill up with offers from creditors and it might be easier to accept one of those that start applying all over.

People think they will not be able to get credit after bankruptcy, but that's just not true. 

Remember, if you pay your bill off in full each month the interest is the least important thing to consider. Get back on the horse, rebuild your credit, and your financial future will be bright.

Steve Rhode
WRAL Get Out of Debt Guy

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About this Blog:

Steve Rhode has had careers in opthalmology, real estate and as the head of a nonprofit debt counseling firm. On his blog, he offers hard-won, free advice about getting out of debt, consolidation and making the right choices as you manage your money.