Yes, it is possible to get a Discover credit card after filing for bankruptcy, and there have been instances where individuals have been approved for Discover cards around two years after being discharged from Chapter 7 bankruptcy. According to discussions on the myFICO® Forums, Discover has a tendency to approve individuals who are out of bankruptcy, with various success stories about approvals approximately 8 months to a year after discharge.
In one case, a forum user reported being approved for a $2,500 Discover It card about 2 years and 4 months after discharge from Chapter 7 bankruptcy. Another user was approved 8 months post-discharge with a $1,600 credit limit. These approvals seem to indicate that Discover may consider applicants with fairly recent bankruptcy discharges, but it’s crucial to ensure that other financial factors like debt-to-income ratio and credit utilization are in good standing before applying.
MyFico Forums: Users with bankruptcies 6-7 years old reported successfully obtaining Discover cards, particularly secured cards or specific offerings with lower credit score requirements.
CreditBoards: Similar experiences appear on CreditBoards, with users mentioning success with Discover secured cards after bankruptcies and gradual progress towards unsecured cards over time.
Discover website: Discover offers resources on rebuilding credit after bankruptcy, recommending secured cards as a starting point. They also provide a pre-qualification tool to check your eligibility for certain cards without impacting your credit score.
Forum users suggest that trying for pre-qualification on Discover’s site can be a good strategy. Pre-qualifying can serve as guidance on whether to apply and is a soft pull, meaning it won’t affect your credit score. It’s important to note that credit rebuilding and approval for new credit cards post-bankruptcy can vary widely depending on individual financial situations and credit histories.
Overall:
- Getting a Discover card after 6 years of bankruptcy is feasible, but not guaranteed.
- Focus on rebuilding your credit through responsible financial practices to improve your approval chances.
- Consider starting with a Discover secured card and building a positive credit history before applying for unsecured cards.
- Utilize pre-qualification tools on the Discover website to assess your eligibility without affecting your credit score.
Remember, individual circumstances vary, and these are just general insights. Seeking guidance from a financial advisor or credit counselor can provide personalized advice tailored to your situation and increase your chances of obtaining a Discover credit card after bankruptcy.
