Credit Information and Personal Finance Resources | Credit One Bank

Credit One CentralTM

Explore ways to manage your credit and finances with Credit One Central. These informational articles and resources can help guide you in your everyday life.

Applying For Loans, Mortgages, And Credit Cards After Bankruptcy

Applying For Loans, Mortgages, And Credit Cards After Bankruptcy

There’s no getting around the long road to building credit after bankruptcy. Once you have it on your credit file, it will be harder to get approved for different types of financing. But, you aren’t stuck with a lifetime of declined loan applications because you can always take meaningful steps towards rebuilding your credit. And over time, every step you take towards improving your credit score will bring you one step closer to being able to qualify for credit cards after bankruptcy, loans and even a mortgage.

Stop worrying about your post-bankruptcy credit and learn how to rebuild it and still secure a healthy financial future.

Steps To Take To Rebuild Credit

Bankruptcy can remain on your credit report for up to 7 or 10 years, depending on what type of bankruptcy was filed. Chapter 13 bankruptcy will stay on your file for 7 years, Chapter 7, for 10 years.

This is a long time to wait until you’ll have clear credit again. If you’re worried about getting a loan after bankruptcy or being able to take out a credit card, keep in mind, the older this negative information is, the less it will lower your credit score. The diminishing impact of adverse history combined with the increasing positive lift from your credit building activity will allow you to get approved for financing well before your 7 or 10 year waiting period is over.

Step one towards better credit is to request a copy of your report from each of the three credit reporting agencies—Experian®, TransUnion®, and Equifax®. Review it to make sure all of the accounts involved are labeled as discharged. You can order a free report once every 12 months from You won’t see your actual FICO score on these reports but you will be able to verify that everything was taken care of appropriately when you filed for bankruptcy.

Now that you are officially at credit ‘ground zero,’ there’s only one way to go and that’s up. Bankruptcy provides an opportunity for a clean start. From here on out, make developing and maintaining good financial habits a priority:

  • Have a written monthly plan that accounts for every dollar, and stick to your budget
  • Reduce unnecessary spending
  • Pay bills on time
  • Keep credit card utilization levels—the total outstanding balance on all your credit cards divided by the sum of each card’s limit—low

If you’re having trouble getting started rebuilding, try applying for an unsecured credit card for challenged credit. They offer a lower risk way to open a new account and start rebuilding your credit. Only charge a balance you know you can pay in full each month.

Can You Apply For A Loan Following Bankruptcy?

Directly after declaring bankruptcy, you may want to avoid applying for an auto loan for example. It’s easier to qualify when you’ve boosted your credit somewhat with the steps listed above and by allowing time to reduce the negative effect of bankruptcy. Your lending options might be limited within the first year or two after going bankrupt.

Bankruptcy has the positive side effect of improving your debt-to-income ratio because the debts you used to be carrying are now discharged. This ratio is one of the most important factors that lending agencies use to calculate whether they should lend to a certain individual or not. Before applying, take the time to understand lending criteria you need to fulfill, such as having steady income and making on-time payments.

Can You Apply For A Mortgage After Bankruptcy?

What about getting a home loan after bankruptcy—is this possible? You can apply for a mortgage but not necessarily right away. For example, Fannie Mae may require a two year or longer wait period depending on the type of bankruptcy and extenuating circumstances.

During this time, you can take steps to build your credit. Don’t forget, the higher you increase your score within this time period, the better home loan you will qualify for. Also, save money each month to use as a down payment. Having a larger down payment will improve your chances of qualifying for a competitive home loan, even after having gone through bankruptcy.

Mortgage application tip: Federal Housing Administration (FHA) insured loans are generally the easiest types of mortgage loans to qualify for. They are available with smaller down payments potentially as low as 3.5% and have more flexible credit score requirements.

Writing Your Own Financial History

Don’t give up on your future because you had to file for bankruptcy. A Credit One Bank® Visa® credit card can help you start building your credit today and give you a second chance to create a bright financial future.

Trademarks referred to above are the property of their respective trademark holders.

This material is for informational purposes only and is not intended to replace the advice of a qualified tax advisor, attorney or financial advisor. Readers should consult with their own tax advisor, attorney or financial advisor with regard to their personal situations.

« Return
Credit One Bank Testimonials

Customer Testimonials & Success Stories

Looking to reach your financial goals? See how Credit One Bank helps people purchase a house or car, handle emergencies and build their credit.

Read More

See If You Pre-Qualify Today

With a Credit One Bank Platinum Visa®, you'll earn 1% cash back on eligible purchases, terms apply, and receive many benefits like free online access to your credit score and $0 Fraud Liability.

In less than 60 seconds, find the card that's right for you!

Credit One Bank Credit Card

 Terms of Use 

Credit One Bank maintains our various websites (hereinafter referred to as "website") as a service to our customers and visitors in order to provide information about products and services and to facilitate communication with us. We require that all customers and visitors to our website adhere to these Terms of Use. By accessing our website and any of its pages, you indicate your acknowledgement and acceptance of the Terms of Use set forth herein without limitation or qualification. We may revise the Terms of Use at any time by updating this posting. You should therefore visit this posting to review the Terms of Use from time-to-time as you visit the website. For the purposes of these Terms of Use, references to Credit One Bank include its affiliates, directors and employees.

COPYRIGHT - The information and materials contained in the website, including but not limited to text and images herein (excluding certain images licensed from third parties) and their arrangement are © Copyright 2015 by Credit One Bank. The information and materials contained in the website may not be copied, displayed, distributed, licensed, modified, published, sold, used to create derivative work or otherwise used for public or commercial purposes without the express written permission of Credit One Bank.

LIMITATION OF LIABILITY - We use our best efforts to include accurate and up-to-date information and materials on the website, however, information and materials on the website are provided "as is" without any warranty of any kind, either express or implied, including but not limited to the implied warranties of merchantability, fitness for a particular purpose and non-infringement. Furthermore, we make no representations as to the accuracy or completeness of the information. The information and materials on the website may include technical inaccuracies or typographical errors. From time-to-time we may amend, change, add, delete, update or alter the information and/or materials contained in the website, including information regarding the products and services described or offered on the website, without notice. We assume no liability for any errors or omissions in the information or materials contained within the website and expressly disclaim any responsibility to update the information or materials contained within the website. By using the website, you acknowledge that we specifically disclaim any liability for any direct, indirect, special, unsolicited or consequential damages, losses or expenses arising out of your access to or use of the website, even if we have been advised of the possibility of such damages, including liability associated with any viruses or software which may impact a user's equipment.

GOVERNING LAW - You agree that your use of the website shall be governed by all applicable Federal laws and the law of the state of Nevada.

INFORMATION SUBMISSIONS - All information and materials (including but not limited to feedback data, documents, questions, comments, and suggestions) you submit to us via the website or email shall be deemed to be the property of Credit One Bank and may be used by us in a manner consistent with our Privacy Policy. We shall be free to reproduce, use, disclose, exhibit, display, transform, create derivative works and distribute this information and materials to others without limitation. Furthermore, we shall be free to use any ideas, concepts, know-how or techniques contained in such information or materials for any purpose whatsoever, including but not limited to developing, manufacturing and marketing purposes. Application information submitted to us shall be treated confidentially to the extent required by applicable law or as disclosed in the application and/or supporting materials.

ADVERTISING DISCLOSURE AND LINKS TO OTHER WEBSITES - We do not provide, endorse, nor guarantee any third-party product, service, information, or recommendation available through links from this website. The third parties providing products and services available through this website are not affiliated with us and are solely responsible for their products, services, information, recommendations, and all other content on their websites. We shall not be held liable for any third party's failure with regard to such advertised products, services, and benefits. Many of these advertised products and services are not FDIC insured, nor bank guaranteed. By responding to offers advertised on this website, you may be communicating information about yourself to the company that provides such product or services - for example, that you are a Credit One Bank customer. Please be aware that these third parties may have a different privacy policy than ours. Their website(s) may also provide less security than ours. We encourage you to check individual offers, products, and services to become familiar with any applicable restrictions or conditions.

 Security & Fraud  

We are committed to protecting the security of your personal information. We list some activities below that we perform in order to safeguard your data and some tips that you can follow to protect your security.

What We Do:

  • We employ industry-proven standards and technologies to protect information in our computing environment.
  • We protect our systems and networks from the Internet with Firewall systems.
  • We use 128-bit SSL encryption technology to protect sensitive information that is transmitted over the Internet.
  • We maintain a Global Digital Certificate signed by Verisign® that assures you are, in fact, communicating directly with Credit One Bank.
  • We control access to your information inside our company by limiting employee access to systems and data.

What You Should Do:

  • Protect your Username and Password. Avoid choosing easily guessed words or numbers. Avoid writing your Sign In information in a place where others can view it.
  • Use the "Sign Out" button to Sign Out from Online Account Access upon completion of your session and close your browser.
  • Do not use email for account-specific questions. Email is not normally encrypted and your account information could be intercepted.
  • Review your statement information regularly for unauthorized transactions.

Alerts Regarding Phishing and Web-Spoofing:

  • Phishing is an Internet scam (spoof) in the form of an email or pop-up box. The emails and pop-ups link to sites that look like well-known legitimate businesses and ask you to provide and confirm personal, financial, or password information.
  • Legitimate businesses do not ask for this information unless you initiate a request for a service. Please DO NOT RESPOND to these emails requesting personal identity, accounts or password information.
  • Scam emails often contain misspelled words, poor grammar, awkward or unprofessional writing and typos.
  • Be suspicious of urgent or alarming appeals that request security information.

Fraud Alerts:

  • Credit One Fraud Alerts messages are provided to you at no cost. You will not be charged for alerts received.
  • Message frequency varies, as they are only sent when there is suspicion of fraud.
  • Mobile carriers are not liable for delayed or undelivered messages.
  • For help send HELP to 89283.
  • Send STOP to 89283 to end future fraud alert messages.
  • For support contact us at 1-877-825-3242.

To learn other ways to avoid email scams and deal with deceptive spam visit the Federal Trade Commission site at


You are leaving

If you the 'Continue' button, you will be directed to a third-party website unaffiliated with Credit One Bank, which may offer a different privacy policy and level of security. Credit One Bank is not responsible or liable for, and does not endorse or guarantee, any products, services, information or recommendations that are offered or expressed on other websites.

the 'Return to' button to return to the previous page or 'Continue' to proceed to the third-party website.

Return to Continue