Is it true Target will consider an account after 6 months post discharge, even if they were included in the BK???
as with any debt, bankruptcy is only one part of your overall credit history. there are numerous other factors they consider, such as previous pay history, collections, judgments, income, etc. the only way to find out is to apply, but i'm wondering why you need a target card 6 months out of bankruptcy.
A good general rule is NEVER try for a credit card with a company that you didn't pay... MOST CREDIT CARD COMPANIES HAVE LONG MEMORIES YMMV
JENZ, It's my turn to be confrontational, Having been through a BK myself I can say that I learned a tremendious amount about financing and money management, I am 6 months out of BK and now have 8 visa or master cards, store cards, a gas card, new mortgage and 2 car loans, I saved alot of money during the 5 years of hell while I was in BK and vow never to return, I learned to never buy anything unless you can pay for it twice over with cash ( house and cars aside). Building a positive credit history after BK is tough and makes you appreciate it even more. Having said that, a target card is a somewhat safe card because the limits are low, they report to all 3 CRAs and there is nothing at target you can not live without so it is hard to really get into trouble with the card, anyone that has experianced BK does not want to return and I feel it is a exercise in GROWING UP. I say try for the card, get your free copy of your credit report and go from there. Good luck
trent - its not being confrontational - its being argumentative. (i think i am going to make that my sig line) i agree with you for the most part. i dont remember the study, but something like 50% of people who file bankruptcy will file more than once in their lifetime. and like 20% of all bankruptcies are 2nd time filers. i wish i remember'd where i read that. i think the ftc did it a few years back. (and i too filed bankruptcy) establishing credit is important, but not as important as building a safety net of liquid assets. for every $1 you have on a credit card, you should have $1 in the bank. not to say you have to pay off your balance every month, but to be able to afford to live if you lost your job or other financial ruin. if your going to get credit, make it a versatile card like visa, so you can use it if your car breaks down. the only thing you'll end up buying w/your target card is stuff you don't need.
I have to agree with you about the cash, I like $2 for each dollar of debt on top of 8 months of salary in a liquid investment vehicle. Only reason I like target is for the mix, easy to get, reports to the CRAs and target is not a bad place to buy Cd's and dvds. I had not heard the stats about BK but I can say I will go to the ends of the earth to never be late on anything( if its not early then its late in my book) or file a BK again. if 50% refile think of it more positive that 50% learned to manage their money and are more careful. I wanted the credit scores to save money on finance charges for houses and cars, In this country you will always need a car and a place to live and 25% interest on those purchases is a downward spiral that is never easy to climb out of.
along with this by far the best if you are unsure of your ability to manage is a secured visa, not a tremendous amount of danger saving money and using that cash to build credit.
