How to Get a Gas Card After Bankruptcy
You've never been without a credit card before in your adult life. What if you need food or gas and have no cash? What now? These questions--and more--run through the minds of those who are going through bankruptcy. As soon as the ink on the bankruptcy discharge is dry, it's time to start thinking about rebuilding credit.
For many, getting a gas card is a first step. Gas cards can generally only be used at gas stations---meaning you can buy grocery items and gas with them. While they usually don't have an annual fee, they can have higher interest rates than more traditional credit cards.
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Things You'll Need
- Credit reports
- Copy of bankruptcy discharge paperwork
- Checking and/or savings account
Instructions
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Wait until at least 60 days after your bankruptcy is discharged to do anything because it can take the credit reporting agencies 60 days to update your credit reports. Once 60 days since discharge have passed, get copies of your credit reports from the three reporting agencies---Experian, Equifax, and TransUnion.
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Examine each of your credit reports for inaccuracies. If you have disputes, file them with each of the three reporting agencies. Pay close attention to the section listing your secured and unsecured creditors and make sure all of the information on your credit report matches the information in your bankruptcy paperwork. Send copies of relevant sections of your bankruptcy paperwork when you file disputes. Wait at least 30 days (preferably 60) after you file disputes to apply for credit. That means you should ideally wait 90 to 120 days after your bankruptcy is discharged to file for new credit.
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If you don't have a checking and/or savings account at a bank or credit union, open one. People with checking and/or savings accounts (preferably both) are generally deemed more creditworthy. It is also important to have a job that provides a steady income if you want to receive credit---whether it's a gas card or any other type of credit.
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Research gas cards and decide what is best for you before you start applying. Navigate to individual company websites or browse a variety of cards at websites that specialize in presenting various credit card options (often with reviews). You will find some more traditional cards (such as Visa and MasterCard) that offer rebates or rewards for gas stations. When trying to rebuild credit, you may want to stick with cards specific to gas stations--they are generally easier to get.
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Apply for one card at a time. If you are turned down for the first, you may apply for a second card. Don't apply for more than two cards at first. The number of hard inquiries to your credit is reported and, if you have several, it will bring your FICO score down. If you are turned down for your first two choices, wait a few months and try again.
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Tips & Warnings
After your bankruptcy is discharged, you will probably be flooded with credit offers from subprime lenders. Avoid credit cards and payday and title lenders that charge excessive fees and high interest rates.
Don't feel too let down if you don't get a card on your first try. Keep paying your other bills on time and saving money and you will eventually qualify for a gas card.
