Indigo Unsecured Mastercard with Prior Bankruptcy Okay - Review, | (2024)

FAQs

Is Indigo unsecured Mastercard prior bankruptcy okay? ›

Since the Indigo Mastercard doesn't require a security deposit, it can prove a more accessible card if you've declared bankruptcy or have bad credit or no credit history. However, depending on your credit score, you may have to pay an annual fee to use this card.

To get the Indigo Credit Card, you need a credit score between 300 to 639, meaning you can get this card even if you have bad credit. The Indigo Card is designed to help people improve their credit score, so it has easy approval requirements and it reports to all three major credit bureaus.

It's true! If you've got less than perfect credit, Indigo Mastercard^® will help you make your dreams a reality.

The highest credit limit for the Indigo Credit Card is $2,000, according to Indigo customer service. Your credit limit could be anywhere from $700 - $2,000 and will be determined based on your credit score and other factors when you apply.

Because credit card companies and lenders know that you can't file for Chapter 7 bankruptcy again until another 8 years have passed. Credit card companies feel safe offering you credit because if you fail to pay them back, they can file a lawsuit against you to collect any outstanding balances.

Unsecured debt isn't backed by any property, but a lender can try to reclaim their money in the court system. They can pursue a court judgement through a debt collection lawsuit. The borrower is summoned to court, where failure to show up grants the decision in favor of the lender.

The Indigo credit card is among a handful of products — including the Milestone card and Destiny card — serviced by Concora Credit and targeting those with bad credit. All are unsecured cards, meaning they don't require an upfront security deposit, but they do charge expensive fees.

The Indigo® Mastercard® does a hard inquiry on your credit report when you apply. The Indigo Credit Card requires bad credit to be approved. You can check your credit score by signing up for a free WalletHub account. You'll have access to free credit scores and free credit reports, both updated daily.

You cannot get an Indigo Credit Card credit limit increase, unfortunately. The credit limit that you are assigned upon approval cannot be increased. Many credit cards do provide the option to request credit limit increases or offer them automatically to select cardholders who meet certain eligibility criteria.

The Indigo Mastercard is issued by Celtic Bank, based in Salt Lake City, UT.

Can you have two Indigo credit cards? ›

The Bank will issue two credit cards per cardholder for Dual Accounts and one credit card per cardholder for all other accounts.

The Indigo® Mastercard® for Less than Perfect Credit is better than the Milestone® Mastercard®. While both cards are designed for people with bad credit and have similar APR and fees, the Indigo Credit Card has a slightly higher WalletHub rating.

The Indigo Credit Card's credit limit is $700, at a minimum. The exact limit you'll receive if you get approved for the Indigo Card depends on your overall creditworthiness when you apply, including your credit history, income and debt.

The U.S. Bank Cash+® Visa® Secured Card is the best credit card with nearly guaranteed approval that can give you a $5,000 credit limit. It accepts applicants with bad credit, and you can place a refundable security deposit of up to $5,000 for a credit limit equal to the amount you put down.

Unsecured cards don't require a security deposit. They're called unsecured because they're not backed up with collateral. They are more common than secured cards and are available to individuals with a wide range of credit scores, from average to excellent.

Following bankruptcy, you may receive offers to obtain an unsecured credit card. However, these offers will likely come with high interest rates or a low introductory interest rate that quickly skyrockets into a very high one. Unsecured credit cards may also charge you annual or monthly fees.

With a Chapter 7 bankruptcy filing, unsecured debts are wiped clean once the court has approved the filing. This process can take several months. With a Chapter 13 bankruptcy filing, unsecured debts are not wiped clean. Instead, payments have to be made according to a plan mandated by the court.

Most Chapter 13 plans authorize distributions to general unsecured creditors only after priority and secured claims are paid in full. So even if payments to unsecured creditors can be made, they aren't funded or distributed until late in the plan period—about three to five years after you file bankruptcy.

Dischargeable vs. Non-Dischargeable Debt in Chapter 13 Bankruptcies in California. Both secured and unsecured debt can be discharged in Chapter 13 bankruptcies, but non-dischargeable unsecured debts cannot be discharged in California.