Bankruptcy is a significant financial event that can deeply impact your credit score and your ability to secure credit in the future.
However, it doesn’t mean you’re automatically disqualified from getting approved for credit cards like the ExxonMobil Gas Card.
The key lies in understanding the specific requirements and taking steps to improve your credit health over time.
What is the ExxonMobil Gas Card?
The ExxonMobil Gas Card is a credit option offered by ExxonMobil, one of the world’s largest publicly traded oil and gas companies. This card allows you to earn rewards on your gas purchases at Exxon and Mobil stations.
You can apply for this card either through ExxonMobil’s dedicated application webpage, the Exxon Mobil Rewards+ app (available for both iOS and Android), or over the phone.
The basic information you need to provide includes your full name, Social Security number, street address, phone number, and email address.
Approval After Bankruptcy: What You Need to Know
You may not be eligible for the ExxonMobil Gas Card if you have recently filed for bankruptcy. This is because a recent bankruptcy significantly lowers your credit score, which indicates a higher risk to lenders.
You may, however, have the same chances of approval if you filed for bankruptcy years ago and your credit score has recovered.
Here’s a breakdown:
- Recent Bankruptcy: If your bankruptcy is recent, you likely won’t be approved for the ExxonMobil Gas Card. During this period, it might be beneficial to consider other credit card options designed to help individuals rebuild their credit.
- Older Bankruptcy: On the other hand, if your bankruptcy happened a while ago and your credit score has improved, you may be eligible for the card. The ExxonMobil Gas Card requires at least a fair credit score (640+) for approval1.
Rebuilding Your Credit After Bankruptcy
Rebuilding your credit after bankruptcy takes time and consistent effort.
Here are some steps to consider:
- Pay all your bills on time: This can help improve your credit history, which is a significant factor in your credit score.
- Keep your credit utilization low: Try not to max out your credit cards, as high credit utilization can negatively impact your score.
- Apply for a secured credit card: These cards require a deposit and can help you build credit over time.
- Regularly check your credit report: This allows you to keep track of your progress and dispute any errors that might be negatively impacting your score.
Conclusion
Rebuilding your credit after bankruptcy takes time and dedication, but it is possible.
These steps can help improve your credit over time and eventually reach a score (640+) that will make approval easier to achieve.
