How To Get Credit Cards After Bankruptcy
First off, your credit reports should show zero balances, as this will definitely increase your borrowing power.
Your credit will still be bad, so look for cards that are designed specifically for people in your situation. Your options consist of secured and prepaid cards, but go for a secured card, since those lenders will usually report activity to the credit bureaus and you can re-establish your reputation with responsible use.
Check to be sure the one you apply for does report to the bureaus. Prepaid cards will not do that reporting, so avoid them for the time being. You will need cash for a deposit, however, so be prepared to pay at least $150. In most cases, the amount is based on credit history. Some companies charge processing and other fees, and all expect you to put some money down as collateral.
In order to rebuild credit, you must use the new account perfectly. You can’t just get it, then not use it. Charge a little every month, then pay the entire balance before the due date. It is so important to stick to this plan. You won’t have many chances left if you mess up again. If you treat it right, though, you’ll achieve your goal.
Every month you demonstrate that you’re a responsible borrower, your credit scores will improve and your credit reports will reflect your dedicated efforts. Eventually, the bankruptcy notation will become less of a factor and with your consistency and patience, your bankruptcy will become a bad memory from your past and be gone from your file forever.
Compare credit cards here – CreditCards.com – Debit Cards & Prepaid Cards
The directory also includes all the various types of rewards credit cards. You can use the rewards credit card directory to sort and filter by the components that are most important to you.
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