So you have declared bankruptcy and now are wondering if you will ever get someone to approve you for a loan or a credit card. You think that you are doomed forever to a world of rejection when it comes to credit. You needn’t worry about that. Rest assured that you will be able to get credit cards after bankruptcy as long as you are prepared for it.

The first step is to apply for a credit card. You will want to apply for the credit card after bankruptcy online. I say this because there are plenty of online credit card companies that have programs that are designed to give out credit cards for people with bad credit. What is more is that these credit card companies are actually competing for your business (unlike the local bank) and the credit card application online is easy, you get an approval (or rejection) instantaneously and you can get your card sometimes as early as a few days from the date of the credit card application.

Do not expect that you will get the best credit card possible. Realize that you have hit a major financial snag in your life ( the credit equivalent of a boat running aground) and you cannot expect to be treated as if you have perfect credit. So if you are applying for a credit card after bankruptcy you have to realize that the credit cards you get will be “subprime” cards.

Subprime cards are issued by 2^nd and 3^rd tier lenders and involve higher interest rates, lower credit limits, more stringent payment periods and higher penalties for missed or late payments.

This is not your lot in life forever though. As you build your credit back up with these “subprime” cards, you will be building your creditworthiness to the “prime” lenders so much so that you will quickly (within a few years) get a “prime” card. I had bad credit at one time and my first card was an Orchard Bank credit card. It had an APR over 20% and a credit limit of $500. Within two years of on time payments I got an Amex Blue Cash card with a limit of $14,000. Yes, that is no joke.

The most likely card you will get as a first credit card after bankruptcy will be a secured credit card. It is possible to get an unsecured credit card, but in all likelihood, the banks will not want to extend unsecured credit until you put a little more time after bankruptcy. Credit card companies will most likely reject you for their unsecured credit cards, but will allow you to get a secured credit card. Lenders generally like to see a few years after you file for bankruptcy so that you have time to re-establish a good payment history so they can feel a bit better about giving you a line of credit. So if you are busy re-establishing your credit after bankruptcy, the rule for applying for new credit is the longer the better. Wait as long as you can to allow your scores to improve as much as they can.

While you are waiting, make sure you pay all your bills on time and keep those records so you can show them to the bank if they request it. Any on time payments are proof that you are turning your life around.

If you would like, take a look at some of these other credit cards and after bankruptcy resources;

 As I said, before there is credit after bankruptcy. You can definitely get credit cards after bankruptcy if you truly try to turn your situation around and straighten out your financial life. The best place to apply is online. What are you waiting for?