Applying For Credit Cards After Bankruptcy

Applying for Credit Cards After Bankruptcy

If you have had the unfortunate experience of declaring bankruptcy, you know that it is extremely difficult to rebound following that. Your credit is in the toilet and you feel overwhelmed with all of your financial worries. Among your chief worries probably will be how on earth you go about applying for credit cards now that you have declared bankruptcy. Well there are ways that you can apply for credit cards after bankruptcy that can maybe guide you in what to do. After declaring bankruptcy, you will be shunned by credit card companies because they view you as a risky investment. You can change this around with a little bit of hard work and get yourself heading back towards good credit.

Credit cards after bankruptcy are going to be hard to obtain, but you are going to have two main options in order to help get your financial credit back on track. The first option is getting a secured credit card. This means that you deposit $200 into a special account with the company, that becomes your limit, and if you ever default in paying bill, the company can take what it needs from your special account. This will let the credit card company breathe easier and let you ease your way back into financial stability. The other option is an unsecured credit card. This is when you fill out an application and you may or may not be approved by the credit card company. If you fill one of these applications out and get approved, be prepared to have to pay a high interest rate every month. Most likely the credit card company will not want to take a chance in you defaulting on your bills. Some unsecured credit card companies may want you to pay an application fee in order to be approved, which may be a turn off to some of you.

It is important to look up what offers the various credit card companies have out there and to take the one that is best for you, given your current situation. If you are unsure about your finances, signing up for the secured credit card may be best, that way you can have a gradual reintroduction into spending money and building up positive credit. If you feel that you are back on your feet try getting an unsecured credit card and just bite the bullet and pay higher interest on it. Applying for credit cards after bankruptcy can be tricky business, but if you do your homework before signing up for a credit card, then you will be in much better shape

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