BEST CREDIT CARD AFTER BANKRUPTCY
Yes, after bankruptcy you can rebuild your credit and borrow money again at reasonable rates. Here's the best credit card after bankruptcy and some additional ways to help boost your credit score.
Secured credit cards are a great choice for a person who knows they'll be turned down for a regular credit card. What a secured credit card does is require applicants to open a savings account that secures the credit limit on that plastic card. This protects the credit card issuer in case the cardholders cannot pay their balances.
The best credit card after bankruptcy is the VISA Classic by Public Savings Bank. It is accepted anywhere that accepts VISA.
Here's what else is great about this company. The VISA Classic reports to all 3 major credit bureaus. Many secured credit card companies don't!
Reporting to the credit bureaus is what builds your new credit. So be sure the card you choose reports your good money management.
The VISA Classic by Public Savings also does not have an annual fee, has 0% intro APR, online access 24/7, and is FDIC insured. It doesn't get any better than that.
No credit check and a simple, online application. Apply today. What have you got to lose?
Getting a high interest rate credit card (different than a secured credit card) is also a possibility for consumers who want to rebuild damaged credit. It shows you can be trusted with borrowed money and is the primary way many people rebuild credit.
But consumers should not expect to get the same type of credit offers after a bankruptcy discharge that they did before.
For these high interest cards, the initial credit card offers will most likely include high interest rates and fees and very limited lines of credit. So be aware of all the terms and conditions.
The best credit card after bankruptcy is the Secured Credit Card such as the VISA Classic above. If you don't have the cash to get a secured card, how about a loan? This is often a better option than a high interest credit card after bankruptcy.
Even though the interest rates aren't great, loan interest rates are often much better than a high interest credit card. And - a loan repaid according to terms will help rebuild your credit.
FINANCIAL RESOURCESCommon Myths About Bad Credit
BANKRUPTCY RESOURCESRead About Chapter 13 Bankruptcy Laws
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