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A bankruptcy credit card is basically a card that you can get despite bad credit. You are probably finding it difficult to build up your credit rating again after filing bankruptcy. The major reason for your difficulty is that most of the major companies will not offer you a credit card or other loan due to your past credit history. There are a few things that you can do in order to lessen the effect that the bankruptcy has on your credit now but one of those options (waiting until it is no longer on your credit report) is not a good idea if you need a credit card now.
There are some companies that will offer bankruptcy credit cards. Essentially, these are credit cards for people with poor, no, or bad credit. You can improve your credit by paying off your debt on the card. You can build up your credit report so that you will be able to get loans and other credit cards in the future. Should I get a credit card if I have filed bankruptcy? Ask yourself: "Can I handle having a credit card?" Did credit card debt get you into this mess to begin with? If it did, how have you changed? Let's be realistic. It is difficult to get along in this world today without a credit card. Some needs are car and hotel reservations, buying things on the internet, and emergencies. The most legitimate reason to need a credit card after bankruptcy is for emergencies. Finance experts recommend we keep 6 months of savings. This is great advice but unrealistic for someone just out of bankruptcy. If you filed a chapter 7 bankruptcy, chances are all your assets were wiped out to pay your creditors - especially cash. In a chapter 13 bankruptcy, your repayment plan may be so tight that you have little left over to save. Without money saved how do you handle emergencies or sudden expenses? Blown out tires, an emergency trip, or a call to the plumber can wipe you out. Can you get a credit card after bankruptcy? Absolutely! It really is not that hard. You will probably get many credit card offers in the mail within days of your bankruptcy. The real catch though is that most of these are total junk. These credit card offers are betting on one thing: that you are desperate. By examining these offers closely you will find that they want hundreds of dollars in fees. There are monthly fees, annual fees, membership fees, applications fees, and just-for-the-hell-of-it fees. My advice for you is to slow down, back up, and wait! Ignore those offers. You will eventually get better ones. Wait a couple months and you will be happily surprised to find good deals out there such as credit cards with no annual fees at all. This is what you want. Then when you get your new card use it wisely. Do not buy junk you do not need and pay your bill every month on time! Would you like to get free no fee credit cards with quick and easy approval? Would you like to get paid commission every time I make any purchase or pay a bill? Don't let your bankruptcy stop you. Sign up at no cost at http://www.credit-cards-easy-to-get.blogspot.com Kay Schwartz is the author and this article may be reproduced subject to credit being given to the author and a link to this website. |
