A New Credit Card After Bankruptcy

By Author: Bella Bolla
Total Articles: 1
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Not so many people think that they may become bankrupts. However, almost every wrong decision, or just an unhappy period of life (divorce, the loss of a job, etc.) may lead you to the edge of a financial abyss.
Taking into consideration that in case with individual bankruptcy a person is disburdened with regard to debts, people still cannot answer some questions. "Shall I get any better conditions on credit? Shall I be allowed to buy a house? Shall I cope with losing my reputation?"
For those who faced bankruptcy specialists suggest three basic strategies to correct your current situation:
- Study on your own mistakes. More than likely, you became out of business not yesterday. And some unexpected events (loss of a job or divorce) only worsen your situation, which was actually caused by your insufficient ability to manage your own financial resources. - Visit a financial or credit consultant who can assist in rectifying your mistakes and drawing up your new budget.
Establish priorities. If you filed an application under the clause 13, which obliges you to pay some part of your debts to the creditors ...
... you will get the schedule of the further payments. But note that nothing will stop you from increasing your regular payments to get rid of your debts as soon as possible.
You should bear in mind that there IS an opportunity, the second chance provided by your federal government, so you are to put in rights your financial life. Regard the bankruptcy as a chance to focus on your aims.
Getting a credit card after bankruptcy is not such a difficult task as it may seem. Find out WHERE, WHAT and HOW, and it's going to be alright. Fortunately, banks really offer bankruptcy credit cards, and these are mainly bad/no credit history credit cards or secured plastics.
When applying for a credit card in this case, many people ask themselves: "What should I take - secured or unsecured credit card?" And here we should say, it depends on your credit history on the whole. But if you apply for a secured plastic you will have much more chances to get approved.
Quite many banks offer secured credit cards. And not all of them are similar. Use some criteria to compare these cards. For instance, a low APR is quite important. When you start searching for a secured credit card, one of them may have APR 23.99%, and another - 9.25%.
You may also pay attention to application fees. Some of the cards have no application fees, for some of the others this one is as high as $120 Feel the difference. Also, pay attention whether the issuer makes credit reports to all three credit bureaus, moreover, does it in a proper way.
Getting approved for a credit card after bankruptcy is not that hard. It seems quite difficult because most of the major companies do not allow you to get this or any other loan on account of your previous credit history. Still, as you see, there are some ways, and everything is actually in your power. So good luck!