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Can I Get a Credit Card Even if I Eliminated Credit Card debt in Bankruptcy?
So, you have filed for bankruptcy to eliminate your debt and start fresh. Everything is looking up and you are starting to wonder if it is time to start re-building your credit. If you have done your research you know that one of the best ways to re-establish good credit is by getting a new credit card and pay off the money you spend every month. Can you even get a credit card at this point?
Many people wonder if they can get a new credit card if they have eliminated credit card debt in their bankruptcy. The truth is, many companies offer credit cards to people who have filed for bankruptcy, even if they had a lot of credit card debt in the past. If you are considering getting a credit card in the near future there are a couple of things you should consider.
Credit Cards for Bad Credit
Many companies offer traditional unsecured credit cards to help people re-establish their credit after bankruptcy. If you choose to accept one of these cards you need to be aware of the many fees that could be included, such as:
Initial deposits up to $100 or more
Monthly fees for usage of the credit card
Annual fees for the privilege of owning the card
Higher interest rates than traditional credit cards
If you decide to go this route you need to research your options and choose the credit card that offers the lowest rates and fees for use.
Secured Credit Cards are a Good Option
After a bankruptcy getting a traditional credit card can be costly. There is another option, however, that will provide you with the credit-building of a traditional credit card with less risk. A secured credit card operates the same way as other types of credit cards, but the card limit is based on a pre-paid security that you make to the bank (much like a savings account). If you fail to make your payments on time, the bank will use this security to cover the payments. If you make your payments on time the bank will eventually reimburse you the security deposit and re-issue you a non-secured credit card.
Whichever route you take, know that your bad credit will not haunt you forever. Once you have re-established credit after your bankruptcy you will most likely be offered a credit card and other lines of credit with normal interest rates. By obtaining and using a credit card properly, you will build your credit and make it easier to get auto loans, home loans and even a better job down the road.
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