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Obtaining an Unsecured Credit Card after Bankruptcy
For many people, the thought of filing for bankruptcy is especially frightening. You may feel that you are on the road to years of financial hardship. The fact is, re-building your credit after you have filed bankruptcy is not as difficult as you may think. You may rebuild your credit history by making on time payments to all your creditors and keeping your account balances low relative to the credit limit. One of the first things you can do after bankruptcy is to get a credit card and make your monthly payments on time.
Obtaining an unsecured credit card after bankruptcy is not as difficult as you may think. In fact, if you haven't already you will soon be overwhelmed with the notices for unsecured credit cards from banks and retail stores very soon. But which one is right for you? Following are things you should consider when you are looking at obtaining an unsecured credit card in the near future.
Don't Apply for Too Many Credit Cards
Every time you apply for a credit card it will actually lower your credit score slightly. Most people don't realize this fact and go a little crazy when they first start applying. Take your time and decide which credit cards you really want and will actually help you build credit and apply only for those. This will help you re-establish your credit after your bankruptcy is finalized.
Pick the Right Card
There are a number of unsecured credit cards you can get after you have filed for bankruptcy. The easiest ones to get are usually department store cards. One of the most important things to remember about department store credit cards, however, is they often have very high interest rates. Even if you choose to get an unsecured credit card from a department store you should not maintain a balance on them unless it is an absolute necessity.
Make Your Monthly Payments on Time
Whatever the reason you had to file for bankruptcy in the first place it has left a blemish on your credit record. Moving forward you need to make sure that you do everything in your power to keep your future credit lines as pristine as possible. The best way to do this is to make your monthly credit card payments as soon as you get the bill. Along with this you should not carry a balance on your card either. This is the best way to ensure your credit score will go up.
Never think that a bankruptcy is the end of the world. If you do things right, including getting an unsecured credit card after bankruptcy, and make your payments on time you can re-build your credit rating rather quickly.
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To learn more about factors to consider when applying for or using a credit card, visit the website of the Federal Reserve Board at http://www.federalreserve.gov/creditcard.
To get a free copy of your credit report from the three major credit bureaus, go to www.annualcreditreport.com
Obtaining an Unsecured Credit Card after Bankruptcy
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