Get a Credit Card after Bankruptcy!

If you have recently been through the emotional rollercoaster of bankruptcy, you may have mixed feelings about reestablishing credit. Unless you know that you can’t handle credit, the smartest thing you can do is to begin reestablishing your credit immediately. Unless you do, your credit score will never improve.

While buying a home is not yet an option for you, there are things that you can do to begin to reestablish yourself.

One of the easiest things to do is get a credit card after bankruptcy! As long as you use it responsibly, this is a great place to start.

Depending on your credit prior to your bankruptcy, and how long it has been since your bankruptcy, you may be able to get an unsecured card out of the gate.

If this isn’t an option, you can still get a secured credit card to begin the credit restoration process.

Whether you are able to qualify for an unsecured credit card after bankruptcy, or you have to go the secured route, it is important to make a smart decision about which card you go with.

One thing you want to make sure of is that the card you go with reports to all three credit bureaus. Some people get confused and think a Pre-paid card is the same as a secured card. There are several differences between the two, but the main thing to keep in mind is that you need to verify that the card you go with will report to the bureaus.

Beyond this, you obviously want to get the lowest possible interest rate and reasonable fees. Be careful of cards that have an application fee that will take up just about the entire credit line!

Once you have a credit card, be smart with it. You should keep the card active but make sure you pay it off monthly and avoid getting into credit trouble again!

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