Getting Credit Cards after Bankruptcy

If you would like to know more about your options for getting an after bankruptcy credit card, then read on!  We will be discussing secured and unsecured credit cards.  After reading this article, you should have a good understanding of what you should look for.

Secured Credit Cards

Secured credit cards are the easiest type of credit card to qualify.  They are often called guaranteed cards, because approval is typically based on your deposit rather than your credit history.

You will place a small deposit, typically $500 or less, with the credit card company who will then issue you a credit card in this amount.  Many companies will increase your credit line without requiring an additional deposit after a certain number of on time payments.

Make sure that the company you select reports to the three major credit bureaus.  You should also avoid working with companies that have fees so high that they will take up a significant portion of your credit line.

Unsecured Credit Cards

While not impossible to qualify for, unsecured credit cards are more difficult to get after a bankruptcy.  There are companies out there, however, that specialize in working with people who have bad credit.  You should look for these companies and steer clear of ones that only advertise good credit cards.  You are wasting your time there!

Two credit card companies to look for are Capital One and Orchard Bank.  Both have cards with no application fees and annual fees less than $40.  Captial One also automatically enrolls you into their “credit steps” program.  This program offers an up to $500 credit line increase after three monthly on time payments.  All you have to do is use your credit card, stay under the limit and make the payment on time.  A program like this is a great way to build up your credit and speed up the credit restoration process.

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