Oftentimes after filing bankruptcy, people are anxious to start rebuilding their finances and begin using credit cards again. Unfortunately many credit options will not be available to people who just went through a bankruptcy. However, although getting a credit card after bankruptcy may seem impossible, there are steps you can take to get one.
Step 1
Understand that you will be limited in the cards you can get. You will no longer be able to qualify for low-interest rates or high credit limits. You may not even qualify for an unsecured credit card at all. Be willing to start back at the bottom with a low credit limit, high interest rate and possibly having to use a secured credit card until your credit score improves.
Step 2
Check your credit report to ensure it is accurate. Although your credit score is probably low after your bankruptcy, inaccurate mistakes may be making it even lower than it should be. Therefore it is important to check to make sure all negative reports have been ceased after the bankruptcy and the accounts are appropriately marked as closed. You can get a free copy of your credit report from each of the three credit bureaus at AnnualCreditReport.com.
Step 3
Compare offers. It will be in your best interest to check out secured credit cards or other cards that specifically cater to individuals who have gone through bankruptcy or who have poor credit. You can find these lenders on websites like Bankrate.com, CreditCards.com or Lendingtree.com. All cards you may qualify for will most likely have low credit limits and high interest rates, but be sure to shop around to find the best offers for your situation.
Step 4
Apply for cards. Make a list and rank the available offers from the very best to the very worst. Start by applying for the best offer you found and working your way down the list until you find a lender that is willing to approve you.
Tips and Warnings
- If you are not getting approved for the types of credit cards you want, be patient. Although rebuilding your credit score will take time, the more time you show responsibility after bankruptcy the better your chances will be.
- In order to be able to keep your credit card, you will need to be responsible and pay the card on time. Credit cards that are intended for people with poor credit may be more strict about payment and penalties, so make sure you read all the fine print before applying.
Member Comments