#credit card apply
After bankruptcy, apply for credit cards
Consider a secured card
Rather than going for traditional credit cards, many consumers recovering from bankruptcy opt for secured cards as a way to improve their credit scores without the risk of getting in over their heads. A secured card requires a cash collateral deposit that becomes the credit line for that account. Cardholders can spend up to the limit, but if they fail to pay off the balance at the end of the month, the deposit is used to cover the bill. Make sure the issuer reports the card to all three reporting agencies so you can build your credit score.
Unsecured credit cards
After a bankruptcy, you still can apply for conventional credit cards that are unsecured. But with these cards, it’s important to check upfront fees. Similar to a secured card, you’ll want the credit agencies to be updated.
Buy only what you can afford
Most consumers can be approved for credit cards after bankruptcy, however, the real challenge is learning to live within your means. Experts advise that you set and stick to a reasonable monthly budget. That means making sacrifices, but it also means smart spending.
Consumers should use their new plastic to rebuild their credit scores, not to finance purchases they can’t afford. When you apply for a credit card after a bankruptcy, make a commitment to use your new card to charge and pay off regular expenses such as utilities and groceries.