Are you wondering if you can get a credit card after bankruptcy? If you are, the answer is yes. I will explain which credit cards are the best for you to get.
After you file for bankruptcy, the best credit card after bankruptcy is going to be a secured credit card. With a secured credit card, you have to put down a collateral cash deposit. Whatever amount you put down for your deposit becomes your credit limit. If you repay your owing balance on time, your bank might reward you by increasing your limit without asking for a higher down payment. If you fail to make payments however, your deposit will be used to repay your owing balance.
When looking for a credit card after bankruptcy, make sure that you are looking for one that does not have an application fee, and one that doesn’t have a very high interest rate. This is why you have to read the fine print when applying for credit cards. You don’t want to be sucked in to getting a secured card with annual fees.
One way to get a card after bankruptcy is to get a co-signer. In order for you to do this, you will need to make sure that your co signer has a good credit rating. It is crucial that you do not miss a monthly payment when you have a co signer, because if you do, then this leaves your co signer responsible for the missed payment.