A common question concerns getting a credit card after bankruptcy discharge. There are also many questions like: who is eligible, and how many years does it take to get this privilege?
Understanding a few tips can make it easy to find the right way to re-establish credit again.
1. Talk to your bankruptcy lawyer. They may be able to offer advice since they deal with credit issues all of the time.
They can offer useful advice on where to apply and how to structure you credit app in the right way for a faster approval. Remember that when you debts are discharged you are less of a risk then you were before when you had a higher debt load.
2. Secured or unsecured. With a secured credit card you are going to put up cash as collateral for approval on your new card. Generally the larger the deposit the higher your credit line will be.
For example, if you put up $1,000 to the credit card issuer this will be your credit line. As long as you pay that amount in full if you ever close your account you will get this deposit back.
It will be hard to get an unsecured credit card right away as you do not have adequate credit to be approved. However, use the Internet to check out what is available to you. You never know what you may find.
One final thing to keep in mind is check the terms from the credit card company before making your final choice on who to apply with. Understand what fees you are going to be charged and what the interest rate is.
Some banks try to take advantage of your situation and that can end up being a bad deal for you.
No comments:
Post a Comment