After filing for bankruptcy and dealing with the ugly mess that comes along with it, you can proceed to rebuild you life. And one of the essential tools to succeeding in life is a credit card.
Hunting for a post bankruptcy credit card is a tough job. Considering that you weren’t able to pay all your bills before thus forcing you to file for bankruptcy.
Spend some time to examine your choices or lack thereof so that you can get yourself a good deal.
First off, don’t have any illusion about getting approved for any card you like. You’ve just been through bankruptcy and not everyone is going to trust you in paying debts for a while.
The first choice you’d have to make is whether to get a secured or unsecured credit card. In this case, a secured one would be the best option for you.
Though you’re required to put up some cash, it’s would mean less hassle and a higher chance of getting approved.
Applying for an unsecured card at this time would usually mean rejection and another dent in your credit score. You’d need to use your secured card for some time and religiously pay for it.
Next item on your agenda should be which bank offers the lowest rates. The difference might seem to be very small, but that minute amount could sum up to huge amounts in the long run; especially if you fall on hard times again and find it necessary to maintain a bigger than usual balance.
A card that has the lowest interest rate would make the best choice to keep your costs down. Having a very low interest rate card could be the key to growing your finances faster.
An often overlooked aspect is its fees. Annual fees, sign-up fees, and the like could really cost a pretty penny.
Although you’d only have to pay it once a year or even just once, as in the sign-up fee, the total of these fees could also mount up to a significant amount.
It might also seem to be a great idea to obtain a couple more credit cards after you’ve begun to reestablish yourself.
Resist the urge to get more. This could cause bigger troubles in the future. Just stick to one or two post bankruptcy credit cards.