What Kind of Credit Card Can an Individual Get After Bankruptcy?
After you file a petition for bankruptcy, you may have to rebuild your credit file. You may be able to do this by applying for certain credit cards designed for those with bad credit.
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Features
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"Bad credit" credit cards are for people looking to rebuild their credit after bankruptcy. They have high interest rates, and they will be loaded with fees.
Fees
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Some you could encounter with a "bad credit"credit card are activation fees, program fees, maintenance fees and the application fee. Your initial credit limit will be reduced by some of the fees.
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Other Options
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You also can apply for a secured credit card. These cards are secured with a bank account. When you open the account, your initial deposit, usually around $300, will be your credit line on the credit card. If you miss payments, the delinquent amount will be deducted from the bank account.
Potential
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If you pay on time with a secured card for one year, you will be able to get more favorable terms. You may even be able to get a credit card that is not secured.
Considerations
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Make sure you lender reports your payment information to the credit reporting agencies. If the information is not reported to the credit agencies, your credit score won't improve.
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