How to Get a Credit Card With an 8 Year Old Bankruptcy
There are two types of personal bankruptcy, a Chapter 13 repayment plan and a Chapter 7 estate liquidation. Both types can remain on a credit report for up to ten years from the date of discharge or dismissal of a bankruptcy case. While having a bankruptcy on your credit report lowers your credit score considerably, it is still possible to get a credit card with a low credit score. Using a credit card regularly helps to build a credit history and credit score.
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Instructions
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Make sure you are up to date on all loan and credit card payments. Make sure your monthly income exceeds your monthly expenses and that you are current on any and all mortgage and car payments.
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Research online and call local banks and credit unions to see what credit cards you are qualified to use. With a bankruptcy on your credit report, your credit limit will be small and interest rates will be higher than average.
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Take out a pre-paid credit card if you are not qualified to receive a regular credit card. A pre-paid credit card works the same way a regular credit card works, however, you pre-pay the card with your bank or credit card company every month before you can use it.
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Make regular payments on your credit cards to build a credit history. Never be late with a credit card payment and never pay just the minimum amount due on a credit card. Pay off each credit card bill in full every month. This proves to the bank or credit card company that you are a good credit risk and will raise your credit score.
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