How to Get a Credit Card After Bankruptcy in Oregon

Filing bankruptcy in Oregon allows you to either eliminate debt or enter an agreement to repay the debt under the protection of bankruptcy court. Following the discharge of your bankruptcy, you can begin to rebuild a positive credit file by getting a credit card. Your first credit card will be a secured credit card; however, if you handle this credit card well, you will be well on your way to qualifying for unsecured credit cards.

Things You'll Need

• Phone
• Social security number
• Financial information

Instructions

1. Contact your credit union or bank and ask if they offer a secured credit card. Ask what the minimum deposit is, the fees, the interest, if they offer guaranteed approval and if they report to the three credit-reporting agencies. If your bank does not offer a secured card, call local banks and credit unions until you find one that offers a secured credit card.

2. Fill out the application and pay the deposit required. Remember your credit limit is equal to the amount of money you deposit.

3. Wait for your new credit card to arrive. Activate it by following the instructions on the card.

Tips & Warnings

• Approximately 50 percent of banks and credit unions offer secured credit cards.

• If you cannot find a local bank or credit union, do an internet search.

• Keep your balances under 30 percent at all times.

• Getting two secured cards will increase your credit score faster

• You may also request a line of credit at your local bank by depositing money into an escrow account.

• Make sure you get a secured card that will convert to an unsecured card after a period of timely payments.

References

• Nolo: What Is Bankruptcy
• Money Central: Bounce Back Fast

Resources

• Secured Credit Cards