I Can Get A Credit Card After Bankruptcy? Are You Kidding Me?

Posted by admin on August 2, 2010

Many people who are forced to go through a bankruptcy feel that their “credit life” is all over. They have been told by friends that the bankruptcy will stay on their credit report for up to 10 years (true) and that they will never be able to get credit from anyone until that is taken off their credit report (untrue). They have also been told that their credit score will remain in the basement practically forever (also not true).

If you have a lot of debt then your credit score probably is in the tank anyway and until that debt is taken care of your credit score will remain in the tank. However I have some good news! Once your bankruptcy is discharged (approximately 60 days from the time it is filed) you can start to rebuild and if you want to have any kind of a life you must. Should bankruptcy be your first flinch when you are over your head in debt? No you should try to work things out with the people you owe. If however you have tried all this and it hasn’t worked then it’s time to take a proactive approach.

About 20 years ago I was in the same condition financially. My debt had gotten totally out of hand and I was unable to get a handle on it. Creditors were calling all the time, my wife and I were in total despair. Someone that I respected sat me down and talked to me like a good friend is supposed to. The next day I spoke to a bankruptcy attorney and things never looked so bright. After this things started to get better. The harassing phone calls and threats stopped. Best of all, my beautiful wife started to smile again. If this sounds like you let me encourage you to take two minutes to fill out the form and you will be put in touch with one of our bankruptcy attorneys. We have them in practically every city in the country. There is no charge to speak with one of them so what do you have to lose besides a mountain of debt?

Then we can start rebuilding your credit. You need credit and probably will not qualify for an unsecured card. So what do you do? Get a secured credit card. The pre-paid ones are really just a debit card and do not report your payments. They will not help increase your credit score but a secured credit card will. If you don’t take action to rebuild your credit score it will remain low. You can’t take the “cash only” approach in this day and age. You need credit and must begin rebuilding as soon as your bankruptcy has been discharged.

What you must have is a secured credit card. A secured credit card requires a cash deposit as collateral in return for being granted a credit limit. Many of those who sign up will be granted a far higher limit because of the minimal risk that the lender faces. It also means that, unlike an unsecured credit card for bankruptcy, approval is guaranteed. The lender will report all monthly repayments to credit reference agencies. After about 12 to 18 months of making your payments on time you probably will qualify for an unsecured credit card. But start and watch your credit score climb! You can and will soar like an eagle once again!