Which credit card should you get after bankruptcy?

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If you recently completed a bankruptcy process, you face the prospect of rebuilding your credit. Your financial issues were not created overnight. In much the same way, time will need to be spent restoring your credit to a healthier position. One of the initial steps in this regard is obtaining and using an appropriate credit card.

Low Credit Limit

Obtain a credit cart with a low credit limit. if you are like a majority of consumers who end up in bankruptcy in the first place, one of the major reasons very well may have been your overuse of credit cards. As you begin rebuilding your credit, as you consider obtaining a credit card, you do not want to end up in the position of credit card overuse yet again.

There are a variety of different credit cards that provide a consumer with a lower credit limit. This provides you with an added layer of protection in regard to avoiding overuse of a credit card.

Lower Credit Score

Apply for a card that not only provides for a low credit limit but one that is designed for a person with a less than sterling credit history. If you have just exited from a bankruptcy case, your credit history and credit score will not be in the best possible shape.

You can select from a number of credit cards designed for people with lower credit scores and impaired credit histories.

Proper Use

Use the credit card you obtain following bankruptcy in a responsible manner, with the primary objective of rebuilding your credit. The most important step is paying off the balance on the credit card each month. If for some reason this is not possible in any given month you should at least pay more than minimum amount due on the account.

Source:

"The Bankruptcy Handbook: Everything You Need to Know to Avoid Bankruptcy, Get Rid of Debt, and Rebuild Your Credit;" John Ventura; 2008

"How to Get Credit After Filing Bankruptcy: The Complete Guide to Getting and Keeping Your Credit Under Control;" Mitch Wakem; 2008

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Which credit card should you get after bankruptcy?

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