This post is about some steps and techniques you should know toward finding the best credit card after bankruptcy!
You should know finding the best credit card after bankruptcy is not that difficult, if you know where to look and what to look for.
When it comes to applying for a credit card after bankruptcy one question is-Should I apply for a secured credit card or unsecured credit card after bankruptcy?
Get a secured credit card.
Secured credit cards are available to almost everyone, even those who have recently declared bankruptcy. You make a cash deposit of a certain amount--say, $500--and you're given a credit card with a $500 limit.
Unsecured credit cards are just that – unsecured. Meaning the person fills out a credit application and, based on their credit report, income, etc. are approved for a certain credit limit.
So which is best? It depends on your credit history. However, if you apply for a secured credit card you have a higher chance of getting approved versus an unsecured credit card after bankruptcy.
So how do you find the best credit card after bankruptcy?-- a low interest rate is important. While researching some secured credit cards I ran across one with an interest rate of 23.99% and another with an interest rate of only 9.25%.
Since bankruptcy makes you a higher risk customer, some banks or lending companies may offer you credit--but at an increased rate. Whether it's a loan or a credit card after bankruptcy, you may pay a higher interest rate, higher fees or higher charges.
Next thing you should consider is a lower application fee. Again, I found some secured credit cards that have no application fees and one that had a-- are you ready for this?.....90$- $120 application fee! Sadly, many people have paid it!
Now , i think you know some steps you can take toward finding the best credit card after bankruptcy!Best of luck!
credit card after bankruptcy.
No comments:
Post a Comment