Filing for bankruptcy can be a tough experience, but the promise of a clean financial slate can put to rest any worries that you may have made the wrong decision when deciding to file. It can be difficult determining where to pick up your life and spending habits after filing for bankruptcy and one of the best ways to start getting back on your feet is with the use of a credit card. Appropriate spending with the use of a credit card can help bring up your credit score, so here are some tips on finding the right credit card after filing for bankruptcy.
Look for a Secured Credit Card
One of the best ways to show the credit companies that your are willing to do anything to restore your credit score is through the use of secured credit cards. Rather than lending money from a credit company, secured credit cards only allow you to borrow money from an initial deposit you make onto the card. Much like a debit card, you can only use money that is available in your account. This may seem like a waste of time and money with the interest and annual fees you’ll likely have to pay on the card, but that’s the price you will have to pay to get your credit company to inform the credit bureau that you are making payments on time.
Seek Out a Trustworthy Cosigner
If you have a close friend or family member that is willing to help you get out of debt, you may be able to utilize their credit to assist you in finding a credit card. With a qualified cosigner, you will be able to obtain a credit card by putting their credit on the line. If you pay your monthly payments on time, both of your credit scores will increase. If you are deficient in paying your credit card fees, both of your credit scores will go down.
Find a Company that Accepts Bad Credit
Many credit card companies look for applicants that have just filed for bankruptcy or have bad credit. While these credit cards may contain high interest rates and low spending limits, they may be your best and only chance at receiving a line of credit at all. Be sure to make your monthly payments, as one late payment could derail your credit score even worse.
Finding you financial footing after bankruptcy can be a taxing experience. Trust the services of the top bankruptcy attorney in Las Vegas to help make the process as painless as possible. For more information, contact DeLuca & Associates today at (702) 252-4673.
Photo by Republica