There is life after bankruptcy and once you have dissolved all your debts and the judge has dismissed the case. In a short matter of months, you will be inundated with offers to apply for new credit cards.
Sounds simple enough – right? Fill out a quick application online, cross your fingers, and push the submit button. Wait a minute. When applying for that new credit card after a bankruptcy, you should know where to apply before just arbitrarily thinking: “Here’s a credit card company. Let’s try this one.” You have to choose the right credit card companies before hitting that submit button.
You will get a lot of credit card offers but the bad news is these are not the credit cards you want. They are vultures ready to pick on the leftover meat.
Do Not Fall Into The Credit Trap Again!
Soon your mailbox will receive a credit card notice from several companies in North Dakota saying you’re preapproved for a new card. Problem is, these cards have annual fees with high interest rates. Or perhaps they want you to pay and upfront fee in order to get your application filled out. There are scams galore but you have to look pass these tempting offers of fast and easy credit. Their tactics are to send out as many letters to vulnerable bankruptcy victims and hope that one catches their bait.
Applying for credit cards after a bankruptcy is important since it’s a second form of identification other than your picture ID driver’s license or passport. Without two ID’s you’ll have problems at most stores.
Here are two legitimate banks/lenders to make application for credit cards. Both welcome new customers because they know that you are fresh out of a bankruptcy with little or no debt remaining, so you’re a nice target. The initial card limit will be less than $1,000 but there are NO upfront fees and if you pay on time, in several months they usually raise the limit. You can make that happen faster by paying more that the card asks for. Once you get your new credit cards, apply at several large retail stores, show them your new bank card, get their card, now you have more ID. Orchard bank and Household bank are two places to apply, so you can restart your credit history.
Focus on yourself and figure out how you will pay off future debt. Getting preloaded debit cards will help you with your spending. Getting credit from department stores will also help your credit as long as you do not spend what you do not have. Apply for secured credit cards as a last resort.
Once you have these cards in your arsenal, let time be your friend and your credit scores will slowly regain its former health.
About the Author: Derrick Kings invites you to get more information about how to improve your credit scores and what steps you can take to to evaluate your credit worthiness.