Secured Credit Cards after Bankruptcy
March 29th, 2009 by admin
After a bankruptcy, my best bankruptcy advice is that it’s important to work on re-establishing your credit as soon as possible. One of the best ways to do this is to apply for a secured credit card. Since many lenders are reluctant to give you a credit card until you have a good repayment history again, people who have declared bankruptcy will often have to start with a secured credit card. This is a type of credit account where you pay a fee and make a deposit to the lender. The lender will then issue you a credit card whose balance is the amount of your deposit. After you have made a specified number of on time payments, the lender will increase your balance and eventually refund your deposit. This is one of the best ways to regain a good credit rating after a bankruptcy.